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Hussman Strategic Growth Fund (HSGFX)

Nasdaq - Nasdaq Delayed Price. Currency in USD
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6.36-0.01 (-0.16%)
At close: 6:46PM EST
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  • J
    Jim
    Mr. Hussman locked in another down year for 2020, one of many in the past. His poor performance of the last 10 years is one for the books for sure.
  • M
    MichaelS
    Fund is on fire suddenly
  • M
    MichaelS
    SPX 3621. He still sees 1200, a loss of almost 70 percent. I say it will gain 70 percent minimum by 2024 election, to hit 6000+++. Let's see
  • J
    Jim
    Huss takes a spanking again and again! A big 3.73% loss for the day!
  • t
    thermo_bea
    Nothing to see here folks, just an article co-written by a Nobel prize winning economist along with some quants that shows that equity valuations may not be as stretched as they look. https://www.project-syndicate.org/commentary/making-sense-of-soaring-stock-prices-by-robert-j-shiller-et-al-2020-11
  • t
    thermo_bea
    Hussman has been bearish for years and years and has been losing money hand over fist as the bull market charged higher. Today the markets crashed in one of the biggest drops in history. Hussman was flat. Actually, he managed to lose a penny per share just to drive home how catastrophic the fund is. It's a horror show and I guess that is what keeps a handful of us watching it.

    I can imagine the dread and anger felt by long time shareholders who have been waiting and waiting and waiting while their investments vanish before their eyes. Waiting for market turbulence. Waiting for the market to finally crash so that Hussman can make up at least some of those losses. And yet the time has come and... nothing.
  • b
    bruce
    He is getting incensed here lately about Trump on election eve. If he gets his wish and Biden is elected maybe the market craters within a year with economic results resembling Hussie's favorite president, Jimmy Carter. Maybe then!!!!!! his mutual fund will perform better.......ironically.
  • d
    dewey rockatansky
    Today was a special day for HSGFX: despite all of his shorting and being down on up days, all of the indexes were down (Dow, S&P 500, Wilshire 4500) and Johnny was down by more (-.50%). How does he do it?
  • M
    MichaelS
    Spx 3575 hsgfx 5.93. Let's track the next 14 months. I make a claim of SPX 4200 and HSGFX 5.75 as rates will be 0 or negative for generations
  • D
    DAVID Z
    Today, 7/24/2019, marks the 19th anniversary of HSGFX. Yesterday, it celebrated the end of its first 19 years of operations by closing at another all time low. If you had invested $10,000 in HSGFX on 7/24/2000, today you would have $10,052.45 after accounting for dividends. HSGFX must have one of the worst ever performances for a mutual fund that has managed to survive for a full 19 years.

    The next easily achievable goal is for HSGFX to completely erase the $52.45 profit from its first 19 years. That requires only an additional $.03 drop. Come on, Doc! We know you can do it!
  • R
    Robert
    Hussman's recent commentary (12/3/17) makes historical sense. It is sound, based on history. Problem is, nothing in the current cycle is remotely similar to past history. Never in market history have central banks created "money" out of thin air and then used that money to purchase stocks. That is exactly what has happened and is happening.

    Hussman has yet to address this "new reality." To wit, when money is "free" and unlimited, what will stop governments from creating vast amounts of money and then using that money to purchase stocks (among other assets), thus driving them to permanently high levels?

    Moreover, given global governments' ability to continue to create new "money" with which to purchase more stocks, why would stock valuations necessarily follow traditional projections/predictions when the money to purchase stocks is essentially unlimited?

    John: you have failed to respond to these questions directed to you personally. Perhaps you will find the time to respond to this very post. Answer this: Since governments across the globe are highly interested in preventing shocks to their citizens and retirees, why wouldn't they continue to print money out of thin air and buy stocks with them? What will stop them and how certain are you that they can be stopped? Your answers cannot include the words "history has shown..."
  • J
    John
    If I had stayed in this guy's fund I would have lost about 40% of my investment. There'a a fundamental rule in investing i.e., "don't fight the Fed". In the last 11 years the Fed has been in interest rate lowering mode for 10 of those years. This has to be the absolutely worst mutual fund in the United States. I have little doubt that he'll stop wasting money on index puts at just the wrong time and the fund will still drop if the S&P tanks. His missives on hussmanfunds.com have, for a decade, ranted about how he's right and market is wrong. He's a terrible financier.
    Bearish
  • B
    Benjamin
    We're back to market up, Hussman down; market down, Hussman down. His clients must not care if they lose.

