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Theory of the day: The stock market won't be kind to President Trump

Stock markets have gone bananas since election day, with the S&P 500 rising almost 11% — investors are loving Donald Trump's mostly business-friendly vision for the country.

Data: The Leuthold Group; Chart: Lazaro Gamio / Axios

But according to Douglas Ramsay, Chief Investment Officer of The Leuthold Group, Trump Administration officials will come to regret gloating about the market's performance. That's because Trump enters the White House during one of the most richly valued stock markets in U.S. history. The last president to come in at such valuations was George W. Bush, and the dot-com bubble burst soon afterward. Bill Clinton began his second term in a more overvalued stock market in 1997, and exited unscathed. But if his timing were different by just a year, he would have been blamed for the early-aughts market crash.

(First sentence corrected to say stocks have risen almost 11%.)

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