New York Times Here is an article that appears to contradict one traditional information stream and it’s impact on EMH. Why isn’t a Democratic presidency thought to be the market’s party?

"Using this measure, they find that during those 72 years the stock market returned about 11 percent more a year under Democratic presidents and 2 percent more under Republicans - a striking difference.

This nine-percentage-point excess can be broken down further into an average 5.3 percent higher real return for the stock market and a 3.7 percent lower return for Treasury bills under Democratic administrations.