Stocks may well rise during a second Trump administration but autocracy not good for investors as healthy markets require healthy democratic institution
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Larry Fink of BlackRock, the world’s largest asset manager, is “tired of hearing this is the biggest election in your lifetime”. The reality, says Fink, “is over time it doesn’t matter”.Ordinarily, yes. With stock returns, there are many more important factors than politics. Stocks usually rise no matter who is in power, so professionals routinely advise investors not to fret about politics. Some republicans believedNevertheless, stocks rose in both instances.
Worse, Trump’s authoritarian instincts are deeply problematic. As Financial Times columnist Martin Wolf warns, Trump “is at the very least ‘fascistic’ and can be credibly called a fascist”. Additionally, investors should be alarmed by Trump’s desire to end the Federal Reserve’s independence and give the president influence over rate policy.Even if there is institutional erosion, it might unfold slowly, so stocks may do just fine under a Trump presidency. A bad president can still be good for stocks. Still, ignoring political risks may no longer be wise; healthy markets require healthy democratic institutions.
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