“A distinguishing feature of Trumponomics is that its global dimensions disproportionately favor the U.S., and in some cases come at the expense of foreign economies,” Benjamin Mandel wrote in a Monday note to clients. “Like Trumponomics, though for quite different reasons, our tactical views adopt an America-first preference.”

While the protectionist policies Trump proposed don’t have a “glowing record of success,” Mandel wrote that investors should expect relatively high returns in 2017 by focusing on U.S. equities over government bonds, cash, and equities in other markets.

That’s because Trump’s protectionist trade policies should boost U.S. equities over foreign ones. Secondly, Trump’s plan to lower taxes and increase spending should also decrease the chances of a near-term recession, Mandel wrote.