1/ There is a growing narrative that the market's apparent confidence in Trump means all is well.http://marginalrevolution.com/marginalrevolution/2017/02/vix-show-far.html …
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4/ Externalities: what *doesn't* the market price well within its time horizons? For example lost economic value of future grad students
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5/ (And here I don't mean just Muslim countries: reputatational damage means the US loses cream of talent from everywhere)
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There is also heavy favoritism towards extant companies; if Trump reduces innovation / market dynamism, it hurts GDP, helps stocks.
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And the balance of stocks vs. bonds in a rising rate environment matters; if the Fed raises rates, it helps *nominal* value of stocks.
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