Pullback Possible, But Bull Market Isn't Over, Says Bob Doll

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00:00Bob, let's get into this. So you say things remain constructive and positive, and I hear you.

00:03I get all of that. But I'm seeing pushback in the equity market at a single name level,

00:09earnings report after earnings report from companies that have put up decent figures,

00:13including the likes of Palantir, and the market has pushed back. How notable is that, Bob?

00:18Definitely notable. I'm 5'4 inside myself. The 5 is things are OK. When earnings estimates

00:26are going up and the Fed's cutting rates, stocks go up. The 4 part says but, and the but has

00:33everything to do with all kinds of measures of speculation and internal divergences. The

00:38advance decline line, for example, Jonathan, as you know, has been awful the last week or so.

00:43So I think we're in for some sort of, at best, sideways action, maybe some sort of pullback,

00:49but I don't think the bull market's over. Bob, at what point is this dissonance between

00:52asset price inflation and real price disinflation not sustainable? In other words, is there a time

00:59when either asset prices need to come down to where the price increases and the acceleration

01:03of inflation really is, or does inflation need to pick up pace?

01:08Good question, Lisa. Look, I think inflation is sticky. The Fed seems to think they're going to

01:13get the two. Chance of that, to me, absent a recession, are close to zero. It's just not going

01:18to happen. Obviously, when you throw money at the system, a lot of it finds its way into asset

01:24prices, and that's what we've witnessed for months and months and months now. So I think

01:28this can go on as long as that liquidity is strong, as long as earnings are strong. You

01:34know, to repeat, when earnings estimates are moving up and the Fed's lowering rates, the

01:38market hardly ever goes down.