It Was Never Going To Be Me - Epsilon Theory
The Road to Serfdom is not an endless road, but its path and duration, what I call the Great Ravine, is not up to us| Epsilon Theory
The Road to Serfdom is not an endless road, but its path and duration, what I call the Great Ravine, is not up to us| Epsilon Theory
Below are some of the most interesting things I came across this week. Click here to subscribe to our free weekly newsletter and get this post delivered to your inbox each Saturday morning. LINK "Half a trillion dollars have been invested in a misguided premise... Given the double whammy of price| The Felder Report
The strong performance of large-cap stocks over the past decade has left the market exceptionally top-heavy. By some measures, stock market capitalization has never been more concentrated among a handful of large stocks as today. Following periods of high market concentration, stock market returns are not only low over the subsequent decade, on average, they also tend to be highly volatile. Taken together, these characteristics – losses for Mega-Cap stocks, strong relative returns but low a...| Hussman Funds
Change is the sum of fundamental trends, the gradual elimination of accumulated extremes, and the random arrival of new shocks. This is true for nearly every process, including economic growth and stock market returns.| Hussman Funds
One of most dangerous habits of a speculative crowd is the tendency to use unconditional averages and unconditional probabilities regardless of how extreme market conditions have become. This is like stepping into a house with two rooms, one with the temperature at 0 degrees and one at 140 degrees, and expecting a temperature of 70 either way.| Hussman Funds
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
Prospectus| funddocs.filepoint.com
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 are certain features of valuation, investor psychology, and price behavior that emerge, to one degree or another, when the fear of missing out becomes particularly extreme and the focus of speculation becomes particularly narrow. We’ve suddenly hit a motherlode of those conditions. Emphatically, this is not a forecast. It's a statement about current, observable conditions.| Hussman Funds
There’s a very rare set of market conditions extreme enough to deserve a ‘warning.’ As Madge said in the old Palmolive dish soap commercials, ‘you’re soaking in it.’| Hussman Funds
I may as well just say it. Based on the present combination of extreme valuations, unfavorable and deteriorating market internals, and a rare preponderance of warning syndromes in weekly and now daily data, my impression is that the speculative market advance since 2009 ended last week. Barring a wholesale shift in the quality of market internals, which are quickly going the wrong way, any further highs from these levels are likely to be minimal. In contrast, current valuation extremes imply ...| Hussman Funds
