The Road Up and the Road Down are the Very Same Road

By John P. Hussman, Ph.D. – Hussman Funds

We often have the impression that this or that exists by itself alone. We see, for example, a $40 trillion Federal debt, record corporate profits, the most extreme stock market valuations in history, a mountain of so-called “cash on the sidelines”, a massive AI buildout, and the emergence of trillionaires amid growing economic challenges among working families. In order to discuss any of them well, it helps to recognize that all of them are different aspects of a single unbroken dynamic. Choose any single topic for discussion, and it becomes a door to all of them. We may be tempted to think, “oh, I’ve seen this before”, but the truth is that the deeper we look even into one thing, the more we can learn about everything else.