https://www.axios.com/the-paradox-of-dow-20000-1513300119-00e0cbcd-321b-4f5a-ade1-48f6bc0119a4.html
Mike Allen Jan 26, 2017
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The paradox of Dow 20,000
Greg Ip, one of the smartest thinkers in journalism, nails it in a Wall Street Journal front-pager:
"Britain is leaving the European Union, a protectionist is in the White House, the front-runner in France's presidential election wants out of the euro. Yet paradoxically, investors have concluded the world is getting less risky, not more … It is hard to explain this with economic fundamentals … What has changed is how investors assess the balance between upside and downside risks."
Quick take: Investors don't seem too spooled up about populist trends or rising threats to the euro and EU. Instead, they are jazzed about pro-business cabinet and president; promises of lower taxes, and more infrastructure spending and boost to banks, oil producers, and others.