The conventional wisdom of investors is to avoid next month’s election, due to its inherent uncertainty and resulting volatility.But this morning, Chamath Palihapitiya put a big bet on a company whose fortune could be strongly impacted by the presidential winner
Driving the News: Clover Health, a provider of Medicare Advantage plans, has agreed to go public through a reverse merger with a PSPAC led by Palihapitiya called Social Capital Hedosophia Holdings III (NYSE: IPOC)
The Politics: Both presidential candidates support Medicare Advantage, a program whereby private insurers provide additional benefits to seniors enrolled in Medicare (eg, dental, vision, etc.)
The bottom line: Medicare Advantage is likely to be a lucrative and growing business regardless of the location of the Oval Office over the next four years But the degree of growth can be on the ballot
Former First Lady Michelle Obama presents her closing argument for Joe Biden this morning, saying President Trump has mismanaged the pandemic while « fueling fears about black and brown Americans »
Big picture: In a video post, the former first lady, who remains very popular within the Democratic Party, speaks to Biden’s personal qualities while strongly criticizing Trump’s handling of the racial unrest rocking the country
The US economy was resilient in the third quarter, with higher sales and growth despite the persistent coronavirus pandemic, heightened uncertainty about the future, and Congress’s inability to adopt another program of spending to help struggling small businesses and unemployed workers
In the news: Bank of America on Monday revised its third-quarter growth forecast to 33%, from 27%, and just below Goldman Sachs’ recently revised forecast to a 35% jump, from 30%
Clover Health, Chamath Palihapitiya, Social Capital, special purpose acquisition company
World news – United States – Tech investor Chamath Palihapitiya bets big on Medicare Advantage provider
SOURCE: https://www.w24news.com
