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Need to Know: Nervous about the U.S. bull market under Trump? The ‘Bond King’ says to look east

Alternate fact: Barack Obama was bad for the stock market. Actual fact: The S&P 500 SPX, -0.36% rallied 166% during the Obama years. Now, it’s Donald Trump’s turn, and tracking this performance metric begins today. But the road, from a valuation perspective at least, looks a lot more difficult for the new guy.

Read:White House spokesman’s use of ‘alternate facts.’

As the Wall Street Journal points out, this one statistic shows why the bull market likely won’t last much longer: The total value of U.S. stocks was pegged at 169% of gross domestic product at the end of 2016, compared with 85% when 2008 came to a close and 177% at the bubbly finish of 1999.

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