On My Radar: Reagan’s 1981 vs. Trump’s 2017

When Ronald Reagan entered office in 1981, forward return expectations were a high 18.91% (see chart below: green line, left-hand side).  Equally important was that risk of loss was a low -4.29% (red line, left-hand side).  The prior bear market reached its end, yet few knew it.  Scream as one might, clients weren’t buying.  The 1966-1982 secular bear market did little to advance an equity market investor’s wealth.  In 1981, it was the right time to aggressively own equities....

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