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The 2016 presidential election is firing up uncertainty among business owners — what’s your business platform for success?

n What You Should Know: CLINTON VS. TRUMP

n The Presidential Election and the STOCK MARKET

n Party LINES

Sweating It Political Heat

inthe

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n PG. 4 Sweating It in the Political Heat?

n PG. 8 What You Should Know: Clinton vs. Trump

n PG. 10 The Presidential Election and the Stock Market

n PG. 11 Metric of the Month • Party Lines

n PG. 12 On the Horizon

TABLE OF CONTENTS

CONTRIBUTING AUTHORSMEGAN BOSMA, Senior Vice President

COURTNEY FERRARA, Senior Consultant

KRISTIN HOWE, Consultant

SARAH LUCAS, Vice President

MITCH MIKOLETIC, Consultant

ELISSA WALDMULLER, Research Analyst

JOHN WEPLER, Chairman & CEO

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letter from John Wepler

The 2016 Presidential election may be the most controversial in American history and has certainly created a buzz. The deafening buzz has overrun both bar talk and legitimate debate. As the election draws to a close, peak performing firms are focusing their attention on strategies that can be implemented to position them for long-term success irrespective of the changes that will occur. Regardless of who becomes the next president, we are confident that there is one certainty; there will be changes in the economy, the Affordable Care Act, interest rates and taxes. We are certain that the changes that will occur, however, cannot be predicted.

As we move toward electing the 45th President, our message is clear. Do not allow political propaganda and rhetorical policy promises dictate how you envision the future of your firm. Rather than allowing sensationalism captivate you, or rather than trying to predict the future and the implications to your business, focus on what you can control: infrastructure, talent acquisition, staff development, technology, value proposition, more new business activity and well-orchestrated, continual and relentless planning. If this is your focus, we believe you will succeed over the long-term regardless of who gets elected and the changes that will be implemented.

The October issue is dedicated to providing the industry with important information that will support or challenge your strategic direction. Use this information to supplement, refresh, focus and implement a detailed 2020 strategic plan so that your organization will be the beneficiary of good leadership versus the victim of status quo leadership.

Chairman & Chief Executive Officer, MarshBerry

4 October 2016 | CounterPoint

Securities offered through MarshBerry Capital, Inc., Member FINRA and SIPC, and an affiliate of Marsh, Berry & Company, Inc. 28601 Chagrin Blvd., Suite 400, Woodmere, Ohio 44122 •440.354.3230

The political boxing ring this election year is dynamic and high-stakes with two party contenders duking it out in a highly divisive match. Come Election Day, a lot of Americans will simply breathe a sigh of relief that the contest is over. Presidential elections — especially this one — create a cloud of uncertainty. What does it really mean if Clinton is elected? How would Trump as president impact the way we live and do business?

Can we really answer these questions?Going back to the old “information is power” mantra, we believe the best way to dissipate uncertainty is to understand each party’s platform and how their proposed policies and overall visions could impact the insurance industry.

The 2016 presidential election is firing up uncertainty among business owners — what’s your business platform for success?

by Sarah Lucas, Vice President616.723.8375 Sarah.Lucas@MarshBerry.com

Sweating It Political Heat

inthe

5CounterPoint | October 2016

This piece isn’t about going left or right. It’s not an editorial designed to support one candidate’s platform and stifle another politician’s voice. This is about providing information — and empowering insurance agencies with facts to possibly quiet some of that uncertainty.

So, let’s explore four issues that could significantly impact our industry’s growth, profit potential and overall vitality. Those are: the economy, interest rates, taxes and healthcare reform. In addition, we offer perspectives from two MarshBerry clients who share their views on page 7. And, we include a tool to help you easily read between the party lines — a chart based from a study conducted by the Insurance Information Institute (III), Trump vs. Clinton: Issues that Matter to P/C (Property & Casualty) Insurers (Figure 1).

We invite you to step away from the wild ring of politics for a moment, and to find a quiet place where you can read and decide for yourself and your agency: What does the next presidency mean for your future?

Our hope is that this political roundup will ground your thinking and clear your mind of some of the contentious noise.

The EconomyClinton says she wants to “build an economy that works for everyone, not just those at the top.” Her goals include making debt-free college available, ensuring workers share in profits they help make, investing in good-paying jobs and “ensuring that those at the top pay their fair share.”

Briefings share that Clinton wants to be the “small business president.” She wants to cut red tape, expand access to capital, provide tax relief and open access to new markets. She also talks about incentives for American manufacturers, and penalties for companies that choose to outsource abroad.

