I have long thought that the next four years would be a gift to the next president, regardless of who won the election, just as the past four years were a nightmare. Underlying U.S. fundamentals are strong going forward, despite what will be an intense period of contentious negotiation over the fiscal cliff. The U.S. economy still has a long way to go to reach full employment, so there are no capacity constraints or prospects of Federal Reserve tightening. Instead, pent-up demand is huge and consumer confidence is rising sharply.

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