Trump’s first budget was unveiled this week and in its wake left much to dislike. The talking heads are parsing the details and if enacted as is (which is certainly debatable) will result in probably the largest transfer of wealth between classes that I have ever seen. The obvious campaign promises (wall, security, etc.), the social welfare programs (which are garnering the headlines) and calculation errors (double counting on both sides of the ledger) will be the news. But as I prefer the more obscure, my questions are more aligned to the question of impact on investments. To this end, my focus is on two areas – farmland and healthcare REITs.