Haymaker Daily

On continually slowing growth

Hello, Subscribers:

Going way, way back in time, like 200 years, it is remarkable how closely stocks have tracked nominal GDP. This fundamental measure of economic activity combines inflation and real growth. The champion decade in this regard, outside of the war-stoked economies of 1910 to 1919 and 1940 to 1949, was the inflationary 1970s.