It seems the stock market goes up every day

It seems the stock market goes up every day, and the more it rallies, the more we hear about the prospects of a bubble. Bulls will tell you we aren't in a bubble because valuations remain modest relative to history, especially when compared to previous stock market bubbles. Bears will tell you we are in a bubble because assets are being artificially inflated by the Fed's quantitative easing and zero-percent interest rate (ZIRP) policy. I would say that asking whether we are in a bubble is asking the wrong question. The real question equity investors should be asking is what this historic rally portends for future returns.