Doll’s Deliberations

From the mind of industry veteran Bob Doll comes Doll's Deliberations®, a weekly investment commentary.

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Commentary

Oil & War Crosscurrents Continue Even as Earnings Shine

Doll’s Deliberations

Oil & War Crosscurrents Continue Even as Earnings Shine

This week, Bob examines the crosscurrents of oil prices, Middle East uncertainty, and strong corporate earnings. While investor sentiment has turned more hopeful, the key question is whether the global expansion can continue to withstand war-related energy shocks and sticky inflation.

05/11/2026

Fingers Crossed / Cautiously Optimistic

Doll’s Deliberations

Fingers Crossed / Cautiously Optimistic

Market sentiment continues to wax and wane in response to changes in oil prices, but investors generally remain sanguine. A month ago, global equities were reeling, bond yields were rising, and balanced portfolios were being hit by a double whammy. Yet equities have mostly recovered their war-driven losses. What’s next? Bob takes a look at the current state of the markets and what to expect next week.

05/04/2026

Markets Continue to Assume War Will End & Oil Will Fall

Doll’s Deliberations

Markets Continue to Assume War Will End & Oil Will Fall

Markets reach new highs as investor optimism persists about the Middle East conflict and lower oil prices. This week’s commentary looks at why such optimism may be valid, and which factors could still challenge the rally.

04/27/2026

Is There a Deal? – Market Thinks Yes

Doll’s Deliberations

Is There a Deal? – Market Thinks Yes

Investors apparently believe maximum risk related to the war is over, and the damage so far will not unduly impact the global economic expansion. With markets back near all-time highs, valuations leave little room for setbacks. Can the rally be trusted? Bob looks at the headlines and highlights what matters.

04/20/2026

A Ceasefire – But Will It Hold?

Doll’s Deliberations

A Ceasefire – But Will It Hold?

Inflation remained hotter than ideal in February, even before the latest rise in energy prices, reinforcing the view that price pressures may prove more stubborn than many had hoped. In this week’s commentary, Bob highlights why this inflation signal deserves attention and what it could mean for markets in the months ahead.

04/13/2026

Bob Doll’s Quarterly Investment Commentary 2Q26

Market Insights, Thought Leadership, Doll’s Deliberations

Bob Doll’s Quarterly Investment Commentary 2Q26

In this quarterly investment commentary, Bob Doll analyzes the biggest risks facing investors in 2Q26, including recession, inflation, oil prices, Fed policy, corporate earnings, and the impact of the war in Iran on stocks and bonds. He also scores his 10 Predictions for 2026 - how are his views holding up? Read the full story.

04/06/2026

New Hope in the Continued Bumpy Ride of War

Doll’s Deliberations

New Hope in the Continued Bumpy Ride of War

Last week was driven by a choppy relief rally, fueled by hopes for ceasefire negotiations in the Middle East to help end the upward spiral in energy prices.

03/30/2026

The War Continues to Hurt Risk Assets

Doll’s Deliberations

The War Continues to Hurt Risk Assets

Markets have now fallen for four straight weeks as the war in the Middle East, oil-price uncertainty, sticky inflation, and weakening earnings expectations weigh on sentiment. Bob Doll explains why the key issue is not just the geopolitical turmoil itself.

03/23/2026

War Unknowns Dominate the Dialogue

Doll’s Deliberations

War Unknowns Dominate the Dialogue

War fears, oil shock, and inflation pressure are driving volatility. But have they changed the bigger market story? Bob Doll breaks down what the Iran conflict could mean for inflation, rates, and portfolios, and why the broader expansion may still be on track.

03/16/2026

Special Edition of Doll’s Deliberations

Doll’s Deliberations

Special Edition of Doll’s Deliberations

Equity futures (down more than 1% as I write) were down 2% a few hours ago as oil skyrocketed to nearly $120 per barrel (now just over $100). That’s a near doubling since just before the war started. Risk asset declines are reflecting a concern about a stagflationary environment (high inflation and low growth.) The $100 oil level is seen by many as a breaking point for the global economy.

03/09/2026