Dear Moose Friends— As of Sunday morning (11/01/26) the newsletter is ready for publication, but the website is not. You can still get the most complete information by accessing the PDF version of the newsletter using the Moosecalls button on the home page. The equity market is approaching next week’s US mid-term elections with an air of trepidation. After the socialist incumbent won four more years in Brazil, Brazilian equities dropped over 25% in five days. Granted, the US doesn’t have the same level of “bananfication” that Brazil offers, but we do have socialists now. So anything could happen. Putting irrational fears aside, the period after mid-term elections is usually the strongest period for stocks in the four-year Presidential cycle— no matter who wins. (A little extra certainty goes a long way, even if we’re certain we’re on our way to hell in a handbasket.) So take heart. Be thankful and enjoy the fact that we have the right and privilege to express our opinions every couple of years—even if it does occasionally show the world just how stupid we can be. As long as a free people continue to believe in life, liberty and the pursuit of happiness, we will eventually get it right.   --Bill Dirlam