????保守派人士肯定要反駁了，但是將克林頓和奧巴馬總統任職期間的股市回報率全歸功于他們的政策和任職，確實有失公允。克林頓上任時美國經濟形勢一片大好（哦，我沒有像供應學派那樣將此歸功于里根的政策），離任時互聯網泡沫已經破滅但還遠沒有觸底。布什上任時股市慘淡，離任時金融市場一片恐慌。克林頓任期內的所有好都應該完全歸功于他嗎？同理，布什任職內的所有不好都是他的錯嗎？如果你是一位意識形態擁護者，答案是“是”。如果你誠實思考，答案是“否”。

????奧巴馬上任時，股市處于很低的水平，這與他毫不相干。股市經歷了2個月驚心動魄的大跌（這期間批評人士緊盯“奧巴馬市場”）后，隨著全球多國央行和政府的協調行動，市場企穩。恐慌情緒得到了緩解，“奧巴馬市場”的提法也基本上不見了蹤影。

????奧巴馬任期內的股市漲幅近半源于上任后第一年，而里根上任后第一年股市是下跌的。可以看到，其他每年的回報率也有很大的不同。“毫無規律——完全是隨機的。”Wilshire Analytics的董事總經理鮑勃?韋得說。“如果這其中有因果關系，應該會看到一定的規律。”

????總之：想給哪個候選人投票，就投吧。但別以為你認準的候選人獲勝（或落選）將決定股市未來走勢，世界原本就是這個樣子。

????譯者：早稻米

????Tempting as it is to tweak my more conservative friends with this fact, it would be wrong to attribute the Clinton and Obama returns to their policies and presidencies. Clinton inherited a great economy (and no, I don't attribute it to Reagan's policies as supply-side types do, and neither should you) and left office after the Internet stock bubble burst, but well before it bottomed. Bush inherited a tanking stock market and left amid a financial panic. Does Clinton deserve full credit for everything good during his tenure? Does Bush deserve full blame for everything bad? Yes, if you're an ideologue. No, if you're intellectually honest.

????Obama took office with stocks at really low levels, which he had nothing to do with. After a sickening two-month drop during which his critics tracked the "Obama market," things stabilized, thanks to coordinated actions by central banks and governments throughout the world. The panic was alleviated, and "Obama market" largely disappeared from public discourse.

????About half the gain during Obama's tenure came his first year. By contrast, Reagan had a loss in his first year. Other year-by-year returns have varied all over the lot, as you can see. "There's no pattern here -- it's just random," said Bob Waid, managing director of Wilshire Analytics. "If these were causal relationships, you would see a different pattern."

????The bottom line: Go ahead, vote for whichever candidate you want. But don't think that your guy's winning -- or losing -- will determine what happens to the stock market. That's just not how the world works.