And if the financial assets (IRAs, 401ks, ETFs, etc) of those people go up an additional 20% as a result of the changes in the tax code, I expect those people will turn a blind eye to that, and just focus on the ways they might be incrementally worse off. Even if their gain in one area is many multiples of their loss in another area.
I sure hope it eventually trickles down to the bond fund investments. We’ve been bond fund heavy since 2007, and until a couple of years ago, we were ahead of the stock market (and could sleep at night). Last year’s bond market was stagnant, and the last half of 2017 has been much of the same. I guess this is going to continue into 2018.