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Some key observations from Jones:
- "This is Hillary Clinton's race to lose. It's very unlikely Trump can come back from his deficit."
- "Setting the election aside, the fundamental macro economic backdrop is really negative."
- "Stock valuations are sky high."
- "This isn't like any other cycle. What happens in the short term with resolution of this election soap opera will be positive. But then we have to deal with the Fed again."
- "We actually have U.S. GDP slowing into Q1. That will be bad for the stock market."
- "The one area that's going to benefit under almost any scenario is infrastructure spending. Both candidates want to invest here."