Why the stock market's playbook for a Trump presidency will be completely different this time around

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• Morgan Stanley said investors shouldn't bet on the same sectors that performed well during Trump's first term.
• Today, the economy is in a later cycle and not in a reflationary stage, the note said.
• Meanwhile, Trump's policy proposals are headwinds for small caps and low-quality stocks.

Donald Trump's 2016 win ignited fresh upside in some market sectors, but investors shouldn't bet on the same trades if he ends up in the White House next year...