Ardea have been monitoring markets closely over the past 24 hours as you can imagine, and while the volatility has been significant, we think overall these events are favourable for markets and good for investors. While the pathway there may be somewhat convoluted, Trump is ultimately likely to succeed in his objectives to cut corporate taxes, cut personal income taxes, and raise tariffs. While the economic benefits of these policies are questionable, none of them are unambiguously bad for economic activity in the US, or elsewhere. Indeed a loosening in fiscal policy, which is what tax cuts represent, is what many officials and analysts have been calling for, for some time. Tax cuts also place spending in the hands of the consumer, who can arguably do a better job of spending it than the government.