Hussman

I'm sometimes characterized as a "perma-bear." This is because the period since 2000 has been generally characterized by unusually rich valuations, which is duly reflected in the abysmal 0.80% average annual return, including dividends, that the S&P 500 has achieved from the 2000 peak through last week's close. That is not an accident, but instead matches the total return that we projected more than a decade ago, based on our standard valuation methodology. Given that, it should be clear that my generally defensive stance during this period is not some fixed aspect of my personality or temperament, but instead owes far more to the repeatedly and predictably disastrous overvaluation of the stock market since the late 1990's.