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"Bond Veteran Gibson Smith Stays Defensive; Expects Volatile 2025"
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"Gibson Smith, founder of Smith Capital, is skeptical about the incoming Trump administration's ability to deliver significant economic growth. He believes that market expectations for accelerated growth may be too high, while ideas that Trump's team will be fiscally irresponsible and run large deficits may be too pessimistic. Smith is keeping high liquidity levels in his portfolios and expects credit spreads to widen in the first six months of 2025."
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