No, we don’t mean the election. We mean the market. Once the presidential election has been resolved, investors tend to shift their focuses to the likely big initiatives the winner will seek to execute as the new term begins. Even the best laid plans run into the realities of governing, though, and earlier investor expectations tend to prove off base. The upshot...market movements in the first year of a presidency can be seen as random as any other way we might slice market history. Best approach then, in our view as always, is to have a plan and stick to it regardless the outcome of any election.