Elections and the Markets
“In America, anyone can become president. That’s the problem.”
It was November 3, 1992 and the 52nd US presidential election was taking place. The incumbent Republican President George H. W. Bush was running against the younger Democratic Governor Bill Clinton of Arkansas. Throw in the mix an independent businessman Ross Perot of Texas had also thrown his hat in the ring.
Despite the economy rebounding from a recession in spring 1991 and experiencing 19 consecutive months of growth, negative perceptions of its slow progress had an adverse impact on President Bush. With a coalition victory in the Persian Gulf War and 89% approval ratings, Bush’s re-election seemed very likely. But we all know what happened.
I watched all of this take place as a junior in high school. I didn’t really pay much attention to politics. It wasn’t like I could vote at 16. And even if I could, politics never really appealed to me. There was a change coming to the White House and I really didn’t know how it would impact my life. I was more worried about the math test I had that week.
Almost 32 years later and there’s a lot of anxiety surrounding the next presidential election. Many of our clients bring up the topic and I’m commonly asked: Should we make changes to our portfolio before November?
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