Quotes and Insights by John P. Hussman




  • “Fish don’t know they’re in water.”
  • “Wall Street is littered with the ruins of people who mined for patterns in the data and invested on them without knowing why they should work.”
  • “The bubble hasn’t changed the wealth, and a collapse won’t change the wealth. What will change is the market cap.”
  • “Valuations gauge prospective long-term and full-cycle outcomes.”
  • “Market internals gauge speculation vs risk aversion. “
  • “The impact of easy money depends on investor psychology.”
  • “Just don’t assume recklessness has “limits.”