Hussman explains again (in today's weekly comment) that if stock markets at any time during the following quarter century reaches a secular low in valuations, The S&P will be lower than today (even if it occurs exactly 24 years from now, and earnings keep growing 6% p.a. despite current records margins).
This is just arithmetics and has no element of opinion to it.
Hussman:
The resulting arithmetic is quite simple: even if stocks were to touch a secular low even 24 years from today, and even if fundamentals such as nominal GDP, corporate revenues, and corporate earnings match their long-term peak-to-peak growth rate of 6% annually between now and then, the S&P 500 would actually be below its current level 24 years from now [Calculation: (1.06^24)*(0.5/2.10) = 0.96].
