Understand also that the evidence pointing to steep market risk over the completion of this cycle is quite robust, as the valuation criteria in the overvalued, overbought, overbullish syndromes we now observe would be satisfied even if stocks were significantly lower than they are at present. (hussmanfunds.com)
Though our present classification of market conditions is extremely hostile, it's important to look ahead to the features that will dramatically improve our market outlook over the completion of this cycle. (hussmanfunds.com)
The litany of these concerns at present simply creates the risk that the completion of this cycle will be worse than the typical cycle, but we would be defensive here even in that absence of that prospect. (hussmanfunds.com)