TY - JOUR T1 - Don't Worry About the Election JF - The Journal of Portfolio Management SP - 101 LP - 109 DO - 10.3905/jpm.2004.101 VL - 30 IS - 4 AU - Scott B. Beyer AU - Gerald R. Jensen AU - Robert R. Johnson Y1 - 2004/07/31 UR - https://pm-research.com/content/30/4/101.abstract N2 - In this election year, it is interesting to examine historical security market returns in terms of the political party of the President, the general monetary policy stance of the Federal Reserve, and political gridlock, when different political parties control Congress and the executive branch. It is an innovation to evaluate the three variables jointly. Such a combined analysis reveals that long-term security returns are strongly related to shifts in Fed monetary policy but generally invariant to changes in the political landscape. Investors should thus focus their attention on Fed actions rather than political outcomes. ER -