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In recent weeks, investors have been actively competing to bid up assets related to the "Trump trade" in anticipation of actions by President-elect Trump after he takes office.

There are broad expectations that potential tariffs will have no adverse consequences, that Trump’s 2017 tax cuts will be extended, and that deregulation will spur trading on Wall Street and lead to lower energy prices.

Of course, this begs the question: What if they are wrong?

More specifically, projected tax cuts, deregulation and spending on energy and other projects have driven major stock indexes steadily higher, while gold, silver and cryptocurrencies have also rebounded. The S&P 500, for example, has risen about 3% in the past month, when bets on a Trump win began to accelerate.