Lyndon Baines Johnson became President of the United States at a moment of national trauma, and left office at a time of tremendous political division. Despite a landslide electoral victory in 1964 and notable legislative achievements, his was not a happy presidency. LBJ observed, in fact, that “being President is like being a jackass in a hailstorm. There’s nothing to do but to stand there and take it.”

Regardless of whether it’s true of the presidency, Johnson’s analogy was clearly applicable to equity investors in 2020. Consider the vicissitudes of the S&P 500®:

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