Game of Thrones

Abstract

Strategy: World War W. In recent meetings with a few of our accounts in NYC, I was frequently asked about what could trip up the Trump rally. The advance in stock prices since Election Day hasn’t been all about Trump, but it has been mostly about his proposed economic policies. Of course, the markets have focused on his bullish economic plans that might boost economic growth and earnings by cutting taxes rather than on his trade bluster, which borders on bearish protectionism.