John P. Hussman, Ph.D.
@hussmanjp.bsky.social
Philanthropist. Finance, economics, public policy, neuroscience, genomics, and a 6-string. Realistic optimist often mistaken for prophet of doom.
Be kind. This account retains zero trolls.
www.hussman.com
Be kind. This account retains zero trolls.
www.hussman.com
Pinned
This is, because that is
This is not, because that is not.
They are like this, because we are like that
They are not like this, because we are not like that.
- Buddha
We are all made of one same substance; a shared humanity. The only enemy is our forgetfulness of that reality.
This is not, because that is not.
They are like this, because we are like that
They are not like this, because we are not like that.
- Buddha
We are all made of one same substance; a shared humanity. The only enemy is our forgetfulness of that reality.
Reposted by John P. Hussman, Ph.D.
‘Investors have not only driven price/earnings multiples to historically elevated levels, but those price/earnings multiples are based on earnings that have been jacked up by massive sectoral deficits.’ www.hussmanfunds.com/comment/mc26... by @hussmanjp.bsky.social
January 5, 2026 at 6:29 PM
‘Investors have not only driven price/earnings multiples to historically elevated levels, but those price/earnings multiples are based on earnings that have been jacked up by massive sectoral deficits.’ www.hussmanfunds.com/comment/mc26... by @hussmanjp.bsky.social
Reposted by John P. Hussman, Ph.D.
Another data heavy banger from @hussmanjp.bsky.social.
Read more here, especially if you want to understand equilibrium and “flows” on a much deeper level. 👇🏼
Read more here, especially if you want to understand equilibrium and “flows” on a much deeper level. 👇🏼
January comment is up! 🐳
www.hussmanfunds.com/comment/mc26...
www.hussmanfunds.com/comment/mc26...
How the Bubble Manipulates Time - Hussman Funds
The defining feature of every bubble is the same: a growing inconsistency between the long-term returns that investors expect in their heads - based on extrapolation of the past, and the long-term ret...
www.hussmanfunds.com
January 5, 2026 at 4:52 PM
Another data heavy banger from @hussmanjp.bsky.social.
Read more here, especially if you want to understand equilibrium and “flows” on a much deeper level. 👇🏼
Read more here, especially if you want to understand equilibrium and “flows” on a much deeper level. 👇🏼
January comment is up! 🐳
www.hussmanfunds.com/comment/mc26...
www.hussmanfunds.com/comment/mc26...
How the Bubble Manipulates Time - Hussman Funds
The defining feature of every bubble is the same: a growing inconsistency between the long-term returns that investors expect in their heads - based on extrapolation of the past, and the long-term ret...
www.hussmanfunds.com
January 5, 2026 at 2:33 PM
January comment is up! 🐳
www.hussmanfunds.com/comment/mc26...
www.hussmanfunds.com/comment/mc26...
Yep. Striatal MSNs are GABAergic and regulate behavior by gating thalamo-cortical activity. Direct-pathway D1 MSNs reduce the brake ("Go"). Indirect D2 MSNs increase the brake ("No-Go"). Risperidone e.g. blocks D2 receptors, strengthening suppression of unwanted actions.
@thetransmitter.bsky.social
@thetransmitter.bsky.social
December 18, 2025 at 3:37 PM
Yep. Striatal MSNs are GABAergic and regulate behavior by gating thalamo-cortical activity. Direct-pathway D1 MSNs reduce the brake ("Go"). Indirect D2 MSNs increase the brake ("No-Go"). Risperidone e.g. blocks D2 receptors, strengthening suppression of unwanted actions.
@thetransmitter.bsky.social
@thetransmitter.bsky.social
tbh my interactions with Mike Green have been a bit itchy-scratchy, but he's getting needless hate for this thought-provoking piece:
www.yesigiveafig.com/p/part-1-my-...
I'll offer the second half of this, as a companion:
www.hussmanfunds.com/comment/mc25...
connects deficits and profits too
www.yesigiveafig.com/p/part-1-my-...
I'll offer the second half of this, as a companion:
www.hussmanfunds.com/comment/mc25...
connects deficits and profits too
Part 1: My Life Is a Lie
How a Broken Benchmark Quietly Broke America
www.yesigiveafig.com
November 27, 2025 at 5:07 PM
tbh my interactions with Mike Green have been a bit itchy-scratchy, but he's getting needless hate for this thought-provoking piece:
www.yesigiveafig.com/p/part-1-my-...
