John Hussman

John Hussman

Last Update: 08-11-2016

Number of Stocks: 183
Number of New Stocks: 29

Total Value: $654 Mil
Q/Q Turnover: 18%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

John Hussman' s Profile & Performance

Profile

Dr. Hussman is the president and principal shareholder of Hussman Strategic Advisors, the investment advisory firm that manages the Hussman Funds. He is also the President of the Hussman Investment Trust. Dr. Hussman manages Hussman Strategic Growth Fund, which invests primarily in U.S. stocks, and Hussman Strategic Total Return Fund, which invests primarily in U.S. Treasury and government agency securities.

From the fund inception in July 2000 to Oct. 31, 2008 , his Hussman Strategic Growth Fund averaged 9.9% a year, and has a cumulative gain of 118%, while the S&P500 lost more than 23%. For the 12 months ended Oct. 31, 2008 , his fund lost 0.3%, while the S&P500 lost more than 40%.

Prior to managing the Hussman Funds, Dr. Hussman was a professor of economics and international finance at the University of Michigan . His academic research centers on market efficiency and information economics. Dr. Hussman holds a Ph.D. in economics from Stanford University (1992), and two degrees from Northwestern University : a Masters degree in education and social policy (1985) and a bachelors degree in economics (1983, Phi Beta Kappa).

Web Page:http://hussmanfunds.com/

Investing Philosophy

Dr. Hussman looks at two dimensions of information to adjust his willingness to take risk. The first is valuation. F avorable valuation means that stock prices appear reasonable in view of the stream of earnings, dividends, revenues and cash flows expected in the future. The second dimension is the quality of market action . Market action considers the behavior of a wide range of securities and industry groups, in an attempt to assess the economic outlook of investors and their willingness to accept market risk.

These two dimensions of information make up four basic "Market Climates" associated with various combinations of valuation and market action. For stocks, in order of most favorable to least favorable, these Climates are: favorable valuation / favorable market action, unfavorable valuation / favorable market action, favorable valuation / unfavorable market action, and unfavorable valuation / unfavorable market action.

In the most favorable Climates, Dr. Hussman will typically hold an aggressive allocation to market risk, while in the least favorable Climates, he will typically attempt to remove the impact of market fluctuations from the portfolio through hedging (Strategic Growth Fund) or reduction in the average maturity of bond holdings (Strategic Total Return Fund). The most defensive position is a fully hedged position in which the entire value of long positions is hedged.

Dr. Hussman writes a weekly commentary which provides deep insight about current stock market valuations and actions. We strongly encourage our users to read them. As of Nov. 23, he thinks that the market is at favorable valuation level but unfavorable market actions. He is 65% hedged with his equity portfolio.

Total Holding History

Performance of Hussman Strategic Growth Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
2015-8.41.19-9.6
2014-8.513.69-22.2
2013-6.6232.39-39.0
3-Year Cumulative-21.7 (-7.8%/year)52.3 (15.1%/year)-74 (-22.9%/year)
2012-12.6216-28.6
20111.642.11-0.5
5-Year Cumulative-30.5 (-7%/year)80.4 (12.5%/year)-110.9 (-19.5%/year)
2010-3.6215.06-18.7
20094.6326.46-21.8
2008-9.02-3728.0
20074.165.49-1.3
20063.5115.79-12.3
10-Year Cumulative-31.2 (-3.7%/year)102 (7.3%/year)-133.2 (-11%/year)
20055.714.910.8
20045.1610.88-5.7
200321.0828.68-7.6
200214.02-22.136.1
200114.67-11.8926.6
15-Year Cumulative21 (1.3%/year)107.5 (5%/year)-86.5 (-3.7%/year)
200016.4-9.125.5

Top Ranked Articles

John Hussman Buys Infosys, Southern The guru's largest 2nd-quarter acquisitions
John Hussman (Trades, Portfolio) is the president and principal shareholder of Hussman Strategic Advisors, the investment advisory firm that manages the Hussman Funds. During the second quarter he bought shares in the following stocks. Read more...
John Hussman: Impermanence and Full Cycle Thinking The latest from John Hussman
My friend and teacher Thich Nhat Hanh once said, “It is not impermanence that makes us suffer. What makes us suffer is wanting things to be permanent when they are not. Wilting flowers do not cause suffering; it is the unrealistic desire that flowers not wilt that causes suffering.” Read more...
John Hussman: Race to the Bottom Injuring the real economy with paper wealth
On the basis of leading economic data we find most strongly correlated with actual subsequent economic performance, the underlying strength of the U.S. economy remains tepid at best. Read more...
John Hussman's Top-Performing Stocks Latest picks with best price performance
John Hussman (Trades, Portfolio) is the president and principal shareholder of Hussman Strategic Advisors, the investment advisory firm that manages the Hussman Funds. During the first quarter 2016, the guru increased several stakes, and the following are the ones with the highest performance since that buy. Read more...
John Hussman Acquires Stake in Nike Company is a well-known brand with good financial statements and dividend yield close to a 2-year high
John Hussman (Trades, Portfolio) purchased a 100,000-share stake in Nike Inc. (NYSE:NKE) during the first quarter. Read more...
» More John Hussman Articles

Commentaries and Stories

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John Hussman Buys Infosys, Southern The guru's largest 2nd-quarter acquisitions John Hussman,Ken Fisher,Jeremy Grantham,Sarah Kett - John Hussman Buys Infosys, Southern
John Hussman (Trades, Portfolio) is the president and principal shareholder of Hussman Strategic Advisors, the investment advisory firm that manages the Hussman Funds. During the second quarter he bought shares in the following stocks. More...

