Bob Doll reviews recent market gains as major indexes hit all-time highs and argues that strong economic fundamentals and policy support are already priced into asset values.

He warns that rich equity valuations, tight credit spreads, rising bond yields, and geopolitical and policy risks make further broad gains harder and increase vulnerability to setbacks in 2026.

His bottom line: favor equities over bonds on a 6–12 month horizon but expect lower returns than 2025 and prepare for periodic volatility.

For a copy of this week's Doll's Deliberations click on the following link January 12 or go to www.crossmarkglobal.com for additional insight and investment solutions.