I'll offer the second half of this, as a companion:
www.hussmanfunds.com/comment/mc25...
connects deficits and profits too
www.yesigiveafig.com/p/part-1-my-...
I'll offer the second half of this, as a companion:
www.hussmanfunds.com/comment/mc25...
connects deficits and profits too
New research from Bill Hester 🐳
www.hussmanfunds.com/research/rs2...
www.hussmanfunds.com/research/rs2...
A Payroll Playbook to Gauge Recession Risk - Hussman Funds
With the federal government open after its longest shutdown on record, we will soon get a clear indication of how payrolls fared in September and October. The most recent data, through August, already...
www.hussmanfunds.com
November 21, 2025 at 7:38 PM
New research from Bill Hester 🐳
www.hussmanfunds.com/research/rs2...
www.hussmanfunds.com/research/rs2...
Reposted by John P. Hussman, Ph.D.
“the corporate profitability that investors presently attribute to productivity and innovation is actually the accounting result of record government and household deficits…maintaining this level of profitability…actually relies on massive and sustained deficits in other sectors”
New comment is up! 🐳😉
www.hussmanfunds.com/comment/mc25...
www.hussmanfunds.com/comment/mc25...
An Unsustainable Equilibrium - Hussman Funds
The S&P 500 stands at the most extreme level of valuations in history. This record aligns precisely with the happiest and most satisfying moment of a speculative bubble: the point where wildly misalig...
www.hussmanfunds.com
November 13, 2025 at 4:51 PM
“the corporate profitability that investors presently attribute to productivity and innovation is actually the accounting result of record government and household deficits…maintaining this level of profitability…actually relies on massive and sustained deficits in other sectors”
Feels extra-special when you get a motherlode of syndromes with all the sinister names.
Even that little 2024 one was a quick 7% loss - typically down 7-15% within 60 sessions. Several far worse, particularly over longer time frames.
NOT a forecast, no scenarios, may be nothing, strictly FYI
Even that little 2024 one was a quick 7% loss - typically down 7-15% within 60 sessions. Several far worse, particularly over longer time frames.
NOT a forecast, no scenarios, may be nothing, strictly FYI
November 11, 2025 at 10:13 PM
Feels extra-special when you get a motherlode of syndromes with all the sinister names.
Even that little 2024 one was a quick 7% loss - typically down 7-15% within 60 sessions. Several far worse, particularly over longer time frames.
NOT a forecast, no scenarios, may be nothing, strictly FYI
Even that little 2024 one was a quick 7% loss - typically down 7-15% within 60 sessions. Several far worse, particularly over longer time frames.
NOT a forecast, no scenarios, may be nothing, strictly FYI
you are correct
dozens and dozens of warning flags at weekly and daily resolutions. Not a forecast - we don't need to rely on any particular scenario, but market conditions definitely join extreme valuations with internal dispersion and reversal of leadership that typically means "phase transition"
dozens and dozens of warning flags at weekly and daily resolutions. Not a forecast - we don't need to rely on any particular scenario, but market conditions definitely join extreme valuations with internal dispersion and reversal of leadership that typically means "phase transition"
November 1, 2025 at 6:08 PM
you are correct
dozens and dozens of warning flags at weekly and daily resolutions. Not a forecast - we don't need to rely on any particular scenario, but market conditions definitely join extreme valuations with internal dispersion and reversal of leadership that typically means "phase transition"
dozens and dozens of warning flags at weekly and daily resolutions. Not a forecast - we don't need to rely on any particular scenario, but market conditions definitely join extreme valuations with internal dispersion and reversal of leadership that typically means "phase transition"
Excerpt from Steuart's speech yesterday.
You know from our equilibrium work that every dollar of surplus to one sector of the economy (income - consumption and net investment) is a mirror image of someone else's shortfall. That also holds for the top 1% versus the bottom 99%
You know from our equilibrium work that every dollar of surplus to one sector of the economy (income - consumption and net investment) is a mirror image of someone else's shortfall. That also holds for the top 1% versus the bottom 99%
October 31, 2025 at 3:53 PM
Excerpt from Steuart's speech yesterday.
