Hussman: The Two Pillars of Full-Cycle Investing

``History teaches clear lessons about how this episode will end -- namely with a decline that wipes out years and years of prior market returns. The fact that few investors -- in aggregate -- will get out is simply a matter of arithmetic and equilibrium. The best that investors can hope for is that someone else will be found to hold the bag, but that requires success at what I'll call the Exit Rule for Bubbles: you only get out if you panic before everyone else does. Look at it as a game of musical chairs with a progressively contracting number of greater fools. ''