Hussman is the president of the Hussman Investment Trust who called the 2000 and 2008 crashes. He says valuations remain at levels seen during some of the biggest bubbles in history. Hussman also pointed out that gains above valuation norms have tended to revert to valuation norms over the last century. Current market gains remain well above valuations norms, Hussman showed. The indicator remains around its 2000 dot-com bubble peak, he said. The investor says it’s been his most reliable indicator for determining future returns. The indicators are based on total market cap of non-financial stocks divided by total revenue of non.financial stocks. The value of the market cap is based on the total value of a company’s share in its non-profit share portfolio. . . .