Doll’s Deliberations

Crossmark Global Investments
  • 5.0 (10)
  • INVESTING
  • UPDATED WEEKLY

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

  1. 12/15/2025

    2025 Predictions - What We Got Right and Wrong

    Bob Doll reviews \d examines 10 predictions for 2025, concluding seven were correct. He summarizes the year’s markets: a third straight year of double-digit S&P gains, AI-driven earnings strength, a tariff-triggered drop and strong rebound, and ongoing investor optimism for 2026. The episode highlights key themes—slower economic growth with slightly higher unemployment, sticky inflation, Treasury yields mostly between 4%–5%, elevated volatility, mixed sector and portfolio performance, and partial policy changes—then offers a cautious outlook for 2026. The next issue is due Dec. 31. For a copy of this week's Doll's Deliberations click on the following link December 15 or go to www.crossmarkglobal.com for additional insight and investment solutions.

    9 min

  2. 12/08/2025

    Favorable Fundamentals, But Prices Reflect That

    Stocks posted modest gains as investors priced in a likely December Fed move, but valuations are rich and late-cycle conditions raise the risk of limited returns and higher-than-usual volatility in 2026. Economic growth remains sturdy, inflation is likely to stay above target, and expectations for aggressive Fed cuts may be overly optimistic. Crossmark’s outlook is cautiously constructive for risk assets but favors a defensive posture: moderate total returns are most likely, yet heightened volatility and the chance of a broad correction argue for shorter-than-normal risk exposure and a buffer against downside surprises. AI remains a dominant theme but may not meet inflated expectations. For a copy of this week's Doll's Deliberations click on the following link December 8 or go to www.crossmarkglobal.com for additional insight and investment solutions.

    8 min

  3. 12/01/2025

    Macro Crossroads: Fed, AI, and Outlook

    Issue 5.48 examines the macro environment heading into 2026: steady growth despite policy noise, supportive consumer and corporate finances, the lift from AI capex, and an outlook of real GDP around 2–2.5% with inflation near 3%. Investment implications include richly priced equities and tight credit spreads, limited upside for returns, and upside risks to inflation if the Fed under-delivers on expected rate cuts—suggesting caution in bonds and equity valuations and a focus on earnings and policy developments. For a copy of this week's Doll's Deliberations click on the following link December 1 or go to www.crossmarkglobal.com for additional insight and investment solutions.

    11 min

  4. 11/24/2025

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

    Bob Doll reviews a volatile week in markets as strong third‑quarter earnings clashed with rising uncertainty about Federal Reserve rate cuts, sending high‑momentum stocks lower despite better‑than‑expected corporate results. The episode explains why earnings strength hasn’t been enough to sustain rallies, highlights risks from AI spending and credit trends, and advises watching credit spreads and valuation pressure as the market shifts to a more discriminating environment. For a copy of this week's Doll's Deliberations click on the following link November 24 or go to www.crossmarkglobal.com for additional insight and investment solutions.

    9 min

  5. 11/17/2025

    Liquidity Remains Despite Reduced Likelihood of a December Fed Cut

    Bob Doll reviews a mixed market week, where the Dow and S&P were slightly up while the NASDAQ and Russell 2000 lagged. He explains why plentiful liquidity persists despite a reduced likelihood of a December Fed rate cut, and how fiscal looseness, sticky inflation, and rising long-term yields shape asset prices. The episode covers key risks and signals: government reopening, mixed labor and economic data, tech-driven market concentration, widening high-yield spreads, gold’s rally, and the U.S. dollar’s technical bounce — all framed as potential triggers that could eventually end the current market cycle. For a copy of this week's Doll's Deliberations click on the following link November 17 or go to www.crossmarkglobal.com for additional insight and investment solutions.

    9 min

  6. 11/10/2025

    Good Earnings Reports are Being Met with a Yawn

    This episode reviews last week’s market pullback after three weeks of gains, highlighting sector winners and losers, breadth concerns, and subdued investor reactions to strong earnings. Bob Doll explains the macro backdrop—solid global growth, high valuations, and expectations for fewer Fed cuts—then offers a cautious view: diversify portfolios as returns may be lower over the next 6–12 months despite rising earnings. For a copy of this week's Doll's Deliberations click on the following link November 10 or go to www.crossmarkglobal.com for additional insight and investment solutions.

    9 min

  7. 11/03/2025

    The Stimulus Party Continues

    Bob Doll summarizes the week: the Fed cut rates 25 basis points and will end quantitative tightening on December 1, while big-cap tech earnings beat expectations and drove market gains even as small caps and several sectors lagged. Emerging markets also showed strong performance amid continued central bank easing. Valuations and risk-taking have pushed many metrics to extremes, with inflation around 3% complicating further rate cuts. Doll concludes that asset-price inflation will likely persist near term unless a major bond-yield rise or policy shock occurs, so speculative activity should be monitored. For a copy of this week's Doll's Deliberations click on the following link November 2 or go to www.crossmarkglobal.com for additional insight and investment solutions.

    9 min

  8. 10/27/2025

    Environment Remains Supportive Despite Occasional Air Pockets

    Stocks reached new highs as markets lean on Fed easing, favorable inflation data, and solid earnings, while select sectors lead gains and only a few lag. Despite a broadly supportive macro backdrop, markets are overbought and vulnerable to sharp corrections in assets with large "air pockets" such as gold and cryptocurrencies. Key themes include below-consensus CPI, limited fresh U.S. data due to the government shutdown, resilient corporate earnings supported by AI investment, and ongoing risks from inflation and geopolitical/political events. For a copy of this week's Doll's Deliberations click on the following link October 27 or go to www.crossmarkglobal.com for additional insight and investment solutions.

    9 min
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Ratings & Reviews

5
out of 5
10 Ratings

About

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

Information

  • Creator
    Crossmark Global Investments
  • Years Active
    2K
  • Episodes
    40
  • Rating
    Clean
  • Copyright
    © Copyright 2025 All rights reserved.
  • Show Website
    Doll’s Deliberations

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