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
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