John P. Hussman, Ph.D. (@hussmanjp) / X

John P. Hussman, Ph.D.

15.5K posts

John P. Hussman, Ph.D.

@hussmanjp

Philanthropist. Finance, economics, public policy, neuroscience, genomics, and a 6-string. Realistic optimist often mistaken for prophet of doom.

Maryland

Joined May 2009

Pinned
John P. Hussman, Ph.D.
@hussmanjp
Mar 2
As every voice calls us to discriminate "us versus them" - a reminder that human beings are not our enemy. Our enemies are hatred, greed, ignorance, the impulse to eliminate life we find inconvenient. The beginning of wisdom is realizing that the "other" side also suffers.
27K
John P. Hussman, Ph.D.
@hussmanjp
May 14, 2024
This is nuts, but thanks for the follow! 🤣 @TheRoaringKitty
473K
John P. Hussman, Ph.D.
@hussmanjp
Feb 6, 2024
There are only two points in history when likely 10-12yr S&P 500 returns fell this far short of Treasury yields: August 1929 and December 1999. If you don't care, you're not alone. By the time stocks reached their bubble peaks in 1929 and 2000, investors didn't care then either.
709K
John P. Hussman, Ph.D.
@hussmanjp
Jan 22, 2025
I’ll say this again more simply. All cryptocurrencies are grift. Digital Pokémon. That’s the whole post.
196K
John P. Hussman, Ph.D.
@hussmanjp
Mar 30, 2022
So this is fun. The share of household financial assets invested in stocks ended 2021 at the highest extreme in history (and our most reliable measures are even worse). The last two times we got close, the S&P 500 lagged T-bills for the next 13-18 years. I know you don't care.
John P. Hussman, Ph.D.
@hussmanjp
Jul 14, 2023
Ooof. Our estimate of S&P 500 "equity risk premium": -7.2% Projected 10yr SPX total return over and above Treasury returns. Not that Treasury yields are great either. Worst projection in U.S. history next to the March 2000 and August 1929 bubble peaks.
661K
John P. Hussman, Ph.D.
@hussmanjp
Feb 9, 2024
Our estimate of the likely equity risk-premium over the coming 10-12 years is now worse than 1929 and 1999. 🥂🎉
John P. Hussman, Ph.D.
@hussmanjp
Feb 6, 2024
There are only two points in history when likely 10-12yr S&P 500 returns fell this far short of Treasury yields: August 1929 and December 1999. If you don't care, you're not alone. By the time stocks reached their bubble peaks in 1929 and 2000, investors didn't care then either.
464K
John P. Hussman, Ph.D.
@hussmanjp
Apr 9, 2020
Brilliant comments on @CNBC right now @chamath Palihapitiya: Support to individuals is less than 10 cents on the dollar. “We are misallocating vast swaths of money that has nothing to do with how people recover and everything to do with how balance sheets and assets are valued.”
John P. Hussman, Ph.D.
@hussmanjp
Jan 28, 2025
Nobody should be surprised if the U.S. economy is in recession by mid-year.
Sahil Kapur
@sahilkapur
Jan 28, 2025
New internal memo from Trump White House budget office: “Federal agencies must temporarily pause all activities related to obligation or disbursement of all Federal financial assistance, and other relevant agency activities that may be implicated by the executive orders” by POTUS
261K
John P. Hussman, Ph.D.
@hussmanjp
Apr 1, 2023
1/ The S&P 500 has suffered a total return of -10.3% since its steepest extreme in history. The valuation measure best correlated with actual market returns is at levels never seen prior to Aug 2020, except a handful of months surrounding the 1929 peak. I know you don't care.
755K
John P. Hussman, Ph.D.
@hussmanjp
Jun 16, 2020
I want you to understand something. Corporate bond yields are near historic lows. See that little spike in March? That's what the Fed considers "dysfunctional." Instead of using CARES funds for Main Street, they're buying bonds from investors to limit their exposure to loss.
John P. Hussman, Ph.D.
@hussmanjp
Aug 17, 2022
Though the bubbles typically collapse in not one, but a series of capitulations - each punctuated by a "fast, furious, prone-to failure" recovery - my impression is that investors are about to get a quick introduction to why this chart is popular among market historians.
John P. Hussman, Ph.D.
@hussmanjp
Oct 21, 2022
Easy to forget that the 1973-74, 1981-82, 2000-02, and 2007-09 bear markets all unfolded AFTER the initial Fed pivot. The '73-74 pivot was short lived amid high inflation. Unless market internals are favorable (read my stuff), pivots amid recession risk say "something just broke"
John P. Hussman, Ph.D.
@hussmanjp
Jan 23, 2023
Interest rates are no longer at zero. Prospective 10-12 year S&P 500 total returns still are. That's likely to become a problem. I know you don't care.
315K