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STRATEGY: Is election day the key date to clear market uncertainties?I did a panel last night with Lars Peter Hansen, University of Chicago Professor and Nobel Prize economist.  This was an event sponsored by SparkLabs and hosted by the entertaining Jared Carney.  There was a wide range of topics discussed, but the key takeaway for me is the central role that "uncertainty" plays in financial markets.  In fact, this uncertainty and resulting spillovers is central to the work of Hansen ( 2020 is a textbook case of galactic-level uncertainties:- 2020 worse than a science fiction movie- 2020 global pandemic, so far 1 million deaths- 2020 First ever global and coordinated economic shutdown- 2020 US economic contraction exceeding Great Depression- 2020 US Federal Reserve writes a new playbook within days- 2020 US Government spends $5T in stimulus, 25% of GDP- 2020 Investors panic and sell whatever they can In the next 40 days, financial markets are dealing with an "event risk" on election day.  Taking a step back, unless markets are convinced the economic path for the next 12 months is wildly divergent between Biden or Trump, markets are likely to follow a simila...

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