他不是第一次这样了 Wiki上面找到的资料： By September 2010, Hussman managed US$6.7 billion. However, between 2013 and 2 017, he became increasingly bearish, asserting that the "quantitative easing" ("QE") and zero interest rate policies of the Federal Reserve had contributed to a “hypervalued market”,[6] Hussman's investment performance suffered as a result, and he was labeled a “permabear”. His performance during this perio d sharply lagged the S&P 500, in contrast to the years prior to 2013. By late- 2017, assets under management had declined to US$1 billion. Hussman has regula rly commented on his error during that period,[7] tracing it to his insistence on stress-testing his methods against Depression-era data following the 2008 financial crisis, which led him to emphasize the importance of “overvalued, o verbought, overbullish” conditions that had historically been reliable indica tions of market tops.[8] In late-2017, he gave up, saying "Evidently, once int erest rates hit zero, so did the collective IQ of Wall Street" 到 2010 年 9 月，Hussman 管理的资产达到 67 亿美元。然而在 2013 到 2017 年之间 ，他的看法变得越来越悲观，主张美国联准会的「量化宽松」（QE）与零利率政策造成了 「高度估值的市场」。因此他的投资绩效受到影响，被贴上「永久空头」（permabear） 的标签。这段期间他的表现大幅落後 S&P 500，与 2013 年之前的亮眼成绩形成对比。到 2017 年底，他的管理资产已下降至 10 亿美元。 Hussman 多次评论自己在那段时间的错误，将原因追溯到 2008 年金融危机後，他坚持用 大萧条时期的资料对模型进行压力测试，让他过度强调「高估值、过度买进、过度乐观」 这些在历史上通常代表市场见顶的讯号。 2017 年底，他放弃了这种做法，并表示：「显然，一旦利率降到零，华尔街的集体智商 也跟着归零了。」 就是输了还要嘴炮的那种 --

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