A panel of financial experts told San Diego investors Thursday that regardless of who wins the presidency, the United States will likely see divided government and financial markets should be just fine.
Shane Lieberman of UBS Global Wealth Management — the sponsor of the event — said that while Vice President Kamala Harris won Tuesday’s debate, and Taylor Swift’s endorsement of her could be a game changer, “Trump is not out.”
Lieberman, who is a senior governmental affairs advisor for UBS, predicted Republicans could easily win the Senate, regardless of who becomes President, but Democrats are likely to flip the House.
“At the end of the day, there’s a good chance of divided government,” he said. “But the markets are OK with divided government.”
Panelist Ben Walker of Dimensional Fund Advisors in Austin noted that financial markets have historically done well under both parties.
“In general, markets have performed well under both Republicans and Democrats,” said Walker, recommending investors should “stick to your asset allocation” whoever wins.
Lieberman, Walker, Stan Sattler of Belle Haven Investments and moderator Mike Ryan, vice chairman of UBS Global Wealth Management, appeared before nearly 100 investors at the Lodge at Torrey Pines.
They presented to similar investor groups invited by UBS in Phoenix and Los Angeles before traveling to San Diego.
Sattler addressed the state of the economy, noting that as a fixed income manager his New York-based firm is “constantly pessimistic.”
“I won’t be bold enough to say that there’s a recession on the horizon. But obviously there is trepidation for us that the economy is going to slow,” he said.
Turning to the election, Sattler said that Tuesday’s debate provided “a lot of clarity on other things, but no policy” that investors could consider.
