Money Life With Chuck Jaffe Daily Podcast

Macro strategist Larry McDonald, creator of The Bear Traps Report, says that the current economic situation is "very 1980s like," a condition that requires different strategies than what most investors have used since the financial crisis of 2008. In a '1980s recession,' a very hot economy keeps inflation ripping and pushes oil prices high, and leaves the bottom 60 percent of the population struggling to keep up, and he says consumers are starting to show that tension now. The conditions should be good, McDonald says, for industrials and the oil and gas industries. Kyle Guske, investment analyst at New Constructs revisits SweetGreen, noting that the recent jump in the price simply has increased the peril facing investors, which is unexpected because the stock was in the Danger Zone before its IPO in 2021 and subsequently became a so-called zombie stock for being on the verge of running out of capital. Plus, Sophia Titley discusses Live and Invest Overseas' index on the world's top 10 retirement destinations f

Kevin "Lex" Luthringhausen, chief content officer at Tradier Hub, says he has been stubbornly short the stock market expecting a mild pullback that hasn't been coming because the market is "insanely bullish" right now, having pushed stocks, gold and cryptocurrency into record territory. While Luthringhausen is confident that there will be a consolidation, he does not expect "a massive sell-off" until after the presidential election, when he foresees a potential 10 percent correction; in the interim, he is expecting a solid year with slight pullbacks but near constant upward pressure. Dan Omstead, global head of health care investments at Abrdn, says in 'The NAVigator segment' that health care's recent rally from several years of struggle represents the start of a positive trend that has the ability to run from here. Steve Coughran, author of "Reframing Rich: Creating a Better Relationship with Your Money, Yourself, and Others" talks in the Book Interview about getting the right money mindset to achieve and ac

Sam Stovall, chief market strategist for CFRA Research, says that he expects the stock market to surprise investors in 2024 "the way it did in 2023," producing the kind of double-digit gains that are typical of the second year of a bull market. Once the market gets into the third year of the current bull run -- in 2025, after the presidential election -- he expects a turn because "that's when bull markets tend to die an early death." Stovall notes that while he thinks the market could take a pause or minor correction before resuming its climb, he expects leadership to change from large caps -- which he says are trading at a 30 percent premium to the Standard & Poor's 500 average price/earnings ratio over the last 20 years -- to small and mid-cap stocks, which have been trading at a steep discount. Todd Rosenbluth, head of research at VettaFi, picks a specialized sector play -- the VictoryShares WestEnd U.S. Sector fund -- as his ETF of the Week, and Cullen Roche, chief investment officer at the Discipline

Tony DeSpirito, global chief investment officer of fundamental equities at BlackRock -- lead portfolio manager of the BlackRock Equity Dividend fund -- says that the Federal Reserve will be more concerned with inflation than deflation for the next three to five years, keeping interest rates relatively high and creating more market volatility; he says that increased back and forth will make for good opportunities for active management to deliver market-beating results. DeSpirito is looking for some of that performance from health-care stocks, in Japan and by focusing on quality as an investment factor. Also on the show, Cam Miller, co-founder and chief revenue officer at Money Pickle, talks about the different ways that individuals compensate financial advisers and how it's important to match expectations and desires to the payment process. Plus, Todd Gervasini, founder and chief investment officer at Wakefield Asset Management, makes his debut talking stocks in the Market Call.

Craig Johnson, senior research analyst at Piper Sandler, says that the Dow Jones Industrial Average, Standard & poor's 500 and the Nasdaq Composite are all "trading at the very upper end of an 18-month trading range and this is not usually where you start a whole other leg higher," so he expects a correction back to about 4,600 on the S&P in the next six weeks. When that move is finished, Johnson expects the market to resume its upturn but  then to settle into a "high-level trading range," which he says is typical of election years and that it amounts to a sideways move. In that environment, the market will recover from the correction, and then he notes that he thinks it will fizzle and go sideways. Also on the show, Wade Pfau, professor of retirement income at The American College of Financial Services, discusses the latest updated to his “Retirement Planning Guidebook," which center around "tax mapping" and how investors may want to rethink investment strategies in retirement with an eye on minimizi

