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If history is any guide, a win by Justin Trudeau and the Liberals in next week’s election bodes well for Canadian stocks.

Stretching back to 1922 and the time of William Lyon Mackenzie King’s first term in office, stock returns have been three times higher under Liberal prime ministers than with Conservative leaders, according to monthly data to August 2015 compiled by Bloomberg from TMX Group Ltd., operator of the Toronto Stock Exchange.

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Over about 63 years in power, the Liberals of Pierre Elliott Trudeau, Jean Chretien and Louis St-Laurent witnessed a weighted compound annual growth rate of 6.8 per cent for the Standard & Poor’s/TSX Composite Index and its predecessor TSE Index. That compares with a 2.2 per cent annual gain for the Tories of Stephen Harper, John Diefenbaker, Brian Mulroney and others, the data show.

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“Is it timing? Have the Liberals been lucky over 100 years to do so well?” said Livio Di Matteo, an economist at Lakehead University in Thunder Bay, Ontario. “Over 100 years there does seem to be a pattern. It could be that when economic growth is poor, people want austerity and think Conservatives are better managers. Then when things improve people get tired of that and they vote the Liberals in.”