Since the presidential election, the stock market has marched forward on the prospects of faster economic growth, regulatory reform and tax cuts. So far, we have gotten none of these. The economy continues to grow at about 2%, there has been no significant regulatory reform and tax cuts are a hope on the distant horizon. We have no idea if or when any of these things will emerge, but investors are acting as if not only are they a done deal, but that the outcomes were exceptional.
CEO of Northstar Investment Advisors.