‘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