Money Life With Chuck Jaffe Daily Podcast

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

Matt Miskin, co-chief investment strategist at John Hancock Investment Management, says that several European nations are in recession while their stock markets are pushing through record highs, in conditions so unusual that U.S. activities are helping foreign multinationals keep rolling. Still, Miskin believes the U.S. is the best market, though he is now skewing the portfolio toward mid-cap names, pulling back slightly on the mega-cap giants over valuation concerns and leaning into bonds for the safety of consistent returns in excess of 5 percent. Matt Harris, chief investment officer at The Hausberg Group, turns the conversation to technicals, and while he believes that "There's not much that is more bullish than all-time highs," he thinks returns will be muted for 2024. Plus, Dana Staggs, president of ArrowMark Financial Corp., discusses how investments in the banking business through something called "regulatory capital relief securities" can  both juice and stabilize returns, and Christopher Zook, pres

Rick Pitcairn, chief global strategist at Pitcairn, says that while the markets have been dominated by monetary policy for the last decade or more, the next 20 years will see fiscal policy will be equally or more important because of how the government borrows money and what it needs to take on in new debts to keep rolling. Pitcairn acknowledges that the current dysfunction in Washington worries him about how policies will be set and the potential fallout from gridlock. In the Market Call, Dan Kim, senior investment analyst at Saturna Capital -- co-manager of the Sextant International fund -- talks about the international opportunities available now, plus Todd Rosenbluth, head of research at VettaFi turns to a long-time traditional fund manager making a recent move into exchange-traded funds for his ETF of the Week.

David Hay, co-chief investment officer at Evergreen Gavekal  -- author of the Haymaker newsletter focused on macroeconomic research -- says that 'Pseudo prosperity is still prosperity,' and investors should like whatever they are getting from the economy now because he does not think it will last. Hay says the market "is almost all-in on Goldilocks," which will "make it hard to make money betting on the soft landing." Christopher Zook, president of CAZ Investments -- co-author of Tony Robbins' new book, "The Holy Grail of Investing" -- talks about the themes and the alternative investments that will drive the next decade or more while delivering oversized gains. Plus, in "The Financial Crunch," Cam Miller, chief revenue officer at Money Pickle, talks about how much money someone needs to have before turning to a financial adviser for help. 

Julius de Kempenaer, senior technical analyst at StockCharts, says that the stock market is "crashing higher," having reached record levels with no signs of stopping but that doesn't mean he's buying now because he finds it over-stretched. De Kempenaer sees the market going through rotation right now, with money flowing from value into growth right now helping to push things higher. Lester Jones, chief economist for the National Beer Wholesalers Association returns to the show to discuss the January Beer Purchasers' Index, which showed that consumers have been responding to inflation by cutting back on the high-end beers and spending more on the below-premium drinks. Plus, insurance analyst Shannon Martin of Bankrate.com discusses the high and rising costs of auto insurance, and author Michael Graetz discusses his new book, "The Power to Destroy: How the Antitax Movement Hijacked America."

Brad McMillan, chief investment officer for Commonwealth Financial Network, says that while market valuations are high right now on a historic basis -- which might make investors cautious -- the sky-high prices for the Magnificent Seven stocks that have been leading the market to record levels have left room for the other stocks in the index to be particularly reasonable. That means the market's overall valuation is more reasonable than headlines suggest, and there is room to grow in other sectors. Likewise, economists are feeling like economic policies are working well enough to avoid big problems like recession this year --  according to the latest Policy Survey from the National Association for Business Economics, released today; Lester Jones of the NABE survey committee discusses how economists still have some worries about fiscal policies and how the Federal Reserve might mess things up. Plus David Trainer of New Constructs revisits a Danger Zone pick that has fallen dramatically but that he thinks will

Jeff Rosenkranz, fixed income portfolio manager at Shelton Capital Management, says that if the Federal Reserve waits too long to cut rates or if systemic problems resurface -- including potential troubles with bank safety --  the economy could be due for more trouble than most observers expect. Rosenkranz expects to see a significant increase in credit troubles and defaults, noting that the classic default cycle that accompanies rate hikes hasn't really occurred yet, but that it's unlikely to be avoided completely. One area that has struggled with the rate cycle has been municipal bond funds, and Jonathan Mondillo, head of North American fixed income for abrdn, says that has pushed muni closed-end funds to record discount levels, but that has created opportunities for attractive income levels and heightened total return for investors willing to swim against the tide. In the "Talking Technicals" segment, Alex Coffey, senior trading strategist at Charles Schwab, says that with the Standard & Poor's 500 on

