John Hussman

John Peter Hussman (born 15 October 1962) is an American stock market analyst and hedge fund owner. From 1992 to 1998, Hussman was Professor of Economics and International Finance at the University of Michigan.[2][3] In 1998–2000, Hussman set up Hussman Strategic Advisors, a hedge fund which successfully anticipated the dot-com bubble.[4] Hussman also successfully anticipated the 2008–09 credit crisis[5], but has severely under performed since then.

John Hussman
Born
John Peter Hussman

(1962-10-15) October 15, 1962
NationalityAmerican
Alma mater
Northwestern University
(B.Sc 1979–1983)
Occupation
Prof. International Finance University of Michigan (1992–98)
Known forFounding and leading Hussman Strategic Advisors
Spouse(s)Theresa "Terri" Hussman[1]
Children2
WebsiteHussman Funds

In September 2010, Hussman managed US$ 6.7 billion.[6][4] Since the post-2013 recovery, Hussman has remained bearish, asserting that central banking "quantitative easing" ("QE") has distorted markets and created a false recovery, and inflated asset prices, which had led to extremely poor investment performance.[6] As of 30 September 2019, Hussman's Strategic Growth fund had a 10-year average annual loss of -7.23% (-53% total loss), compared to a 13.24% average annual gain (+250% total gain) by its benchmark, the S&P 500. [7] By 2018, asset under management declined to USD 1 billion.[6][8]

Hussman is also known for a strongly quantitative approach to macro-investing and produces a regular newsletter freely available on this website, that updates Hussman's forecast 10–year return on the S&P500, which since 2015, has remained below 0%. In July 2017, Hussman said that markets were "at the most offensive level of overvaluation in history" — even worse than in 1929 and 2000".[9] In June 2018, Hussman forecast a fall in excess of 64% (two thirds).[10]

In addition to his activity as an investor, in 2004 he established the Hussman Foundation which seeks to "provide life-changing assistance through medical research, education, and direct aid to vulnerable populations having urgent needs or significant disabilities".[2]

See also

References
  1. "Hussman, Stinars among those honored for philanthropy". Towson University. 7 November 2013.
  2. "John Peter Hussman". The Hussman Institute for Autism. 2018.
  3. Blodget, Henry (2009-06-02). "John Hussman: Why I Quit Academia And Became A Money Manager". The Business Insider. Retrieved 2009-11-12.
  4. JEFF BUKHARI (9 March 2017). "Famed Investor Predicts Historic Market Drop". Fortune. That’s the view of John Hussman, president of the mutual fund Hussman Investment Trust, seasoned investor, and Stanford University economics PhD. Hussman says you can expect the S&P 500 to return no more than 1% on average over the next decade. Sooner than that, he predicts, the stock market may plunge as much as 60%
  5. ELIZABETH LEARY (5 July 2009). "Interview with John P. Hussman". Kiplinger's Personal Finance. Among mutual fund managers, John Hussman, who runs Hussman Strategic Growth (symbol HSGFX), has one of the best records of correctly judging when stocks will pay off and when they'll deliver lemons. From its inception in 2000 through June 5, Hussman's unconventional fund gained 8.9% annualized. Over the same period, Standard & Poor's 500-stock index lost an average of 3.1% per year
  6. Daisy Maxey (4 September 2017). "A Stock 'Permabear' Won't Give In". Wall Street Journal.
  7. "Strategic Growth Fund Performance" (PDF).
  8. Morgan Housel (13 March 2015). "Learning From a Lagging Mutual Fund". Wall Street Journal. A net $4.5 billion has been withdrawn from the fund since January 2011. The fund now manages 87% less money than it did at its peak in late 2010.
  9. Joe Ciolli. "A flawed argument used by Warren Buffett could be setting stocks up for 'one of the worst disasters in history'". Business Insider. And when discussing price levels, he doesn't exactly pull any punches, saying US equities are now "at the most offensive level of overvaluation in history" — even worse than in 1929 and 2000.
  10. Sue Chang (31 July 2018). "This 'prophet of doom' predicts stock market will plunge more than 50%". MarketWatch. Hussman’s claim to fame includes forecasting the market collapses of 2000 and 2007–2008. [...] In his most recent call, he argued that measured “from their highs of early-2018, we presently estimate that the completion of the current cycle will result in market losses on the order of -64% for the S&P 500 index, -57% for the Nasdaq-100 Index, -68% for the Russell 2000 index, and nearly -69% for the Dow Jones Industrial Average.”
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