Commentary

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
Will the War Upset Global Economic Momentum?
Doll’s Deliberations

Will the War Upset Global Economic Momentum?

The war in Iran hit equities and other risk markets hard last week. The ratcheting up of geopolitical tensions added to pre-existing investor nervousness about excesses in AI-related equities, mounting strains in private credit, and high valuations. This triggered widespread selling pressure as investors rotated to cash. But history suggests geopolitical events only have a sustained impact on capital markets if they materially alter the economic outlook. What does it all mean for investors? Bob breaks it down in this week’s newsletter.

03/09/2026
Lower Bond Yields Prevent Further Equity Damage
Doll’s Deliberations

Lower Bond Yields Prevent Further Equity Damage

New tariff developments, sticky inflation trends, technology-sector volatility, and geopolitical escalations with Iran (including rising oil-price risk) are just a few of the headwinds markets are digesting. So far, resilience is intact - but for how long? Get Bob’s view in this week’s newsletter.

03/02/2026
Some Similarities to 1999/2000
Doll’s Deliberations

Some Similarities to 1999/2000

Despite steep losses in internet high-flyers and others, equity investors did not retreat from the overall equity market, rotating into lagging areas instead as they belatedly realized they overpaid for a future that may not be as rosy as expected. The similarities to 1999/2000 has Bob Doll considering whether the past is prologue. Read his full take in this week’s newsletter.

02/23/2026
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
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
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