Money Life With Chuck Jaffe Daily Podcast

Jeffrey Hirsch, editor of the Stock Traders Almanac, says that artificial intelligence is creating a "super boom," because it's a "culturally-enabling, paradigm-shifting technology," which he says can drive the Dow Jones Industrial Average to 62,000 — up about 30% from current levels — in just a few years. Hirsch, also the chief executive of Hirsch Holdings, also discusses calendar and seasonal impacts on the market and how he expects a Santa Claus rally this year, but what it means if the market misses out. Vijay Marolia, chief investment officer at Regal Point Capital, debuts as Money Life's newest regular in a segment called "The Week That Is," which provides one takeway from the market and economic news of the week just finished, the thing to watch out for in the week ahead and one take looking further forward. This week, Vijay focuses on the Netflix-Warner Brothers Discovery deal, how precious metals will respond to a rate cut and move forward and what parents should consider about the new Trump Accounts

Brandon Thurber, chief market strategist at Regions Asset Management, says climbing the proverbial wall of worry has "supercharged the market," making it hard "to find reasons to be anything less than positive and constructive for 2026." While he worries that the message could be that "The only thing you have to fear is fear itself" — and he describes in The Big Interview the real fears that he feels could blossom into problems — he doesn't expect conditions to change much from 2025, and is mostly encouraged about domestic and international markets. Ken Berman, strategist at Gorilla Trades, says that he'd be foolish to say that now is a great time to buy after three strong years, but he believes the path of least resistance for the market is to go higher, and that's what he thinks will carry the current rally well into the new year. Like Thurber, Berman says he wouldn't want to get in the way of the market right now, and makes it clear that while there are reasons to be nervous he "wouldn't want to be short h

Joel Litman, founder/chief investment officer at Altimetry Research, says that investor worries about valuations are overblown because "good data" shows that current conditions are more like the mid-1990s — the middle of a bull market — than 2000 when the Internet bubble burst. He says in the Market Call that with real core earnings growing for a lot of companies, valuations are still reasonable, which is why he says current conditions make for a screaming bull market with several years where it can keep running before investors should get worried and nervous. Brad Neuman, senior vice president/director of market strategy for Alger, says in The Big Interview that if technology spending in artificial intelligence had been removed, the economy would have gone through a recession in the first half of the year, but that also means that a lot of the pressures from a downturn have passed. With the AI boom in "the very early innings," he sees the economy strengthening next year bringing the stock market to higher le

Steve Rick, chief economist at TruStage, says he expects inflation to rise to roughly 3.2 percent early in 2026, and says that increase — a long-awaited after-effect of tariffs — to mute the impact of interest rate cuts and other policies. Still, he stopped short of calling for a recession, noting that he thinks the market can overcome extremely high valuations to move forward modestly. He does think the economy may be moving into a period where it supports flat or slow growth for several years, but said it can avoid a crash or a bubble popping if it can avoid nightmare scenarios that he says currently look more hypothetical than threatening. Kerry Pechter, editor and publisher at Retirement Income Journal, discusses his recent piece on what he calls "The Private Credit Instability Hypothesis," which looks at how the growing popularity of private-credit investments could be setting up a future fall akin to the subprime mortgage situation that presaged the Great Financial Crisis. Pechter is concerned that insu

Indrani De, head of global investment research at FTSE Russell, says that there are tailwinds in place — from currency fluctuations, valuations and geopolitical changes — that make developed markets outside of the United States look particularly promising for next year. She says in The Big Interview that correlations between domestic and international markets have been greatly reduced in the last two years, which raises the benefits of diversification, and she suggests that spreading money around will pay off in both returns and in lowering portfolio risk, particularly if spending and investing in artificial intelligence slows and stops masking other market weakness.  David Blanchett, head of retirement research at Prudential, discusses the firm's 2025 Global Retirement Pulse Survey, which showed that mass affluent investors around the world feel ready for retirement, but that — perhaps because of their wealth — they haven't actually taken action to ensure that they're properly prepared. This lack of preparat

