Midterms Change Congress, Not the Macro Regime

Published on November 6, 2026

The 2026 midterms may have changed Washington, but they haven’t changed the macro regime. Tariffs, geopolitics, and deficits remain key forces for investors.

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Beyond the Ballots: What Matters for Markets

November 6, 2026
The votes have been cast. While control of the House and Senate has been decided, now we wait for the final tallies (and celebrate the end of the political ads — at least for another 20 months or so). We’re not political strategists, but policy does move markets, so it’s important to pay attention.

Value Traps Are Painful ... Read the Footnotes

November 6, 2026
A stock trading at half its former price is not necessarily a bargain. Perhaps its earnings power has halved or its balance sheet can no longer support the business. Maybe its generous dividend is being financed with borrowed money. A low valuation ratio tells us what we are paying relative to one measure of fundamentals. It does not, by itself, tell us what the business is worth or whether those