Kathy Boyle, president of Chapin Hill Advisors, is worried that with 'all of Wall Street being bullish again," overblown earnings expectations, strong employment and the more getting the Federal Reserve to where it will wait longer before cutting rates, the stock market has gotten a bit overblown. As a result, she thinks there's a good chance of a short-term correction, potentially down to the 4,400 level on the Standard & Poor's 500, though she does think there's a good chance the market comes through that to finish the year on a positive note. Rick Gable, portfolio manager for the MFS Global Real Estate fund, takes stock in the real estate market, noting that while the entire business has made a lot of negative news, the sour stories mostly are impacting office space and the rest of the market is full of opportunities. Plus, Todd Rosenbluth, head of research at VettaFi, looks at a young fund with a great three-year track record that can be an actively managed addition to the passive portions of a portf

Today, Money Life debuts its latest feature, The Financial Crunch with Money Pickle, a fin-tech company that is changing the financial world by making affordable and convenient financial coaching available to investors. Brent Thurman, Money Pickle's chief executive, discusses finding a financial adviser and how investors have it so much better now that technology can make the process smooth and easy. Kelley Wright, editor at Investment Quality Trends, returns to the show for the first time since 2017, and discusses his take on how to pick value stocks in the Market Call. Plus, Ken Costa, author of "The 100 Trillion Dollar Wealth Transfer: How the Handover from Boomers to Gen Z Will Revolutionize Capitalism," and Chuck discusses his Super Bowl Ad/IPO indicator, which suggests that the real losers of this weekend's big game will be investors in young companies advertising during the telecast.

Jim Thorne, economist/chief market strategist at Wellington-Altus Private Wealth, says that "The Fed is the Fed of the world," and that how central bankers act in the United States act will determine the economic prospects of the rest of the world, and he worries that as the Federal Reserve tightens, it could over-tighten and create economic issues. He expects a growth shock, but says the U.S. will get through it and remain the best market to invest in around the globe. Michele Schneider, chief strategist at MarketGauge.com, says that the "inside sectors of the U.S. economy" -- small caps, retail and transportation -- will be the ones that tell the economic story moving forward; she says those sectors are still adjusting, to the end of zero-interest rate policy but are showing signs that there should be plenty of opportunity there for the rest of the year. Also, entrepreneur Madeline Pendleton discusses her new book, “I Survived Capitalism and All I Got Was This Lousy T-Shirt: Everything I Wish I Never Had to

Pedro Palandrani, head of research at Global X, says that the continued evolution of the electric vehicle market will make it so that lithium and copper companies are the next equivalent of the Big Oil stocks, but he worries that the industries are among the most sensitive globally to geopolitical risk, which he says investors should factor into their allocation decisions. In honor of the upcoming Valentine's Day holiday, David Trainer, founder and president at New Constructs foregoes the Danger Zone in favor of talking about an attractive stock this week, and he singles out Photronics as a company which despite good recent numbers has a long way to go. Plus Dan Skubiz, chief investment officer and senior portfolio manager at ZCM, makes his debut in the Market Call talking about investing in small=-cap stocks at a time when a few mega-cap names have been dominating the market.

Jim Welsh, author of "Macro Tides" and the "Weekly Technical Review" newsletters says that if the market can rally past recent highes -- with the Standard & Poor's 500 topping 4931 -- it will finish the market's recent rally and leave stocks vulnerable to a small correction over the next few months. That said, Welsh believes in a 17-year cycle that his charts show dates back nearly 100 years, and that cycle is cooking up a coming secular bear market that ultimately could last for a decade and crater the market in the process. Susan Fahy discusses the latest "CreditGauge" measures from VantageScore, which show that the consumer is showing signs of financial stress, but the action hasn't been as bad in most areas as the headlines might suggest. Ian Merrill of SCG Asset Management and The Alternative Strategies Income Fund talks about how money managers can add derivatives to a portfolio in ways that mitigate risks but goose returns over the long haul, and Vince Lorusso, president/portfolio manager of Cloug