I guess i just don't understand.
When an asset underperforms for a number of years - say 3 1/2 years, for example - it's called positioning oneself for the overdue correction. Likewise. when one an overly defensive position underperforms the indices for a number of years, it is also called positioning oneself for the overdue correction.
But if a long-time bull market swoons for a week or two, like it inevitably will, it's called "losing your money".
How could that be? If the latter is true, then certainly the former strategy would be that of an investor losing out on what could have been some pretty serious profits, no?
Regardless, I think that Hussman guy who's been done over 9% on average in his signature fund over the last five years is clearly losing money.
Now that's losing money!