Why Didn't Markets Collapse as Experts Predicted?

The transcript discusses the unexpected market reactions following Trump's victory, highlighting the initial predictions of a market downturn and the subsequent realization of potential benefits like fiscal easing. It explores the potential changes in the investment landscape, including the impact on cyclical stocks and financials, while cautioning about protectionism. The discussion also covers the economic backdrop, Fed actions, and the implications of a rising deficit under Trump's policies, emphasizing the mixed environment for investors.

In what ways could protectionism be negative for equities according to the discussion?

What factors are influencing the current investment strategies mentioned in the text?