Money Life With Chuck Jaffe Daily Podcast

James Abate, chief investment officer at the Centre Funds, said that conditions exist right now which could justify a correction of as much as 30 percent, but he noted that because market valuations are a big part of those dangerous conditions, any big decline is likely to be a long-term buying opportunity, as the strong underlying economy should ultimately keep the market buoyant. Moreover, while Abate can see a potential decline, he is not sure there is a current catalyst to spark it. Also on the show, Tom Lydon of ETFTrends.com talks about IPOs, Nalika Nanayakkara of EY Americas discusses how many financial-planning clients want to change their advisers, and Jean Young of the Vanguard Center for Investor Research discusses why so many people are moving into ETFs.

Alan Gayle of Via Nova Investment Management said he does not expect the trade and tariff battles between the US and China to derail the market for the long haul, but he noted that the market will keep taking no more than two steps forward with one step backwards for as long as it is in the headlines. Meanwhile, Jake Falcon and David Hartness of HighTower Advisors discussed their big investment themes for the rest of the year -- without even mentioning China -- Tom Gearing of Cut Wines Asset Management talked about wine as a completely alternative investment choice, and author Mathias Doepke of 'Love, Money and Parenting' talked about the economic conditions that, among other things, might have led to the recent college admissions scandal.

Karl Mills of Jurika, Mills and Kiefer said that Monday's losses should not have investors worried so long as they have properly adjusted their time horizons, and he said he expects most investors to realize down the line that whatever move the market is making now is forgotten short-term noise. Also on the show, Leo Leydon of Financial Focus Advisory Services said he expects the market to hold at current support levels of roughly 2,800 for the Standard and Poor's 500, noting that it could drop to 2,600 if he is wrong, although he also thought the market's next move is most likely up, in his case to recent highs of roughly 2,950. Dan LaPlante of Citizens Bank Wealth management discussed using the current downturn as an opportunity to rebalance a portfolio and how to deal with taxable gains, and Matt Schulz discussed the latest survey from CreditCards.com.

It's another banner line-up of experts from the Morningstar Investment Conference, as Chuck talks to Kari Droller from Charles Schwab, deep-value manager Amit Wadwhanney from Moerus Capital, alternatives expert Josh Vail of 361 Capital, Brian Milligan from Ave Maria Growth fund, quantitative analyst Joe Mallen of Helios, income specialist Bryce Fegley of Sextant global High Income, muni-bond manager Bob DiMella of Mackay Shields, Natixis' chief market strategist David Lafferty, and a special surprise guest to wrap it all up.

A colossal lineup from the Morningstar Investment Conference in Chicago features Judy Ward of T. Rowe Price, Mona Mahajan of Allianz Global Investors on the markets, Alex Pire of Seeyond talking minimum-volatility investing, Beini Zhou of Matthews Asia Value discussing his reaction to recent presidential tweets about trade wars, Ira Rothberg of Hennessy Focus Fund on valuations and patience, Jeff Holt of Morningstar discussing the firm's latest study of target-date fund, Michael Falk of Focus Consulting Group on the evolution of the Morningstar event itself, Alan Adelman of Frost Investment Advisors talking mid-cap stocks, and value investor Abhay Deshpande of Centerstone Investors discussing why Europe may be worth buying now, when most market observers hate it..

On the first day of interviews from the Morningstar Investment Conference, Chuck covered a wide range of subjects with five different experts, highlighted by Brian Levitt of OppenheimerFunds, who was bullish on the domestic and emerging markets, but realistic about the upcoming election year posing potential problems. Still, he noted that investors should not be swayed by election-related news, as 'Hating the government is not an investment strategy.' Also on the show, Tom Lydon of ETFTrends doing a live variation on his ETF of the Week, Mary Ellen Stanek of Baird Funds, Rich Woodworth of PGIM Investments, and Kristen Mierzwa of FTSERussell.

