A November Surprise?
Author: Greg Valliere
October 31, 2024
AFTER THE VULGAR MADISON SQUARE GARDEN rally and the clumsy Joe Biden response, we thought that was the end of October surprises. But there may be an early November surprise lurking.
HOUSE SPEAKER MIKE JOHNSON has been hinting for the past week that he is preparing a post-election surprise: a “massive reform” of Obamacare.
THIS COULD BE A CATASTROPHIC GAFFE since Obamacare polls extremely well — 60% or better in most surveys. If Johnson is hinting that there will be cuts in Obamacare spending, that could be a political disaster for the GOP.
REPUBLICANS IN THIS TOWN are attempting to dissuade Johnson from any comments on Obamacare, just as Democrats are trying to muzzle the hopelessly gaffe-prone Biden.
THESE CONTROVERSIES could move the needle a bit with Hispanics, and with voters who want their health care. At the least, these controversies have angered strategists in both parties, who effectively lost a day or two in their campaigns as other issues gobbled up the limelight.
THIS COMES AS HARRIS INCHES HIGHER IN KEY STATES — polls show her slightly ahead in Wisconsin and Michigan, but Trump appears to lead by a point or two in Pennsylvania. Harris still needs an upset in North Carolina, in our opinion.
DOES HARRIS STILL HAVE A CHANCE? Yes, if she can take credit for yesterday’s very strong economic data — and if she plays the Obamacare card, which could be the last surprise of this wild campaign.
The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.
AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.
AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.
Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
For further information, please visit AGF.com.
©2024 AGF Management Limited. All rights reserved.