Speculative psychology is the only thing standing between an hypervalued market that continues to advance and a hypervalued market that drops like a rock. Our best gauge of that psychology - the uniformity of market internals - remains divergent enough to keep market conditions in a trap-door situation.| Hussman Funds
The recent 'everything bubble' has taken its dear sweet time to collapse. Even though the S&P 500 remains down from its early 2022 peak, and 30-year Treasury bonds have lost over half their value since early 2020, the market has maintained the appearance of 'resilience.' Yet there need not be a proportional relationship between the size of the last grain of sand, the length of the last straw, or the weight of the landing butterfly, and the extent of the catastrophe they provoke.| 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
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
What drives investment returns? Can you simply buy stocks at any price and assume you'll enjoy long-term returns on the order of 10% annually? The answer is no. Unfortunately, the financial industry often encourages investors to imagine this is how markets work. Is there some meaningful structure that drives returns? The answer is yes. Understanding it offers clear insights about how we got here, and where we may be going.| Hussman Funds