Sonia Fraher, head of cash management at Vanguard says that while nearly three-quarters of Americans say they will fall short of their saving and spending resolutions for this year, most are optimistic that they can pull off a "resolution rebound" in 2026. Vanguard's survey research showed that 84 percent of Americans expect to make a financial resolution for 2026, with building the emergency fund being the most common goal. In honor of the holidays, David Trainer of New Constructs revisits the Damger Zone pick he is most thankful for this year, due to its success as a short pick.  Rob Williams, managing director of financial planning for Charles Schwab, discusses the firm's research showing that two-thirds of Americans believe they must look beyond traditional investment products like stocks and bonds to further diversify and succeed in today's market. More than 40 percent think the classic 60/40 portfolio is outdated. Plus, Jake Cousineau, author of "Face Your Financial Fears: The Simple Guide to Fixing You

It's a day for talking smart holiday shopping, and the show takes that focus to the investment world. John Cole Scott, president of CEF Advisors — the chairman of the Active Investment Company Alliance — is back on Black Friday for the fourth straight year looking for big discounts among closed-end fund, and he's got several names that might work for investors looking to make portfolio changes before year's end. He offers up two ideas for municipal-bond funds, two business-development companies and two direct offerings that the market has put on sale and that investors might want to consider wrapping up for their portfolios. Sarah Foster, economic analyst at Bankrate.com, discusses the site's 2025 Holiday Essentials Index, which found that more than 75% of holiday staples have gotten more expensive since September 2024, which may mean that what is coming home for the holidays this year is inflation. Erik Beguin, founder, Fort Knox Bank, discusses how consumers who think they are protected by one-time codes an

Tom Stringfellow, chief investment strategist at Argent Trust, says that he expects stock market volatility to increase, especially as the Federal Reserve makes fewer cuts than observers are hoping for, but he doesn't see "a worrisome correction, I just see market testing." Those tests will break some trends in sectors and industries, but shouldn't break the market's ability to post modest gains. In honor of the Thanksgiving holiday being the real start of the holiday shopping season, Todd Rosenbluth, head of research at VettaFi, picks a retail-themed fund as his "ETF of the Week." Sara Enright, senior director of safety and sustainability at Consumer Reports, discusses CR's recently proposed homeowners insurance bill of rights, and points out some of the basics that consumers should know -- but typically don't -- about their policies that insurers often don't disclose because rules don't force them to speak up. Plus, Chuck talks about some things he is thankful for this Thanksgiving, noting that he has had a

Marta Norton, chief investment strategist at Empower, says the stock market has high valuations, but notes that it lacks the excessive economic risk-taking and the fear-of-missing-out sentiment that are necessary to create true bubble conditions. But she notes that avoiding a bubble doesn;t mean it's smooth sailing ahead, as she says in Empower's outlook for 2026 that she expects anemic job growth to be a primary economic story. That jobs picture puts the Federal Reserve "between a rock and a hard place and maybe a third hard place," with the labor market making it tough for the central bank to cut rates. As a result, she's suggesting that investors rebalance portfolios, downplay their expectations and anticipate heightened volatility. Julius de Kempenaer, senior technical analyst at StockCharts, says that the market currently is going through a rotation to where "Right now, defense is the play," with money moving to health care, utilities and consumer staples, all defensive sectors. He is expecting the next

Amar Reganti, fixed income strategist at the Hartford Funds, says "The uncertainty is real," over the potential not only for what the Federal Reserve could do but how the market and economy will respond to whatever decision gets made. Reganti says investors are facing the prospect of rate cuts spurring higher inflation, but a lack of action resulting in a tougher employment market and that both outcomes could make things a lot scarier and nerve-wracking than they are now. Rachel Perez discusses a BestMoney.com survey showing two-thirds of consumers say they lose more money paying annual fees on credit cards than they gain from the benefits and perks on those premium cards. David Trainer, president at New Constructs, puts meals-delivery company DoorDash back into the Danger Zone, noting that recent strong results and a big bounce in the price are masking the real trouble that still exists in the balance sheet and that will eventually result in a much lower share price for the stock.  In the Market Call, Martin

