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Knowing that financial market results for November were going to be almost completely determined by the outcome of the U.S. election, we did position portfolios for results that would be closer than many of the traditional polls suggested. However, like many investors, we thought that a Donald Trump upset election victory result in lower stock markets, especially in the U.S. We also thought that a Trump victory would take the chance of a Fed rate hike in December off the table, push down the U.S. dollar and lead to some strength in gold. All of that happened for the first six hours following his election victory on November 8th, and then completely reversed, sending U.S. markets to all-time highs. (more…)