Following the Democratic sweep in yesterday’s elections, it is a good time to ponder socioeconomic risks facing the US and their likely impact on markets.
In a nutshell, America has never been more politically divided and economically polarized than today. Mr. Trump’s presidency is not its cause but a result of this division, a result of decades of drawing apart. On could even say that this era is reminiscent of the time before the Civil War.
I believe markets have not taken into account the risk of a sudden Black Swan appearing over America. And we do know that Mr. Trump is especially fond of “swan barbecue”…
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