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During the first presidential debate, Donald Trump declared that the stock market was “one big, fat, ugly bubble.” That was back in late September. Since then, the S&P 500 has gained almost nine per cent.

So maybe Trump was wrong about the bubble thing. Or maybe he was right and the bubble is just getting bigger and bigger. True to form, of course, the newly minted President now admits neither, and instead has taken to claiming that optimism over his policies is driving markets justifiably higher.

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Yet as indexes hit new record highs, it’s only natural for investors to wonder how long the bull can keep on roaring — especially since a growing chorus of analysts are starting to sound the alarms.

Among them, David Kostin, chief U.S. equity strategist at Goldman Sachs, warned in a note earlier this week that the S&P 500 was poised to “give back recent gains,” citing market valuations and corporate confidence that earnings estimates simply don’t justify.