The Fed policy error that should worry investors
By abandoning a systemic framework for monetary policy, the central bank has spawned an all-asset speculative bubble| www.ft.com
By abandoning a systemic framework for monetary policy, the central bank has spawned an all-asset speculative bubble| www.ft.com
Archived commentary is historical in nature and should not be assumed to reflect the current investment outlook or investment practices of the Hussman Funds.| Hussman Funds
September 4, 2017Valuations, Sufficient Statistics, and Breathtaking Risks| www.hussmanfunds.com
May 18, 2015 The "New Era" is an Old Story (and introducing Market Cap/GVA) | www.hussmanfunds.com
May 5, 2014 Cahm Viss Me Eef You Vahn to Live | www.hussmanfunds.com
There’s no question that Fed-induced speculation encouraged investors to chase extreme valuations, and to accept low returns on every class of investments. Unfortunately, Fed policy does not change the arithmetic that links valuations with subsequent returns. By our estimates, the S&P 500 is likely to lag Treasury bonds, and even Treasury bills, for more than a decade. Now comes the hard part.| Hussman Funds
