The Impression of Invincibility

The Impression of Invincibility

By John P. Hussman, Ph.D. – Hussman Funds You can’t possibly call a bubble or a bust to the right day, except once every several lifetimes. What you can do, though, is to identify bubbles that eventually burst. That turns out, in the past to have been intellectually pretty straightforward. You can measure them, and all of them eventually go back to trend. And that movement from very high back to trend has always made cash look very much better f…