Unlike the stockmarket’s dislike of uncertainty, my washington pals say there is nothing better than a client who is uncertain about what is coming next. The legislative process is only a first pass at creating these anxieties – and the more pages, the more anxiety. implementing regulations brings as many, if not more, challenges, as well as opportunities. Travelling beyond new york and washington into what some call the ‘real’ economy, the impact of all this is telling. Just calling something ‘reform’ does not automatically mean it will be better or devoid of unintended consequences. Recent reports from major business groups and off-the-record talks (that somehow became on-therecord) point to a current frustration – the problems in running companies based on an ever-increasing importance of policies and subsidies rather than commercial factors.

Green technologies, including new electric cars, line up for venture capital, but only after they get a government grant. The US government is heavily invested in old automotives as well. One of my clients wondered whether the us government’s investors were old enough to recall the fate of other government automotive investments – remember delorean?

Political prognosticators seem convinced that this november’s elections will bring significant, perhaps overwhelming change to the make-up of our congress. more than one candidate is running on the idea of ‘repeal and replace’. But, to be sure, either way, my washington friends will find new sources of uncertainty to share with their clients.

^{Daniel Malachuk works with business and government leaders on global direct investment strategies. He has advised many of the world’s leading companies and served in the public sector as Director of White House operations. E-mail:daniel.malachuk@gmail.com}