Don't Let Wild Stretch Sway Your View of This Bull

“In the short term, the market is a voting machine. In the long run, it is a weighing machine.”[i] Legendary investor Benjamin Graham’s famous quote is timely today, as investors everywhere seem enthralled by popular post-election narratives aiming to divine meaning from a rocky (in both directions) couple days. Our advice? Slow down. There is nothing in the election’s choppy immediate aftermath suggesting the Midterm Miracle isn’t coming this time. Given a little time, we expect stocks to return to weighing gridlock and persistent economic growth—and find a bullish backdrop. Read Full Article »