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His basic premise is wrong.
'The first causality in war is the truth.'
Watch as someone gets pepper sprayed.
I think the real question now is whether any manager can out-estimate The Donald, who may earn the appellation of "Index Destroyer," by the end of his term(s).
I've been unable to force myself to sell, but at least I've bought little. I am pretty sure the winners in this cycle will have sold.
I suspect stocks that can preserve their dividends will be the eventual winners, although they may have to be held for a decade. (I think that means one should expect to survive off the dividends for the foreseeable future.)
If people like Cinnamond are largely out of the market (so far as I know), I assume the other managers are living off their ER.
I read your excellent post couple days ago and agree. Was trying to stay away from controversy after my ill-fated attempt to share a Barrons interview.
Added: To your initial point (and trying here not to throw red meat): I've always believed that our legal framework (and legal fabric) do appreciably add real value to investments made in the U.S. compared to many other nations. Contracts are honored. Government obligations (bonds) are repaid. Private property cannot be confiscated without due process.
Nothing more to say.