Are stocks in a bubble? How about bonds? Perhaps Bitcoin, too? Milton Berg, founder and CIO of Milton Berg Advisory, welcomes John Hussman, president of Hussman Strategic Advisors, for a conversation on these important questions. Hussman uses his custom equity risk-premium model to explain why, over the next twelve years, he expects the S&P 500 to return an average of negative 4%. Hussman compares the current moment to various historical periods where the S&P 500 underperformed Treasurys. Berg contends that peak-to-trough declines in equities will always result in long periods during which equities underperform Treasurys, and he notes that even buying high-quality stocks at peaks will turn a healthy profit if an investor have a sufficiently long time-horizon. Berg expounds on a bevy of highly favorable market technicals that indicate this rally could continue for some time.

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