<p>The election of Donald Trump as US president represents a sea-change in politics and for a second time in less than six months, following the UK’s Brexit vote, investors are left unscrambling the implications for markets over various time horizons.</p>
<p>There is a danger that the investment world could pay too much attention to geopolitics in 2017. Although politics is important, there is a risk its current high profile could obscure more fundamental factors.</p>