Clinton’s economic platform is focused on growth that is strong, fair and long-term, with proposed policies ranging from a New College Compact to a 15% tax credit for businesses with profit-sharing programs. She calls for more accountability on Wall Street.

Trump relates how lower taxes results in faster real gross domestic product (GDP) growth. He underscores how deficits grow when tax cuts are combined with targeted increased spending on homeland security, defense and others. He also says it’s time for America to hold our global partners accountable and stop world trade agreements and relationships that aren’t good for the country.

“The most important component of our China policy is leadership and strength at the negotiating table,” Trump has said, relating that his goal is to “fight for American businesses and workers,” strengthen our negotiating position and reclaim jobs by stopping China’s illegal export subsidies and lax labor standards.

Trump vs. Clinton: Issues that Matter to P/C Insurers

I S S U E T R U M P C L I N T O N

EconomySupply-Side-Like Philosophy: Lower taxes Faster real GDP growth, Deficits likely grow as tax cuts are combined with targeted increased spending on Homeland Security, Defense, etc.

Keynesian Philosophy: More government spending on infrastructure, education, social services; Deficits likely increase as tax increases likely difficult to pass

Interest Rates May trend higher with larger deficits; Shift from monetary policy to fiscal focus (tax cuts, government spending)

Status quo at the Fed; Net impact on interest rates unclear

Taxes Favors lower tax rates for corporate and personal income tax rates; Tax code overhaul?

Unlikely to reduce taxes or embark on major overhaul of tax code

International Trade

Protectionist tendencies (appeal primarily to manufacturing sector)

Has criticized Trans-Pacific Partnership but is a realist on international matters

Tort System Doesn’t like trial lawyers but seems to like filing lawsuits Status quo

Health Care Affordable Care Act (ACA) should be repealed and replaced Incremental change

Source: Insurance Information Institute. Profitability & Politics; P/C = Property & Casualty; GDP = Gross Domestic Product

Figure 1

6 October 2016 | CounterPoint

Interest RatesHigher interest rates can impair valuation. The reality is, deals initiated by buyers like private equity firms are interest-rate sensitive. So, an increase in interest rates could very well result in a decrease in valuation and the number Merger & Acquisition (M&A) transactions.

Trump promotes shifting our policies from a monetary to fiscal focus. (That essentially translates to tax cuts and government spending, based on the III party comparison on page 5.) This could translate to larger deficits and interest rates trending higher.

The Clinton policy’s net impact on interest rates is unclear, though speculators believe that the rates will not dip.

TaxesThe Trump tax plan aims to lower the corporate tax rate to 15%, which would put our rate 10% lower than China and 20 points below the current U.S. corporate tax rate that, he says, “pushes companies and jobs offshore.”

Trump’s tax plan includes: tax relief for the middle class; simplified tax code; growing the economy and jobs; and to stop adding to our debt. His tax plan is billed as “revenue neutral” with cuts paid for by eliminating loopholes and deductions.

Clinton’s tax plan unveils a new “fair share surcharge” on multi-millionaires of 4%, which affects the top 0.02 percent of taxpayers. She does not promote reducing taxes or overhauling the tax code; but has pledged not to raise taxes for the middle class. She also favors increasing the holding period for capital gains, effectively raising the tax rate on capital gains.

Healthcare ReformThe Affordable Care Act (ACA) is a step toward universal healthcare, according to its supporters, and that includes

Clinton. She believes we have work to do by building on ACA — “incremental change,” states III in its party view comparison chart.

Trump wants to repeal and replace ACA. It’s a disaster, he says. He’d like to remove state line barriers and potentially create a block grant system for Medicaid to save costs. He says individuals should be allowed to fully deduct health insurance premiums payments from their tax returns — businesses can take these deductions, after all. He’d like to expand the use of Health Savings Accounts (HSAs) with tax-free contributions into accounts that can accumulate.

We believe if there was any issue that left business owners and insurers feeling “uncertain”

the last eight years, health care is it.

Decision 2016: Moving Forward with Strategic FocusIf we can draw a positive outcome from the heated hoopla that is the 2016 presidential election cycle, it’s this: plan, plan, plan.

It’s always important to direct your business with strategic focus. Major political events can prompt us to reflect more deeply on where we see our businesses heading into the future — and what vehicles we must put in place internally to succeed regardless of how the market acts.

