Commentary

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
Plentiful Liquidity Remains Despite Reduced Likelihood of December Fed Cut
Doll’s Deliberations

Plentiful Liquidity Remains Despite Reduced Likelihood of December Fed Cut

It is unprecedented to witness a more accommodative fiscal policy at a time of easing monetary conditions even as the economic expansion has been chugging along just fine. The U.S. output gap is the most positive in decades, and inflation is both firming and well above the Fed’s target. Not surprisingly, such a combination has spurred asset price inflation, which is likely to persist until an economic roadblock develops and/or bond vigilantes return en masse.

11/17/2025
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