Wall Street Is Desperate for Wonks Who Can Explain the Rise of Populism
Blindsided by Trump, investors are turning to Washington analysts to understand how volatile politics might affect their portfolios.
Better Markets, a left-leaning Washington think tank, describes itself as a watchdog over Wall Street. Nowadays, many of the people seeking its advice are Wall Streeters themselves.
There’s been a “a very big uptick” in fund managers reaching out to talk, says Dennis Kelleher, co-founder and chief executive officer of the group, which advocates for financial-services reforms. He says his unanticipated visitors tend to have one thing in common. They’re alarmed—very belatedly, in Kelleher’s view—by the populist turn in U.S. politics, and they’re struggling to figure out where things are headed next. Talking to groups with alternative views is one way to get a sense of that. “You have this ongoing economic insecurity that is eroding confidence in Wall Street and the American economy,” says Kelleher.