John Hussman puts out this chart of stock valuation (as a percentage of gross value added) and the subsequent 12-year return for stocks. Currently, it forecasts a 12-year return of near 0 percent. If I extrapolate off the 2009 low, I get the S&P 500 at 2750 in 2021, an annualized gain of 4 percent for the next four years. That is the best case scenario. On his chart, the red line would defy history and float sideways and higher until it meets the 2009 peak figure, avoiding a correction or bear market in the interim.
Hussman: The Value of Dry Powder
波士顿中国留学生因骚扰民主活动人士被判入狱
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4月24日,来自中国的前伯克利音乐学院学生吴啸雷被美国法院判处九个月监禁。法院要求吴啸雷6月7日前往指定的监禁 […]...
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