Zach Jonson, senior portfolio manager at Stack Financial Management, says the stock market is facing a trifecta of bear-market risks that could lead to "one of the great bear markets of our lifetime," with losses surpassing 40 percent and lasting for as long as 18 months when it finally bursts. Despite that, he says there are ways to "invest through it," and that's precisely what he is doing, because despite bubble conditions, there are pockets of value and there could still be a lot of market upside until the inevitable pop of this balloon. But the talk starts today with an interview recorded at Wednesday's Active Investment Company Alliance Fall Round Table in New York City, with David Tepper of Tepper Capital Management revisiting past selections of some classic funds he has held for years and their prospects for the future, plus his outlook on the potential dangers of private credit, what he is worried about if the economy turns and more. Charles Rotblut, vice president of the American Association of Indi

Andrew Foster, founder and chief investment officer at Seafarer Capital Partners — manager of the Seafarer Growth and Income Fund — says that it's the "bottom of the first or, maybe, bottom of the second inning with respect to how tariffs will play out," but he notes that emerging markets companies have pushed higher prices back on U.S. consumers, which means the story has a lot of twists and turns left to navigate. Foster also says that domestic investors want to use emerging markets -- and foreign currencies -- to diversify portfolios against what lies ahead, noting that over-exposure to the dollar may lead to greater volatility and risk ahead. Todd Rosenbluth, head of research at VettaFi, heads to the utilities sector and a long-time established fund for his ETF of the Week. The second half of today's show is interviews from Wednesday's Fall Round Table for the Active Investment Company Alliance, which Chuck attended and spoke at in New York City. The conversation starts with Ryan Paylor, portfolio manager

David Russell, global head of market strategy at TradeStation, says that as artificial intelligence become less of an economic focus, the market will wake up to potential weakness on Main Street, where "recessionary patterns" are already visible. He is expecting "one of the weaker holiday seasons in a while," and says that a lot of signs that have been viewed as bullish have become much more questionable. He would not be surprised to see the market test October lows — roughly 6,550 on the Standard & Poor's 500 — before year's end.    Nate Miles, head of retirement at Allspring Global Investments, discusses the firm's 2025 Retirement Study, which showed that only six in 10 retirees and near-retirees feel financially secure, a significant decline from just a year ago. The study also showed that investors — who have embraced target-date funds and life-cycle funds as a primary savings option — are looking for more personally tailored investment and retirement-spending solutions.    In the Market Call, absolut

Joe Quinlan, head of market strategy for Merrill Lynch and Bank of America Private Bank, says that the U.S. consumer higher-income households "are in great shape heading into 2026," and so long as the Boomers continue spending, the economy and stock market can roll along. Quinlan says that the economy can avoid a recession if the Federal Reserve can avoid policy mistakes, if the U.S. stays out of a difficult trade war and if the extraneous factors mostly stay at bay. Given what the market has weathered in 2025, Quinlan says there is reason to believe the rally can continue, even if results are muted a bit compared to the equity returns of the last three years. Chris Vermeulen, chief market strategist at The Technical Traders, says that investors should not be fighting current trends, but they should be getting cautious in a market where there's not a lot of upside left this year. He expects January to be a telling month for whether the rally can carry deep into 2026, and says that investors looking for bigger

Gargi Chaudhuri, chief investment and portfolio strategist for the Americas at BlackRock, says the market's recent action represents "a fairly healthy pullback," the kind of periodic "cleansing" that markets go through, and that the recent action is less based on whether earnings can continue to drive valuations higher than it is on nervousness over the Federal Reserve's next move. Chaudhuri says that the current focus on whether the Fed will cut rates again in December is misplaced, because continued earnings growth, gross domestic product numbers and the fundamentals of the stock and bond markets will do more to determine how long the bull market lasts. That long view also coincides with BlackRock's latest "People and Money Survey," which Chaudhuri noted showed that staying invested long-term and riding out markets rewards investors more than trying to time markets. David Trainer, founder/president at New Constructs, says that agentive artificial intelligence has advanced to where it can provide investors w

