Three years ago it sometimes felt that one of the most wildly contrarian opinions one could hold about the stock market was that it wasn’t staggeringly overvalued and primed for a crash.

Voices as varied as Donald Trump and the Yale University market scholar Robert Shiller warned of bubbles inflating in financial markets, with the latter observing how “it looks to me a bit like a bubble again”, and how “many people are re-evaluating their exposure to the stock market”.