他不是第一次這樣了 Wiki上面找到的資料： 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 管理的資產達到 67 億美元。然而在 2013 到 2017 年之間 ，他的看法變得越來越悲觀，主張美國聯準會的「量化寬鬆」（QE）與零利率政策造成了 「高度估值的市場」。因此他的投資績效受到影響，被貼上「永久空頭」（permabear） 的標籤。這段期間他的表現大幅落後 S&P 500，與 2013 年之前的亮眼成績形成對比。到 2017 年底，他的管理資產已下降至 10 億美元。 Hussman 多次評論自己在那段時間的錯誤，將原因追溯到 2008 年金融危機後，他堅持用 大蕭條時期的資料對模型進行壓力測試，讓他過度強調「高估值、過度買進、過度樂觀」 這些在歷史上通常代表市場見頂的訊號。 2017 年底，他放棄了這種做法，並表示：「顯然，一旦利率降到零，華爾街的集體智商 也跟著歸零了。」 就是輸了還要嘴砲的那種 --

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