Some of President Trump’s least controversial tweets involve him boasting about the stock market. It has certainly done well since he was elected a year ago, with the Dow Jones industrial average up more than 30 percent in that time.

On Thursday, the Dow hit a milestone when it closed above 24,000 for the first time, prompting Mr. Trump to take to Twitter again. “Stock Market hits new Record High. Confidence and enthusiasm abound,” he wrote. “More great numbers coming out!”

Few would have predicted a year ago that the market would do so well. Investors who had the fortitude to stay in have benefited mightily by the increase. But the wary ones put their money in more secure assets.

Right before Mr. Trump was elected, I wrote a column on what a Trump presidency would mean for the economy. Most of the people I interviewed were nervous, and they were making defensive moves in their investments — away from equities and into hard assets like real estate — or putting plans in place to weather a downturn.