U.S. stocks have generally been moving higher for about nine years and during that time, indexes have gained around 300 percent, not including dividends.

Nonetheless, over the past year, the record bull run has been viewed with skepticism by many market watchers, who have frequently warned against historically overvalued stock prices. The main drivers of so-called inflated asset prices are thought, in part, to stem from synchronized global growth, unhinged exuberance among traders and prolonged stimulus from central banks.

“Investors were reminded of market-intrinsic risks by the fact that some of the latest product innovations went up in smoke, taking stock markets halfway with them,” Christian Gattiker, chief strategist and head of research at Julius Baer, said via email on Friday.

“We doubt that we will ever learn the truth behind what will go down in financial history books as the short volatility flash crash,” he added.

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