It may seem very far out right now, but the 2020 election is looking like it could be a very bad outcome for markets. Democrats are still leading in the polls, which is bad news because pretty much every candidate (perhaps with the exception of Biden) looks like they would be quite bearish for markets. Between higher taxes, more regulations, and government run healthcare, the outlook for markets from most of the leading candidates appears bleak.
FINSUM: When you take even a casual glance at how this election is shaping up, things look rough. You have the most leftist Democratic candidates in memory, and they are leading the polls. We think the polls are off and Trump still has better odds, but there is undoubtedly a very large risk.