What About Mike Bloomberg?
Author: Greg Valliere
October 17, 2019
A NEAR-PANIC has set in among many Democrats, who openly asked yesterday: is there anyone other than Joe Biden or Elizabeth Warren? We received several emails that asked whether Michael Bloomberg might reconsider his decision not to run, so here’s our take on two reasons why that’s unlikely . . .
FIRST, THE AGE ISSUE: Bloomberg, 77, is nearly a year older than Biden, who turns 77 later this fall. Second and more importantly, the Democratic Party is way, way to the left of Bloomberg on a wide range of issues. He’s an unabashed supporter of Wall Street, and he favors tough police powers.
WE THINK BLOOMBERG has the brains and steeliness to be a good president, but if he miraculously won the party’s nomination, a huge percentage of Democrats would refuse to vote in the general election; he’s simply too far to the right for the activist base. He’s one of the world’s Top 20 wealthiest people, with a net worth of over $50 billion and a sterling reputation as a philanthropist, but he doesn’t fit in either party.
SO OUR ADVICE TO DEMOCRATS who want someone else is as follows: there’s no last-minute savior — probably not Michelle Obama or Hillary Clinton. The nominee will come from the current batch of candidates in a race that still has a few months to go, plenty of time for fresh face to emerge. And that process may have begun on Tuesday night.
THE BUZZ IN WASHINGTON YESTERDAY mostly focused on Donald Trump’s near-certain impeachment trial, likely to begin by late November, but among Democrats there were fresh doubts about the radical Warren and the cash-strapped Biden — and, in private, a renewed focus on Amy Klobuchar and Pete Buttigieg, who suddenly are in the nomination mix.
PARTY INSIDERS ARE GRUMBLING about the debate process itself. The format is absurd — 12 candidates jammed onto a stage with 60 seconds to explain complex policy issues. Some candidates like Buttigieg are glib, others like Biden never excelled in this format. “This is how we’re going to nominate a president?” one party veteran complained yesterday. Yes, it is.
FEW DEMOCRATS IN THIS CITY think Bloomberg has much of a chance; the party will happily take his money, but would never nominate him. What about an independent movement — a Bloomberg-Mitt Romney centrist ticket focused on spending discipline and a robust U.S. foreign policy? A pipe dream, two old rich white guys with no chance of winning 270 electoral votes.
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), Highstreet Asset Management Inc. (Highstreet), AGF Investments America Inc. (AGFA), AGF Asset Management (Asia) Limited (AGF AM Asia) and AGF International Advisors Company Limited (AGFIA). AGFA is a registered advisor in the U.S. AGFI and Highstreet are registered as portfolio managers across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. AGF AM Asia is registered as a portfolio manager in Singapore. 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. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and high-net-worth businesses focused on providing an exceptional client experience. AGF’s suite of investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.
For further information, please visit AGF.com.
© 2020 AGF Management Limited. All rights reserved.
