There's clearly a significant *retail investor* demand for what Matt Levine calls "fun markets." Like, the US stock market is an order of magnitude bigger than cryptocurrency markets, but cryptocurrency is still *big*.
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And there are a lot of new products on the market, like leveraged ETFs, that expressly exist to make retail investing more fun. (OK, they exist to give retail investors exposure to more volatility, but that's sorta the same thing, right?)
And if we're in an asset bubble--which seems quite arguable for equities--then another way to view it is just that for many investors, valuations are not about fundamentals, but about, I dunno, memes?
If you take all of that as a given, Trump's introduction of massive uncertainty is surely a *good thing* for market participation: retail investors will find investing *more fun*, and put more money into it. Valuations will go up (and down and up and down and up)!
Obviously all of this ends terribly badly at some point, probably not too far away, but I think there's a case to be made that Trump is good for markets, for some (very short-term) definition of "good".
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Plus, you neuter the SEC...