A long-time market bear who called the 2000 and 2008 crashes warns the S&P 500 could plummet 64%, bursting a historic bubble
is doubling down on his dire outlook for US stocks, even after the market defied recession predictions to notch some impressive gains this year.
"The present combination of historically rich valuations, unfavorable internals, and extreme overextension places our market return/risk estimates – near term, intermediate, full-cycle, and even 10-12 year, at the most negative extremes we define," Hussman, president of the Hussman Investment Trust, wrote in a note."Yes, this is a bubble in my view. Yes, I believe it will end in tears.
Valuations refer to investors' estimates of how expensive stocks are, in relation to various yardsticks such as the earnings or the sales of the companies in focus. Higher valuations would suggest less room for stock prices to rise, meaning returns could be relatively low.
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