Dear President-elect, the trouble with claiming responsibility for an expanding economy and rising stock market, is that people will also blame you when they tank. And tank they will inevitably; especially when like now, prices have risen for an extended duration on reckless leverage to historic over-valuations.
Broker-dealer, long-always asset manglers learn this lesson every cycle, at least once. Riding risk up is easy as pie, it’s exposure to the mean reversion that kills. But I am sure the Donald will be quick to cite his failures and take responsibility when the next recession and bear market hits, right? Mea culpa tweets coming?
The world was gloomy before I won – there was no hope. Now the market is up nearly 10% and Christmas spending is over a trillion dollars!
— Donald J. Trump (@realDonaldTrump) December 26, 2016
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