Investing in the Trump Era How Economic Policies Impact Financial Markets

In the wake of the 2016 U.S. presidential election, investors and the electorate alike are seeking clarity on a wide range of macro policy issues that will impact the economy and markets in the years ahead. The primary goal of this book is to provide an objective source for investors to learn about economic policy issues that surfaced. Topics include long-term growth, the federal budget deficit, healthcare reform, tax reform, regulatory policies affecting the financial system and environment, the nexus of monetary, exchange rate and trade policies, and globalization.  The book explains how these issues have evolved, considers arguments from both sides of the political divide, and draws upon evidence from studies by experts in the respective areas.  A related goal is to assess the likely impact of economic policies on financial markets.  While the presidential election was close, the markets’ response was decisive:  U.S. and global equity markets went on a tear as consumer and business confidence soared.  This surprised many investors who believed a Trump victory would be bad for financial markets.  It also caused many to question whether expectations embedded in markets were too optimistic. Sargen’s assessment is presented in the opening and concluding chapters. 

Part I    Financial Markets and Long-term Growth

Nicholas P. Sargen is an international economist turned global money manager.  He has been involved in international financial markets since the early 1970s, when he began his career at the U.S. Treasury and the Federal Reserve.  He subsequently worked on Wall Street for 25 years, holding senior positions with Morgan Guaranty Trust, Salomon Brothers Inc., Prudential Insurance and J.P. Morgan Private Bank.  In 2003 he became Chief Investment Officer for the Western & Southern Financial Group and its affiliate, Fort Washington Investment Advisors Inc, where he now serves as Chief Economist. 

Sargen has written extensively on international financial markets, and he currently produces a blog Focus: Separate News from Noise on his website, where his views are updated. He appeared frequently on business television programs throughout his career on Wall Street, and was a regular panelist on Louis Rukeyser’s Wall Street Week.  He was born and raised in the San Francisco Bay Area, and received a PhD in Economics from Stanford University.