While Hussman was on about the US markets it is relevant to the the NZ markets as well .... we prob also looking back half cycles as he put it .... see chart of NZX50

When markets rise and fall in secular ways (multi year) most stocks go up or down (to varying degrees) with the market. Hence the theme all the way through this thread and the strategy I laid out on the first post.

When markets are rising (multi year) a lot of the risk goes ... when markets are falling (multi year) it can be a very risky place. As you both point stock picking is the key and managing the risk that prevails at the time to protect capital ... and that means at times you may be out of the market altogether