Exactly 8 years ago on March 6, 2009, the S&P 500 dropped to an intraday low of 666.
Three days later, it clocked out with a closing low of 676.63.
Just days earlier, President Barack Obama, who stepped into office in 2009 — the year after stocks lost nearly 40% — ended up making one of the most perfectly timed market calls ever.
On March 3 of that year, he 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 today, the S&P is up by about 256% as of March 6, 2017, since the intra-day low of 666.
“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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