The election is likely 70-80% priced into markets as a Trump victory, though not 100%, meaning there is 20-30% downside scenario if Harris wins, in which case the trades that have been unwinding based on Trump probability would sharply reverse (democratic spread trade is down 20-30% in 30 days), creating significant portfolio implications for investors betting on Trump policies.

factualpending

Speaker

Brad Gerstner

Evidence Quote

there's 70 to 80% baked into the cake and the Democratic spread trade bucket it's down 20% 30 days

Source

Ep19. State of Venture, AI Scaling, Elections | BG2 w/ Bill Gurley, Brad Gerstner, & Jamin BallBg2 Pod
Created: 8/10/2026, 10:49:01 PM

My Notes

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