Do you have the infrastructure, talent and technology in place to weather economic ups and downs? Is your profitability solid and are you achieving a strong and consistent rate of growth each year? Are you developing the next generation of leaders in your organization so you can sustain your business in the long-term?

Our advice is to press “pause” and breathe. Then focus and plan for what’s next in your agency’s future. Whether the next candidate is a Democrat or Republican, business will go on.

So what’s your platform for success? If your agency is a “country,” what do you hope for tomorrow? We believe that now is a great time to reflect on your vision, set workable goals and execute on initiatives that will help prepare your agency for any outcome. n Securities offered through MarshBerry Capital, Inc., Member FINRA and SIPC, and an affiliate of Marsh, Berry & Company, Inc. 28601 Chagrin Blvd., Suite 400, Woodmere, Ohio 44122 •440.354.3230

Sources: Insurance Information Institute (III), The Briefting fact sheets; Official Donald J. Trump campaign materials (www.donaldjtrump.com); Official Hillary Clinton campaign materials (www.hillaryclinton.com), and other publicly available sources.

The III analyzes the two party presidential runners’ economic philosophies like this: Trump follows supply side-like thinking, while Clinton subscribes to Keynesian ideas. (See chart on page 5.)

7CounterPoint | October 2016

MarshBerry talked with two clients who shared their views on the presidential political arena and how either outcome might impact issues that matter to insurers...

Ross E. Johnson, CIC President, Mountain State Insurance Agency, Charleston, W.V.How do you think a Democratic president could impact Merger & Acquisition (M&A) activity? I would expect a short-term increase in activity based on sellers’ concerns that the long-term capital gains tax rate would be increasing. From the buyer perspective, I believe there could be a rush of activity based on concerns about increasing interest rates.

What about a Republican president? I believe a republican win, if the republican candidate was a typical republican candidate, would have little impact on insurance agency M&A. In the case of a Trump win, I think it can be predicted about as well as trying to swim in a riptide.

How could a Republican president impact agency growth? Again, the impact of a Trump win is difficult to predict.

What about a Democratic president? In our local energy-extraction dependent economy, I believe a democrat win could stimulate some growth from redevelopment in the coalfields due to government investment. In the natural gas side of the business, I am not optimistic because of delayed Federal Energy Regulatory Commission approval of pipeline projects and EPA over-reach with new regulations that will impede development of new wells.

What is your greatest business concern with the upcoming presidential election? My greatest concern is the high level of negative feelings about both candidates. We are going to inevitably have a large percentage of American citizens that are passionately unhappy whomever the winner is. I am concerned that the negative sentiment will impede our country in sustaining the greatness that it has now or improving. The cynicism and negativity is destructive.

What are you most looking forward to? While I am typically an optimistic person, I am really not looking forward to much politically other than the American people waking up from the drunk of this election cycle… nursing the hangover, and electing better candidates in 2020.

Michael Der Manouel, Jr.President, Der Manouel Insurance Group, Fresno, CAHow do you think a Democratic president could impact M&A activity? What about a Republican president? I imagine a lot of potential sellers sitting on the sidelines waiting for the November election results, capital gains rates being a topic of discussion with regard to acquisitions. There is zero chance of a rate reduction with Hillary Clinton, much better with Donald Trump. M&A activity will continue strongly regardless, insurance agencies are an attractive investment for many reasons that transcend an election. Some of the smartest money in the world is chasing us.

How could a Republican president impact agency growth? What about a Democratic president? Hard work and following a disciplined business plan will create growth no matter who becomes President. I don’t wake up every day looking to D.C. to do anything for me. But the economy is impacted by public policies. Obama will be the first President in 60 years to not achieve a 3% growth rate in any year of his Presidency. Low interest rates and $7 trillion in new debt could not overcome increases in federal taxes and Obamacare. When business grows, we grow, and the only way out of this stagnation is tax rate reductions that allow business owners to reinvest. The last Democrat to advocate for tax rate reductions was JFK. Hillary said in her acceptance speech in Philadelphia that the 1% aren’t paying enough, so we know her policies are a recipe for the status quo, which isn’t good.

What is your greatest business concern with the upcoming presidential election? The United States has $19 trillion in debt and over $60 trillion in promises to citizens it cannot keep through its entitlement programs. We are in an unsustainable situation. I agree with Trump. While we have some very wealthy companies and people, the government is completely bankrupt. If it ever begins the process of ramping down its incredible borrowing, we all need to prepare for a tough downturn. The Obamacare exchanges have all failed. I expect that program to be collapsed into a Medicare type system, further reducing the role of private health insurance. For those of us that believe in a private system, that is a risk to our agency valuations and profits. Trump in my view would be much more amenable to maintain a private system of health insurance.

