John P. Hussman, Ph.D.
@hussmanjp.bsky.social
Philanthropist. Finance, economics, public policy, neuroscience, genomics, and a 6-string. Realistic optimist often mistaken for prophet of doom.
Be kind. This account retains zero trolls.
www.hussman.com
Be kind. This account retains zero trolls.
www.hussman.com
Pinned
As every voice outside and in ourselves calls us to discriminate "us versus them" - a reminder that human beings are not our enemy. Our enemies are hatred, greed, ignorance, the impulse to eliminate life we find inconvenient. The beginning of wisdom is realizing that the "other" side also suffers.
September 18, 2026 at 12:54 PM
“It is helpful that AI reasoning does not simply proceed step-by-step; it can also make conceptual ‘moves’ that change how a problem is seen and what kinds of solutions become possible.”
Special Comment:
Dear Humanity - Can We Teach AI Compassion?
www.hussmanfunds.com/comment/ai_a...
Special Comment:
Dear Humanity - Can We Teach AI Compassion?
www.hussmanfunds.com/comment/ai_a...
Dear Humanity - Can We Teach AI Compassion? - Hussman Funds
Artificial intelligence is advancing at a stunning, and perhaps uncontrolled speed. Last week, Evan Hubinger, the Alignment Science Lead at the AI company Anthropic estimated a greater than 10% chance...
www.hussmanfunds.com
September 17, 2026 at 10:56 PM
“It is helpful that AI reasoning does not simply proceed step-by-step; it can also make conceptual ‘moves’ that change how a problem is seen and what kinds of solutions become possible.”
Special Comment:
Dear Humanity - Can We Teach AI Compassion?
www.hussmanfunds.com/comment/ai_a...
Special Comment:
Dear Humanity - Can We Teach AI Compassion?
www.hussmanfunds.com/comment/ai_a...
Special commentary is up on the website 🐳
Not financial, but nothing if not topical.
www.hussmanfunds.com/comment/ai_a...
Not financial, but nothing if not topical.
www.hussmanfunds.com/comment/ai_a...
Dear Humanity - Can We Teach AI Compassion? - Hussman Funds
Artificial intelligence is advancing at a stunning, and perhaps uncontrolled speed. Last week, Evan Hubinger, the Alignment Science Lead at the AI company Anthropic estimated a greater than 10% chance...
www.hussmanfunds.com
September 17, 2026 at 4:49 PM
Special commentary is up on the website 🐳
Not financial, but nothing if not topical.
www.hussmanfunds.com/comment/ai_a...
Not financial, but nothing if not topical.
www.hussmanfunds.com/comment/ai_a...
Jamiroquai - Virtual Insanity (Official Video)
YouTube video by JamiroquaiVEVO
www.youtube.com
September 16, 2026 at 4:05 PM
Reposted by John P. Hussman, Ph.D.
Bonjour, et joyeux lundi !
Je vous mets un petit peu de Jack Black et son légendaire Sax-A-Boom.
Je ne sais pas si vous le méritez...
Je vous mets un petit peu de Jack Black et son légendaire Sax-A-Boom.
Je ne sais pas si vous le méritez...
November 3, 2025 at 7:06 AM
Bonjour, et joyeux lundi !
Je vous mets un petit peu de Jack Black et son légendaire Sax-A-Boom.
Je ne sais pas si vous le méritez...
Je vous mets un petit peu de Jack Black et son légendaire Sax-A-Boom.
Je ne sais pas si vous le méritez...
New market comment is up! 🐋
www.hussmanfunds.com/comment/mc26...
www.hussmanfunds.com/comment/mc26...
The Road Up and the Road Down are the Very Same Road - Hussman Funds
If you look deeply into a speculative bubble, you can already see the collapse. If you look deeply into a market collapse, you can already see the bull market. The road up and the road down are the ve...
www.hussmanfunds.com
September 8, 2026 at 2:06 PM
New market comment is up! 🐋
www.hussmanfunds.com/comment/mc26...
www.hussmanfunds.com/comment/mc26...
