Thread by @bansisharma

1. Longest Running Bull Market

On Wednesday, the bull market will become the largest in history — 9 years, 5 months and 13 days old, passing the record from the tech-and-dotcom boom of the 1990s.

2. It shows you that there is no concurrent relationship between the economy (roughly measured by GDP growth) and the stock market. The two can and often do move independent of each other.

3. The bull market during Obama years was mostly propped up by monetary policy (i.e. Fed's quantitative easing). The bull market under Trump is driven more by economic growth unleashed by deregulation and tax cuts.

4. It would be a mistake, however, to correlate the performance of a presidency with that of the market. Market often behaves whimsically for reasons of its own which may or may not have anything to do with the President. Presidencies should be measured more by economic growth.

5. Economic growth will always lead to market growth, albeit not necessarily concurrently, but converse is not true, as amply demonstrated by Obama presidency. In a post-recession era, we experienced the most anemic economic growth in our history under Obama due to his policies.

6. The amazing thing about the stock market performance under Trump is that it soared concurrently with the economic growth, actually in anticipation of the economic growth right from the day Trump was elected.

7. Market performance under Trump is deliciously accentuated by the fact that Democrats and their lackey economists (a Nobel Laureate among them) told us that if Trump got elected the market will crash and never recover. Oh, well!

8. Savor the market while it keeps going up, but never ever count on the market to move monotonically only in one direction.

Market has one and only one job, and it does its job exceptionally well -- and that is to make a fool of anyone who thinks they can call it.

The END