On Wednesday, the market reacted to an interest rate hike by heading higher. From a historical perspective, that’s weird, and it is a pretty clear indication that the bull market has entered its final phase, euphoria, in which wealth becomes the manifest destiny of every investor. As ever, there aren’t enough resources to make such a destiny actually manifest, and in between the perception and the reality is a great place to plant seeds of doubt.
President Trump is a galvanizing figure, a man who’s presidency is destined to prove transformative, for good or ill. When thinking about the near future, therefore, it is hard (and probably foolish) to avoid considering what he and his administration might do. Of course I well know that some people are well and fully sick of hearing about him, so I’ll begin with one future that is entirely non-Trump dependent.