Why is it so hard to accept that speculative bubbles can burst?

 Yield-starved investors chased stocks to valuations beyond the 1929 and 2000 extremes. That speculation front-loaded more than a decade of future market gains into the present. 

Those gains are now behind us, embedded in breathtaking multiples. If history is any guide, a collapse in valuations is likely to return those gains to the future.

John P. Hussman, February 2022

https://www.hussmanfunds.com/comment/mc220210/



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