A big part of the election news has to do with tax rates. Democrats generally favor higher taxes. A more redistributionist system also tends to lead to lower growth rates. It's very unlikely that we see another corporate tax cut. There is, however, the likelihood that we see higher tax rates if Trump doesn't win re-election. But there won't be calls to radically increase them unless Warren or Sanders is elected. Even if one of those two candidates is elected, any tax bill will need to pass Congress. If we see 2.0 pct economic growth in the US along with an effective tax rate of 22 pct, that would place 2021 EPS at around 171. That would imply a FY2021 P/E or 18.2 with where stocks are at right now. That comes to an earnings yield of 5.49 pct.