August 05, 2010

The early 1990’s experienced the first Iraq war and a president that forgot to read his lips. The rising tax rates and regulation created a small cap environment. This cycle lasted until the republicans took over Congress. Whether it was the Contract for America/Fed monetary policy/Clinton administration triangulation or an increase in productivity is a matter of debate. But the point here is that they all have effects similar to a tax rate cut, and that favors the larger cap stocks.

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