Buck Klintworth, senior vice president and portfolio manager at Chase Investment Counsel, says the market isn't looking like it will make dramatic moves before the end of the year, but he does expect a "small correction." Because he believes that the underpinnings for the economy are solid and forces like the artificial intelligence boom are backstopping the market, he expects that correction to be a buying opportunity for investors. Tani Fukui, senior director for global economic and market strategy for MetLife Investment Management, says she expects the Federal Reserve to follow through with rate cuts — even as the market seemed to waver in its confidence in cuts on Thursday — and that the move and the coming rate-cut cycle will help the U.S. economy avoid a recession. Josh Duitz, global head of income for Aberdeen — manager of the Aberdeen Total Dynamic Dividend Fund — talks about where he is finding success in generating elevated income at a time when rate cuts are making it harder for investors to earn e

Robert Farrington, founder of The College Investor, posed 100 personal finance questions to Google AI and came away with 37 "misleading or inaccurate" answers, and while that sounds horrible, it actually represents an improvement of six percentage points over the results Farrington got making the same queries a year ago. Farrington notes that the outcomes are only as good as the inputs, meaning that consumers who don't know the right questions to ask will be more poorly served by artificial intelligence than those who know enough to ask solid questions. Catherine Collinson, president of the Transamerica Center for Retirement Studies, discusses "Retirement Throughout the Ages: The American Middle Class," which showed that U.S. adults earning between $50,000 and $199,999 annually are struggling to stay afloat and get ahead when it comes to retirement planning.  Todd Rosenbluth, head of research at VettaFi, looks to mid-cap stocks with momentum as he makes an offering from Invesco his ETF of the Week. Plus, Chuc

Stephanie Guild, chief investment officer at Robinhood, says that the stock market has ridden earnings growth to the record highs it has set this year, but she is worried that with valuations at high levels, earnings growth can't sustain higher price-earnings multiple to push the market up further. Guild notes that Robinhood's customers have changed some of their investment habits as market conditions have evolved in the post-Covid market; they're still buying dips, but more on a single-name basis rather than buying broad markets and riding indexes. Further, Guild says she will be watching investor buying behavior during dips to see if there is a fatigue point where their nerves about possible downturns make it that each decline no longer appears to clients like a buying opportunity. Chip Lupo discusses WalletHub's 2025 Household Debt Survey, which showed that high inflation is contributing to rising debt levels in nearly 60% of American households, where more than two in five respondents expect household deb

Matthew Timpane, senior market strategist at Schaeffer's Investment Research, says the stock market is entering "the most bullish season of the year," and the bears missed the chance for a big pullback once the market got past mid-October. Now he expects the market to grind higher for the rest of the year, but he notes that things may change once the holiday buzz changes and 2026 moves forward. Stuart Katz, chief investment officer at Robertson Stephens, says that rate cuts will make cash less attractive, which will push a lot of money that has been on the sidelines up the risk spectrum, and he discusses the areas of the bond market that he thinks are poised to benefit from that moving money, as well as the market sectors that he thinks will have leadership in a market that will be up against slowing economic activity. In the Market Call, Peter Krull, director of sustainable investing, for Earth Equity Advisors — author of the new book, "The Sustainable Investor: Responsible, Impactful, and Values-Driven Inve

Sal Gilbertie, chief executive officer at Teucrium Trading — which runs several commodity specific ETFs, like the Teucrium Soybean fund — says that while tariffs are being blamed for high prices for goods like coffee, cocoa, beef and more, it's actually the weather and long droughts in certain key growing areas that have steadily increased prices over several years. Still, Gilberties says tariffs have had an undeniable impact, some of it negative — with trading partners losing trust in the United States — some of it positive, because commodities are still moving around world markets. He says that investors who can stomach the volatility should be leaning into the headlines for opportunities, rather than fearing bad news impacts. David Trainer, president of New Constructs, says that tech giants are using mountains of cash to develop and build opportunities in artificial intelligence, but he notes that such huge spending can't go on forever while waiting for the payoff, and he identifies Amazon, Meta and Oracle