What Trump’s win means for markets and portfolios

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  The markets are reacting forcefully to Donald Trump's victory in the U.S. presidential election.

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  U.S. stocks, bond yields, and the U.S. dollar are all rising sharply in Wednesday trading,

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  but will these moves have legs?

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  And what medium and long-term market implications could this election outcome have?

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

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  Today, I'm sitting down with Christian Mueller-Glissman, Head of Asset Allocation Research in Goldman Sachs Research,

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  and Brian Garrett,

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  who oversees equity execution on our cross-asset sales desk in Goldman Sachs Global Banking and Markets.

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  Christian, Brian, welcome to the program.

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  Thank you very much.

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  Glad to be here.

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  Yes, and Brian, you've been up since the wee hours of the morning.

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  Christian, you're in London, so you had the benefit of the time change,

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  but we've all been up a lot overnight watching these markets, which,

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  as I've just said, are reacting quite strongly to Donald Trump's victory.

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  We've seen these so-called Trump trades that we've been talking about for a long time, now really taking off.

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  So, Brian, talk us through the flows that you are seeing today,

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  and how much further you think these trades can run, because they've already run quite a lot.

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  I think coming into today, clients were underweight risk on where they wanted to be,

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  especially in the event of the Trump potential red sweep.

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