What will the American mega-stocks be worth tomorrow? What will they be worth when Asian markets are larger, more competitive and more open, and Europe is closed to them? The Age of Trump has catalysed the end of the Age of American Exceptionalism. Apple and Telsa provide scenarios on how it all may come about.

Content with his supposed win in the Tariff Wars, now Trump is rooting out internal dissent – Harvard being top of his list of target institutions. What next? US Risks are rising and are still not fully reflected in stock or bond prices. Peak Trump is a long way down the road – till then things may get worse.

The US equity market now stands at over 70% of global market cap – is that sustainable? Many folk think not – concerned about overvaluations, speculation and geopolitics, but my great chum Julian Wheeler digs through the many reasons it became inevitable and will likely be sustained.

Markets seem unstoppable – but history is about mean reversions; usually through a deep correction or damaging crash. Storm clouds are on the horizon as the US election presages a period of inclement uncertain conditions. The next 4 years will be “interesting”, but let’s get through the next 4 potentially volatile months first. 

Delighted to hand this morning’s Porridge to my colleague Julian Wheeler, who reminds us not to fight the Fed, making the argument against deep recession and for stock market upside. Markets are about differing views and perspectives – and despite my latent bearishness, I find myself in agreement with much of what Julian says.