Jeff Davis , chief investment officer at LMCG Investments said he expects a potential 'revaluing' of the market, noting that it's a good time to lock in gains, rebalance and get defensive as he expects some short-term pain ahead, with a correction of 20 percent or slightly more likely to happen over the next year. Also on the show, David Hartness and Jake Falcon of HighTower Advisors discuss how they resolve conflicts between advisors working with the same clients, Andrew Chanin of Procure ETFs discussed UFO, the first pure-play space ETF, and Dr. David Krueger talked about his new book, which helps investors and savers change their money attitudes and behaviors.

Jason Thomas, chief economist at AssetMark, said that optimistic investors need to recognize that there is always a reasonable scenario that could result in bumpy markets, but that they need to ignore the noise and look through it to be able to capture long-term trends. 'If you can't get comfortable investing in this environment,' Thomas said, 'it's going to be difficult to be successful over time, because there just aren't many environments that are more hospitable from an economic perspective.' Also on the show, Ken Shreve of Investor's Business Daily gives his take on the market's technicals, Chuck answers a question about diversifying life-cycle retirement holdings, and the Market Call is a rebroadcast of a recent chat with Lamar Villere of the Villere Funds.

Hope Manion of Fidelity Investments joined Chuck to discuss the firm's recent research showing that couples will spend, on average, $285,000 on health-care protection in retirement, and discussed how that large burden will only be met by people who understand and plan for the real cost of medical coverage for seniors. Also, Peter Lipsett of DonorsTrust discussed how charitable giving defied expectations in the wake of tax-law changes, Sam McBride of New Constructs out a $16 billion mutual fund on blast in the 'Danger Zone,' and Maury Fertig of Relative Value Partners discussed closed-end funds in the Market Call.

Two different experts talking technical analysis agreed that the inability of the Standard and Poor's Index to reach new highs has made them cautious now, in a slightly defensive posture waiting to see the market's next move. John Kosar of Asbury Research said that most technical measures are strong, but he wants to see the market confirm its strength by reaching new highs, while Michael Sincere -- author of 'Understanding Options' - was more cautious, feeling like the market has reached an inflection point and that a decline back to at least recent lows would not be a surprise. By comparison, Gary Bradshaw of Hodges Blue Chip Equity fund said in the Market Call that the market was encouraging investors to sell their bonds and buy stocks. Also on the show, Kerry Pechter of Retirement Income Journal discussing why index-annuity sales are so strong right now.

Rod Griffin of Experian explained the company's new Boost program, a free method for adding recurring bill payments for mortgages, utility bills and more to credit files, allowing them to be factored into credit scores. Griffin explained that while the service is designed to help consumers with thin credit files, even people with solid scores should consider signing up. Also on the show, Tom Lydon of ETFTrends.com makes a regional bank fund his 'ETF of the Week,' Peter Kellner of Richmond Global Compass fund talks sustainable global investing, and Jason Herried of Johnson Financial Group makes his debut in the Market Call, talking stocks.

Ron Kaliebe, portfolio manager for the Mairs and Power Balanced Fund, said that the current interest rate environment globally is not normal, and that Corporate America has taken advantage of low rates and leveraged up, a strategy that could create trouble down the line, but not until or unless America gets caught in a global economic slowdown, which he does not foresee happening in the near future. Also on the show, Jake Falcon and David Hartness of HighTower Advisors discuss how planning customers need to know the inner workings of the firm they hire, Nicholas Jasinski of Barron's covers the latest 'Big Money' poll, and Josh Stewart of Seven Canyons Advisors talks stocks in the Market Call.

Chuck celebrates the 7th anniversary of Money Life by talking with a new guest, Leigh Goehring of Goehring and Rozencwajg Associates, who says the commodities market is at the very bottom of the cycle, talking markets with return guest Talley Leger of OppenheimerFunds, who makes a case for investing in emerging markets, and for believing that the Federal Reserve is done raising rates for this year, and with Maura Cassidy of Fidelity Investments discussing the disconnect between how many Americans are confident about their current financial health compared to the number of people who are confident about their retirement future.

