And a few months into his presidency, he ended up making one of the most perfectly timed market calls ever.
On March 3, 2009, just three days before stocks touched an intra-day low of 666, and six days before the closing low of 676.53, the president said: “What you’re now seeing is profit and earnings ratios are starting to get to the point where buying stocks is a potentially good deal if you’ve got a long-term perspective on it.”
Fast forward to January 19, 2017 — Obama’s last full day in office — when the S&P 500 closed at 2,263.69, up by about 225% since he made the call.
“My estimation is you’ve got a lot of savvy investors out there,” he said. “You got people who recognise that what goes up can come down as well. I’ll leave it up to them to make determinations about whether valuations and stock prices are too high. I’m more concerned about the day-to-day fundamentals. And if we get those fundamentals right, then I’m pretty confident that we can do very well in the next decade.”
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