The titanic financial advisory firm Signum Global Advisors used its immense research and policy resources and has now changed its original predictions for the 2020 election.
In a memo to its members, Chairman Charles Myers and senior partner Lew Lukens announced that they were readjusting their initial predictions that Republicans would maintain their lead in the Senate, now asserting that Democrats would likely take it back in November.
The firm justified its initial position noting that Democratic Alabama Senator Doug Jones will likely be defeated. The Senator won a special election to replace then-Attorney General Jeff Sessions after Jones's opponent, Roy Moore, faced numerous allegations of pedophilia. It was the first time the state elected a Democratic senator in a quarter of a century.
Factoring for Jones's likely loss in 2020, Democrats would need to gain four seats to take back the Senate. Initially, Signum Global believed they would only take three.
Citing Trump's polling against Biden, they've since changed their position:
"As Joe Biden's lead over Trump in national and battleground polling has widened, several Senate races have become closer. We are changing our call and now predict the Democrats will take the Senate."
In their key takeaways, they warned investors:
"• With Biden polling strongly and more states now in play in the Senate contest, we are changing our call and now believe Democrats will take control of the Senate.
• This will give the Democrats a "sweep" – control of the White House, the Senate, and the House of Representatives.
• This will have implications on the policy front which we will explore in coming weeks."
Chairman Charles Myers told CNBC News that a Biden election would likely result in more robust corporate taxes across an array of industries.
People were hopeful about the news.
But recalling the bitter upset of the 2016 election, people reminded other Twitter users that predictions without action are worthless.
High voter turnout predictions were a key component in the firm's predictions.