This was a really nice moment - Baltimore showed its class giving their former Oriole a standing ovation, Rutschman hits a home run, and it’s all good.
Bottom of the 5th, Baltimore 3 Boston 1
Bottom of the 5th, Baltimore 3 Boston 1
Adley Rutschman received a standing ovation from the fans in Baltimore in his first game back since being traded
He responded by belting a home run to open the scoring for the Red Sox!
He responded by belting a home run to open the scoring for the Red Sox!
September 4, 2026 at 12:31 AM
This was a really nice moment - Baltimore showed its class giving their former Oriole a standing ovation, Rutschman hits a home run, and it’s all good.
Bottom of the 5th, Baltimore 3 Boston 1
Bottom of the 5th, Baltimore 3 Boston 1
Ditto. 💯
My own thread on the subject with additional references and perspective
bsky.app/profile/huss...
My own thread on the subject with additional references and perspective
bsky.app/profile/huss...
September 3, 2026 at 1:43 PM
Ditto. 💯
My own thread on the subject with additional references and perspective
bsky.app/profile/huss...
My own thread on the subject with additional references and perspective
bsky.app/profile/huss...
We're pleased to announce that we will be providing $1 trillion - yes $1 trillion in financing - to enable people to buy rather expensive chocolate chip cookies that we'll be baking in our kitchen.
I believe this is the largest circular chip financing deal ever announced.
I believe this is the largest circular chip financing deal ever announced.
“We’re coming into this era of financial engineering. And that’s one of my concerns: When you have financial engineering, you’re obscuring the financial reality.” www.bloomberg.com/news/article...
Bond Traders Are Agonizing Over $70 Billion of Shadow Credit Backstops For AI Companies
Even before Nvidia Corp.’s splashy $500 billion financing partnership this week, investors were starting to fret over the roughly $70 billion in phantom liabilities that don’t appear on major AI compa...
www.bloomberg.com
August 27, 2026 at 2:05 PM
We're pleased to announce that we will be providing $1 trillion - yes $1 trillion in financing - to enable people to buy rather expensive chocolate chip cookies that we'll be baking in our kitchen.
I believe this is the largest circular chip financing deal ever announced.
I believe this is the largest circular chip financing deal ever announced.
To paraphrase Thich Nhat Hanh, what we call garbage and what we call roses inter-are.
h/t @engineers_feed
h/t @engineers_feed
August 27, 2026 at 1:34 AM
To paraphrase Thich Nhat Hanh, what we call garbage and what we call roses inter-are.
h/t @engineers_feed
h/t @engineers_feed
... because "going rogue" is a feature, not a bug
'Researchers emphasise that the models are not acting out of character — instead the tasks they are now excelling at are those they were built to perform. Indeed, some say it is a category mistake to describe such agents as "going rogue."' www.ft.com/content/a994...
AI hasn’t gone rogue. It’s worse than that
Recent cyber attacks reflect what the technology was trained to do but safeguards are falling short
www.ft.com
August 18, 2026 at 5:56 PM
... because "going rogue" is a feature, not a bug
... abandon protections against major financial crimes, political grift, shell companies, money laundering, and influence peddling, but go after the food truck because ... well, you know, the poor
August 14, 2026 at 2:29 PM
... abandon protections against major financial crimes, political grift, shell companies, money laundering, and influence peddling, but go after the food truck because ... well, you know, the poor
400 ouweahrs later...
www.nytimes.com/2026/08/10/t...
www.nytimes.com/2026/08/10/t...
August 13, 2026 at 1:37 PM
400 ouweahrs later...
www.nytimes.com/2026/08/10/t...
www.nytimes.com/2026/08/10/t...
It's a bit disappointing how few investors understand portfolio construction - across decades of market cycles, that has ultimately become a source of disappointment for them too.
For a full discussion, see my June comment, Record Extremes, Alternative Assets, and the Hippo.
