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'The most extreme valuations in history': A notorious market bear says investors should brace for record-low negative returns over the next 12 years a?? and warns that today's exuberance implies a...

'The most extreme valuations in history': A notorious market bear says investors should brace for record-low negative returns over the next 12 years a?? and warns that today's exuberance implies a...
JOHANNES EISELE/AFP/Getty Images



John Hussman — the outspoken investor and former professor who's long been predicting a stock collapse — is currently forecasting "zero or negative returns for more than a decade."




In order to bolster his thesis, Hussman leans on valuations, sentiment, and market internals which all point to a dire outlook moving forward.




Hussman says that today's valuations imply a two-thirds, or 66%, drop in stocks.




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With unemployment situated at 10.2%, annualized second-quarter GDP down 33%, and a global pandemic that seemingly cannot be constrained, it's no wonder why many investors are skeptical of an S&P 500 trading within spitting distance of a new all-time high.
John Hussman — the outspoken investor and former professor who's been predicting a stock collapse — is perplexed, frankly. He has a three-part list handy to explain why.
"Here and now, market conditions feature 1) historically extreme valuations, 2) unfavorable dispersion in our measures of market internals, and 3) unusually "overvalued, overbought, overbullish" conditions," he penned in a recent client note.
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