"This guy expects a market loss of about -65%" Which is very possible. Or how did Mandelbrot say? "speculating on the stock market is riskier than you think"

"This guy expects a market loss of about -65%" Which is very possible. Or how did Mandelbrot say? "speculating on the stock market is riskier than you think" The current highs are only possible because interest is so low and people leverage. A 2% return is no problem. Leverage times 3 and you have a decent 6%. But what happens, if interest rates rise and you get margin calls? Your have to sell. Wait, the others have to sell too.... "He also expects negative total returns over the next 12 years." Past performances are no guarantee for future performances works both ways. "Losing money in this market is a truly remarkable feat." Not necessarily. Timing is tricky. The market can stay longer irrational as you can stay liquid.