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...In 1852, Walter Bagehot wrote: “John Bull can stand many things, but he cannot stand 2 per cent.” For more than a decade, quantitative easing stretched that thesis to extremes....
...In 1993, Stanford economist John Taylor proposed a systematic framework for assessing what the fed funds rate should be based on the level of inflation and the output gap....
...It is easy to laugh off the so-called perma-bears who have argued (for as much as a decade) that the post-financial crisis financial settlement was unsustainable and would end in tears: Edwards, John Hussman...
Central bank liquidity cannot support elevated valuations indefinitely
...John Hussman of Hussman Funds, who catches a lot of hell for being bearish for the last decade but brings rare rigour to market analysis, laid out the theory as follows in an email: [During QE] the Fed...
...Opinion: By abandoning a systemic framework for monetary policy, the central bank has spawned an all-asset speculative bubble, writes John Hussman. Has the Fed made a policy error?...
...And so it’s been over the past decade in US stocks, with storied naysayers such as Jim Grant, Jim Chanos and John Hussman a focus of almost consistent acrimony as the equity markets drifted higher and higher...
...Here’s John Hussman, a very famous bear, in the FT with a pithy and accurate description of how the QE-stock prices mechanism works: “Central bank asset purchases operate by removing interest-bearing securities...
...Hussman, president of the Hussman Investment Trust in his latest market commentary....
...The argument then moves to John Hussman’s favoured measure of trailing 12m reported GAAP earnings, riffing off this tweet from Mark Dobson of Cypress Capital: So glancing up at the bottom of the two panels...
...One of quotes in the piece, from fund manager John Hussman, was particularly apt: My sense is that investors are exuberant to have a new theme, any theme, other than watching the Federal Reserve....
...On the Hussman basis, the current market overtakes 1929, to become the second most expensive of all time....
...So the GMO team offers the Hussman p/e, named after John Hussman, the fund manager, which takes a multiple of the highest earnings from the past 10 years, rather than the average....
...John Hussman, an American fund manager who has been predicting a stock market crash since the last one in 2008, has also steadfastly stuck to his view that equities are vastly overvalued and will collapse...
...But John Hussman, a fund manager who has been confidently bearish for several years, offers this chart on his blog showing a sharp fall in the number of companies trading above their 200-day moving average...
...And finally: The blog kept by the fund manager John Hussman is much followed, even if it is also much derided. He has been incorrectly bearish on US stocks for much of the post-crisis era....
...This chart is from John Hussman: As for cultural evidence of bubbly sentiment, it is only at a very early stage if it is present at all....
...“My sense is that investors are exuberant to have a new theme, any theme, other than watching the Federal Reserve,” says John Hussman, a fund manager....
...- Hussman’s latest: Morton’s fork....
...john.authers@ft.com...
...” - In defense of John Hussman. - Fatas on McCloskey on Piketty. - The global policy mix is turning more growth friendly. - A question for Richard Koo. - Why Uber fights....
...That’s permabear John Hussman, who simply refuses to capitulate. Some extracts from his latest letter… Make no mistake – this is an equity bubble, and a highly advanced one....
...Elsewhere on Monday, - John P Hussman sees a flat S&P, for years to come - Love the rich - Worrying about the price of Greek heating fuel - No more MOOCs?...
...But it also includes this fab J Paul Getty quotation, via John Hussman… “For as long as I can remember, veteran businessmen and investors – I among them – have been warning about the dangers of irrational...
...“Every stock certificate and bond certificate must be owned by someone at every point in time,” says John Hussman of Hussman Funds....
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