As the noise of the U.S. election continues to grasp media headlines, I want to share with you a viewpoint that attempts to remove us from the short-term and focuses on the long-term. Conventional wisdom may suggest that the recent COVID induced equity market volatility may have shattered returns for long-term investors. After all, the downside in the early part of the year proved to be of historic proportions, followed by one of the most impressive recoveries on record. For those investors that remained invested, or for those that followed our guidance to increase equity market participation, the result may have likely been significantly more positive. The U.S. equity market, as expressed by the large capitalization S&P 500, remains on a trajectory that resembles a positive secular long-term growth cycle that we have seen in the past. Although the possibility for short-term volatility remains alive, the long-term path is supportive of strategic equity market participation. This is likely to occur regardless of who sits in the White House.
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