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In less than a month, President Donald Trump has come under sharp criticism for his immigration policy and his dealings with world leaders. But one analyst says Trump runs the U.S. like a family business.
Beat Wittmann, partner of Porta Advisors, told CNBC Wednesday that Donald Trump runs the U.S. like a family business leader with little knowledge, no respect for any institution, framework or rules and will create an even more divisive society.
But while Trump may be facing a lot of backlash for his policies in the first two weeks of his presidency, stock markets have climbed to record highs. Wittmann told CNBC Trump is good for stocks right now.
"For the time being it's good. It's good and I think that run still has some legs, because Trump is Trump, he's not a Republican, he's not a Democrat and, as he's basically a family business leader, he will not like to see the stock market down really and he would not like to have unemployment rising, so these two things will be the guiding light of his presidency."
Stocks soared after Trump's election as investors cheered his pro-business and growth measures. All three major indexes in the U.S. have been trading at record levels on optimism that Trump will push for fiscal-reforms. The Dow broke the elusive 20,000 mark for the first time ever and continues to trade at record highs. The bullish sentiment and optimism from Wall Street has been driving up global stocks on expectations Trump will deliver a fiscal stimulus package.
Wittmann told CNBC that stocks will break to the upside because there are animal spirits at work.
"M&A volumes have been the highest since the year 2000 so there is a lot of pent up demand for investment and valuation levels that are quite high in the U.S. and are not a good guiding tool for market timing."
Wittmann said he is worried about two things with respect to the U.S. market.
"One is that to create sustainable and quality growth in the U.S., you need bipartisan supported policies. That I don't see really and that is a challenge. My second worry is protectionism. Picking fights with Mexico, Germany and China all at the same time but I think Trump there will be pretty pragmatic."
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