Some may also fear that he will be less constrained by constitutional and legal niceties than previous presidents and that the checks and balances will be strained – and this is a country with $35tn (£28tn) of national debt, a figure that is rising by the day. 

But these are the worries that are typical of equity investors pondering elections. 

It is usually best, then, to rely on two questions: do the changed politics make much difference to the managers of my selected investments? The answer here tends to be ‘no’, from Microsoft to Louis Vuitton to Diageo, companies just get on running their businesses.  

And the second question is: do equity valuations overall leave markets with a large amount of downside in the event of a political shock or upset? Here I would say that equities, outside the magnificent seven, are solid value and could cope reasonably well with surprises.

So we continue to monitor the politics, have few expectations that political change will help our portfolios, but generally do not allow our election predictions to impact our portfolios.

Simon Edelsten is a former professional fund manager, who ran global equity mandates for 40 years