From now until year-end the bond and stock markets can be most dangerous for pretty much all investors. Given the Federal Reserve has leveled off their money creation and credit facility funding in the past month or so, those who would have benefited have done so and those who haven’t benefited may not benefit (their issues go beyond creation and liquidity). Additionally, with Congress pretty much in their own “political lockdown” new support programs are severely constrained. We’ll see a steady stream of new bankruptcies and those not able to return to a job as many jobs are disappearing. Overall, volatility (risk) will be “unhealthy for our investments” through year-end with no positive new trends expected from the election---no matter who wins!