Published on the Hussman Funds web-site by John P. Hussman, Ph.D.
All rights reserved and actively enforced.
Weekly Market Comment, May 12, 2014
“With
advisory sentiment running at 56% bulls and fewer than 20% bears, with most
historically reliable valuation metrics about twice their
pre-bubble norms (and presently associated with negative expected S&P 500
nominal total returns on every horizon of 7 years and less), with
capitalization-weighted indices near record highs but smaller stocks and
speculative momentum stocks diverging badly, and with a Federal Reserve clearly
intent on winding down the policy of quantitative easing that has brought these
distortions about, we continue to view the present market environment as among
the most dangerous instances in history.”
advisory sentiment running at 56% bulls and fewer than 20% bears, with most
historically reliable valuation metrics about twice their
pre-bubble norms (and presently associated with negative expected S&P 500
nominal total returns on every horizon of 7 years and less), with
capitalization-weighted indices near record highs but smaller stocks and
speculative momentum stocks diverging badly, and with a Federal Reserve clearly
intent on winding down the policy of quantitative easing that has brought these
distortions about, we continue to view the present market environment as among
the most dangerous instances in history.”
Read the
full article at this link:
full article at this link:
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