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08/14/17 11:28 AM

#22183 RE: DiscoverGold #22021

Broadening Internal Dispersion
By John P. Hussman, Ph.D. | August 14, 2017



Market internals suggest that risk-aversion is now accelerating. The most extreme variants of “overvalued, overbought, overbullish” conditions we identify are already in place. A market loss of [1/2.70-1 =] -63% over the completion of this cycle would be a rather run-of-the-mill outcome from these valuations. All of our key measures of expected market return/risk prospects are unfavorable here. Market conditions will change, and as they do, the prospective market return/risk profile will change as well. Examine all of your investment exposures, and ensure that they are consistent with your actual investment horizon and tolerance for risk.



http://hussmanfunds.com/wmc/wmc170814.htm

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