The conclusion of the Presidential election cycle resolves a key driver of equity market uncertainty with the outcome spurring a post-election rally on November 6th. Investors have moved past the short-term uncertainty presented by two candidates with sharply differing policy platforms, polling near 50:50, towards handicapping future policy shifts with a keen focus on energy, health care, taxes, tariffs, and the potential for reduced regulatory headwinds. The initial positive market reaction to the election was accompanied by a sharp decline in the VIX Index, or fear gauge, which dropped to the mid-teens range post-election, having peaked at over 23 in the days preceding the election. Although equity markets have climbed post-election, we note that for the full month of October, the Dow Jones Industrial Average decreased by 1.3%, the S&P 500® index was down 1.0%, and the smaller cap weighted Russell 2000® decreased by 1.5%.