As usual, markets are now largely flat going into year end and the investor time horizon is starting to stretch out a little as we consider the prospects for 2021.

While many investors and company analysts may think themselves puzzled by the current behaviour of politicians, they really shouldn’t be, for in many senses it is exactly the same behavior regularly demonstrated by the senior management in large corporations.

In the long run markets are a weighting machine but in the short run they are a voting machine*