“I’ve definitely had clients ask, where is Biden?” said Kim Monk, the managing director at Capital Alpha, which advises Wall Street investors from Washington, DC. “He’s basically an establishment candidate and would be much more in tune to building on what’s there as opposed to coming in and destroying what’s there and starting over.”

“When populism meets reality, reality usually wins,” Kim Monk, who tracks health policy for investors at Capital Alpha, told me. “The folks he’s brought in tend to be free market folks, industry folks who don’t like the government negotiating drug prices because they don’t believe it would work.”