On Tuesday night, Donald Trump will address a joint session of Congress, delivering a State of the Union-esque speech that he’s reportedly been working on so feverishly that he didn’t even have time to tweet about the Oscars. In addition to what we can only assume will be dozens of minutes spent discussing the enormous crowd size at his inauguration, the traitorous leakers at the F.B.I., and the worthless maggots in the media, the president will be under pressure to give Wall Street some much-needed reassurance. For months, the stock market has soared on the assumption that the Trump administration would roll back regulations, reform the corporate tax code, and unleash a faster rate of economic growth. Unfortunately for Wall Street, the first month of the Trump presidency has offered scant details about any of his purported pro-business policies.

Yes, the president signed an executive order demanding that for every new regulation, two old ones be destroyed. And he has promised that his tax package will be “phenomenal.” But he hasn’t said much else, and that lack of specifics has begun to worry investors, who are starting to get that sinking feeling. You know, the kind you get when you come to realize your C.E.O. president’s short attention span is mostly focused on his daughter’s clothing line, when he’s not busy picking fights with Mexico.

“We need to see some details within all the policy talk,” fixed-income investor Sean Simko told Bloomberg. “More specifics in terms of numbers or even a more defined timeline. If there aren’t specifics there, the risk trade might be ending.”

“There is only so long the market will bid the dollar higher on the promise of something,” said Banco Santander SA’s Stuart Bennett. “They will want detail. And if it’s not forthcoming, then it’s a little bit like the boy who cried wolf.”

If you would like to receive the Levin Report in your inbox daily, click here to subscribe.

Warren Buffett praises immigrants without mentioning you-know-who

Warren Buffett’s annual letter to Berkshire Hathaway shareholders is a must-read among finance aficionados, and even among the merely finance-curious. In addition to his folksy business wisdom, which sometimes contains various sexual metaphors, Buffett opines not only on the state of his investments but the state of the country and of the world.

One thing that’s going on in the U.S. and the world right now is that America has a president who, on a good day, spends military briefings lashing out at purveyors of women’s bags and purses, and on a bad day bans certain groups of people from entering the country and emboldens Border Patrol agents to deport all of our agricultural workers. Without mentioning Big Daddy Orange, here’s what Buffett had to say about that: