ANGELA WEISS/AFP
- Hedge fund managers who do best in choppy markets are not convinced by the post-election euphoria.
- These managers, like $16 billion firm Universa Investments, believe warning signs are flashing.
- One datapoint that markets are at a peak: Warren Buffett is holding more cash than ever.
The first Donald Trump administration included policy announcements via Twitter, a pandemic, and protectionist tariffs that agitated the country's largest trade partner.