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Roaring 20s
US equities are having a good year. Maybe you noticed.
Specifically, the S&P's up nearly 25%, not too bad as encores go. The benchmark rang up a 24% gain last year. How's that for "roarin' 20s"?
If you're curious, historical precedent for consecutive 20% annual gains is sparse, where that means there are just four other examples looking back a century and a half. The table below, from BofA's Michael Hartnett, shows those four instances. They were 1927/28, 1935/36, 1954/55 and 1995/96.
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More than 60 per cent of Americans were starving to death in the 1920’s. The 1920s was a decade of poverty.