On one hand, Hussman is completely brilliant. With his prose. His assessments of markets is of negative value, however. He is and has been 100% wrong. Not 99%. He’s even more wrong than Dennis Gartman.
He has probably made zero since the bottom of the markets in 2009 because the market has ALWAYS been grossly over priced, overvalued, overbought.
In the decade or so since I first heard of him, he’s never been bullish for one second. You can go look at anything he has written over the past decade. He is not gloomy bearish, he’s just “you’ll make nothing if you buy here because it’s badly overpriced and one day the universe will wake up and ascribe the correct value to all these things”.
Value investors cannot understand today's markets, which are All Momentum, All The Time. Under any traditional, honest method of valuing equity assets, the markets are quite insane. But betting that way is the fastest way to lose money. If one believes market prices are at immoral levels because price discovery is completely broken, the better course is to simply find alternative ways to invest your capital.