Lessons from the Trump Presidency

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In November, investors were fearful about the effects of a Donald Trump presidency. Then, almost from the day he became president, the stock market took off and, with a few pauses, the Wall Street market has been flirting with new highs.

This is despite erratic behaviour from the new President on his twitter account; one high level casualty from his cabinet and a general consensus that investors may need strong nerves to survive Trump’s effect on equity markets.

But, while people continue to shake their heads about the new President, the US stock market still thinks he can do no wrong. Last week, despite foreshadowing news of his “phenomenal” tax plan, Trump instead did a 75-minute press conference, notable for boastful and rambling attacks on “fake media” – but with not a word on his tax policy. The Dow Jones and S&P indices were left unruffled at near peak levels.

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