Doll’s Deliberations

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

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Commentary

A Near Year-End Assessment

Doll’s Deliberations

A Near Year-End Assessment

The economy looks resilient, but markets may be priced for perfection. From Fed cuts to AI capex, Bob Doll takes a deep dive this week into what could drive (or derail) the year ahead.

12/01/2025

Fed-Cut Uncertainty Weighs on Risk Assets (Especially High-Flyers)

Doll’s Deliberations

Fed-Cut Uncertainty Weighs on Risk Assets (Especially High-Flyers)

The Q325 U.S. earnings season is almost complete, and the results were much better than analysts expected. In this week’s newsletter, Bob Doll explains why he anticipates a progressively more difficult investment environment even if the macro backdrop is upbeat.

11/24/2025

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

Good Earnings Reports Are Being Met With a Yawn at Best

Doll’s Deliberations

Good Earnings Reports Are Being Met With a Yawn at Best

Global earnings should continue to rise in response to the ongoing global economic expansion, providing support for equity prices. Less positively, the stock price boost from re-rating over the past few years is likely to fade and could even reverse.

11/10/2025

The Stimulus Party Continues

Doll’s Deliberations

The Stimulus Party Continues

Developed market central banks continue to provide additional monetary stimulus, whether or not it is warranted, with both the Fed and BoC cutting rates last week.

11/03/2025

The Environment Remains Supportive Despite Occasional Air Pockets

Doll’s Deliberations

The Environment Remains Supportive Despite Occasional Air Pockets

The bull trend continues: All major indexes hit new highs as Fed optimism, easing inflation, and resilient earnings drive equities higher. Still, select asset bubbles warn that caution is warranted.

10/27/2025

The High-Risk Bull Market Continues

Doll’s Deliberations

The High-Risk Bull Market Continues

Last week’s gains were broad-based, but cracks are appearing beneath the surface – from slowing labor data to surging gold and record tech weightings. Bob Doll breaks it down in this week’s market commentary.

10/20/2025

Bob Doll’s Quarterly Investment Commentary 4Q 2025

Market Insights, Thought Leadership, Doll’s Deliberations

Bob Doll’s Quarterly Investment Commentary 4Q 2025

In his quarterly update, Bob Doll discusses how, despite lingering economic headwinds, markets remain focused on the positives: solid GDP growth, a resilient labor market, and confidence that the Federal Reserve will maintain its easing stance over the next two years. He also updates his 10 Predictions scorecard - where has he hit, where has he missed?

10/13/2025

Good Economic Outlook Constrained by High Valuations

Doll’s Deliberations

Good Economic Outlook Constrained by High Valuations

The unique features of the current business cycle include prolonged accommodative monetary and fiscal policies and the associated excess liquidity, extraordinary corporate profitability, mega cap companies able to dominate global technology, and the AI theme that promises unlimited economic benefits.

10/06/2025

Accommodative Central Banks Fuel Higher Prices Despite Sticky Inflation and High Valuations

Doll’s Deliberations

Accommodative Central Banks Fuel Higher Prices Despite Sticky Inflation and High Valuations

Boosted by hopes for a significant easing of Fed policy in the coming year, as well as ongoing accommodative monetary conditions in other developed markets, global risk asset prices have remained well bid.

09/29/2025