What are you most looking forward to?Although I was a Trump delegate in Cleveland, I really can’t stand either Party right now. Republicans are gutless wonders; Democrats are clueless. Knowing where we will land in November will allow us all to make plans accordingly. If Hillary wins, I believe our challenges will be much greater than they are today.

P O L I T I C A L P E R S P E C T I V E S

The views and opinions expressed above are those of Mr. Johnson and Mr. Der Manouel, Jr. and do not necessarily reflect those of Marsh, Berry & Company, Inc., its affiliates, its officers, directors, employees or owners.

Dealmaker’s Dialogue

Clinton vs. Trump

8 October 2016 | CounterPoint

The following article is a synopsis of key position differences regarding the tax code and other economic policies Clinton and Trump have addressed during their campaigns that may impact

an agency owner’s decision to sell or not to sell during the next presidential term.

Every election in modern American politics has featured candidates from the Republican and the Democratic party, two institutions that hold fundamentally different views in many areas, including certain fiscal and tax policies. However, few recent elections and candidates have drawn such stark contrasts in both policies and personalities as the current race between Democratic candidate Hillary Clinton and Republican candidate Donald Trump. Liberal vs. Conservative.

Establishment vs. Anti-Establishment. Female vs. Male. But how might their differences impact an agency owner’s decision to sell or retain ownership of their agency?

Donald TrumpDonald Trump has positioned himself as a “business friendly” candidate who would plan to implement and support policies that make the domestic business environment more appealing to all types of businesses, from small entrepreneurs to large corporations.

In a recent speech, Trump highlighted his intent to reduce the corporate tax rate to 15%, from a current graduated scale up to 35%. This would also apply to S-Corporation pass through income, a structure we

have seen frequently implemented by independent insurance brokerages. This could provide profits for agencies to invest in producers, acquisitions or other technologies that could enhance growth, profitability

and independence, reducing the possibility of taking on external capital (debt or new ownership).

Among many other provisions, Trump also proposed to eliminate the estate tax. Currently, the estate tax of 40% applies to estate values that exceed $10.9M for married couples ($5.45M for single persons). If Trump’s plan successfully eliminated all federal and other generation-skipping taxes, owners would effectively have the opportunity to transfer the assets of their estate to family members upon death without the estate being subject to any individual income or capital gains taxes. From a tax perspective, this may be seen as a more appealing option for older owners, rather than an internal or external sale that would be taxed at the capital gains or income tax rate.

Trump has also addressed plans to work with Congress to modify and/or repeal the Affordable Care Act (ACA), popularly known as “Obamacare.” Over the past several years, we have often seen small and mid-sized employee benefits agencies struggle to compete with specialized firms (often regional or national brokers) who are able to provide clients with more resources for ACA compliance and monitoring. A repeal or overhaul of the ACA may result in less pressure on benefits agency owners to sell, as costs to compete in the benefits arena would potentially decline over time.

What You Should Know:

How might their differences impact an agency owner’s decision to sell or retain ownership of their agency?

by Courtney Ferrara, Senior Consultant 440.392.6586 | Courtney.Ferrara@MarshBerry.com

Securities offered through MarshBerry Capital, Inc., Member FINRA and SIPC, and an affiliate of Marsh, Berry & Company, Inc. 28601 Chagrin Blvd., Suite 400, Woodmere, Ohio 44122 •440.354.3230. Marsh, Berry & Co., Inc. and MarshBerry Capital, Inc. do not provide tax or legal advice. These professionals should be consulted before implementing changes to your tax or legal matters.

9CounterPoint | October 2016

Hillary ClintonHillary Clinton’s stated position focuses on increasing taxes on the wealthy, with less impact on the middle and lower class.

In contrast to Trump, Clinton has proposed an increase in the estate tax to 45% at the top bracket, and a lower minimum threshold of $3.5M of inherited wealth ($7M for married couples). This adjustment may have the opposite impact of Trump’s proposal, by encouraging external agency sales in order to take advantage of lower capital gains rates while the seller is living, rather than transferring assets upon death that could be subject to higher taxes.