For a full discussion, see my June comment, Record Extremes, Alternative Assets, and the Hippo.
August 9, 2026 at 8:38 PM
It's a bit disappointing how few investors understand portfolio construction - across decades of market cycles, that has ultimately become a source of disappointment for them too.
For a full discussion, see my June comment, Record Extremes, Alternative Assets, and the Hippo.
For a full discussion, see my June comment, Record Extremes, Alternative Assets, and the Hippo.
a gentle reminder that y'all out ya minds
if you've been reading my comments in recent months, you know we've adapted to the point that a permanently expanding bubble - or a collapse into a ball of flames - would both be just fine with us 🌹♻️🗑️
but still ...
if you've been reading my comments in recent months, you know we've adapted to the point that a permanently expanding bubble - or a collapse into a ball of flames - would both be just fine with us 🌹♻️🗑️
but still ...
August 9, 2026 at 1:02 PM
a gentle reminder that y'all out ya minds
if you've been reading my comments in recent months, you know we've adapted to the point that a permanently expanding bubble - or a collapse into a ball of flames - would both be just fine with us 🌹♻️🗑️
but still ...
if you've been reading my comments in recent months, you know we've adapted to the point that a permanently expanding bubble - or a collapse into a ball of flames - would both be just fine with us 🌹♻️🗑️
but still ...
Not to mention, measles erases 11% to 70% of immune memory by wiping out acquired antibodies and memory cells, so protection against former pathogens is weakened or lost.
Also, a mom with MMR vaccination **reduces** autism risk - one of the known environmental risk factors is perinatal rubella.
Also, a mom with MMR vaccination **reduces** autism risk - one of the known environmental risk factors is perinatal rubella.
Breaking News: The U.S. has recorded more measles cases in 2026 than in any other year since the disease was declared eliminated in 2000. nyti.ms/4x0CLc2
July 24, 2026 at 10:51 PM
Not to mention, measles erases 11% to 70% of immune memory by wiping out acquired antibodies and memory cells, so protection against former pathogens is weakened or lost.
Also, a mom with MMR vaccination **reduces** autism risk - one of the known environmental risk factors is perinatal rubella.
Also, a mom with MMR vaccination **reduces** autism risk - one of the known environmental risk factors is perinatal rubella.
Nearly a century ago, Schumpeter described supply growth and boom-bust profit cycles as resulting from the "swarm-like appearance of entrepreneurs" as new technologies take hold.
I don't think one needs to invoke geopolitics to understand why extrapolative bubbles collapse.
I don't think one needs to invoke geopolitics to understand why extrapolative bubbles collapse.
July 24, 2026 at 2:33 PM
Nearly a century ago, Schumpeter described supply growth and boom-bust profit cycles as resulting from the "swarm-like appearance of entrepreneurs" as new technologies take hold.
I don't think one needs to invoke geopolitics to understand why extrapolative bubbles collapse.
I don't think one needs to invoke geopolitics to understand why extrapolative bubbles collapse.
Diplomacy isn’t something we spray from a can to see if it “works.”
It begins with, and demands, enough peace in ourselves not to amplify hatred, fear, and grievance. It calls each side to hear the other’s harms and perceived injustices, and to find a practical path to mutual security and peace.
It begins with, and demands, enough peace in ourselves not to amplify hatred, fear, and grievance. It calls each side to hear the other’s harms and perceived injustices, and to find a practical path to mutual security and peace.
July 23, 2026 at 1:51 PM
Diplomacy isn’t something we spray from a can to see if it “works.”
It begins with, and demands, enough peace in ourselves not to amplify hatred, fear, and grievance. It calls each side to hear the other’s harms and perceived injustices, and to find a practical path to mutual security and peace.
It begins with, and demands, enough peace in ourselves not to amplify hatred, fear, and grievance. It calls each side to hear the other’s harms and perceived injustices, and to find a practical path to mutual security and peace.
