So, the President of the United States apparently had an affair with a porn star while he was married to the current First Lady of the United States, four months after she gave birth to their son. Now that porn star, the aptly-named Stormy Daniels, is slated to give a 5,500 word interview about President Trump’s habits in bed, his genital size (congratulations, Marco Rubio!) and pillow talk.

And this won’t change one thing about Trump’s support level.

There’s a theory in economics regarding the stock market: the so-called efficient market hypothesis. That theory states that attempting to “beat the market” is silly — the market, at any given time, has already factored in all available information, and so prices accurately reflect fair value. There is no such thing as an “undervalued stock,” in this view. The “strong” hypothesis suggests that even hidden information has already been priced into markets.

Here’s my theory: the strong efficient market hypothesis applies to President Trump’s political fortunes. No new information, barring actual changes in the underlying economy or a war, will dramatically change Americans’ views of Trump. Everything has already been baked into the cake.

That’s why the puzzlement of the Left over the Right’s apparent disinterest in the latest scandalous reports about Trump having sex with porn stars while married misses the point: we already knew this was Trump. The man had an affair with his second wife while married to his first; he had an affair with his third wife while married to his second. He used to call up newspapers in New York, pretending to be his own press agent, and lie to them about his sexual peccadillos. He’s appeared in a Playboy soft-porn video.

What about charges of racism? Nothing will change opinions there, either. He made his political bones on birtherism; he was accused of racial discrimination in the 1970s. If Democrats think Trump will go down over his comments regarding “s***hole countries,” they’re crazy.

What about suggestions that Trump is nutty? Nope, already priced in. Look at his Twitter feed. Anyone who truly thinks that Trump supporters haven’t taken into account his volatility and eccentricity (in their view) ought to have their head examined.

You’re not going to beat the Trump market. You’re just not.

Now, that doesn’t mean that Trump’s stock price is high enough to win him re-election, or drive serious support for Republicans in 2018. It isn’t. But simply throwing gossipy headlines at him does nothing to him, because we knew who he was when we elected him.

Perhaps that says something about many religious Americans: in their view, they’ve despaired of the culture anyway, so they may as well support the guy who will enact their priorities. Perhaps it says something about American society more broadly: the worst seem to get ahead, while the most virtuous seem to get left behinWhatever the rationale, expectations ought to change. Trump isn’t going anywhere. Neither is his support. Stock in Donald Trump is fully valued. Nobody’s underselling him or overselling him. That means that he’s virtually impervious to character attacks, and his poll numbers aren’t going to drop precipitously, even if he shoots someone on Fifth Avenue.

Character, it turns out, does matter — but only in a negative sense. Lack of character, and more importantly, a public understanding of lack of character, means that you’re never going to lose your support base. News earns only shrugs.

As it should. Does anyone really claim that we didn’t know who we were getting when Trump was elected?