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That's why everyone says it's the 'modern day record'. Long time fans know full well that Bruno and Moolah have the real records, but realistically those records are untouchable since those classic multiple year reigns are an impossibility in the modern era.
But I do agree with you, there is no need to surpass the 434 day modern record with so many deserving talents having not held the WWE Title.
Punk's reign isn't a record. If they ever show a longest WWE champion list on WWE TV or WWE.com, Bruno's gonna be on top, not Punk.
If we want to head down that path, AJ wasn't the record holder, Moolah was. Back then she held it for years as she would tour the regional promotions and put the title on the line against the local champ. Even when she lost she would retain the title as the local lass wouldn't be prepared to drop everything(as this was considered a second job/hobby for most) and go on the road for peanuts.
Actually, the reason why CM Punk was able to reach 434 days as WWE Champion was because:
1. The World Heavyweight Championship Title was active.
2. John Cena won his Money In The Bank cash-in match by disqualification, therefore CM Punk still retained his WWE Championship Title.
3. CM Punk was managed by the Voice of the Voice of the Voiceless.
4. CM Punk is the straight edge.
Okay, those last 2 may or may not be valid reasons, but it didn¡¯t hurt to have the Best Manager In The World while being the Best Wrestler In The World. Point is, having the Money In The Bank briefcase doesn¡¯t guarantee a WWE World Heavyweight Championship Title reign, and in John Cena¡¯s case, even if Mr. Money In The Bank wins the match. It only guarantees a WWE World Heavyweight Championship Title match.