In early November, Mr. Donald Trump was elected to become the 47th president of the United States of America on 20th January 2025 and if investors had forgotten how it was under his first presidency, the last two months of the year were a reminder. Indeed, November and December gave a glimpse of how the equity market could behave under the future President Trump’s administration, i.e. an increased level of uncertainty and risks, translating into an elevated level of volatility, but nonetheless ending up with some gains at Uncle Sam.