Commentary

Expectations Remain High
Doll’s Deliberations

Expectations Remain High

Investors remain upbeat about the capital market outlook, assuming that the Strait of Hormuz will soon reopen and the global economic expansion will continue. Is current investor exuberance overdone?

06/08/2026
Can High Bond Yields & High Stock Prices Coexist?
Doll’s Deliberations

Can High Bond Yields & High Stock Prices Coexist?

Tension is growing between rising bond yields and resilient equity markets. With inflation pressures firming, Treasury yields moving higher, credit spreads near recent tights, and market breadth narrowing, Bob discusses what higher rates, strong corporate earnings, energy-market uncertainty, and accommodative monetary conditions could mean for markets.

05/26/2026
Both Stocks & Oil Prices Remain Resilient
Doll’s Deliberations

Both Stocks & Oil Prices Remain Resilient

Investors are nervous as the Strait of Hormuz remains closed and oil prices edged higher last week. Financial markets have so far mostly absorbed the energy shock, but sentiment could quickly sour if the shock persists into June. Read Bob’s full rundown.

05/18/2026
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
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
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