At our recent investment meeting a discussion ensued about the fact that Elizabeth Warren had taken over as front-runner in the Democrats’ race for US president. I think the general consensus is that Trump will win again in 2020, but you probably would have said that about Hillary Clinton three years ago at this point in the race. A Warren President would likely mean higher taxes, more regulation and perhaps some form of Medicare for all. It would probably be the opposite of a Trump second term, meaning more uncertainty for the markets surrounding the electoral outcome.