Jeff Kolitch, portfolio manager for the Baron Real Estate and Baron Real Estate Income funds, says that the scary headlines about real estate -- and particularly commercial real estate -- have been an over-reaction and says investors want to be looking at real estate stocks now rather than waiting for "an all-clear signal" on the industry. "The best time to step in is when there's angst out there," Kolitch says, "and we like the set-up and think it's a great time to lean into real estate." Kyle Guske, investment analyst at New Constructs, reaffirms Rivian as a zombie stock that remains overvalued despite coming down by 30 percent in a recent drop-off, and he notes that the stock seems inexorably headed to losing everything. In the Market Call, Jason Browne, president of Alexis Investment Partners -- manager of the Alexis Practical Tactical ETF -- talks exchange-traded funds.

Alaina Anderson, co-portfolio manager at the William Blair International Leaders Fund, says that when the Federal Reserve starts cutting interest rates -- which she expects in the second half of the year -- which should soften up the U.S. dollar, a situation that would make foreign stocks more attractive. She notes that she particularly likes Japan right now, and is guarded on China, where both performance and geopolitical issues are creating genuine worries. In The NAVigator, Cory Johnson of Pender Capital -- which runs the Pender Capital Real Estate Credit Fund, a closed-end debt interval fund -- says that the alarming headlines about commercial real estate have created "an abundance of very interesting opportunities" for private credit lenders like his firm, which is seeing "the most attractive risk-adjusted yields we have seen since the financial crisis [of 2009]." Max Wasserman, senior portfolio manager at Miramar Capital, discusses dividend-growth investing -- and the importance of asset-allocation deci

Nick Sargen, senior economic advisor at Fort Washington Investment Advisors, says the market is not pricing in geopolitical risks adequately, so while things look good for the U.S. economy, the domestic stock market could be more vulnerable to global financial events that could trigger a downturn. Sargen also discusses why economists are worse than weathermen when it comes to forecasting future storms. Todd Rosenbluth, head of research at VettaFi, looks at a young, granular actively managed fund that focuses on the supply chain for his ETF of the Week. In the Money Life Market Call, Dave Sekera, chief U.S. market strategist at Morningstar, says it is time to start looking at contrarian plays in real estate, energy and utilities, and to consider backing away from big technology.

Mike Buckius, chief executive officer at Gateway Investment Advisers, says that the concentration at the top of the market and the rate cycle and the Federal Reserve's delays in cutting rates have made it that investors should manage risks, because valuations have gotten frothy and drawdowns "throw investors off of their long-term plans." He says that the market's bounce-back to record highs makes it feel like stocks are due for 'a pause and consolidation,' which is the kind of time when Gateway's index-option strategy -- using options to generate income that protects against downturns -- tends to work best, and he discusses the firm's new ETF which focuses on the quality factor. Plus, Steve Coughran, chief financial officer at MoneyPickle.com, is here for "The Financial Crunch," discussing whether there is ever a time for investors and savers to act panicky, and how you work with an adviser to build emotional discipline and to never let the market get the best of you. In the Market Call, Scott Bennett of Inv

The optimists and the pessimists will be served today on Money Life, as two interviews look at the same market but come to wildly different conclusions. Carley Garner, senior commodity strategist at DeCarley Trading, says in the "Talking Technicals" segment that she "sees some really big red flags waving," and that it will get rocky as the market backs away from being "extremely over-extended." She expects the market to take a turn for the worse, though she thinks election-year conditions may prop the market up and minimize the potential damage. Meanwhile, at the end of the show in the Big interview, Chris Zaccarelli, chief investment officer of Independent Advisor Alliance, says a pullback would be "completely normal," but he expects stocks to overcome a bumpy ride to finish the year up from here provided the economy can sidestep a recession. Also on the show, financial journalist Liz Weston of NerdWallet.com discusses her recent decision to retire and how she made a decision that proved difficult despite y

