It turns out a great many of the protesters, sporting “not my President” banners, around America this week actually didn’t vote at all. Now they’re upset about the outcome? Sorry kids, that’s how democracy works, you have to stand up and be counted BEFORE the election results are tabulated.
So, against all odds (though we did warn that it could happen in recent weeks), here comes President Donald J Trump. After having an anticipated freak out (the dow fell as many as 700 points in after hours trading), the market flip-flopped within mere hours to an uncomfortably optimistic view that Trump may not be so bad after all. He may be a total wild card, but he’s nothing if not pro-business.
Does this Trump turn-around rally have legs though? What can we expect now that we’re in uncharted political territory? Here is why I think the rally is misguided and how we’ve adjusted client portfolios (and will continue to do so to capitalize on volatility and dislocations).