Even though it occurred as predicted, the stock market stability after the midterm election came as a relief to many. Apriem’s Benjamin Lau tells Bloomberg that may went long just because the uncertainty had passed.
At Apriem’ Advisors in Irvine, California, chief investment officer Benjamin Lau lowered cash to 15 percent from 20 percent just before this election, buying financial and industrial shares to take advantage of cheaper valuations.
“Generally I don’t know if the outcome is going to effect the long-term view of the economy,” Lau said Tuesday night. “We’re more concerned just about uncertainty and once it’s passed, that market is going to do better.”
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