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
Not to mention, measles erases 11% to 70% of immune memory by wiping out acquired antibodies and memory cells, so protection against former pathogens is weakened or lost. Also, a mom with MMR vaccination **reduces** autism risk - one of the known environmental risk factors is perinatal rubella.
The New York Times@nytimes.com · 2w agoBreaking News: The U.S. has recorded more measles cases in 2026 than in any other year since the disease was declared eliminated in 2000. nyti.ms/4x0CLc2
Nearly a century ago, Schumpeter described supply growth and boom-bust profit cycles as resulting from the "swarm-like appearance of entrepreneurs" as new technologies take hold. I don't think one needs to invoke geopolitics to understand why extrapolative bubbles collapse.
Pivot Podcast@pivotpod.bsky.social · 2w ago"Everyone thought the AI race would be won by the company with the smartest model...it's looking like it'll be won by whoever can drive margins to zero the fastest.” @profgalloway.com and @karaswisher.bsky.social break down how China is changing the rules of the AI race.
Diplomacy isn’t something we spray from a can to see if it “works.” It begins with, and demands, enough peace in ourselves not to amplify hatred, fear, and grievance. It calls each side to hear the other’s harms and perceived injustices, and to find a practical path to mutual security and peace.
Investors own two things: 1) a stream of cash flows that will be delivered to their hands in the very long future (in some cases no cash flows at all), with a slope, drawn from current prices, that may or may not be adequate 2) a bag of made from the psychology of other investors
"We have absolute confidence in the Titanic. We believe that the boat is unsinkable." - Philip Franklin, Vice President, White Star Line
New market comment is up! Some banger charts too. Crazy. Mountain, Cliff or Ocean 🏔️ www.hussmanfunds.com/comment/mc26...
Mountain, Cliff, or Ocean - Hussman Funds
The current level of stock market valuations remains – easily – the most speculative extreme in U.S. financial history, beyond both the 1929 and 2000 extremes. Our baseline estimate is that the S&P 50...
hussmanfunds.com
New market comment is up! Some banger charts too. Crazy. Mountain, Cliff or Ocean 🏔️ www.hussmanfunds.com/comment/mc26...
Mountain, Cliff, or Ocean - Hussman Funds
The current level of stock market valuations remains – easily – the most speculative extreme in U.S. financial history, beyond both the 1929 and 2000 extremes. Our baseline estimate is that the S&P 50...
hussmanfunds.com
The phenomenon of US stocks accumulating most of their gains in the thin overnight trading session has long puzzled investors, fed conspiracy theories and even triggered the launch of ETFs to take advantage of the anomaly. But then the "overnight drift" went away. Why? www.ft.com/content/ff2a...
Dissecting the death of overnight drift
RIP 1998–2020?
ft.com
Seuss Effect - plants, and subsequently organic material, and ultimately fossil fuels, preferentially carry Carbon 12 (the lighter isotope is chosen during photosynthesis). Spiking CO2 levels coupled with a falling proportion of Carbon 13 is like a fingerprint that says "yep, we did that."
The Leaf Sheep is a 5mm sea slug that steals chloroplasts from algae and keeps them alive in its own tissue, photosynthesizing sunlight into food. Only a handful of animals on Earth can do this.
Ho hum - dozens of overextension flags today - including this one - among the motherlode we've seen in the past 5 weeks. Without implying that speculators can't do whatever speculators choose to do, their focus rarely gets this narrow except at extremes when they're all in.
If the Buddha and Socrates boarded a spaceship in 400BC, going a million miles an hour, they'd reach Proxima Centauri, the closest star to the Sun, about 400 years from now. Meanwhile, *combined* revenues of all global telecom companies (phone, internet, cable) are ~ $1.4T. They trade about 1x. 🚀
Jeff Weniger: More than half the S&P 500's total value is now in stocks priced above 10x sales. This was once considered an outlandish valuation, as it leaves little room for error. The list includes Nvidia, Apple, GOOG, MSFT, Broadcom, Tesla, Micron, Eli Lilly, AMD, Oracle and 57 more.
english.elpais.com/economy-and-...
The popularizer of the K-shaped economy: ‘The rich are living a golden age under Trump’
Professor Peter Atwater believes economic inequality has mutated into something more dangerous for social cohesion. ‘Such an unequal economy is fragile, like a Jenga tower,’ he warns
english.elpais.com
New comment is up on the website! Record Extremes, Alternative Investments, and the Hippo May bring some fresh perspective on "diversification" - a word many investors seem to be dropping from their vocabulary. Hope you enjoy it! 🦛
“A crash is coming.” Andrew Ross Sorkin says a massive crash is inevitable. He’s one of the most credible financial journalists in the world.
"Never hold a grudge. While you're sitting there feeling sorry for yourself, the other guy's out dancing." - Buddy Hackett
Andrea Devon@andreadevon.sheshed.rocks · 3mo agoStephen Colbert dancing with Bette Midler after his final show. Just pure joy. ♥️ #SheShed
I know you don't care about valuation, risk, or history. Even we've adapted to where we'll be perfectly happy if the bubble never ends. Still, that change involves being selectively constructive with safety nets (see my May comment), not diving into flaming tar. Just sharing FYI
From Simon White at Bloomberg: “Putting gamma, realised correlation and dispersion on the same 3D grid shows that as far back as we have data, correlation has never been as low when gamma and dispersion have been as high." May be useful to know it's a historic gamma squeeze now rather than later
another motherlode as new lows push above new highs immediately after a 52-week high - and all the warning flags with sinister names kick in together not a forecast, not a market call, just FYI
Not a forecast, not a projection, not an argument. Just basic arithmetic of valuations and returns FYI
U.S. aid has always had inefficiencies, but still: Boston University estimated that aid cuts cost more than 750,000 lives worldwide in their first year. The Lancet medical journal forecast at present rates the defunding will cost 9.4 million lives by 2030, including 2.5 million children under 5.
Catherine Rampell@crampell.bsky.social · 3mo agoTrump officials are peddling a false narrative about humanitarian aid: they've made it more efficient, substituting trade over aid, creating jobs, etc. Read @nickkristof.bsky.social on why Trump's destruction of the aid system is his actually most lethal policy: www.nytimes.com/2026/05/09/o...
May comment is up early! ('cause it all be crazy out there) 🐳 (More) Roses Amid Garbage and Trap Doors www.hussmanfunds.com/comment/mc26...
(More) Roses Amid Garbage and Trap Doors - Hussman Funds
What to do? Does one capitulate and chase the bubble at the highest valuations in history? Does one wring their hands at the prospect of a bubble that might only go higher and higher forever without e...
hussmanfunds.com
