The objective of defending capital during unfavorable market conditions can only be achieved through the occasional willingness to take investment positions that may not closely track the market. (hussman.net)
Our objective is long - term growth and total return, with an added emphasis on defending capital during unfavorable market conditions. (hussman.net)
Similarly, when we observe both unfavorable valuations and unfavorable market action, we tend to see a lot more red cards. (hussmanfunds.com)