You know from our equilibrium work that every dollar of surplus to one sector of the economy (income - consumption and net investment) is a mirror image of someone else's shortfall. That also holds for the top 1% versus the bottom 99%
You know from our equilibrium work that every dollar of surplus to one sector of the economy (income - consumption and net investment) is a mirror image of someone else's shortfall. That also holds for the top 1% versus the bottom 99%
Among the fresh "motherlode" of warning syndromes this week
October 30, 2025 at 8:29 PM
Among the fresh "motherlode" of warning syndromes this week
The "market" is just total shares outstanding. If you put cash "into" the market, you hand your cash to a seller. In return, they hand their shares of stock to you. Someone has to hold the pieces of paper and digital entries called "cash" until the Fed retires them.
There's no bucket in the middle
There's no bucket in the middle
October 30, 2025 at 1:38 PM
The "market" is just total shares outstanding. If you put cash "into" the market, you hand your cash to a seller. In return, they hand their shares of stock to you. Someone has to hold the pieces of paper and digital entries called "cash" until the Fed retires them.
There's no bucket in the middle
There's no bucket in the middle
3.92
Now look at 0.97 where historical data implies a 10% return
Now look at 1.75, the highest level ever followed by 10% - only because that 12-year period ended at the Q1 2020 peak
Now notice that matching the largest outlier in history would still get you to only 5.5%😬
Now look at 0.97 where historical data implies a 10% return
Now look at 1.75, the highest level ever followed by 10% - only because that 12-year period ended at the Q1 2020 peak
Now notice that matching the largest outlier in history would still get you to only 5.5%😬
October 29, 2025 at 3:22 PM
3.92
Now look at 0.97 where historical data implies a 10% return
Now look at 1.75, the highest level ever followed by 10% - only because that 12-year period ended at the Q1 2020 peak
Now notice that matching the largest outlier in history would still get you to only 5.5%😬
Now look at 0.97 where historical data implies a 10% return
Now look at 1.75, the highest level ever followed by 10% - only because that 12-year period ended at the Q1 2020 peak
Now notice that matching the largest outlier in history would still get you to only 5.5%😬
Reposted by John P. Hussman, Ph.D.
It’s a banger. 👇🏼
New comment is up! 🐳😉
www.hussmanfunds.com/comment/mc25...
www.hussmanfunds.com/comment/mc25...
An Unsustainable Equilibrium - Hussman Funds
The S&P 500 stands at the most extreme level of valuations in history. This record aligns precisely with the happiest and most satisfying moment of a speculative bubble: the point where wildly misalig...
www.hussmanfunds.com
October 28, 2025 at 8:41 PM
It’s a banger. 👇🏼
Reposted by John P. Hussman, Ph.D.
"much of the wealth isn’t a reflection of labor or even invention—it’s a gain based on the negative externalities and private monetization of an unrecognized public good—the network effect—with no associated compensation to the public." @hussmanjp.bsky.social www.hussmanfunds.com/comment/mc25...
An Unsustainable Equilibrium - Hussman Funds
The S&P 500 stands at the most extreme level of valuations in history. This record aligns precisely with the happiest and most satisfying moment of a speculative bubble: the point where wildly misalig...
www.hussmanfunds.com
October 28, 2025 at 11:47 PM
"much of the wealth isn’t a reflection of labor or even invention—it’s a gain based on the negative externalities and private monetization of an unrecognized public good—the network effect—with no associated compensation to the public." @hussmanjp.bsky.social www.hussmanfunds.com/comment/mc25...
New comment is up! 🐳😉
www.hussmanfunds.com/comment/mc25...
www.hussmanfunds.com/comment/mc25...
An Unsustainable Equilibrium - Hussman Funds
The S&P 500 stands at the most extreme level of valuations in history. This record aligns precisely with the happiest and most satisfying moment of a speculative bubble: the point where wildly misalig...
www.hussmanfunds.com
October 28, 2025 at 3:34 PM
New comment is up! 🐳😉
www.hussmanfunds.com/comment/mc25...
www.hussmanfunds.com/comment/mc25...
Some words from Thay, in case you could use them today. As the Buddha said, better than a thousand useless words is a single word that brings peace. 🤗🌸
October 26, 2025 at 6:04 PM
Some words from Thay, in case you could use them today. As the Buddha said, better than a thousand useless words is a single word that brings peace. 🤗🌸
Reposted by John P. Hussman, Ph.D.
