“I think he’s smart enough to know that doing something terribly favorable for the Street in the early days is probably not to his benefit,” one senior Wall Street executive told me recently, speaking, of course, of president-elect Donald Trump. “Why stoke the fires of Warren or Sanders or anybody else if you don’t have to?”

Nevertheless, this person continued, the financial industry was finding much to like in Trump. “This is pretty tough for a lot of people,” this person said. “In our firm, there were a lot of us that expected a different outcome, but I don’t see anybody wandering around with tears in their eyes.”

After eight years of languishing in the wilderness—seemingly ignored and unloved by the Obama administration—Wall Street appears to be buoyed by an election result that has much of America and the international community reeling. Banks have been on a tear since Trump inconceivably won the presidential election last week. JPMorgan Chase’s stock has hit its all-time high, moving up more than 15 percent in a week. Goldman Sachs is up more than 18 percent. Morgan Stanley’s stock is up around 20 percent. The stock of Bank of America, the home of Merrill Lynch for the past eight years, has gone up more than 25 percent. “I think it’s correct for the [stock] market to be aggressive right now,” investor Wilbur Ross, who is under consideration to be Trump’s Commerce Secretary, said on CNBC on Tuesday. “ . . . Trump’s policies, as you can see from everything he’s said . . . are expansive. It’s fiscal policy being put to work.”

Wall Street is not without reservations about the president elect. The Street long ago washed its hands of Trump after he singed banks repeatedly by building, dismantling, and then rebuilding his private empire. The only major financial firm still doing corporate business with Trump is Deutsche Bank, and that is despite the fact that Trump sued the bank, in 2008, after he refused to repay the money that he borrowed to build the Trump International Hotel and Tower in Chicago. (Trump claimed a force majeure as a result of what he argued was Deutsche Bank’s role in causing the financial crisis. The parties have since settled their legal dispute.)

And then there are Trump’s actual policy prescriptions, which aren’t any rosier for Wall Street. Trump has repeatedly said he favors ending the “carried interest” tax break that allows private-equity moguls and hedge-find titans to pay taxes at lower rates than most ordinary Americans. (Trump, too, said he has benefited from the “carried-interest” provision, as well as from a blizzard of other tax breaks unique to real-estate developers.) He has also said he would like to bring back the Depression-era law that once separated investment banking from commercial banking.

But Wall Street, which makes its money from hedging risk and betting on future outcomes, is wagering that the good will outweigh the bad—that Trump won’t follow through on the elimination of the carried interest provision or the reinstatement of Glass-Steagall. (During a speech in Gettysburg, Pennsylvania, on October 22, where Trump laid out his agenda for his first 100 days, neither of these items made the list.) And some are surely buoyed by Trump’s declaration that he would like to dismantle the still-being-implemented Dodd-Frank law, the 2010 legislation that greatly ratcheted up the regulation of Wall Street in the aftermath of the crisis. (Though that, too, didn’t make the list of topics during the Gettysburg speech.)

In the meantime, as that executive seemed to suggest, Wall Street recognizes that it has already won the big bet. Trump’s victory has, at the very least, signaled the end of Elizabeth Warren’s reign of terror against the financial services industry. For nearly a decade, her hot rhetoric has been infinitely worse than any business or legal disputes that Wall Street has had with the president-elect. The future seems brighter, too. Once upon a time—like, 10 days ago—Warren and her partner-in-arms, Bernie Sanders, could eviscerate a banker with little more than a withering glance. Now, Wall Streeters are everywhere. In addition to Ross at Commerce, Trump seems ready to name as Treasury Secretary billionaire Steve Mnuchin, a former Goldman Sachs partner and the architect of the extraordinarily lucrative 2009 acquisition of IndyMac, a failed California bank, for $1.55 billion. Five years later, Mnuchin sold the bank for $3.4 billion. “Both are good friends of mine but, more importantly, they are two of the smartest people I know,” billionaire investor Carl Icahn tweeted on November 15. Steve Bannon, Trump’s newly appointed White House senior advisor, used to work at Goldman, too, as did hedge-fund manager Anthony Scaramucci, who is also a member of Trump’s transition team. That’s an awful lot of Goldman people on the small Trump team, especially considering Goldman has made a particular point of not doing any business with the guy.