![‘Stocks Love Booms’](https://i0.wp.com/heisenbergreport.com/wp-content/uploads/2023/09/BullMushroomCloudSept12023.png?fit=1152%2C678&ssl=1)
‘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