Investors love a story, and politics makes for spicy plot lines. Just ask hedge fund manager Stan Druckenmiller, who made waves this week by telling Bloomberg Television that much of the frantic motion in markets of late reflects the pricing in of a Trump presidential victory.
It may be true, but other explanations exist for what’s driving stocks and bonds right now — in many cases far simpler ones. Among them: positive economic trends that predate recent polls and have only tenuous connections to the executive branch at best.
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