The people in charge of companies made their calculations about the Age of Trump.
Bosses think that the value of tax cuts, deregulation and potential trade concessions from China outweighs the costs of weaker institutions andtrade wars.
They are willing to play along with President Donald Trump's economic vision, in which firms are freed from the state and unfair foreign competition, and profits, investment and, eventually, wages, soar.
The financial fireworks on display in the first quarter of this year suggest that the vision is coming true.
The earnings of listed firms increased by 22% compared with a year earlier.
The investment surge is skewed towards tech giants, notfirms with factories.
America Inc is being short-sighted when it comes to figuring out the full costs of Mr Trump.
The Republicans have sought to control the power of business.
After the election, Mr Trump held summits in the Oval Office and at Trump Tower.
After Mr Trump equivocations over white-supremacistprotests in Virginia last summer, bosses have tired of this kind ofpantomime, but they remain bullish.
The Republican corporate-tax reform was passed in December.
It cuts headline rates to average European levels.
The annual saving is worth a tenth of the fiscal deficit.
It is in full swing.
Banking rules were relaxed this week.
The leaders of many agencies have been replaced.
Firms say the change at the top means officials are more helpful.
There is a lot of support for a muscular stance on trade with China.
If China capitulated to American demands, it could boost the earnings of America Inc by 2%.
The benefits for business of Mr Trump are clear: less tax and red tape, potential trade gains, and a 6-8% boost in earnings.
The problem is that companies are often poor at assessing risks, andCEOs' overall view of the environment is fallible.
America was in a golden era when it came to profits, with an average of 31% higher than long-term levels.
When the country's system of commerce is moving away from rules, openness andmultilateral treaties towards arbitrariness, bosses think they have entered a nirvana.
As the new world becomes clearer, so will its costs to business.
First, take complexity.
Although they want to get out of businesses' hair at home, the Trump team wants to regulate trade.
Large numbers of firms have global supply chains so they have to respond to tariffs.
More than 200 listed American firms have discussed the financial impact of tariffs on their calls with investors so far this month, despite the steel duties proposed in March.
A mesh of distortions will build up over time.
A new bureaucracy is being created because trade is becoming more regulated.
The Department of Commerce launched a probe on May 23rd.
The country's "technological andindustrial leadership in areas related to national security" would be safeguarded by a bill in Congress.
It could cost a lot to monitor this activity.
America will face more duplicative regulation abroad as it abandons global cooperation.
Europe has introduced new regimes for financial instruments.
The cost of re-regulating trade could surpass the benefits at home.
unpredictability is a big cost of the Trump era.
After 2022, the corporate-tax cuts will not be in effect.
Although Canada and Mexico would prefer a permanent deal, America's negotiators want a five-year sunset clause.
Bosses hope that the belligerence on trade is a ploy from "The Apprentice", and that stable agreements will emerge.
Imagine if Mr Trump gets a bad deal with China or if Chinese firms stop buying American high-techcomponents as they become self-sufficient.
The White House could rip the agreement up.
Mr Trump's urge to show off his power with acts of pure political discretion is one of the reasons for the growing unpredictability.
He asked the postalservice to raise delivery prices for Amazon, his bete noire and the world's second-most valuable listed firm.
He could easily be angry with other Silicon Valley firms because they control the flow of political information.
He wants the fate of the Chinese telecom firm to be his own.
Other countries are playing rougher.
China's antitrust police are blockingQualcomm's $52 billion takeover of NXP, a rival Semiconductor firm, as abargaining chip.
Lobbying explodes when policy becomes a rolling negotiation.