Doll’s Deliberations

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

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Commentary

Despite Tariff Postponement, Uncertainty Remains Very High

Doll’s Deliberations

Despite Tariff Postponement, Uncertainty Remains Very High

Stocks enjoyed a brief reprieve after the U.S. announced a 90-day pause on some tariffs last week. So far, that respite lasted just one day.

04/14/2025

Bob Doll’s Quarterly Investment Commentary 2Q 2025

Market Insights, Thought Leadership, Doll’s Deliberations

Bob Doll’s Quarterly Investment Commentary 2Q 2025

In his quarterly investment commentary, Bob Doll provides an in-depth look at the first quarter of 2025, including market volatility, inflation considerations, and one possible silver lining for the global economy.

04/07/2025

Caution/Defensiveness Prevails

Doll’s Deliberations

Caution/Defensiveness Prevails

Wednesday marks the next date in the ongoing U.S.-led trade war, with reciprocal tariffs due to be announced as a follow-on to last week’s 25% tariff on autos.

03/31/2025

Slowing Growth + Stubborn Inflation = Defensive Positioning

Doll’s Deliberations

Slowing Growth + Stubborn Inflation = Defensive Positioning

The volatile risk-off backdrop has continued. Economic concerns have surged with the U.S.-led trade war moving into high gear.

03/24/2025

Bob Doll’s Special Market Commentary

Doll’s Deliberations

Bob Doll’s Special Market Commentary

In this brief market update, Bob Doll weighs in on the dramatic market volatility and discusses the causes of the decline—uncertainty, tariffs, and overvaluation. He covers these topics more deeply in his newest white paper: Crossroads or Crosshairs? Check it out on our Thought Leadership page.

03/17/2025

Confidence Down + Uncertainty Up = Down Markets

Doll’s Deliberations

Confidence Down + Uncertainty Up = Down Markets

U.S. growth fears have mounted sharply in recent weeks, driven by the Trump Administration’s sizeable enacted and proposed tariffs, its focus on reducing federal government spending, and an overall elevated sense of policy uncertainty/unpredictability.

03/17/2025

The Dark Clouds Continue to Multiply

Doll’s Deliberations

The Dark Clouds Continue to Multiply

Aggressive shifts in U.S. economic policy are undermining investors’ prior pro-growth expectations of the second Trump Administration.

03/10/2025

Tariff Headwinds and a Growth Scare Rock Risk Assets

Doll’s Deliberations

Tariff Headwinds and a Growth Scare Rock Risk Assets

Global financial markets have hit a rough patch as the cumulative impact of President Trump’s trade and related economic threats are fueling concerns that he will diverge from the pro-growth script that he initially followed during his first term.

03/03/2025

The Capital Markets Path Remains Murky

Doll’s Deliberations

The Capital Markets Path Remains Murky

Global financial markets continue to be whipsawed by shifting threats and demands from the new U.S. administration. Generally, investors are still downplaying the threats and focusing on what is still a choppy, but modestly positive, risk-on backdrop. Monetary conditions are not restrictive in the major developed market economies, and policy rates are still being lowered in some of the smaller economies. Global economic activity is on track to improve.

02/24/2025

The Tariff Discussion Continues

Doll’s Deliberations

The Tariff Discussion Continues

The Fed’s primary stated goal is to return inflation to 2%. It is failing, and with hindsight, the 100 basis points (bps) in rate cuts since September were a mistake. U.S. monetary conditions were never restrictive, despite Chair Powell’s repeated assertions. Rate cuts have only further stoked asset price inflation and provided additional stimulus to an already warm economy, putting a floor under inflation.

02/18/2025