Just as predicted here two weeks ago, Donald Trump won the presidency. The only reason for this is that Hillary Clinton’s supporters never liked her, so they didn’t bother going to a voting booth. It takes time and emotional energy to do that, energy that is not inspired by Hillary Clinton. You have to actually sort of like the person you’re voting for, rather than hate the person you’re voting against more than you hate the person you reluctantly cast a vote for, in order to drive somewhere (if you even have a car), find parking, and stand in line with people you don’t know while missing work in order to cast a vote that barely counts. All for Hillary Clinton? Give me a break. You may answer on the phone that you’re voting for her in the polls, but come that day, it’s just too much of a hassle. So Trump won, because his followers are actually excited about him, nevermind the reasons. They showed up. Hers didn’t. That’s it.

So now what? Here is what I think will happen over the next 4 years, and possibly as quickly as the next two. First, there will be one more US stock market boom. Just one more, and it will be a big grand finale. Lots of things happened in the markets the day Trump was elected, but only one of those things was not immediately reversed. Stocks dumped then pumped. Gold pumped, then dumped. But bond yields skyrocketed and kept on doing so. Bond prices have been collapsing for 6 straight days with no bounce, especially on the long side of the curve. The global bond bubble may finally have started to pop.

Initially, this will mean a steepening yield curve. Banks will be able to loan out more money at bigger profits by borrowing short, lending long, and profiting on the spread. There are still $2 trillion left in excess reserves that can be loaned out. Dollar supply growth needs to be watched like a hawk the next few months. It typically starts to slow around February, with a big drop in April and a trough around August. If it does not follow this pattern and instead stays steady or even grows, we’re headed for overheated stock prices and fast climbing inflation, which will bring yields even higher. So now is not the time to buy highly leveraged stocks of any kind, even for short term gains. I wouldn’t even look at them so as not to be tempted if they do go higher any given day.

Trump will be good for moderately to low leveraged casino stocks. Stick with MGM (debt is moderately high so watch carefully) and small to mid-cap gaming stocks like Century Casinos (CNTY), Empire Resorts (NYNY), and a high dividend REIT like Gaming and Leisure Properties Inc. (GLPI). GLPI also has moderately high debt but it’s not extreme. It needs to be watched carefully as well.