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‘Stocks Love Booms’
"Stocks love booms." And fiscal largesse is conducive to nominal booms.
Makes you wonder why anyone would've been bearish. But I digress already.
The quote is from BofA's Michael Hartnett, a self-described "patient bear." Being a bear since the October lows has required the patience of a saint. Or the luxury of no PNL pressure.
Three-year nominal GDP growth in the US is on track for 40%. As the figure on the left below shows, booms of that magnitude occurred only two other times in modern Ame
