I'm not a political pundit.  I'm an investment manager.  Don't 
take what I say here as anything more than one man's view. As always, I 
welcome comments and criticism.
Let's get a few things 
straight.  First, I'm not a supporter of Donald Trump.  Second, I'm 
still eating a piece of humble pie after my post earlier this year when I
 said I didn't think he would win the nomination.  Third, I continue to 
believe that even if he really gets the nomination, he won't win the 
general election.
Let's leave the general election to one side.  
There is about a six week window between now and the Republican 
convention.  A lot can happen now and then. Even so, I'll stick my neck 
out a bit further and say here that much can go wrong for Mr. Trump when
 delegates assemble in late July.  Here's what to look for.
A Chorus of Un-Endorsements
Senator
 Mark Kirk, a Republican from Illinois, was one of the first, if not the
 first, to step forward and say that after reconsidering his view, he's 
come to the conclusion that Mr. Trump is unfit to be President.  Take 
that in context, however.  Mr. Kirk is from a state that tends to vote 
for Democrats.  He holds the Senate seat that was vacated by Barrack 
Obama.
Still, Mr. Kirk is not alone.  More than a dozen Senate 
Republican's have been critical of Mr. Trump especially after last 
week.  Mr. Trump came under heavy fire after criticising a Federal Court
 judge on the basis of the judge's Mexican heritage.
While we're 
on the subject of judges, let's get one thing straight.  Judges don't 
just make up rules arbitrarily.  They don't run cases on whim or by the 
seat of their pants.  Being a judge is serious business.  I know this 
because I come from a family of lawyers and because the course of an 
international career has introduced me to legal systems not only the US 
but in several European countries.
In any functioning democratic 
system Judges are guided by a set of clearly written rules and legal 
precedents. Judges write lengthy comments that cite the legal reasoning 
behind their opinions.  Potentially any ruling they make can be 
questioned an appealed in a higher court.  Mr. Trump's comment about the
 judge serves only to show how little respect Mr. Trump has for the 
judicial system and the intellect and professional quality it takes to 
become a judge, especially a federal court judge.  That alone makes me 
wonder how good a job Mr. Trump will do when it comes to interviewing 
and selecting future Federal Court judges.
Senator Kirk is hardly 
alone in retreating from his pledge to support Mr. Trump if he 
eventually wins the nomination.  In the wake of Mr. Trump's criticism of
 the judge, Republican Senator Lindsey Graham of South Carolina said 
"This is the most un-American thing from a politician since Joe 
McCarthy. If anybody was looking for an off-ramp, this is probably it. 
There’ll come a time when the love of country will trump hatred of 
Hillary.”
Politicians Running for Cover
In 
presidential elections the "coat-tail" effect is often talked about.  
The coat-tail refers to the tendency of voters to vote for an entire 
slate of candidates, including the presidential candidate and all those 
in the same party.  When a candidate has long coat tails the slate of 
candidates tends to do well.
Judging by the number of Republicans 
either speaking out against Mr. Trump or distancing themselves from him 
there is evidently a strong feeling among Republican that Mr. Trump will
 have difficulty at the ballot box.  Particularly those Republicans who 
are at risk of losing in the general election want to avoid the 
possibility that Mr. Trump will be a liability rather than an asset.
The Labyrinth of Convention Rules
A
 few days before the Republican convention starts 112 delegates will 
gather to determine the final rules for how the convention will 
operate.  Literally, they set the rules of the game.   The rules must 
then be approved by the full convention before the nominating process 
can begin.
Donald Trump's first problem actually began long before
 he even declared himself a candidate.  The delegates to the convention 
are largely composed of party leaders, many of whom worked tirelessly 
for other candidates.  These delegates are bound to support Mr. Trump on
 the first round of balloting, but they aren't bound to select a package
 of rules that will not allow at least a challenge to the first round of
 balloting.
Mr. Trump's second problem began when he started 
winning primaries with his populist rhetoric and divisive language he 
created plenty of enemies within his own party.  He may have won the 
popular votes, but he is far from popular within the party. Many senior 
and influential Republicans have said they would not attend the 
convention.  That might be their publicly stated stance, but that 
doesn't mean these people won't be working behind to scenes to set the 
stage for a convention that does not finally approve Mr. Trump's 
nomination.
So Where Do We Go From Here?
The
 next few weeks will be critical for Mr. Trump.  The party can be as 
much his friend as it can be his undoing.  Mr. Trump needs to mend 
fences and adopt a tone and protocol that demonstrates he will not be a 
liability in the general election.  In short, he needs to lose his ego. 
He needs to usher in an era of good will, make policy concessions and 
adopt a tone and style that convinces the political establishment he can
 be counted on and that he won't jeopardise their interests and their 
candidacies in other elections.
Mr. Trump should think seriously 
about having not just a slice of humble pie, but a meal full of humble 
pie. If, in the coming weeks, if Mr. Trump rebrands, himself, 
ingratiates himself, takes on a more politically acceptable tone, and 
makes a bridges a serious set of policy differences he has a good chance
 of sailing through even choppy waters at the convention.
If not, 
he will most certainly face a serious challenge at the convention.  Even
 if he manages to overcome that challenge, the damage done would 
probably ruin his chance to win the general election.  The Republican 
party line will read something like "Vote Republican even if you don't 
vote for Trump."
For those of you who want to read more, here's a selection of articles I found interesting.
http://www.msnbc.com/msnbc/some-republicans-discuss-anti-trump-convention-coup
 
http://www.vox.com/2016/3/24/11295380/republican-convention-rules-trump-delegates
http://www.usnews.com/opinion/articles/2016-05-09/republicans-opposed-to-trump-should-skip-the-gop-convention-in-cleveland
 
http://www.nytimes.com/2016/03/20/us/politics/donald-trump-republican-party.html?_r=0
 
http://www.politicususa.com/2016/06/07/one-republicans-slowly-lining-opposition-donald-trump.html
http://www.wnd.com/2016/05/see-list-of-98-top-republicans-who-refuse-to-back-trump/
 
http://www.theguardian.com/us-news/2016/may/08/republican-party-unity-donald-trump-paul-ryan
 
Questions?  Comments?  Write to me at msonenshine@symfoniecapital.com 

