What do you think the so-called "Trump Effect" will have on U.S. markets and investors?
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Bob Wiedemer: So there's a lot of talk now about the "Trump Effect" and for good reason. I mean, Donald Trump is going to be a huge change in U.S. government. Certainly, as Paul Ryan, our Speaker of the House said, "He's a very unconventional candidate, he's likely to be a very unconventional President." I think there are a few things that we do know for sure about Trump and a lot of things we don't. A couple for sure, I think he is very likely to cut taxes. I think he is likely to cut Corporate taxes. That'll be a plus for stocks, it'll help earnings. I think there are some other headwinds that stocks face, but that's a plus. I think on the other hand, one other certainty is that he is probably going to do some sort of trade negotiations/trade barriers or other issues. You're already seeing this a little with China. I think that's going to continue. Most people would agree with me that's probably going to be a bit of a negative. I think that the uncertainties with Trump though are much broader and the uncertainties are, well, we don't know exactly how much tax is going to be cut, we don't know whether those negotiations with other countries or the trade wars aren't going to spiral off to something much bigger. I certainly hope for the best.
I certainly think there is a chance, or more than a chance, we're going to get better growth, but I also think there is a lot of uncertainties. We just don't know. This is a very unconventional candidate. How many candidates tweet after seeing themselves portrayed on Saturday Night Live? This is unconventional, whether you like it or you don't like it. It's an unconventional guy, it has its pluses, but unquestionably it has its uncertainties and I think that's the most important thing is we just don't know for sure what's going to come out of Trump and the "Trump Effect" on the market place. The "Trump Effect" is, well, it was positive after the election, clearly, except on bonds where it was very negative. Even in the week of the election, half of the rally that week came when Wall Street thought that Hillary Clinton was going to win the election on Monday and Tuesday and then the other half, another 450 points, Wednesday and Thursday, after Donald Trump won. So, I'm not exactly sure how the "Trump Effect" is going to affect markets. You probably shouldn't be that sure either, because we are already seeing a lot of moving parts. We just don't know what's going to happen with President Trump.