December 17, 2019

Summary: The strongest consumer environment in our lifetimes, low interest rates, and ample access to capital underly the market’s favorable momentum heading into 2020, in our view. 2020 is an election year, which is typically disruptive to the consumer. Certain left-leaning policies would be very negative for economic growth, if they were to be enacted. Our advice is focus on 1) the strength of the consumer (whose spending represents 2/3 of U.S. economic activity), 2) the stability of the financial system, and 3) the innovative nature of U.S. companies and industries.