Which party will control the White House and Congress? The dirty little secret is the markets really couldn’t care less.

You know Xi Jinping? General Secretary of the Communist Party of China? Dictator for life? Crusher of protests? Look at his picture. If you didn’t know anything about the guy, tell me he couldn’t be the CEO of a Fortune 500 company. He has that bland, somewhere north of middle-age stolidity of most of America’s corporate leaders. Why do I bring up a Marxist dictator in a magazine about the election of 2020? I’ll get to that.

But first, the markets.

Think about this: Whoever wins the election, the market doesn’t care—at least longterm. Let’s look at some basic data. Going back to the end of 1964, when...

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