Presidential Elections Don't Matter (for Investments)
The silly season is upon us.
Investment manager Howard Marks states that the stock market will "breathe a sigh of relief" if President Trump is re-elected. The Wall Street Journal opines "Get Ready for the Biden Stock Boom." (The Wall Street Journal?) Echoing the sentiment, The New York Times writes, "Why a Biden Presidency Could Be Bullish for Stocks." (Well, that's no surprise.)
Uh-huh. The rank order of the nominal performance for the Dow Jones Industrial Average during the first three years in office for each of the past 10 Presidents (excluding John Kennedy and Gerald Ford, who didn't serve 36 months) has been: