With Tesla up 12% pre market, Mr Market seems to be anticipating the winners under this new scenario.

But to be clear, I’m not talking about how to trade a short term bounce or decline, but trying to think about a longer 30 year timeline covering my probable life expectancy.

I have been a lazy investor the last 25 years or so, basically invested mostly in Berkshire, with my only foreign exposure coming from whatever foreign firms Berkshire owns. I did this based on the idea that in good or bad times, management at Berkshire would be able to figure it out. But under this new scenario, will Berkshire management have to come to Washington, hat in hand, to declare their allegiance to Elon or something? I’m being a bit reactionary and facetious here, but my point is will the success or failure of a company be more about their personal relationship with who is in charge, and not mostly about earnings from now on?

Will other countries that have resisted sliding into authoritarianism have better returns than the US going forward, or is the slide towards illiberalism going to happen everywhere eventually?