Donald Trump’s conciliatory acceptance speech, which suggests that he can be a more statesmanlike President rather than the demagogue of the election campaign, has helped to reverse some of the initial sell-off in equities in the immediate aftermath of his shock triumph. The bottom line, however, is that he has repeatedly proven to be a volatile character with a very thin skin. In addition, neither Trump nor many of his inner circle have any experience in government. Those factors suggest to us that uncertainty and market volatility will remain elevated for months, if not years.
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