Doll’s Deliberations

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

Subscribe Now

Bob's image for banners

Commentary

Sector and Geographic Rotation Continues

Doll’s Deliberations

Sector and Geographic Rotation Continues

Financial markets are volatile as confidence in accommodative monetary conditions wanes and hot sectors/stocks hit a wall, including Bitcoin and many AI and related plays. Are investors moving to de-risking? Bob Doll reflects on Fed rate cuts, inflation, the leaders in the rotation to international, and more in this week's newsletter.

02/17/2026

Accommodative Policies Continue to Fuel Asset Prices

Doll’s Deliberations

Accommodative Policies Continue to Fuel Asset Prices

Value stocks are outperforming, inflation remains sticky, and the Fed is likely to stay accommodative even as risks quietly build. This week, Bob Doll covers manufacturing momentum, the CPI outlook, labor trends, investor pullbacks in AI, and why dividends and fundamentals should matter more than liquidity in 2026. Read the full story.

02/09/2026

Good Earnings and a Benign Fed Continue Despite Valuation Obstacles

Doll’s Deliberations

Good Earnings and a Benign Fed Continue Despite Valuation Obstacles

Record after record new highs in equities, historically very tight credit spreads, and benign inflation readings signal solid corporate fundamentals, a sustainable economic expansion, and low inflation. However, the record-breaking rise in gold prices suggests that investors are increasingly concerned. Read the full story.

02/02/2026

De-escalation Came in Time Yet Again

Doll’s Deliberations

De-escalation Came in Time Yet Again

The roller-coaster ride in global financial markets, driven by the ebbs and flows of a volatile U.S. administration, had a distinct risk-off tone until the pivot in Davos. Despite the turbulence, existing market trends are still intact, namely uptrends in both equities and bond yields. Of note, a hallmark of a regime change presented itself early last week - is value overtaking growth? Get Bob’s full take.

01/26/2026

The High-Risk Bull Market Continues

Doll’s Deliberations

The High-Risk Bull Market Continues

On the surface, everything looks positive. Equity markets have continued to grind higher, with further outperformance by international markets. Economic growth appears resilient and earnings expectations are strong. But what lies beneath? In his latest commentary, Bob explains why the high-risk bull market is still going strong - and which warning signals may be bubbling up.

01/20/2026

Fundamentals Good, But Stock Prices Reflect That

Doll’s Deliberations

Fundamentals Good, But Stock Prices Reflect That

The U.S. economy is entering 2026 in decent shape, supported by resilient consumer spending and accommodative policy. That said, equity valuations are historically rich, bond yields remain a risk, and investors may need to prepare for lower returns and higher volatility across stocks and bonds.

01/12/2026

10 Predictions for 2026: Full Report

Thought Leadership, Doll’s Deliberations

10 Predictions for 2026: Full Report

Bob Doll presents his 10 Predictions for 2026, covering all the key trends expected to affect market performance, including inflation, interest rates, sector surprises, and of course, AI.

01/05/2026

10 Predictions for 2026: Executive Summary

Market Insights, Thought Leadership, Doll’s Deliberations

10 Predictions for 2026: Executive Summary

Just released: Bob Doll’s Executive Summary of his 10 Predictions for 2026! Will AI’s momentum continue to fuel a high-risk bull market? Or will sticky inflation, elevated valuations, and policy risks challenge investor optimism? Preview the key calls shaping 2026 and see where Bob expects markets to go next.

12/31/2025

10 Predictions for 2025 Year-End Recap

Doll’s Deliberations

10 Predictions for 2025 Year-End Recap

Bob Doll scores his performance against the market in this year-end look at his 10 Predictions.

12/15/2025

Generally Favorable Fundamentals, But Prices Reflect That

Doll’s Deliberations

Generally Favorable Fundamentals, But Prices Reflect That

Markets posted modest gains last week as expectations for a December Fed rate cut strengthened, but stretched valuations, soft consumer confidence, and late-cycle signals suggest 2026 may bring a more volatile backdrop. Get the full story from Bob Doll in this week’s newsletter.

12/08/2025