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Bob Doll, chief executive of Crossmark Global Investments, is warning that the current rally in equities carries "high-risk" characteristics — and that stock-market bulls cannot sustain their winning streak without Federal Reserve Chair Kevin Warsh firmly in their corner.
The veteran Wall Street investor argues that the Fed's posture is now the single most important variable determining whether the bull market extends or breaks. Doll's Warning: A High-Risk Rally Doll's framing is pointed.
He does not describe this as a typical bull market underpinned by broad economic health — he labels it "high-risk," a characterization that signals the advance is fragile and dependent on conditions that could shift quickly.
For a long-term investor and CEO of a firm like Crossmark Global Investments, that language carries weight.
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