Do not only see the benefits of the American president coming to power this year, but also understand the potential macro risks.

Risk 1 - Debt risks caused by fiscal deficits

Trump's policy -> Benefits the stock market, but increases the fiscal deficit -> An increase in fiscal deficit makes U.S. debt a threat

The issuance of U.S. debt has significantly increased, exacerbating market concerns about the sustainability of U.S. debt and leading to a sell-off of U.S. debt.

Risk 2 - Trade War

The risk of a trade war is not Trump's policy but the eastern retaliation; the stock market performance in 2019 was also tumultuous.

Risk 3 - Recurring Inflation (Long-term Risk)

If inflation recurs, the Federal Reserve may raise interest rates again, and the risk of recession in the U.S. will resurface.

The first two risks have a high probability of occurring, but they are short-term risks with relatively small impacts. The last risk has a low probability of occurring but a significant impact; in this momentum, the market is likely to engage in speculation.