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John Hussman: Impermanence and Full Cycle Thinking The latest from John Hussman John Hussman - John Hussman: Impermanence And Full Cycle Thinking
My friend and teacher Thich Nhat Hanh once said, “It is not impermanence that makes us suffer. What makes us suffer is wanting things to be permanent when they are not. Wilting flowers do not cause suffering; it is the unrealistic desire that flowers not wilt that causes suffering.” More...

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Speculative Extremes and Historically Informed Optimism- John Hussman The weekly view from John Hussman John Hussman - Speculative Extremes And Historically Informed Optimism- John Hussman
There’s a field in one of our data sets that rarely sees much play, being driven primarily by only the most extreme combination of overvaluation, overbullish sentiment, and overbought conditions we’ve identified across history. It’s one of a variety of such syndromes we track, and I’ve simply labeled it “Bubble,” because with a single exception, this extreme variant has only emerged just before the worst market collapses in the past century. Prior to the advance of recent years, the list of these instances was: August 1929, the week of the market peak; August 1972, after which the S&P 500 would advance about 7% by year-end, and then drop by half; August 1987, the week of the market peak; March 2000, the week of the market peak; and July 2007, within a few points of the final peak in the S&P 500, with a secondary signal in October 2007, the week of that final market peak. More...

JOHN HUSSMAN


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Scrounging Through The Dumpster - John Hussman The latest from John Hussman John Hussman - Scrounging Through The Dumpster - John Hussman
From a long-term and full-cycle perspective, the most reliable valuation measures we follow - those with the strongest correlation with actual subsequent stock market returns across history - are consistent with roughly zero S&P 500 nominal total returns on a 10-12 year horizon, and the likelihood of an interim market loss of about 40-55% over the completion of the current cycle. As I noted last week, however, our near-term outlook is rather neutral, largely because enough trend-following components have improved (though our broadest measures of market internals have not) to keep us from pounding tables about immediate losses. Even as we allow for further near-term speculation, I remain convinced that the S&P 500 is likely to be lower a decade from now than it is today. More...

HUSSMAN


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John Hussman: Race to the Bottom Injuring the real economy with paper wealth John Hussman - John Hussman: Race To The Bottom
On the basis of leading economic data we find most strongly correlated with actual subsequent economic performance, the underlying strength of the U.S. economy remains tepid at best. More...

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John Hussman's Top-Performing Stocks Latest picks with best price performance John Hussman - John Hussman's Top-Performing Stocks
John Hussman (Trades, Portfolio) is the president and principal shareholder of Hussman Strategic Advisors, the investment advisory firm that manages the Hussman Funds. During the first quarter 2016, the guru increased several stakes, and the following are the ones with the highest performance since that buy. More...

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John Hussman: Head of the Snake The latest from fund manager John Hussman John Hussman - John Hussman: Head Of The Snake
“Understand that securities are not net economic wealth. They are a claim of one party in the economy - by virtue of past saving - on the future output produced by others. Fundamentally, it's the act of value-added production that ‘injects’ purchasing power into the economy (as well as the objects available to be purchased), because by that action the economy has goods and services that did not exist previously with the same value. True wealth is embodied in the capacity to produce (productive capital, stored resources, infrastructure, knowledge), and net income is created when that capacity is expressed in productive activity that adds value that didn't exist before. More...

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John Hussman Acquires Stake in Nike Company is a well-known brand with good financial statements and dividend yield close to a 2-year high John Hussman - John Hussman Acquires Stake In Nike
John Hussman (Trades, Portfolio) purchased a 100,000-share stake in Nike Inc. (NYSE:NKE) during the first quarter. More...

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John Hussman: Brexit and the Bubble in Search of a Pin The latest from John Hussman John Hussman - John Hussman: Brexit And The Bubble In Search Of A Pin
First things first. While the full attention of financial market participants is focused on “Brexit” – last week’s British referendum to exit the European Union – the singular factor to recognize here is that the vulnerability of the financial markets to steep losses has very little to do with Brexit per se. Rather, years of yield-seeking speculation, encouraged by central banks, had already brought the financial markets to a precipice prior to last week’s vote. More...

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John Hussman: Imagine The latest from John Hussman John Hussman - John Hussman: Imagine
Imagine the collapse of an extended speculative tech bubble, resulting in a broad economic recession. Imagine if the Federal Reserve had persistently slashed short-term interest rates during the downturn, to no avail, leaving rates at just 1% by the time the Standard & Poor's 500 had lost half of its value and the Nasdaq 100 collapsed by 83%. Imagine that the Fed kept rates suppressed, in the initially well-meaning hope of encouraging lending, growth and employment. Imagine that the depressed level of interest rates made investors feel starved for yield and drove them to look for safe alternatives to Treasury bills. More...

