Investors should consider policies could impact markets and the economy after of the 2020 election.
Equity investors spend a lot time looking for where earnings growth will be strong; what doesn't get as much attention is what happens after they're generated.
2019 was a good year for equities as multiple expansion drove stock markets to new all-time highs.
Inventories tend to have a cycle of their own, growing and contracting several times over the course of an expansion.
Given current and projected productivity and labor supply dynamics, productivity is unlikely to provide a significant lift to future growth.