The Daily Update - Trump

It has been 63 days since Trump won the presidency and today we have finally had the pleasure of a press conference allowing the president-elect to begin unfolding his plan for the next few years with more substance (or waffle) than can be attained in 140 characters (which is all that Twitter, his preferred medium of rabble rousing, affords). Now just 9 days away from Trump taking the oath of office to become the 45th President of The United States of America markets are still itching for clarity on healthcare policies and potential tariffs as well as reassurances that Trump’s history of bombast and conflicts of interest are resolved.

As often, Trump talked from the hip, seemingly with more grandiloquence than specifics. In the first 3 minutes the president-elect managed to criticize the press, discuss auto companies, pharmaceuticals, veterans, military spending issues and promise to ‘be the greatest jobs producer that God ever created’. Beyond that he dispelled the rumours of being vulnerable to blackmail by Russia, persisted in refusing to divulge his tax returns and clarified how he plans to address his business conflicts of interests. Regarding this last point he will not be putting his assets into a blind trust, but instead hand management of all his companies to his sons Don and Eric along with Trump executive Allen Weisselberg. Clearly this helps separate Mr Trump from the daily responsibilities of his business empire but many would argue it does little to prevent the possible motivation of financial gain influencing executive decisions.

‘Obamacare is a complete and utter disaster’ was how Mr Trump begun discussing healthcare then promising to, ‘repeal and replace’ it as soon as he enters office. But beyond saying how ‘great’ the plan is no further details were provided. This continuing lack of clarity across the board creates a much higher level of uncertainty than markets currently seem to be factoring for. For although Trump’s welcome magnanimity invigorated markets from the moment he began his victory speech on November 9th (with many new all-time-highs and the SP500 Index up 8.8% since his victory) little has been actually said or done since to add substance or specifics to the campaign promises that much of the recent optimism has been built on. While these uncertainties continue to unfold our process of investing in high grade value debt continues to offer attractive yields and a cushion of protection against potential volatility.

Please read this important information before proceeding. It contains legal and regulatory notices relevant to the information on this site.

This website provides information about Stratton Street Capital LLP ("Stratton Street"). Stratton Street is authorised and regulated by the UK's Financial Conduct Authority. The content of this website has been prepared by Stratton Street from its records and is believed to be accurate but we do not accept any liability or responsibility in respect of the information of any views expressed herein. The information, material and content provided in the pages of this website may be changed at any time by us. Information on this website may be out of date and may not be updated or removed.

The website is provided for the main purpose of providing generic information on Stratton Street and on our investment philosophy for the use of financial professionals in the United Kingdom that qualify as Professional Clients or Eligible Counterparties under the rules of the United Kingdom Financial Conduct Authority (the "FCA"). The information in this website is not intended for the use of and should not be relied on by any person who would qualify as a Retail Client. Products and services referred to on this website are offered only at times when, and in jurisdictions where, they may be lawfully offered. The information on this website is not directed to any person in the United States. The provision of the information on this website does not constitute an offer to purchase securities to any person in the United States (other than a professional fiduciary acting for the account of a non-U.S person) or to any U.S. person as such term is defined under the Securities Act of 1933, as amended.

The website is not intended to offer investors the opportunity to invest in any Alternative Investment Fund ("AIF") product. The AIFs managed by Stratton Street are not being marketed in the European Economic Area ("EEA") and any eligible potential investor from the EEA who wishes to obtain information on the AIFs will only be provided with materials upon receipt by Stratton Street of an appropriate reverse solicitation request in accordance with the requirements of the EU Alternative Investment Fund Managers Directive ("AIFMD") and national law in their home jurisdiction. By proceeding you confirm that you are not accessing this website in the context of a potential investment by an EEA investor in the AIFs managed by Stratton Street and that you have read, understood and agree to these terms.

No information contained in this website should be deemed to constitute the provision of financial, investment or other professional advice in any way. The website should not be relied upon as including sufficient information to support any investment decision. If you are in doubt as to the appropriate course of action we recommend that you consult your own independent financial adviser, stockbroker, solicitor, accountant or other professional adviser. Past performance is not necessarily a guide to the future. The value of investments and the income from them may go down as well as up. An application for any investment or service referred to on this site may only be made on the basis of the offer document, key features, prospectus or other applicable terms relating to the specific investment or service.

Where we provide hypertext links to other locations on the Internet, we do so for information purposes only. We are not responsible for the content of any other websites or pages linked to or linking to this website. We have not verified the content of any such websites. Such websites may contain products and services that are not authorised in your jurisdiction. Following links to any other websites or pages shall be at your own risk and we shall not be responsible or liable for any damages or in other way in connection with linking.

By using this site, you should be aware that we may disclose any information that we hold about you to any regulatory authority to which we are subject, or to any person legally empowered to require such information.

This website uses cookies to improve user experience, by clicking the "I Accept" button below means you consent to the use of cookies on our website.