The market is too confident about Trump, and investors should play defense instead, research firm says

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• Stocks have rallied since Trump won the election as traders expect his policies to drive growth.
• But the market is confusing positive conditions from Trump's first term with current reality, a research firm said.
• BCA Research advises investors dial back risk, in the event growth during Trump's presidency disappoints.

The market is wrong to expect another period of outsize growth under Donald Trump, and should dial back risk as a result, BCA Research says.