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People who give money to presidential candidates typically spend more time following campaigns than average voters do. Many campaign donors — including those who give small amounts — read policy proposals, watch debates and listen to candidate interviews. Along the way, the donors develop well-informed views about the candidates.

As a result, the donors’ opinions end up mattering for both obvious and less obvious reasons. In the obvious category: Donors determine which candidates have well-funded campaigns and, in the 2020 race, will help decide who’ll qualify for the early debates. In the less obvious category: Donors’ opinions are an indicator of which candidates deserve to be faring well. Donors are akin to a huge panel of interested experts.

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