It's the question investors everywhere are wrestling with: Are asset prices in a bubble, or do they simply reflect the fact that the global economy is growing once again?
For Marc Faber, editor of the Gloom, Boom & Doom Report, the answer is clear. In fact, he says the bubble may already be bursting.
"I think it's a colossal bubble in all asset prices, and eventually it will burst, and maybe it has begun to burst already," Faber said Tuesday on CNBC's "Futures Now " as the S&P 500 lost ground for the second-straight session.
Of course, Faber has long been expecting a market decline. But for the precise reason that stocks have simply continued to rise, he's now become even more bearish.
"Obviously I've been wrong in the sense that I expected a correction to occur over the last two years, and it hasn't happened since October 2011, when the S&P was at 1,074. We've gone up in a straight line, without a larger correction than 11 percent, and I think we're not going to have a correction, but we're going to have a bear market," he said.
(Watch Marc Faber discuss his call Wednesday on "Closing Bell" at 3:10 pm ET)
The first issue is that, Thursday's big jobs number aside, Faber doesn't believe that the economy is actually improving.
"I don't believe that the global economy is strengthening; I rather think the global economy is weakening," he said. And "there are other issues that may put the weight on the markets that will push prices lower. A, I think that we have in the White House, a very poor president, and that may lead to some political issues in the U.S. domestically. B, we have numerous political issues to consider, And C, we could have, potentially, a much higher oil price."
All in all, Faber is looking for a 30 percent drop in the S&P 500.
Meanwhile, it is worth nothing that while few are as bearish as Faber, several strategists have similarly been calling for a correction.
Jeffrey Saut, the generally bullish chief market strategist at Raymond James, called on Monday for a "decent pullback" in mid-July or early August. And Canaccord Genuity chief equity strategist Tony Dwyer, who has the highest year-end S&P target on the Street at 2,185, continues to foresee a 5 to 10 percent correction in the near-term.