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find your independent advisor.com. Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene with David Gura.

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on the Bloomberg.

Howard Ward, as I said with us, Chief Investment Officer at Gabelli Funds, Director of

Growth Equities at Gamco. Good morning, great to have you here.

Thanks, David, great to be here.

In your most recent note, you caution investors, beware, a bit of rain here on the parade but

but what what's the cause for caution well the stock market has reacted

very enthusiastically to the election which is appropriate reacted very First of all the pro-growth policies that Trump is advocating which is reducing corporate

and individual income taxes, deregulating parts of the economy, a massive infrastructure spending bill, those are all positive.

We don't really know yet exactly what he's going to do on protectionism, which has been another

thing he has advocated.

We would be very negative on moves to impose tariffs on imports.

But beyond all that, let's not forget,

the stock market's at an all-time high. So valuations are not cheap. This is not like 1980 and Ronald Reagan.

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