Last quote by Bob Doll
Bob Doll quotes
All of that has caused interest rates to move up about 100 basis points, but probably heading higher.
Seeking yield has been a wonderful activity for years and it's beginning to backfire. I think that we're going to have to move to an environment where we take what we need from the total return of the portfolio.
Economic growth has been better.
That's a 35-year tailwind which I think is now turning into headwind.
It's always a weird time when you change administrations from one party to the other. it's also weird because of who we elected – a nonpolitician who was all over the place during the campaign so uncertainty is still there.
We don't know what policies are going to pass or how long it will take to enact them, or how good they will be.
We're probably heading into a period where bonds go down and stocks are up – not tons, because the P/E rate is not going to go up if interest rates are going up.
I'm not convinced it's a one-way street. We'll get some of those days. Under the surface, the trend has changed. Whatever you thought about stocks before the election, you have to like them a little more, and whatever you think about bonds, you have to like them a little less.
The market was saying we like certainty, and we don't like uncertainty and Donald Trump is more uncertainty than Clinton. There are going to be more good things and more bad things and we're going to see what happens. Underneath a lot of this, the economy is dong a little better and we can't lose sight of that.
The main thing is we just don't know. There will be a lot of trial balloons. For the market to have a serious problem, it's going to have to be convinced the protectionist Donald Trump is showing up more than the growth Donald Trump. We elected both Donald Trumps, but I think the growth one is going to win out.
For the last few years, the search for yield, perceived safety and low volatility has been an investor's dream, and billions and billions and billions have gone into those things. That is over and done and it's unwinding. That is because the economy is doing better and inflation is picking up a bit.
With seasonality, more likely it's going to be higher than where we are. I hesitate because we've run so hard for the last couple of weeks. Maybe we take a breath and then we come on with a year-end rally. I don't know. But I can't believe it would (go) straight up to the end of the year.
Did we elect Donald Trump the tax-cutter and the pro-growth president or did we elect Donald Trump the protectionist with some tariffs, which is a tax increase?
Did they get overdone on upside? Absolutely, they may fall back some more, but think you have to like banks generally more today than you did two weeks ago.
It looks like we've got a shot, not a given, but a shot, at more growth and more inflation, more nominal GDP, and that's a beautiful thing for the banks, the shape of the yield curve.
We might not have the best trade deals in the world. But we have benefited from every trade deal that's been signed.
The market isn't saying, I like Hillary and I don't like Donald.' It's saying, I like certainty. I don't like uncertainty,' and with Hillary Clinton there's a little more understanding.
It's about what you own and what you don't own.
Markets are oscillating. That will continue. But we're frustrating the bulls and the bears. Got to own the right stocks and avoid the bad ones.
I think they've been afraid of their shadow.
The other reason is he's been very clear he's going to start a trade war with China, Mexico and a few other places, and we all know trade wars are not good for economic growth and, therefore, they're not good for markets.
I thought I was a traditional Republican conservative.