Arjun Jayaraman, portfolio manager at Causeway Capital Management, says that valuations abroad are better than what investors are seeing domestically -- noting that international small cap stocks are trading at a discount of 10 times compared to domestic large-cap companies -- but made it clear he favors Japan and India while worrying that geopolitical issues are making it difficult to invest in China despite compelling valuations that have it among the cheapest nations in the world. Plus, Kyle Guske, investment analyst at New Constructs, puts Reddit's upcoming initial public offering into the Danger Zone, Chuck discusses the bad banking pitch wrapped in a flag by a new bank trying to capitalize on political disagreement, and Bryan Wong, co-manager of Osterweis Emerging Opportunity, talks small-cap stocks in the Market Call.

Everett Millman, precious metals specialist at Gainesville Coins, says that the gold market is surprised by how strongly the price of gold has held above the $2,000 level this year despite "rather tepid demand for physical cold in North America in Europe." Millman notes that there is a geopolitical premium on gold right now, which combined with the election year and concerns over inflation and interest rates has helped prices hold current levels, and he expects it to trade sideways until there is more clarity on monetary policy, although he otes that longer-term, he can see a case for gold reaching $3,000 an ounce by the end of the decade. Matt Kaufman, head of ETFs at Calamos Investments, discusses the current sweet spot in closed-end funds and why that prompted the firm to open a new ETF of closed-end funds. Plus, in the Market Call, Allen Bond, head of research at Jensen Investment Management talks about buying quality stocks at reasonable prices.

Nanette Abuhoff Jacobson, multi-asset strategist at Wellington Management -- the global investment strategist for the Hartford Funds -- says that she prefers equities to bonds right now, despite fixed income delivering its best returns in years, noting that she particularly likes dividend paying stocks, both in the U.S. and in Europe. Jacobson also likes Japan, but she dislikes emerging markets and is particularly wary of China right now. Todd Rosenbluth at VettaFi likes the looks of a relatively new actively managed ETF from T. Rowe Price that invests in small and mid-cap companies as his "ETF of the Week."  Greg McBride discusses a new study from Bankrate.com showing that 36% of Americans have more credit-card debt than emergency savings and, in the Market Call, Tobias Carlisle of the Acquirers Funds talks about his brand of deep-value investing.

Meb Faber, chief executive and chief investment officer at Cambria Investments, says value investing is poised for success, not just in the United States -- where the market has been dominated by a few high-priced big names -- but globally, and particularly in emerging markets where the technology names that almost never trade at discounts here are bargain-priced now. In a wide-ranging interview, Faber discusses how the market's run has highlighted the disfunction of some conventional indexes, the parts of the market that excite him -- and that Cambria Funds has released new issues to cover -- and more. In "The Financial Crunch," Brent Thurman, chief executive officer at Money Pickle, dispels some common misconceptions about financial planning that are being spread in television commercials by a big national firm. Plus, in the Money Life Market Call, Eric Boughton, chief analyst at Matisse Capital, talks about buying the big discounts currently available in closed-end funds.

Michael Kahn, senior market analyst at Lowry Research Corp.,  says that there are plenty of minor, nagging concerns about the market, but the major trend is up "and until there is evidence such as falling breadth or deteriorating volume" and more, investors should ride the trend higher. Kahn notes that the Magnificent Seven -- which have led the market higher -- have gone up so much that any bad news for them "could be a real problem" that would drag the index down, but there are other opportunities worth pursuing as part of the current rally. The show also features two conversations concerning couples and their relationships with money, with The Book Interview featuring Scott Rick, author, “Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships,” before Chuck digs into the annual Debt and Divorce Study from Debt.com with Howard Dvorkin. In the Market Call, Dave Gilreath, chief investment officer at Innovative Portfolios, talks dividend-paying stocks, and how the best of them today a

