Arthur Hayes tweeted that the latest generation of American stock investors are too accustomed to structural bull markets. This is more like an exception than a global norm, with many examples showing that even with good potential economic growth, the stock market will continue to experience 10 years of horizontal/interval volatility. It is expected that the market will provide a perfect environment for traders who can quickly adapt and thrive, but for many privately-owned strategies, the market will be extremely pessimistic. If Trump continues his policy choices, the expected returns for PE and VC should significantly decrease.