Det har varit många tunga år för oss björnar


 Chart from John Authers Bloomberg 17 juni 2022


A fascinating aspect of the financial markets is that long-term returns are driven almost entirely by math, while short-term returns are driven almost entirely by psychology. It’s useful to consider both.
Hussman Market Comment June 2022


When the time comes to ask the question – “What triggered the crash?” – remember that this is the least important question. A market crash requires nothing more than a shift in investor psychology from careless speculation to even modest risk-aversion.  

 Undoubtedly, some “catalyst” will be found, but the mistake will be in believing that the collapse is caused by that piece of “bad” news. The important question to ask is “What drove the bubble?” That’s where the lessons are. 

John P. Hussman, Ph.D. President, Hussman Investment Trust July 2021




It’s often said the 2008 Lehman collapse and its aftermath typified the drawbacks of capitalism.
I don’t buy that for one moment.


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