This week, instead of his usual letter, fund manager John Hussman is out with his latest semi-annual report on his fund (.pdf).
Readers will know that he’s been sceptical of this market since, basically, the bottom, and has therefore missed out on gains for the last few years.
But just observing him this way doesn’t do him justice.
Check out his 12-year performance, going back to the Summer of 2010. He’s clobbering the market over that time, easily, still.
What’s interesting is looking at the purple line: That’s his stock picks unhedged. That’s done spectacularly through this whole time. Much better than the overall market. It’s the blue line, his hedged fund, which has languished since the March 2009 bottom. Still though, the performance is pretty remarkable.