We’ve watched the post-Trump Election Rally with both pleasure and amazement over the past 6 weeks. Pleasure, because we have generally been overweight cash and equivalents as a defensive measure in our fixed income allocations, overweight stocks, and underweight bonds. We generally avoided much of the bond market carnage in November which saw, globally, over 1 Trillion Dollars in fixed income market value disappear. We saw equity holdings appreciate as P/E’s expanded in the wake of the resounding Republican victory. Amazed because we continue to believe that while this “might” be a secular change, it is more likely the “8th
Read More