Here are the returns of Hussman's flagship Strategic Growth fund vs the S&P:

https://stockcharts.com/freecharts/perf.php?SPY,HS...

I find it amazing to contemplate, and instructive. Hussman correctly understood the tech bubble, which was the context in which his fund was founded. He also recognized (in 2003) that the slump was over, and managed to stay on the right side of things for another four years. By 2007 he had accumulated an impressive record during a period when the broad market returned less than nothing in real terms. His failure to navigate the financial crisis of 2008 hardly counts as an error; but his failure to recognize the bull market that followed is a mistake from which he appears to have learned nothing, and never recovered.

The literature on his site emphasizes the importance of discipline for investing. I couldn't agree more. My question is how anyone can look at his results and conclude that what they are seeing is discipline at work. BRK exemplifies discipline. So do the Bogleheads. This is something else entirely.

Baltassar

Berkshire Hathaway FAQ

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