Farewell Robin Hood

Whether they adore him or deplore him, US mutual fund investors may understandably be sorry to see Bill Clinton's presidency end. Clinton's two terms will go into the books as a period of remarkable stock market gains. From year-end 1992 to year-end 2000, the Standard & Poor's 500 Index returned 17% a year including dividends: a better showing than occurred under all other presidents of the last half century who served at least four years in office. The next best patrons of prosperity were George Bush the elder (up 15.4% a year, 1988-92); Dwight Eisenhower (up 14.6%, 1952-60), and Ronald ...