Hussman | Impermanence and Full-Cycle Thinking

``The completion of a market cycle dramatically changes compound arithmetic. A fairly run-of-the-mill completion of the current cycle would wipe out the entire total return of the S&P 500 since 2000. In an advance that's longer in the tooth than any speculative episode except the one that ended with the 2000 peak, and with the most reliable valuation measures more extreme than at any peak other than 1929 and 2000, one might consider Kenny Rogers' advice: never count your money while you're sitting at the table.''