Equity markets are still stuck in the Trumpism range we outlined in our last piece as evidence mounts that the trade war is having an adverse impact. Given these rising uncertainties and Senator Warren’s rise in the polls, we take a broad look at Progressive policy proposals on taxation, energy, labor, investment, healthcare and anti-trust, including a deep dive into proposals to tax unrealized capital gains on an annual basis. As anti-trust momentum builds, we also take a look at recent tech IPOs. The underperformers are often “tangential tech”: transactional marketplace companies with substantial third party ecosystem costs, and a subcontracted work/sales force. Most pure technology IPOs with scalable B2B offerings continue to perform well.
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