<blockquote>'Given that typical pension fund return assumptions are vastly above our current estimates, it follows that we expect a rather severe pension funding crisis in the coming years. If the resolution of the present valuation extremes is anything like what has followed other speculative peaks like 2000 and 2007, investors will likely face a substantially different (and better) menu of investment opportunities within a small number of years. Dry powder has considerable option value.'
- John P. Hussman, Ph.D.,
Stalling Engines: The Outlook for U.S. Economic Growth, April 3, 2017</blockquote>
Context<blockquote>
'..the amount of leverage and excess that has accumulated in bond and Credit markets..''Various indicators of bullish market sentiment went to extremes..'</blockquote>