John P. Hussman: the potential for severe market losses

Here and now, however, we observe features characteristic of a “phase transition,” with the potential for severe market losses – not just a steep initial plunge including single-day losses on the order of 3% or more, but much more extended losses, which we continue to estimate on the order of 50-65% over the completion of this cycle.

https://www.hussmanfunds.com/comment/observations/obs191120/