In addition, Clinton proposes a new schedule for long-term capital gains. Currently, a gain from an investment (including agency ownership) held for more than one year is taxed as a long-term capital gain, with a maximum capital gain tax rate of 20% (excluding the additional medicare tax that applies to some capital gains). Gains on investments with a holding period less than one year are treated as ordinary income and are generally taxed at higher rates (max rate currently is 39.6%). Clinton’s plan would stretch out the holding period for the definition of a long-term capital gain to six years, with an incremental decrease in the capital gain tax rate between years two and six of the holding period. The first two years (instead of year one only) would now be considered short-term and taxed at higher rates. After the two year holding period, the tax rate would decrease for each year of the holding period until the 20% long term capital gain rate is reached, after a six year holding period. There is also an additional tax of 3.8% that applies to some capital gains but generally does not apply to non-passive investments (and many agency owners selling the agency they run/work at are non-passive). This policy change may potentially drive a longer holding period of assets to take advantage of the lower capital gains tax rates over time. A modification in the capital gains holding periods could be a factor in your decision to sell or not, if your agency recently had any changes in ownership prior to engaging in an external sale.

Another individual tax amendment that may impact agency owners is Clinton’s proposal to impose a 30% minimum tax on taxpayers with Adjusted Gross Income (AGI) above $1.0M (and additionally a 4.0% surcharge on those with AGI above $5.0M), which is intended to limit exemptions that can be taken by the wealthy in order to lower their tax burden. It is possible that agency owners with significant AGI may decide to sell a mature asset and receive proceeds from the sale as capital gains while reducing their annual W-2 income to avoid this income tax “floor.”

It’s difficult to draw an overall conclusion on which candidates’ policies may encourage agency owners to sell their business and which may have the opposite effect, as different individuals will be impacted uniquely. Some may take a “wait and see” approach, delaying a decision on selling externally or perpetuating internally. Tax and other policy proposals are complex, and we have only considered some of the candidates’ proposals and suggested possible, broad, market based conclusions regarding the potential impact on deal activity. There are many other factors that should be thought through and considered in order to decide whether or not to sell your agency.

Our nation is clearly at a crossroads this Fall. Whether the country takes a Left or a Right will certainly come with some twist and turns along the way. nSources: www.HillaryClinton.com, www.DonaldJTrump.com, and research published by the Tax Policy Center and Brookings Institute (all sources as of August 9th, 2016); MarshBerry opinion and experience. Securities offered though MarshBerry Capital, Inc., Member FINRA and SIPC, and an affiliate of Marsh, Berry & Co., Inc. 28601 Chagrin Blvd., Suite 400, Woodmere, Ohio 44122 • 440-354-3230. Marsh, Berry & Co., Inc. and MarshBerry Capital, Inc. do not provide tax or legal advice. These professionals should be consulted before implementing changes to your tax or legal matters.

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Stock Markets typically do not like uncertainty surrounding the economy or political environment. Uncertainty can diminish consumer confidence, and

10 October 2016 | CounterPoint

For the Record

by Kristin Howe, Consultant 616.723.8374 | Kristin.Howe@MarshBerry.com& Courtney Ferrara, Senior Consultant 440.392.6586 | Courtney.Ferrara@MarshBerry.com

and the

The Presidential Election

Stock Markettherefore can negatively impact the stock market. It would seem with the uncertainty surrounding the upcoming Presidential election, that we may see a decline in the stock market. The data (Figure 1) actually shows contrary evidence to this belief. This table shows the election periods going back to 1960 and indicates the S&P 500 Performance throughout the year. This index consists of 500 top U.S. companies and is used by Wall Street as a benchmark for tracking the overall stock market. The percent changes in the S&P 500 are noted throughout the election year from February through August (when the state primary elections occur), September through October (last month before the presidential election), and November (the presidential election occurs) through January (when the president takes office), as well as the whole year’s percentage change excluding gains and stock splits. The percentage changes in the S&P 500 for the election years since 1960 resulted in an average 9.7% increase, and all years from 1960 through 2015 resulted in an 8.5% increase on average (the averages exclude the results in 2008 given the Great Recession and large declines in the market). In fact, comparing each of the time periods throughout the election year to all years, the election year averages are just slightly above the performance indicated for all years since 1960.

