The Globe and Mail reports in its Wednesday, Dec. 4, edition that the next four years will be challenging for investors. The Globe's regular guest columnist Gordon Pape writes that the new Trump administration is expected to be highly disruptive. While tax cuts and deregulation may boost stocks as in his first term, tariffs could negatively impact the markets and overspending may unsettle bonds, potentially prompting the Federal Reserve to reconsider interest rates. With the likelihood of unexpected announcements from Washington, an already pricey market could face a recession in 2025 after the initial euphoria fades. Mr. Pape recommends investors take stock profits. He says no one can predict when the market will top out, but we seem to be getting close. Stock valuations on the S&P 500 are near record levels. He recommends building cash reserves. Even with interest rates falling, Mr. Pape says cash should be a significant portion of your portfolio right now. Mr. Pape says he likes high-interest exchange traded funds such as the CI High Interest Savings ETF or the Global X High Interest Savings ETF. He says focus on dividend stocks. He recommends TC Energy, Fortis and Royal Bank of Canada.