Mind the Gap
The Trump effect continues. Following his narrow victory back in November, various surveys show one and the same thing. Expectations about a better future continue to skyrocket.
As you can see below, there is always a gap between hope and reality. However, the gap is extraordinarily large at the moment. What does this mean? It most likely means that we are moving towards better times, at least in the near term, but that investors will ultimately be disappointed how muted the cyclical upswing turns out to be.