Investing in a “High Risk, Momentum-Driven Bull Market” With Veteran Strategist Bob Doll

By just about any measure, the U.S. stock market looks expensive.

In the a picture is worth a thousand words school of thought, we have two charts courtesy of research firm Strategas to illustrate the point.

First, take a look at the widely followed CAPE ratio, which measures the S&P 500's cyclically adjusted price-to-earnings ratio over 10-year periods.

It's currently in the 30s, still lower than it was at the height of the tech bubble, but it's up there.

Then there's the S&P's valuation as a percentage of U.S. GDP.

The stock market is being valued at 168% of the total value of the U.S. economy, much higher than during the tech bubble.

As Strategas points out, that leaves little room for error.

What to make of these lofty valuations? Do they require any action on the part of investors? Joining us is one of our longtime favorite guests who has been on WEALTHTRACK since the very beginning.

He is Robert Dahl, CEO, President and Chief Investment Officer of Crossmark Global Investments, a faith-based investment management firm with more than $7 billion under management.

Dahl is also portfolio manager for the firm's multiple U.S. large-cap equity strategies, including the firm's three steward large-cap mutual funds, Core, Growth, and Value.

Dulles had similar management and portfolio responsibilities at major investment firms, including Merrill Lynch, BlackRock, and Oppenheimer Funds.

He is also famous for his frequently accurate list of 10 annual predictions, forecasting market, economic, interest rate, and political trends, among others.

So I began the interview with an obvious question.

As a longtime money manager, how much attention does he pay to presidential elections?