Donald Trump is back - and he will reshape and redefine our world. Whatever your view on the 47th American president, Trump will ‘Make Politics Great Again’ in 2025. For investors, Trump’s return may disrupt some of the gaps that have opened up in markets - notably, between long-term bond yields and stock prices, and between US equities and the rest of the world. In a world of extreme abnormality, 2025 will be the year the bond markets flex their vigilante muscles. It will be a fascinating contest between governments, and their enabling central banks, and t...