S&P 500 PERFORMANCE IN PRESIDENTIAL ELECTION YEARS

Presidential Election Year S&P 500 Performance

Year

Pres

iden

t

Sena

te

Hou

se

Feb-

Aug

Sep-

Oct

Nov

-Jan

Who

le

Year

1960 DEM DEM DEM 1.8% -6.5% 14.5% -3.0%

1964 DEM DEM DEM 6.3% 3.3% 2.8% 12.4%

1968 REP DEM DEM 6.8% 4.1% 0.0% 8.1%

1972 REP DEM DEM 6.8% 0.1% 3.0% 16.1%

1976 DEM DEM DEM 2.0% -1.1% -1.0% 18.2%

1980 REP REP DEM 6.3% 3.0% 0.4% 28.4%

1984 REP REP DEM 2.4% 0.7% 7.2% 2.0%

1988 REP DEM DEM 2.5% 8.0% 6.6% 8.5%

1992 DEM DEM DEM 1.1% 0.6% 3.8% 4.4%

1996 DEM REP REP 2.1% 7.7% 11.7% 19.3%

2000 REP DEM REP 7.7% -6.0% -3.9% -9.3%

2004 REP REP REP -2.7% 2.2% 4.5% 9.3%

2008 DEM DEM DEM -8.1% -24.2% -14.5% -37.6%

2012 DEM DEM REP 6.2% 0.5% 4.9% 11.7%

2016* TBD TBD TBD 12.7% NA NA NA

Election Years from 1960-2012 excluding 2008 (average) 3.8% 1.3% 4.2% 9.7%

All Years 1960-2015 excluding 2008 (average) 3.3% 0.9% 3.9% 8.5%

* 2016 S&P Performance from Feb 1 through Aug 11, 2016Percentages are based on closing prices adjusted for dividends and splits, and reflect changes from the beginning of the month to the end of the month for the indicated time frame.

Sources: Watts, W. (2015, December 29). 2016 predictions: What presidential election years mean for stocks. Retrieved from http://www.marketwatch.com/story/2016-predictions-what-presidential-election-years-mean-for-stocks-2015-12-29; S&P 500 index (^SPX). Yahoo! Finance. Retrieved from http://finance.yahoo.com/quote/%5ESPX?p=^SPX. Percentages are based on closing prices adjusted for dividends and splits, and reflect changes from the beginning of the month to the end of the month for the indicated time frame.

Figure 1

11CounterPoint | October 2016

This election year will mark the first election where an outgoing Democratic president has had a Republican-controlled congress.

The bottom line is, while the data shows that there may not be a significant change in the stock market during an election year, there may be some additional volatility in this year’s market as a new President will be elected with Barack Obama finishing his second term at the end of 2016. In addition, this election year will also mark the first election where an outgoing Democratic president has had a Republican-controlled congress. n

METRIC OF THE MONTH

We asked respondents of the 2017 Market & Financial Outlook two questions based on the upcoming election… Along which party lines do you anticipate voting in November? and Who do you think will win the presidential election?

Out of 170 participating firms, 66% indicated that they planned to vote along Republican party lines. However, 55% of respondents felt that Hilary Clinton will be the next United States President, while 41% believe Donald Trump will win, and 4% responded other.

When broken down by region, the vast majority of Northeast respondents felt that Hilary Clinton will win the upcoming presidential election with 81%. The gap between Hilary Clinton or Donald Trump winning is much smaller in other regions and exactly even in both the Midwest and Southwest. n

Source: 2017 Market & Financial Outlook Report

Party Lines2016 is not just an important election year because a new president will be elected, but also because all 435 House of Representatives seats and 34 Senate seats are up for election. How people vote this year will have an enormous impact on future legislation.

ALONG WHICH PARTY LINES DO YOU ANTICIPATE VOTING

IN NOVEMBER?

WHO DO YOU THINK WILL WIN

THE PRESIDENTIAL ELECTION?

WHO DO YOU THINK WILL WIN THE PRESIDENTIAL ELECTION? (BY REGION)

This is an overview of how the S&P 500 performed in Presidential election years, and is not intended to provide investment recommendations or advice. It is not a research report, as such term is defined by applicable laws and regulations. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any securities, financial instruments or to participate in any particular trading strategy. This article is being published with the understanding that the publisher and distributor are not rendering legal, accounting, financial or other advice and assume no liability in connection with its use. This article does not rate or recommend securities of individual companies, nor does it contain sufficient information upon which to make an investment decision. These materials are based solely on information contained in publicly available documents and certain other information provided to Marsh, Berry & Co., Inc., and Marsh, Berry & Co., Inc. has not independently attempted to investigate or to verify such information. Marsh, Berry & Co., Inc. has relied, without independent investigation, upon the accuracy, completeness and reasonableness of such information and therefore has assumed no obligation to update this data for financial restatements. Nothing herein shall constitute a recommendation or opinion to buy or sell any security of any publicly traded entity or to invest based on past market activity. Past performance is not indicative of future results.

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