Ted Rossman of BankRate.com said that the millions of Americans who have little saved for retirement or emergencies also can't afford a summer vacation, citing new research showing that 39 million Americans simply can't afford a trip this summer. Rossman noted that more than one third of all workers will not just pass on the summer trip, but will fail to use their full vacation time this year. Also on the show, Dr. Rainer Zitelmann discusses his book on capitalism around the world, David Trainer puts two momentum stocks in the Danger Zone, and Lamar Villere of Villere and Co. covers stocks int he Market Call.

Joe Quinlan, chief market strategist for U.S. Trust, said that while the European Union has significant troubles, investors should not ignore it from either a political or an investment standpoint, noting that it is a place to find relative values right now, as well as a place that could trigger other issues with world markets. Also on the show, Ken Berman of Gorilla Trades said that the market's technicals are strong and looking like they can carry the bull run and recent rally further along for the remainder of the year, Jason Hargraves of InsuranceQuotes.com discussed how bundling strategies don't always save consumers as much as might be expected, and Chuck Carlson of The DRIP Investor talked stocks in the Market Call.

David Dali, portfolio strategist at Matthews Asia, said that while the domestic stock market has gotten the attention for the strong rebound it had to start the year, emerging markets have been strong and have a solid economic underpinning to make them a good diversifier to U.S. markets that may be nearing the end of their long rally. Also on the show, Tom Lydon of ETFTrends.com puts a specialty fund back in the picture as 'ETF of the Week,' Chuck talks about the quiet end of the Wintergreen Fund, and Oliver Pursche of Bruderman Asset Management covers stocks in the Market Call.

Scott Opsal, director of research at Leuthold Weeden Capital Management, said that his firm's measure of the market and its potential direction is, for the first time, dead neutral and not leaning in any way, but he noted that 'It's a good period for the business world' and there's not much out there that would bring the market down for any significant length of time. Thus, despite having no inkling about where the market might go next, Opsal believes the long-term direction remains up. Also on the show, Peter Land and Ruth Gretz of HighTower Advisors discuss the non-financial elements of long-term planning, Ted Rossman of CreditCards.com talks about the taboo subject of debt, and Todd Rosenbluth of CFRA Research covers funds and ETFs in the Market Call.

Toni Turner of Trendstar said the market has been sideways and low on volumes as it waits for second-quarter results from the biggest names in stocks. But with the FANG stocks set to report this week, she thinks the market is due for a big move that should carry it to new highs, she warned that the Russell 2000 is not confirming the signals of other indexes which could keep the benchmarks range-bound a little longer. Also on the show, Chuck discusses a recent column, John Moninger of Eaton Vance covers thei firm's latest survey on the issues that are top-of-mind with financial advisers, and Kathy Boyle of Chapin Hill Advisors covers ETFs in the Market Call

David Trainer, president of New Constructs, put the Uber initial public offering in the 'Danger Zone,' calling the new offering a scam and saying that the company's growth projections are fictitious. He noted that Uber's projections would have it capturing 15 percent of all global economic activity,while the company is 'losing absurd amounts of money ... without any path to profitability.' Also on the show, University of Maryland professor Russ Wermers discusses the importance of active managers in maintaining an efficient market, and Jack Bowers of the Fidelity Monitor and Insight newsletter talks funds and ETFs in the Market Call.

Danielle Shay, director of options at SimplerTrading.com, said the market is in 'Hurry up and wait mode' over next week's release of earnings for the FANG stocks plus Microsoft, noting that she expects the flat market to break out once those big names release their numbers. That breakout could lead to new highs, but Shay said she expects the market to settle and re-test lows before really moving on later in the year. Also on the show, Michael Campagna of Moerus Capital Management talks value investing around the world in current market conditions, Rob Scheinerman of AIG Retirement Services covers new data on consumers planning to live and make their finances last to age 100, and Peter Tuz of Chase Investment Counsel talks growth stocks in the Market Call.