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The stock market is booming, but the President can't take all the credit

Those factors, he said, were already "baked in" and provide a tailwind for Trump's "stimulative" platform.

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While it's true that expectations for many of his proposed policies have accelerated the markets' tear, the economy was in good shape way before the election, and it's up for debate how much of an effect Trump's election actually had.

lost nearly 40%financial crisis of 2007-2008

Goldman Sachs CEO Lloyd Blankfein on Wednesday told CNBC that the market had been on the right path before the election and that the "Trump effect" simply added to the momentum.

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"I think one of the reasons why the election had such a dramatic effect is because it was drawing people in the direction that it was already heading," Blankfein said from the World Economic Forum in Davos, Switzerland.

"I think the markets were improving, you know, the Fed's focus on the likelihood of them raising rates, the growth was already in it," he said of the Federal Reserve. "We were already getting at or near full employment."

Of course, Blankfein said, Trump's message has filled investors with greater confidence and referred to the president-elect as simply part of the macroenvironment.

"It's not really about Trump," said Schroder's Head of Multi-Asset Investments Johanna Kyrklund in an interview with Markets Insider. "

Kyrklund plans to focus on the underlying indicators, as "it's hard to predict what Trump will say next." She will be looking at manufacturing surveys, producer price indices, earnings revisions, and industrial confidence among others. "All of these things have been improving," she said.

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Morgan Stanley CEO James Gorman agrees. "I don't know that I credit an individual," Gorman said in an interview with CNBC's Squawk Box on Thursday. "It's more a credit to a sense of some real positive change that is likely to occur on the economic front." He noted that positive change could have occurred whichever administration came to office.

The Republican president's promised tax cuts, de-regulation efforts and fiscal stimulus through infrastructure spending are all policies that are pro-business and therefore provide a boost to corporations and the market.

"Frankly, corporate taxes, tax remediation, infrastructure spend - these are pretty big movers if they actually happen," said Gorman. "And particularly for companies like ours that have large US operations."

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