Did you know that former President Barack Obama, known for his influential role in the Democratic Party, has often played a strategic waiting game when it comes to political endorsements?

Just as caution can help politicians, so too can it help investors.

In today’s edition, you will find these articles:

• Why Obama Hasn’t Endorsed Harris: First, we’ll explore the strategic and personal reasons behind Barack Obama's decision to withhold his endorsement for Kamala Harris 🤔

• Will Emerging Markets Finally Catch Up To The US? Next, we’ll give an analysis of the recent performance of emerging markets compared to the U.S. stock market 🚀

• Harris The Likely Democratic Nominee: Finally, we’ll look at the rising momentum behind Kamala Harris as the presumptive Democratic nominee 👩🏽

Stay tuned for in-depth articles that break down these complex topics into clear, actionable insights. Happy reading!

Why Obama Hasn’t Endorsed Harris 🤔

Many of the big names in Democratic politics began quickly lining up behind Vice President Kamala Harris on Sunday, but one towering presence in the party held back: Barack Obama.

Endorsing too early would be a political mistake — fueling criticism that Harris’s nomination, should it come, was a coronation rather than the best possible consensus under rushed circumstances.

Obama sees his role as helping to quickly “unite the party once we have a nominee” 💪

There are other more personal considerations, exacerbating Obama’s innate caution.

Biden is a deeply prideful man, and he has never fully forgiven Obama for quietly backing former Secretary of State Hillary Clinton in the 2016 campaign.

Biden still believes he could have beaten Trump that year if given the chance 🏆

Nor was Biden pleased when Obama told him that he should consider sitting out 2020 as well.

Obama wanted Sunday to be about Biden, a celebration of his accomplishments — and does not feel pressured to act hastily, according to a former White House official who speaks with the former president regularly.

Will Emerging Markets Finally Catch Up To The US? 🚀

In the past month, as U.S. rate-cut talk has quickened, the MSCI Emerging Markets index has returned 4%, outpacing the S&P 500, which has declined over the same period.

According to EM specialists, when the Fed engages in interest rates, it spurs a weaker dollar, which is beneficial to emerging markets.

Beyond that, 13 years of underperformance means there is a lot of value and not many investors in emerging market stocks, making it the perfect time to look, they argue.

However, EM specialists are perennial EM bulls, as they have no other choice ❌

EMs underperformed the US market during the period of ultra-low interest rates prior to the Fed rate hiking cycle.

There is little reason to think that gradual rate cuts by the Fed will create the structural shift necessary to jump start EM economies over the long run.

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Harris The Likely Democratic Nominee 👩🏽

While it isn’t yet official, the momentum is on her side.

The major donors have all thrown their support behind Kamala Harris and no other Democrat has thrown their hat into the ring.

Looks like it’s a Trump-Harris race for the Presidency 🤷🏻

Trump remains the favorite, but it’s a brand new race, and anything can happen with just over 100 days to go before election day.

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