Political turbulence often spooks markets, yet stocks keep climbing despite Maga mayhem. Investors face a puzzle: three competing explanations for this disconnect, forcing choices about portfolio positioning. The market's resilience challenges conventional wisdom about political risk.

The core debate centers on whether this is temporary noise or a structural shift. Historically, markets have shrugged off election cycles, but current polarization feels different. Investors must weigh if the rally reflects genuine economic strength or simply accommodates political chaos.

What happens next depends on which narrative prevails. If investors choose the economic fundamentals story, buying continues. If they bet on eventual reckoning, caution wins. The coming months will test these competing theories as political events unfold.