Bill Davis, portfolio manager at Stance Capital  -- which managed the Hennessy Stance ESG ETF -- says companies in the bottom two-thirds of the Standard & Poor's 500 are poised to out perform moving forward as the stock market moves back towards normalcy with more stocks sharing in the solid economic underpinnings and the Magnificent Seven stocks and other giants having reduced role in the market's growth. Likewise, Charlie Ripley, senior investment strategist at Allianz Investment Management, says the resilient economy in the United States is pointing towards a soft-or no-landing situation where more stocks should benefit from inflation normalizing.  That's also what has economists being more optimistic, as the February Outlook Survey from the National Association for Business Economics, released today, shows that a majority of economists expect inflation to hit the Federal Reserve's target level of 2 percent next year; Ryan Sweet, chief U.S. economist at Oxford Economics, discusses the survey. Plus Davi

Bill Nygren, co-manager of the Oakmark Fund, says investors should expect slower growth from the market for the next decade; as a result, he says "the long-term equity investor should probably be thinking about something on the order of 7or 8 percent a year rather than the double-digit level." There will still be buys, Nygrem says, but investors will need to go against the herd -- and be selective amongst names like the Magnificent Seven stocks -- in order to find them.  John Cole Scott, president of Closed-End Fund Advisors, digs into his firm's data to compare and contrast business development companies and municipal bond closed-end funds as a way to pump up yield without feeling like you've taken on too much risk in a scary interest rate environment. Plus, Michael Loukas, chief executive officer at TrueMark Investments, talks about artificial intelligence and deep learning stocks in The Market Call.

Bernie Horn, long-time manager of Polaris Global Value, says that value stocks have outperformed growth stocks outside of the United States for several years and he expects the domestic markets to follow suit as central banks keep interest rates higher, creating positive real returns for fixed income and ending some of the bubbles caused in equity sectors caused by years of borrowings at interest rates near zero. While he expects the change to be global, Horn notes that he favors international stocks now because their valuations are more attractive. Todd Rosenbluth, head of research at VettaFi also goes international with his ETF of the Week, picking an emerging market fund that excludes China for investors who have been scared away by concerns over China's markets. Nate Miles, head of retirement at Allspring Global Investments discusses the firm’s annual retirement survey, which showed that two-thirds of retirees and near-retirees think they are ready for retirement, but advisers think just 40 percent of th

Phillip Colmar, global strategist at MRB Partners, says that the Federal Reserve is not going to give the market the five or more interest rate cuts it has been expecting. As a result, he suggests banking on bond yields that will stay higher for longer, even if the central bank gives a token cut or two; on stocks, he expects a better growth picture without a recession or a big correction, but because valuations are high he is looking to securities with earnings power, so he is thinking mega-cap financials, aerospace and defense companies and more. Nick Young, chief experience officer at Money Pickle, discusses what savers and investors should expect from a first meeting with a financial adviser and how to guard against falling in love at first conversation, Chuck answers a listener's question about the differences between closed-end funds and exchange-traded funds and Taylor Krystkowiak, investment strategist at the Themes ETFs, talks thematic investments in the Market Call.

David Giroux, manager of T. Rowe Price Capital Appreciation -- a fund that has beaten the performance of its average peer for a record 16 straight calendar years -- says that while U.S. stock valuations have gotten lofty, investors "don't need to diversify into a worse geography," and says investors can get international exposure by buying U.S. multi-nationals and have better companies. Domestically, Giroux says that the mega-cap Magnificent Seven stocks have gotten expensive but they are still worth holding over the next five years, but that investors must realize they won't "be where the best risk-rewards is in the market today." He's looking at high-grade fixed income, as well as utilities, parts of health care and other areas where low valuations are making the probability of success high. Also on the show, Matt Fox, president at Ithaca Wealth Management, says that the technicals are challenging for the market right now because "there is no real price memory" when the market moves into record territory, y