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The folly of ruling out a collapse

Hussman Funds/John Hussman

Repost from 8-13-2021

graphic image of the charge of the lemmings

“A remarkable feature of extended bull markets is that investors come to believe – even in the face of extreme valuations – that the world has changed in ways that make steep market losses and extended periods of poor returns impossible. Among all the bubbles in history, including the 1929 bubble, the late-1960’s Go-Go bubble, the early 1970’s Nifty-Fifty mania, the late-1990’s tech bubble, and the 2007 mortgage bubble that preceded the global financial crisis, none has so thoroughly nurtured the illusion that extended losses are impossible than the bubble we find ourselves in today.”

USAGOLD note: An extreme, in short, among extremes …… Hussman contemplates “a far more interesting trip ahead than many investors seem to have in mind” – one, in our view, that cries to be hedged even as the lemmings mount their charge. (By the way, the image Hussman has chosen to accompany this lengthy missive is worth the visit alone.)


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