With the S&P 500 trading around its highest level ever recorded, analysts all over the world are calling this rally an equity market bubble. They're also falling each other to try and pinpoint exactly when the bubble will eventually burst.
However, the number of bearish analysts is matched equally with bullish analysts who believe that despite US equity markets' total return of 376% since the trough of the crisis, there's still headroom for markets to run higher in the months and years ahead.
[klarman]
Goldman Sachs' Investment Strategy team falls into the latter camp. In a report sent out to clients last week, the investment bank's analysts opine: "While we acknowledge that US equity valuations, which are...

