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 GerstnerEvidence 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 Ball— Bg2 PodCreated: 8/10/2026, 10:49:01 PM
My Notes
Loading notes...