A notorious market bear who called the 2000 and 2008 crashes warns his favorite valuation measure just hit all-time highs — setting stocks up for a potential 70% drop

A notorious market bear who called the 2000 and 2008 crashes warns his favorite valuation measure just hit all-time highs — setting stocks up for a potential 70% drop

Traders watch stock prices as they work on the main trading floor of the New York Stock Exchange early in the trading session, October 10, 2008.Mike Segar/ReutersJohn Hussman warns of record-high stock valuations, signaling poor long-term returns.Hussman's preferred valuation measure has a remarkable track record for predicting future returns.Hussman called the 2000 and 2008 stock market crashes.John Hussman, the president of the Hussman Investm…