Because of the unusual profile of valuations over the past few years, the Fund's returns were higher during the 2000 - 2003 bear market than I would expect during typical bear markets. (hussman.net)
In a typical bear market, valuations decline to historical norms or below, which would lead us to gradually increase our investment exposure during the late part of the decline. (hussman.net)
Keep in mind that the typical bear market loss averages about 30 %, but even moderate losses can do a lot of damage to long - term compound returns. (hussmanfunds.com)