When Trump won the 2016 election, the common view was that the new administration would adopt policies that would benefit areas such as small-cap companies, real estate, and traditional energy companies. Although each of these assets saw a surge in post-election interest through the end of 2016, the enthusiasm was “short-lived, as the fundamental supports for these investments were lacking, and each significantly underperformed.” performed in the subsequent 2020 elections,” said Austin Pickle, Chief Investment Officer. -strategic analyst at Wells Fargo Investment Institute.