In his latest letter, Hussman now implies he has been heavily long the whole time that he has been a ranting bear. Read, especially, the last sentence:
"The recent advancing half-cycle has generated the incorrect impression that we adhere to a perma-bearish outlook as a matter of disposition. As this market cycle is completed, our departure from that expectation may come as a surprise, but it shouldn’t. The fact is that I expect our market outlook to be constructive or aggressive far more often than not over the course of time. Such an outlook emphatically does not require valuations to retreat to historical norms. If you understand that, you’ll also understand why nearly all of my financial assets remain committed to our own value-conscious, historically-informed, full-cycle investment discipline."
This is pitiful; worse than capitulation.