Re: Bear Cave 2 (Bull Allowed)
Marks of a Phase Transition
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John P. Hussman, Ph.D.
President, Hussman Investment Trust
Interim Comment: November 20, 2019
By the time a bull market reaches its peak, investors have experienced numerous instances where the market has declined by several percent, followed by an advance to fresh highs. Indeed, the advancing half-cycle since 2009 has included 3 separate declines in excess of 10%, 9 interim declines in excess of 5%, and 17 interim declines in excess of 3%.
That apparent “resilience” during a bull market contributes to a distinct sort of complacency, illustrated by this quote from Barron’s Magazine on February 3, 1969, after the S&P 500 had already quietly started a bear market that would take stocks down by more than one-third over the next 18 months, and would leave S&P 500 Index below its 1968 peak even 14 years later:
– John P. Hussman, Ph.D.
https://www.hussmanfunds.com/comment...ons/obs191120/
“There is only one side to the stock market; and it is not the bull side or the bear side, but the right side” Jesse L. Livermore
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