Hussman's Semi Annual Report

No Hussman commentary this week... they published their semi-annual report on their funds. Here's a tidbit...

Although the Strategic Growth Fund outperformed the S&P 500 in 2005, it is generally not useful to evaluate Fund returns over such short performance periods, nor over periods restricted to rising-only or falling-only markets. For long-term investors, I believe that an appropriate goal is to achieve strong returns measured over the complete market cycle (bull markets and bear markets combined), while defending capital in market conditions that have typically been unfavorable for stocks. Accordingly, a reasonable way to measure investment performance is to examine periods that include some portion of both bull and bear markets. Evaluating performance between two separate market peaks, including an intervening bear market decline (such as the period from 2000 to the present), provides useful information that is oftenobscured by the use of exact calendar periods.