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The stock market is ignoring immediate risks to global stability stemming from the US election, which is a pivotal moment in US and global history. Investors should buy protection now for the tactical horizon. Opinion polls are tied so Trump can still win and revolutionize US foreign and trade policy. We even favor Trump (55%) until Harris is proven to withstand the rise in global instability that we expect. At the same time, Harris has shored up the odds of a Democratic sweep that raises corporate taxes. This is the least likely scenario but about ~20% odds – now it is a substantial risk whereas before it was negligible.