John Hussman: Why QE2 is Illegal, and Realistic Stock Return Expectations

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Excellent commentary from John Hussman (as usual) in his most recent weekly piece. On expected returns based on dividend yields (yes, THAT barbaric measure of value): Our estimates for S&P 500 total returns remain below 5% at every horizon shorter than a decade. One can argue that 5% is “attractive” relative to less than 3% […]

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Some bulls are claiming the S&P is now cheap by historical standards (ironically after a record rally in stocks that made them more expensive!) Their shouts of bullish fundamentals are erroneous, according to acclaimed fund manager John Hussman.  In his latest market commentary, Hussman writes: On a valuation basis, the S&P 500 remains about 40% […]

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