Put simply, valuation drives long - term returns, and investor risk - preferences drive returns over shorter portions of the market cycle. (hussmanfunds.com)
There are several viewpoints that are awesome and offer access to the trail, where you can do shorter portions. (traveloregon.com)
While valuations drive long - term returns, the primary driver of market returns over shorter portions of the market cycle is the attitude of investors toward risk, as indicated by the uniformity or divergence of market internals. (hussmanfunds.com)