Market Direction and Stock Trends

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Stall Speed
By John P. Hussman, Ph.D. | July 10, 2017

. . .I fully expect strong and identifiable opportunities to accept market risk at a much better profile of expected return/risk. The notion that “this time is different” as a result of central bank intervention will likely prove to be a fatal conceit. I have no quarrel with disciplined buy-and-hold investors who recognize the cyclical risks inherent in a passive investment strategy, and the link between valuations and subsequent long-term returns. It’s the notion that central banks have removed the risk of major loss from the financial markets, when instead they have magnified it by vastly overextending this speculative episode, that will likely end in a ball of flames.

http://hussmanfunds.com/wmc/wmc170710.htm

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