Will Hussman Finally Be Proven Correct?

I see many many bullish articles coming out now, calling for a meltup into next year, calling for a new bull market after the first half of next year. One of John Hussman's models called for negative 2 percent annualized returns (the chart below) and currently sits at 0 percent expected return. A negative 2 percent run from 4800 comes to 3767 in 2034. Zero percent from where it sits today. Considering stocks rise in most years and there will be 20 percent and 30 percent return years following the bear market low...there's still a lot of downside if he's right. In the short-term, bullishness is possible, but value mostly lies outside the United States.

Estimating Downside Market Risk