According to online reports, Arthur Hayes tweeted that the latest generation of U.S. stock investors are too accustomed to a structural upward bull market. This is more like an exception than a global norm, with many examples of stocks continuing to fluctuate horizontally/range-bound for a decade even if potential economic growth is good. The market is expected to provide the perfect environment for the type of trader that can adapt quickly and thrive, but for many private-oriented strategies, the market will be extremely pessimistic. If Trump continues with his policy choices, expected returns for PE and VC should fall significantly.