It’s been quite the week for sweeping statements. John Hussman, the founder of Hussman Funds, known for predicting the 2000 and 2008 market crashes, said: “We enter 2022 amid the most extreme financial bubble in US history.” Jeremy Grantham, the famously bearish investor at asset manager GMO, described our current predicament as a “super-bubble”. When it pops, he predicted, we will see “the largest potential markdown of perceived wealth in US history”. And amid a halving of the bitcoin price from the all-time high it hit just two months ago, Oxford professor Robert McCauley dubbed the $760 billion cryptocurrency — a pandemic favourite of day traders and punters — “worse than a Ponzi scheme”.
These are strange, uncertain times. The Nasdaq Composite and S&P 500
