The American stock market has been hitting historic highs since 2016, and has started 2020 with new records. On Jan. 9 Donald Trump, who often boasts of the impact of his presidency on stock markets, tweeted:

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Trump’s comment suggests anyone whose retirement investments didn’t go up more than 50% is investing poorly, therefore not benefiting from the market’s growth. But although the president frequently uses the market’s health as a proxy for general economic well-being, the two aren’t necessarily correlated.