While markets have been riding high on the prospect of Donald Trump’s pro-growth agenda unleashing animal spirits across the US and global economy, investors with longer memories are less enthusiastic about a return to the bad old days of the president-elect’s first term.

The prospect of again waking up early to read Trump’s latest social media message should send shudders down the spine of every long-term investor. As one said on Tuesday: “The problem is I’m four years older, more tired and grumpier.”