Commentary

Doll's Deliberations - Weekly Investment Commentary

Stocks rose last week (S&P 500 +4.7%) after falling to a 2.5 year low the week before. The increase was attributable to technical and sentiment reasons, but also Q3 earnings reports coming in less bad than feared.

Commentary

Dividends – What’s All The Excitement?

Dividends and dividend-paying stocks are getting renewed attention in recent months.

Commentary

Doll's Deliberations

U.S. equities finished higher last week (S&P 500 +2.6%) as Treasury yields fell and growth nicely outperformed value. 2Q earnings are coming in less bad than feared.

Commentary

10 Predictions for 2022

Our view is that the equity market is in a tug of war between a good earnings tailwind and a modest valuation headwind.

Commentary

Accepting Average: The Likelihood of Mediocre Future Returns

Over the last 10+ years, U.S. equity outperformance has been caused by increased profit margins, the accretive impact of share buybacks, dollar weakness, and most significantly, an outsized expansion in equity multiples. There are risks to all of these sources of outperformance, suggesting that a neutral long-term strategic allocation to U.S. equities is now likely warranted.

Commentary

10 Predictions for 2022

Equities have enjoyed strong gains since the pandemic low of 2020, aided by massive monetary and fiscal stimulus, excess consumer savings, and incredibly negative real policy rates and bond yields.

Commentary

The Tall Tale of the Trade-Off

The purpose of this whitepaper is to highlight the development of values-based investing at a summary level and, more importantly, provide research that indicates there is no sacrifice of investment returns in adopting a faith-based approach to values investing.

Commentary

Inflation

The inflation outlook has become a hotly debated topic in recent months. So far, this has had only a minor impact on financial asset pricing, but bond yields may be a coiled spring at risk of painfully adjusting higher when investors eventually discover inflation is an issue.

Commentary

Changing Times, Changing Values

In the wake of the COVID-19 pandemic and the social justice movement, investors are paying much more attention to the social element of ESG -- specifically, how companies treat their employees, respond to political issues, and philanthropic efforts.