Others see such spendthrift tendencies more darkly.

David Ader, chief government bond strategist at CRT Capital Group in Stamford, Connecticut, said Trump's history raises questions about his ability to run an organization as unwieldy and complex as the government. The businessman has in the past filed for Chapter 11 bankruptcy protection for the Trump Taj Mahal casino and Trump Plaza Hotel.

Ader says the uncertainty would cause investors to flock to safe-haven U.S. Treasuries should Trump take office.

"It's one thing to run casinos that have gone bankrupt, it's another to run a country and its foreign policy," he said.

Whether he would enjoy the support of the Senate and House of Representatives is a critical question, and will determine how many of his policy pronouncements can be turned into legislation. Congress could act as a brake if Trump gets the presidency and behaves as wildly as Trump the candidate. He clearly does not have the full support of a number of key Republican senators and would be unlikely to get much Democratic support for many measures.

Todd Morgan, senior managing partner at wealth management firm Bel Air Investments Advisors in Los Angeles, said that the increasing likelihood that Trump will be the Republican nominee is one reason why he has raised cash in some client portfolios over the past four months. He would likely sell more if it looks like Trump will win the general election, he said.

"It's like a scale and you keep dropping more weights on the balance everyday, and the political uncertainty is becoming a bigger and bigger weight," he said.

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