Gluskin Sheff’s chief strategist David Rosenberg thinks investors have been too complacent in predicting a Hillary Clinton march to the White House after the FBI closed the books on investigations surrounding the former Secretary of State’s email servers. In an interview on BNN, Rosenberg said equity markets are pricing in a near-certain win for Clinton, and could be in for a rude awakening if Donald Trump secures the Oval Office.

“I think the widespread consensus is that a trap door opens up underneath the markets if, say, Trump wins tomorrow, and by the way, the odds of him winning are not zero: they’re probably quite a bit higher than what the markets have priced in right now,” he said.

Rosenberg said his firm would put its cash pile to work in such an event, using the selloff after another Republican presidential win as something of an investment thesis template.

“If this market corrects hard on a Trump victory, I think we’d be inclined to put money to work: It almost reminds me a little bit of Ronald Reagan back in 1980.” he said. “That would be the buying opportunity we’ve been waiting for over the last few months to emerge.”

Ultimately, Rosenberg said the most likely scenario remains a Clinton victory, but her impact would be tempered by the lack of a clean sweep through the House of Representatives and the Senate.

“You can say ‘we averted a worst-case scenario, we have somebody here who’s at least been in politics, she‘s a known quantity,’” he said. “But her ability to govern is going to come under increasing scrutiny, you’re going to have a house, if it’s republican, that will scrutinize her at every turn. These email probes are not going to go away.”

“At a minimum it’s just going to mean more gridlock.”