The best guide we've found to measure that psychological preference is the uniformity or divergence of market action across a broad range of individual stocks, industries, sectors, and security - types, including debt securities of varying creditworthiness. (hussmanfunds.com)
The most useful measure we've found of that psychological inclination is the uniformity or divergence of market internals across a broad range of individual stocks, industries, sectors, and security types (including debt securities of varying creditworthiness). (hussmanfunds.com)
Valuations are the primary driver of long - term returns, and the risk - preferences of investors — as conveyed by the uniformity or divergence of market action across a broad range of individual stocks, industries, sectors and security types (including credit)-- drive returns over shorter portions of the market cycle. (hussmanfunds.com)