(Bloomberg) -- The first weeks of Trump’s presidency have forced investors tocontinually rethink their approach as the Republican sends mixedsignals with his appointments and statements, according to KrishnaMemani, who oversees more than $220 billion at OppenheimerFundsInc.

“You can’t blame the market for being confused,” Memani, who ischief investment officer, said Monday in an interview on BloombergTelevision. “After the election, we were expecting lots of things.What is becoming clearer is the fact that whatever we wereexpecting will take a long time to manifest itself, whether that isObamacare, or whether that is fiscalstimulus.”

ACA replacement in 2018 now?

The process for coming up with a replacement for the AffordableCare Act could stretch into 2018, Trump said in an interview withFox News broadcast Sunday, just weeks after saying he’d put forthplans for a new law as soon as the Senate confirms his pick to runthe Department of Health and Human Services.

And the nomination of Mick Mulvaney to lead the U.S. Office ofManagement and Budget could complicate efforts to stimulate theeconomy, given his focus on narrowing the gap between spending andtaxes, Memani said.

The money manager said investors should bet on Trump goals thathave a higher likelihood of being implemented.

If Trump fails to deliver on his promise to stoke economicgrowth, that could hurt industrial firms the most, Memani said.

Financial companies, on the other hand, are already benefitingfrom plans to cut regulation, even if some proposals facechallenges in Congress, Memani says.

‘Regulatory issues’

“There’s lots of things they can do on the side without rollingback Dodd-Frank entirely,” Memani said, citing a postponement ofthe Labor Department’s new fiduciary rule or regulations for assetmanagers. “I think there are lots of regulatory issues they candeal with.”

The U.S. offers the most attractive trade at the moment to beton higher inflation, with the promise of government measures tostoke growth, Memani said. Still, investors face risk, he said.

“If we don’t have fiscal expansion, the reflation trade diesout,” he said. “That’s what the bottom line is.”

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