At his most bearish, Hussman is "fully hedged". The returns going forward are simply the alpha between his stock picks and the market performance. Is Hussman is good stock picker or market timer? LMFAO
well theres the staggered strike too, so there's some other upside in the case of a market decline, but overall the staggered strikes have done more harm than good. I'm concerned with the use of ratios such as price to sales because its less relevant because wall street owns a lot more of itself than it did in the past.