There is no Trump bull market on the cards, and investors should be satisfied with 3-5% globally diversified returns. That is the message from Bill Gross, a critic equally of Donald Trump and his Democratic rival, Hillary Clinton.
The Bond King’s argument, outlined in his November newsletter, goes as follows: By promising lower taxes – to companies and the rich – Trump will lead the economy to higher deficits, higher interest rates and higher inflation, all of which will lead to lower GDP growth, lower earnings and lower P/E ratios.
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