Political risk is one of the most unquantifiable aspects of investing — and one of the most consequential. Shifts in regulation, tax and trade policies can shake economies and upend asset prices.

Our guest today is economist Larry Hatheway, who argues that markets vastly underestimate the dangers of a second Trump presidency.

And in today’s Dumb Question of the Week, we ask: Are trade deficits a problem?

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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.

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