• Bull markets under Democrats

    The Dow hit an inflation adjusted record high yesterday (WSJ), as did my personal IRA. I invest in index funds, so here’s the (unadjusted) S&P since 1975 with Republican administrations in red and Democrats in blue.

    S&P 1975-present

    Before you jump to partisan conclusions, last month, Tyler Cowan reviewed the Blinder and Watson paper on why Democrats preside over superior economic performance (their conclusion: mostly good luck).