In the coming weeks, the US presidential election will be the main focus of investors. The recent past has taught us that such elections are highly unpredictable to the very end and perhaps even beyond that in the current situation. Much more important for the financial markets than the outcome of these elections, however, is whether the global economic recovery, which is still in its early stages, will continue. In our view, both monetary and fiscal policy in most countries will continue to support the recovery over the coming years. It should therefore be worthwhile taking advantage of any periods of weakness in financial markets to increase the risk in portfolios.