John Hussman Expects a “Far Deeper Retreat” For The Stock Market In 2023

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“MarketCap/GVA is our most reliable valuation gauge in market cycles across history, including recent decades. Notice how little impact the 2022 market decline to-date has had on valuations,” he said. “Though recent market losses have removed the most extreme speculative froth, our most reliable valuation measures remain near their 1929 and 2000 extremes.”

Hussman said his models show the S&P 500 could slump another 60% in the months and years ahead, adding that investors should prepare a “very long, interesting trip to nowhere” for stocks. 

He also said he expects -6% returns over the next 10-12 years for the S&P 500.