Change can be painful

Almost half of Americans will wake up disappointed and many angry with their new President.

Politically, the time for economic pain is immediately when you can still blame the prior administration team.

History confirms this probability.

We fool ourselves sometimes that most people understand the mounting risks of fiscal dominance that has already permeated its way through the official data releases. The reality is it's only just now becoming apparent and permeating into pricing.

Some of the smartest investors with track records over the past +40 years (Buffett, Drunckenmiller, Tudor-Jones) have recently spoken out publicly AND positioned for this risk with big portfolio exposures. Outside of the initial bond prices, gold and even bitcoin moves, we are yet to see the ripple effects across the investment pond.