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@Junkster Won't disagree and tis the first link I've given regarding the doctor. But, I will still speed read these type of writes for trinkets of thought. I will not keep my mind closed to other's thinking. Enjoy your free time to recharge the brain cells. Take care, Catch
If the good doctor could ever learn how to coordinate his book smarts with street smarts he might become dangerous. He talks the talk but stumbles badly on the walking part.
Catch - I've linked JH before and don't mind your linking him. The Linkster and many others have also linked him in the past. I still like to glance at his page to see what's going on in that bizarre corner of the universe ... but no longer waste time reading the entire commentary.
Re Hussman's semi-coherent ramblings: The amount of verbage contained does not appear commensurate with the amount of thought conveyed.
Excerpt: "...When you rise to the level of love, of its great beauty and power, you seek only to defeat evil systems. Individuals who happen to be caught up in that system, you love, but you seek to defeat the system."
Rather a surprise to read such a thing from such a source, but I cannot disagree. In fact, that spot is where I stopped reading. The item is becoming too long, and I just felt like moving on.
@MFO Members: Dr. John Hussman's investing record speakes for itself. Regards, Ted HSGFX: 1 Year -8.50% 3 Year -9.28% 5 Year -6.06% 10 Year -2.28% Since Inception (07/24/00) 3.03% HSTRX: 1 Year 3.78% 3 Year -1.29% 5 Year 1.37% 10 Year 4.27% Since Inception (09/12/02) 4.98% HSIEX: 1Year -6.99% 3 Year -2.16% 5 Year -1.19% Since Inception (12/31/09) -1.19%
If the good doctor could ever learn how to coordinate his book smarts with street smarts he might become dangerous. He talks the talk but stumbles badly on the walking part.
This. It's a great example of someone who's intelligent, whose writings are well-researched, but one view/one element of his thinking renders the whole thing false in practice.
I think what tells me a lot about Hussman is that he never blinked, which is astonishing. Never tweaked things after a year, two, three? It would have been so easy with his view to go heavily to cash and own a few consumer staples and that'd be it. The whole options hedging strategy is unnecessarily complex and probably costly. He could still express his bearish view in a way that I think would have worked better.
It's a weird thing. You can have someone who is very bearish and yet, owns a ton of stocks and has that portfolio entirely hedged. If you're bearish, why make things so complicated when cash and a few odds/ends staples would better fit your vision and would be a far less expensive strategy.
I've tried to write him, not to bash him or something, but to try to get a sense of why he's taken the approach he's taken. No success.
It is interesting that we are talking about Hussman with a long history of losses and yet people invest with him. In another thread the topic is FAIRX. Berkowitz may not have the history but the similarity of both situations is present. When does one realize that the investment is not going to pan out as they thought.
There are many funds out there that are making money at present. Why torment yourself?
Comments
Won't disagree and tis the first link I've given regarding the doctor.
But, I will still speed read these type of writes for trinkets of thought.
I will not keep my mind closed to other's thinking.
Enjoy your free time to recharge the brain cells.
Take care,
Catch
Re Hussman's semi-coherent ramblings: The amount of verbage contained does not appear commensurate with the amount of thought conveyed.
Rather a surprise to read such a thing from such a source, but I cannot disagree. In fact, that spot is where I stopped reading. The item is becoming too long, and I just felt like moving on.
Regards,
Ted
HSGFX:
1 Year -8.50%
3 Year -9.28%
5 Year -6.06%
10 Year -2.28%
Since
Inception
(07/24/00)
3.03%
HSTRX:
1 Year 3.78%
3 Year -1.29%
5 Year 1.37%
10 Year 4.27%
Since
Inception
(09/12/02)
4.98%
HSIEX:
1Year -6.99%
3 Year -2.16%
5 Year -1.19%
Since
Inception
(12/31/09)
-1.19%
I think what tells me a lot about Hussman is that he never blinked, which is astonishing. Never tweaked things after a year, two, three? It would have been so easy with his view to go heavily to cash and own a few consumer staples and that'd be it. The whole options hedging strategy is unnecessarily complex and probably costly. He could still express his bearish view in a way that I think would have worked better.
It's a weird thing. You can have someone who is very bearish and yet, owns a ton of stocks and has that portfolio entirely hedged. If you're bearish, why make things so complicated when cash and a few odds/ends staples would better fit your vision and would be a far less expensive strategy.
I've tried to write him, not to bash him or something, but to try to get a sense of why he's taken the approach he's taken. No success.
There are many funds out there that are making money at present. Why torment yourself?