December 11, 2024
Investors have been inundated since the US election with opinions on the macro implications from a new Trump administration.1 Pundits may be approaching the dilemma from the wrong end, given a host of uncertainties – many administration positions have yet to be filled (or approved by the Senate); inauguration day is still weeks away; history shows there is a difference between campaign promises and actual policies; the need to use budget reconciliation to pass Congressional bills; etc.
Here at PPM, we take a bottom-up approach to investing. Instead of making big macro calls amid uncertainty, we can analyze potential outcomes, their scope and how they may impact a sector, name or individual bond. This research can be added to additional fundamental analysis to make informed investment decisions for our clients.
Along with our bottom-up approach, we expect announcements from the President or his appointments to have the most impact on a sector-by-sector basis. Potential drivers are domestic policy, including regulations, taxes and trade/tariffs, and foreign policy/defense, as well as their possible market effects such as interest rates movements. Click the button to learn more.
(1) As of December 12, 2024.
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