Simply put, stocks have gotten way ahead of themselves. At the earliest, major reforms will get signed into law at the end of 2017. And the actual economic impact won’t be felt into mid-2018.
So… basically, fund managers, individual investors (everyone on the investing planet) are more bullish than in years, expecting an economic utopia to arrive.
As we have repeatedly warned, anyone who is betting on the Trump Presidency unleashing a massive $USD bull market in the near future is going to get taken to the cleaners.