Bob Doll reviews recent market gains and the drivers behind them: optimism about a temporary labor slowdown, expectations of Fed easing, and strong corporate profits—especially among mega-cap tech companies—while warning that equity valuations are already elevated. He recommends a cautious stance: prefer equities over bonds on a 6–12 month horizon but keep a neutral overall equity weight, modestly underweight U.S. exposure and overweight emerging markets, the euro area, and Japan, noting the main risk is a sudden rise in bond yields if inflation stays sticky. For a copy of this week's Doll's Deliberations click on the following link October 6 or go to www.crossmarkglobal.com for additional insight and investment solutions.