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Like Water Out of a Sponge - John Hussman The latest from market strategist John Hussman John Hussman - Like Water Out Of A Sponge - John Hussman
Last week, the 10-year Treasury yield dropped to just 1.6%. Technician Walter Murphy noted that his index of global 10-year yields also plunged to an all-time low. The overall structure of global bond yields is undoubtedly the outcome of years of aggressive monetary easing, though the break to fresh lows among European bank stocks may convey some additional information content. Of course, the compression of prospective investment returns isn’t limited to bonds. On the basis of the valuation measures best correlated withactual subsequent S&P 500 total returns across history, prospective 10-12 year S&P 500 nominal total returns have declined to just 0-2% by our estimates, with negative real expected returns on both horizons. More...

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John Hussman: Overadaptation and Market Drawdowns The latest from John Hussman John Hussman - John Hussman: Overadaptation And Market Drawdowns
The speculative premise here, as well as I can discern, seems to be that low short-term interest rates are “good” for the financial markets and that, in the absence of a material increase in interest rates by the Federal Reserve, speculative assets such as stocks, corporate credit and even junk debt will be naturally driven higher because they represent a desirable alternative to low-yielding, default-free liquidity. More...

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John Hussman: Choose Your Weapon The latest view from John Hussman John Hussman - John Hussman: Choose Your Weapon
Prevailing market conditions continue to hold the expected stock market return/risk profile in the most negative classification we identify. More...

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The Coming Fed-Induced Pension Bust – John Hussman The latest view from the guru John Hussman - The Coming Fed-Induced Pension Bust – John Hussman
Last week, I observed that, based on the most reliable measures we identify (those having the strongest correlation with actual subsequent 10- to 12-year investment returns across history as well as in recent cycles), “the expected return on a traditional portfolio mix is actually lower at present than at any point in history except the 1929 and 1937 market peaks. QE has effectively front loaded realized past returns while destroying the future return prospects of conventional portfolios, at least as measured from current valuations. As a result, the coming years are likely to see a major pension crisis across both corporations and municipalities because the illusory front loading of returns has encouraged profound underfunding.” More...

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Blowing Bubbles: QE and the Iron Laws – John Hussman The latest from John Hussman John Hussman - Blowing Bubbles: QE And The Iron Laws – John Hussman
Look across the room you’re in, and imagine there’s a $100 bill taped in the far upper corner, where the walls and ceiling meet. Imagine you’re handing over some amount of money today in return for a claim on that $100 bill 12 years from now. More...

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John Hussman Sells Broadcom, Cognizant Guru's largest sales during the 1st quarter John Hussman,Andreas Halvorsen,Eric Mindich,PRIMEC - John Hussman Sells Broadcom, Cognizant
John Hussman is the president and principal shareholder of Hussman Strategic Advisors, the investment advisory firm that manages the Hussman Funds. He is also the president of the Hussman Investment Trust. Hussman manages Hussman Strategic Growth Fund, which invests primarily in U.S. stocks, and Hussman Strategic Total Return Fund, which invests primarily in U.S. Treasury and government agency securities. These were the most heavily weighted sales during the first quarter. More...

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Latent Risks and Critical Points – John Hussman The latest view from John Hussman John Hussman - Latent Risks And Critical Points – John Hussman
The Standard & Poor's 500 Index remains just 3.5% below its May 2015 peak yet is also at the same level it set in November 2014, 18 months ago. I continue to view market action as tracing out the arc of a major top formation, completing the third speculative financial bubble in 16 years. Downside risk remains significant, and even our short-term view has shifted back from neutral to hard-negative. Given that the behavior of single indices can be “noisy,” the following chart shows the average behavior of major global equity indices, including the U.S., European, British, Hong Kong and Japanese stock markets. This may provide a broader view of equity market pressures here. The respective level of each index on Dec. 31, 2014 is scaled to 1.0. More...

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John Hussman: 'Justified Consequences' The latest from John Hussman John Hussman - John Hussman: 'Justified Consequences'
Market conditions continue to be characterized by the likelihood of extremely poor long-term and full-cycle outcomes, with expected 10- to 12-year estimated Standard & Poor's 500 nominal total returns in the 0% to 2% range, negative expected real returns on both horizons and the continued likelihood of a 40% to 55% interim market loss over the completion of the current cycle; a decline that would represent only a typical run-of-the-mill cycle completion, based on valuation measures most tightly related with actual subsequent market returns across history. More...

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John Hussman: Lessons From the Iron Law of Equilibrium The latest from John Hussman John Hussman - John Hussman: Lessons From The Iron Law Of Equilibrium
Last week, the spread between bullish and bearish sentiment widened substantially, pushing market conditions to what I’ve often described as an “overvalued, overbought, overbullish” syndrome. More...

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John Hussman: Permanently High Plateaus Have Poor Precedents Hussman examines current valuations John Hussman - John Hussman: Permanently High Plateaus Have Poor Precedents
“Stock prices have reached what looks like a permanently high plateau.” More...

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