So many smart people I know are convinced that presidential campaign ad spending operates in a terrain of sharply diminishing returns, but I think the best evidence says otherwise.

Trump won despite a large financial disadvantage in 2016, which leads some people to dismiss the significance of the fact that he& #39;ll be much better funded in 2020 but that& #39;s probably wrong and it& #39;ll help compensate for some of his current struggles.

And part of what happened in 2016 is that Clinton& #39;s spending strategy was too aggressive relative to the Electoral College. The money helped her win votes, just not necessarily the votes she needed.