Small businesses and real estate, not the performance of stocks, could prove most pivotal for President Donald Trump in his second term. Investors can’t count on him prioritizing a rising market at all costs.
For politicians it’s votes, not dollars, that ultimately matter. The richest have increased their exposure to stocks, but the much more numerous middle-wealth cohort, a big chunk of Trump’s support, have reduced theirs, while their exposure to private firms and real estate has risen. Their betterment rather than Trump’s favorite benchmark of success — the equity market — might prove of more import to the new president. Investors can’t therefore expect a free ride for stocks.
