What investors expect from Trump

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  Donald Trump is set to take office in a month and a half,

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  so what are investors expecting from the second Trump administration?

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  I'm Alison Nathan, and this is Goldman Sachs Exchanges.

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  Here with me today is David Miracle, chief U.S. economist with Goldman Sachs Research.

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  David, welcome back to the program.

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  Thank you very much, Alison.

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  So obviously we've seen a very positive market reaction post the election of Donald Trump, at least in U.S. equities.

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  But here at Goldman Sachs, we took the initiative to actually try to survey investors to see what they are expecting.

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  So before we get into the findings of that survey, talk to us a little bit about the survey,

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  how you made it, who did it go to, give us some details.

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  Sure.

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  So we have our own policy expectations for what might change under the second Trump administration,

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  but we wanted to understand what are investors thinking, what assumptions underlie market pricing.

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  And so in conjunction with our marquee team,

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  we surveyed over 500 people and we asked them about the whole range of issues that we think are most macroeconomically significant,

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  immigration policy,

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  trade policy, and fiscal policy, to try to get a sense of,

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  are they looking for more or less the same policy changes as us, or where might views differ?

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  And so what are investors most nervous about in that survey?

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  So we actually asked this question,

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