@hussmanjp.bsky.social
Philanthropist. Finance, economics, public policy, neuroscience, genomics, and a 6-string. Realistic optimist often mistaken for prophet of doom. Be kind. This account retains zero trolls. www.hussman.com
Thanks David! 🐳
Always a great, insightful read
A new market comment from @hussmanjp.bsky.social just dropped and it’s…a lot. 👇🏼
I’ve been doing this for over three decades (24 years in the biz) and I can sincerely tell you that I still learn something new in every comment that John Hussman publishes.
www.hussmanfunds.com/comment/mc26...
See the chart below for a clear explanation of why we are asking you to CALL YOUR SENATORS to tell them to VOTE NO on SAVE
This simply could not be more urgent. It knocks hundreds of thousands off voter rolls.The SAVE Act may be the most undemocratic legislation in the history of this country
it's also a metaphor 😉
Sometimes people say the math in my market comments can have a learning curve to it.
You're not alone.
Pulled this weed from the garden yesterday - Curly Dock - crazy difficult to dig out.
Good or bad, the seeds we water are the seeds that grow, even by unintentionally failing to notice they’ve taken root. The worst leaders are those that intentionally sow and cultivate only the weeds in us.
Current market valuations. With more compression, we may find some short-term "roses in the garbage" - see the February comment - but safety nets remain essential in all cases. A market crash is nothing but risk-aversion meeting a market that's not priced to tolerate risk.
"If you want peace, peace is with you immediately"
- Thich Nhat Hanh
If we have no peace in ourselves, it will be impossible to create peace in the world.
We need enough stability and insight to see that this is, because that is, and this is not, because that is not.
Hatred, ignorance, fear, greed, and discrimination are viruses, magnified by suffering, carried in buckets, spilled onto the world.
We cannot eliminate them by actions that magnify hatred, ignorance, fear, greed, discrimination and suffering - only by actions that relieve them.
First heard Jay Beckenstein of Spyrogyra at the Park West in Chicago when I was 18 and he was 29. Grateful for his music ever since.
youtu.be/UfWfZwKEZIM
As every voice outside and in ourselves calls us to discriminate "us versus them" - a reminder that human beings are not our enemy. Our enemies are hatred, greed, ignorance, the impulse to eliminate life we find inconvenient. The beginning of wisdom is realizing that the "other" side also suffers.
Television pioneer Fred Rogers, gone 23 years ago today.
His acceptance speech for the Lifetime Achievement Emmy Award is always worth a watch.
#RIP 💔
This made my day ☀️
- thanks for your kindness ccochella - John
“The way to wealth in a bull market is debt. The way to oblivion in a bear market is also debt, and nobody rings a bell.”
- James Grant
A new thoughtful/nuanced market comment just dropped:
“A bubble is a crash on its way to becoming. A crash is a bull market on its way to becoming. All we can do is to accept, and as difficult as it may be – embrace – whatever form we have in each moment, so we can do our best with each of them.”
Still modestly constructive, but the sector has had a huge runup, so one wouldn't maintain the same weight as one might have had say, a year ago. Conditions would be more favorable for a larger exposure, say, with the ISM under 50 and following a material correction. Hope that helps!
Not “bullish” - rather, noted a small pocket of conditions even amid extreme valuations and ragged internals when one can use a safety-net rather than a “bearish” hedge. Think a few weeks here and there (not at the moment) - roses amid what we might otherwise discriminate against as garbage.
The simple reason why household spending and therefore GDP have remained strong despite the weakness in the labor market is that households have increasingly dissaved. Continued growth at these rates require either better labor markets or and even faster pace of dissaving.
‘Transfer payments have been the only significant driver of rising disposable income this past year, and without that boost income would be growing at its lowest rate for over 10 years, at less than 2% annually and negatively in real terms.’ blinks.bloomberg.com/news/stories...
yep
👀
APOLLO: “.. There are no signs of AI boosting profit margins for companies outside the tech sector.”
🫤
‘When central bank independence weakens, the risks don’t stay theoretical: inflation volatility tends to rise, recession risk can increase, and equity valuations can come under pressure.’ www.hussmanfunds.com/research/rs2...
Everything we do, say, or give our consent - carries our name and reveals our face. We can't say "the ends justify the means" without also becoming the means.
Whether kindness or suffering, love or hate, we are what we pour into the world. Our actions are our only belongings.
