Investors are feeling as “pro-US as a bald eagle eating apple pie”, says Luke Kawa for Sherwood News. Bank of America’s latest global fund manager survey shows marked bullishness on US assets and a dismissive attitude to the rest of the world. Yet investors could be repeating the mistakes they made in the president-elect’s first term when many “Trump trades” – from US small caps to a stronger dollar – enjoyed a short pop only to underperform over the full four-year term.
We are sometimes advised to take Trump “seriously, but not literally”, says James Mackintosh in The Wall Street Journal. On Wall Street that has resulted in a pick ’n’ mix: investors are taking the Trump policies they like (tax cuts and deregulation) seriously, while dismissing those they dislike (immigration clampdowns and high tariffs) as just “campaign rhetoric”.
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