“.. A broad range of specialists .. have called Mr. Trump’s orders to the military patently illegal .. murders — regardless of whether the 43 people blown apart, burned alive or drowned in 10 strikes so far were indeed running drugs.”
@charliesavage.bsky.social
www.nytimes.com/2025/10/24/u...
@charliesavage.bsky.social
www.nytimes.com/2025/10/24/u...
October 25, 2025 at 8:02 PM
“.. A broad range of specialists .. have called Mr. Trump’s orders to the military patently illegal .. murders — regardless of whether the 43 people blown apart, burned alive or drowned in 10 strikes so far were indeed running drugs.”
@charliesavage.bsky.social
www.nytimes.com/2025/10/24/u...
@charliesavage.bsky.social
www.nytimes.com/2025/10/24/u...
Stop repeating - or believing - that the President, regardless of party, has "absolute" immunity for all actions. That's not what the Supreme Court ruled. Not all acts are an exercise of "core constitutional powers" - certainly not actions that violate the law or the Constitution itself.
October 20, 2025 at 9:48 PM
Stop repeating - or believing - that the President, regardless of party, has "absolute" immunity for all actions. That's not what the Supreme Court ruled. Not all acts are an exercise of "core constitutional powers" - certainly not actions that violate the law or the Constitution itself.
Reposted by John P. Hussman, Ph.D.
heartbroken to learn the pope sympathizes with the poor. how can i continue to believe in god
October 17, 2025 at 5:43 PM
heartbroken to learn the pope sympathizes with the poor. how can i continue to believe in god
Yep - "Another factor contributing to speculative euphoria and programmed collapse is the specious association of money and intelligence. Such reverence indicates the shortness of memory, the ignorance of history, and the consequent capacity for self- and popular delusion."
- JK Galbraith
- JK Galbraith
Ironically, it's baked into kids from birth that success scales w/wealth & that anyone can beat the odds by working harder/smarter. So if the middle class is shrinking, the logical extension is that more & more of us are becoming lazy. Seems like an absurd thing to swallow given the rat race we live
October 16, 2025 at 6:47 PM
Yep - "Another factor contributing to speculative euphoria and programmed collapse is the specious association of money and intelligence. Such reverence indicates the shortness of memory, the ignorance of history, and the consequent capacity for self- and popular delusion."
- JK Galbraith
- JK Galbraith
It's fascinating. The deficit of one sector emerges as the surplus of another. Basically, 30% of wealth is held by the top 1%, 67% by the top 10%, and just 2.5% by the bottom 50% of households. One sector rises to the extent the others sink.
Not politics. Just accounting.
Not politics. Just accounting.
October 16, 2025 at 3:17 PM
It's fascinating. The deficit of one sector emerges as the surplus of another. Basically, 30% of wealth is held by the top 1%, 67% by the top 10%, and just 2.5% by the bottom 50% of households. One sector rises to the extent the others sink.
Not politics. Just accounting.
Not politics. Just accounting.
You know it's a bubble when this is their math.
Look. Valuations map to deliverable cash flows.
Price/Revenue?
Yes, particularly if margins fluctuate.
(Price/Revenue)/Margin = Price/(Revenue x Margin) = P/E
Ok, if margins are permanent.
(P/E)/Margin? That's Price/(Revenue x Margin^2)
Look. Valuations map to deliverable cash flows.
Price/Revenue?
Yes, particularly if margins fluctuate.
(Price/Revenue)/Margin = Price/(Revenue x Margin) = P/E
Ok, if margins are permanent.
(P/E)/Margin? That's Price/(Revenue x Margin^2)
October 12, 2025 at 2:16 PM
You know it's a bubble when this is their math.
Look. Valuations map to deliverable cash flows.
Price/Revenue?
Yes, particularly if margins fluctuate.
(Price/Revenue)/Margin = Price/(Revenue x Margin) = P/E
Ok, if margins are permanent.
(P/E)/Margin? That's Price/(Revenue x Margin^2)
Look. Valuations map to deliverable cash flows.
Price/Revenue?
Yes, particularly if margins fluctuate.
(Price/Revenue)/Margin = Price/(Revenue x Margin) = P/E
Ok, if margins are permanent.
(P/E)/Margin? That's Price/(Revenue x Margin^2)