Veteran investors on trading in the time of Trump — how to cut through the uncertainty

The uncertainty around President Donald Trump’s tax agenda, the drumbeat of tensions with North Korea, the niggling worry of more market upheaval like that seen after the Syrian air strike. These are all stark reminders of just how dramatically the geopolitical landscape has changed over the past year — and how tricky that can seem for investors to navigate.

The new U.S. administration “has made any kind of appraisal of the future particularly difficult, and we just don’t know where it’s gonna go,” says index fund pioneer Jack Bogle, founder of the Vanguard Group.

Add to that the fact that stock valuations are at historic highs — the price-earnings ratio for the S&P 500 index SPX, +0.41% is at a level last seen around the financial crisis — and it’s no wonder investors are concerned about their future returns.

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