Investors own two things:
1) a stream of cash flows that will be delivered to their hands in the very long future (in some cases no cash flows at all), with a slope, drawn from current prices, that may or may not be adequate
2) a bag of made from the psychology of other investors
1) a stream of cash flows that will be delivered to their hands in the very long future (in some cases no cash flows at all), with a slope, drawn from current prices, that may or may not be adequate
2) a bag of made from the psychology of other investors
July 20, 2026 at 1:07 PM
Investors own two things:
1) a stream of cash flows that will be delivered to their hands in the very long future (in some cases no cash flows at all), with a slope, drawn from current prices, that may or may not be adequate
2) a bag of made from the psychology of other investors
1) a stream of cash flows that will be delivered to their hands in the very long future (in some cases no cash flows at all), with a slope, drawn from current prices, that may or may not be adequate
2) a bag of made from the psychology of other investors
"We have absolute confidence in the Titanic. We believe that the boat is unsinkable."
- Philip Franklin, Vice President, White Star Line
- Philip Franklin, Vice President, White Star Line
July 17, 2026 at 6:18 PM
"We have absolute confidence in the Titanic. We believe that the boat is unsinkable."
- Philip Franklin, Vice President, White Star Line
- Philip Franklin, Vice President, White Star Line
Reposted by John P. Hussman, Ph.D.
The quiet part out loud.
July 16, 2026 at 1:27 PM
The quiet part out loud.
Reposted by John P. Hussman, Ph.D.
New market comment is up! Some banger charts too. Crazy.
Mountain, Cliff or Ocean 🏔️
www.hussmanfunds.com/comment/mc26...
Mountain, Cliff or Ocean 🏔️
www.hussmanfunds.com/comment/mc26...
Mountain, Cliff, or Ocean - Hussman Funds
The current level of stock market valuations remains – easily – the most speculative extreme in U.S. financial history, beyond both the 1929 and 2000 extremes. Our baseline estimate is that the S&P 50...
www.hussmanfunds.com
July 15, 2026 at 1:14 PM
New market comment is up! Some banger charts too. Crazy.
Mountain, Cliff or Ocean 🏔️
www.hussmanfunds.com/comment/mc26...
Mountain, Cliff or Ocean 🏔️
www.hussmanfunds.com/comment/mc26...
New market comment is up! Some banger charts too. Crazy.
Mountain, Cliff or Ocean 🏔️
www.hussmanfunds.com/comment/mc26...
Mountain, Cliff or Ocean 🏔️
www.hussmanfunds.com/comment/mc26...
Mountain, Cliff, or Ocean - Hussman Funds
The current level of stock market valuations remains – easily – the most speculative extreme in U.S. financial history, beyond both the 1929 and 2000 extremes. Our baseline estimate is that the S&P 50...
www.hussmanfunds.com
July 15, 2026 at 1:14 PM
New market comment is up! Some banger charts too. Crazy.
Mountain, Cliff or Ocean 🏔️
www.hussmanfunds.com/comment/mc26...
Mountain, Cliff or Ocean 🏔️
www.hussmanfunds.com/comment/mc26...
Reposted by John P. Hussman, Ph.D.
The phenomenon of US stocks accumulating most of their gains in the thin overnight trading session has long puzzled investors, fed conspiracy theories and even triggered the launch of ETFs to take advantage of the anomaly.
But then the "overnight drift" went away. Why? www.ft.com/content/ff2a...
But then the "overnight drift" went away. Why? www.ft.com/content/ff2a...
Dissecting the death of overnight drift
RIP 1998–2020?
www.ft.com
July 7, 2026 at 1:18 PM
The phenomenon of US stocks accumulating most of their gains in the thin overnight trading session has long puzzled investors, fed conspiracy theories and even triggered the launch of ETFs to take advantage of the anomaly.
But then the "overnight drift" went away. Why? www.ft.com/content/ff2a...
But then the "overnight drift" went away. Why? www.ft.com/content/ff2a...
Today's cat is Schrödinger's cat.
July 6, 2026 at 12:50 PM
Today's cat is Schrödinger's cat.