Here is our ever so subtle president, out front pumping the US stock market as the entire planet parties hardy. Even the worst boiler rooms whose purpose it is to suck in and fleece naive newbies would not stoop to such cheer leading. Think about all the Trumpies that opened their discount brokerage accounts in late 2017 (the sentiment blow off was January 2018), piled in and continue to pile in because well, “America great again!”
STOCK MARKET AT ALL-TIME HIGH! HOW ARE YOUR 409K’S DOING? 70%, 80%, 90% up? Only 50% up! What are you doing wrong?
— Donald J. Trump (@realDonaldTrump) January 9, 2020
Look, I am and have been bullish since well before sentiment recently began dinging again. But 2020 is not going to be as easy as following the Tump pump. He’s actually taunting those who would manage risk and only be up 50%. I assume he’s talking about over the term of his presidency. If so, 50% is approximately the performance of the S&P 500. Not bad at all. Even the best managers have a lot of trouble even keeping up with the all-in SPX and yet Trump taunts the bubble heads.
Meanwhile, it’s not just great America. Trump’s pal Putin’s got an even better market. I guess Russia is great again too.
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