    He's getting desperate on Twitter. He made 19 posts today, more than his buddy Trump. Most of the posts were accompanied by a chart or he was quoting himself. He's trying to hang on long enough for the next bear market when he will then declare victory. Remember, he was bearish at the bottom in March 2009, so the only way he can be correct in this market cycle is for the market to go below that level which is about an 80% drop which even he is not calling for!
  • t
    thermo_bea
    FYI, the S&P 500 closed today 19.0% below its previous all time high close in Feb. Hussman is up 14.6% against the fund's all time low in Feb. (It makes sense to compare the fund with S&P 500 closes rather than intra-day, because the fund only prices at the daily close.)

    So, yeah, he's making up some ground, but not nearly enough. When he finally admits the "full cycle" is complete (if he every does) we'll see what the fund's performance looks like vs. a) buy and hold and b) simply buying a simply hedged fund such as a covered call fund. I don't think it's going to be pretty.
  • t
    thermo_bea
    Here's a key line from a recent memo from Oaktree's Howard Marks (a very well-respected and long-term successful investor). Marks put the following sentence in bold: "Blind faith in the relevance of past patterns makes no more sense than completely ignoring them." He goes on to state "There has to be good reason to believe the past can be extrapolated to the future... it has to be informed extrapolation" (with "informed" underlined). Marks goes on to list several major current market factors and states "The future for all these things is clearly unknowable".

    Let that settle in, because regardless of the endless diatribes and charts and claims that behind the scenes there's much mathier math, Hussman's approach is simply to extrapolate the past and insist that the future must reflect past patterns. The problem is that all of Hussman's work is informative and helps frame expected returns, but provides no useful guidance for successful investing.

    Hussman's claimed 2014 completion of the "awkward transition" to incorporate past patterns of "investor preferences toward risk-seeking or risk-aversion ...inferred from observable market internals and credit spreads" is simply another layer (variable) of past patterns.
  • d
    dewey rockatansky
    A new all time low for HSGFX! Way to go, Johnny. You’re so smart. Here’s Hussman’s epitaph—“I’m not wrong; the market is.”
  • K
    KeepinItReal
    During the longest bull market in history, Hussman has NEVER once been long. Fact. Criminal he's still able to steal millions in fees from shareholders he's impoverished.
  • D
    DAVID Z
    And just like that, HSGFX closed today at $5.67, making losers out of every single long term buy and hold investor. The only exception -- Hussman himself. He has grown rich collecting management fees while his clients suffer. I wish there were some way to hold him accountable, but unfortunately there are no criminal penalties for being incompetent. I hope his remaining investors wise up and take their money elsewhere.
  • t
    thermo_bea
    In Hussman's most recent commentary, which I skimmed, he once again suggests that investing strategy can be strongly informed by appealing to physics. He again proudly curve fits and proclaims. This reminds me of this blog post, which everyone should read. When you read this post, the references to the physicist should have your ears ringing with "Hussman".

    http://www.collaborativefund.com/blog/the-unsolvable-puzzle/

    "Physics is guided by rational laws that have never, and will never, change. ... Biology is different. It’s guided by things like accident and mutation, so specific behaviors sometimes defy logic and can change entirely as evolution bulldozes the past."

    "Too many investors view their field like a physicist ..., searching for something that’s logical and permanent, while not enough view it like a virologist, needing to update their knowledge and tactics to evolve with the chaos of what happens to work now."

    "The investing industry is filled with brilliant people and terrible results. The reason is that the field has less to do with the kind of knowledge that makes a good physicist, and more to do with the rare intellectual flexibility and nimbleness that makes a good flu vaccine researcher."
  • D
    DAVID
    HSGFX has set new all time lows in the past two trading sessions, and has now lost money for long term buy and hold investors since its inception on 7/24/2000. A $10,000 investment back then would be worth only $9,982.52 today, even after accounting for dividends. Quite frankly, Hussman is starting to run out of new goals worthy of his spectacular incompetence as a money manager. There were a few times in 2000, however, when HSGFX fell below its inception price. Anyone lucky enough to invest then would still be showing a profit. To completely erase all profits from any past purchase on any date whatsoever would require HSGFX to close at $5.68, down $.03 from its current price of $5.71. Come on, Doc! We know you can do it!.