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Hussman Funds/John Hussman/June 2021
“Coherent thinking is interested in how things are related; where they come from, where they go, and the mechanisms by which they affect each other. Incoherent thinking is a world of magic, loose theory, and superstition; where things pop into existence, vanish without a trace, and are somehow related without any need to carefully describe cause and effect. Much of what passes for economic and financial analysis is incoherent. I’ve chosen that word carefully. The problem is not that the beliefs of investors are ‘less true’ than they think. It’s that many of the most commonly repeated phrases don’t mean anything close to what investors think they mean.”
USAGOLD note: More deep analysis from John Hussman, who believes zero interest rates have introduced self-reinforcing bubbles. “Overvaluation doesn’t create wealth,” he concludes. “It simply enables a wealth transfer from others, and only then if a holder actually sells at the elevated price.” Even that transfer of wealth, we will add, would be threatened by an on-going debasement of the currency. That is why diversification with gold and silver is so important.
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