Money Life With Chuck Jaffe Daily Podcast

Rusty Vanneman, chief investment officer at Orion, says that while the economy has done better than experts forecasts and predictions of a soft- or no-landing scenario are well-reasoned, the leading indicators -- which take a long time to impact the economy -- show that storm clouds remain in place, at least enough so that investors should be cautious. He talks about diversifying into this market to account for those risks. Also on the show, Bryan Armour of Morningstar discusses the firm's latest U.S. fund fees study, which shows that Americans are saving billions by continuing to adhere to cost-conscious strategies, forensic accountant Tracy Coenen discusses in 'Find Me The Money' how couples can and should commingle finances and money-management styles when first connecting to avoid trouble later, and Scott Bennett of Invest With Rules puts his rules to work in the Money Life Market Call.

Edward Yardeni, president and chief investment strategist at Yardeni Research, says it is possible that long-term recession predictors like the inverted yield curve and leading indicators may not be right this time, but mostly because the economy has been going through a series of recessions in various sectors. At the same time as those niche downturns, Yardeni says there have been simultaneous recoveries occurring in other portions of the economy, creating a counterbalance that has kept the United States out of a full-blown recession and which appears likely to keep it out of any protracted decline. Also on the show, John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance, talks about the widest discounts the closed-end fund industry has seen in decades and how that is a big buy signal right now. Plus, David Trainer of New Constructs puts ride-share company Lyft back in The Danger Zone, noting that its recent rebound shouldn't fool anyone into thinking the company is out of the

Jordan Lopez, manager of the Payden High Income Fund, says that the healthy economy -- which he sees as being able to avoid a protracted and/or deep recession -- has high-yield securities in a good place, able to pay out returns that beat current inflation rates without much additional default risk. He notes that with a lot of high-yield debt currently having intermediate maturities, companies can be flexible and patient, which will help to guard against rising costs of capital until the rate trend turns. Also on the show, Lawrence McMillan, president of McMillan Analysis, says the market has been pushing against support levels and if it breaks through 4,300 on the Standard and Poor's 500, it could break out of its current range and fall significantly; still, he feels like most of the downside pressure is a short-term risk, with longer-term technical indicators holding up reasonably well. Plus, Christian Munafo of Liberty Street Advisors and the Private Shares Fund talks about burgeoning opportunities in priv

Robert Frick, corporate economist at Navy Federal Credit Union, says that, in hindsight, the economy was never in real danger of a recession because of the strong consumer and with the consumer now getting stronger the economy will be able to move forward at reasonable growth levels. Frick also calls the inverted yield curve and the leading economic indicators 'irrelevant,' noting that conditions were so changed by the pandemic that the key numbers to watch changed. He watches spending, and while he feels good about prospects, Frick is not optimistic due to economic challenges facing the nearly one-third of Americans who qualify as 'lower-income.' Also on the show, Tom Lydon of VettaFi turns to uranium for his ETF of the Week. And the Market Call features a first in the history of the show -- coverage of preferred securities -- with Douglas Crimmins of Relative Value Partners talking about generating income at reasonable prices.

Financial journalist Allan Sloan -- a seven-time winner of business journalism's highest honor, the Loeb Award -- says that while it appears the country can avoid a recession, America can't avoid long-term financial trouble if leaders in Washington can't find a way to compromise and make progress on financial goals. He says the Fitch Ratings downgrade of U.S. credit is a sign that the markets recognize how intractable the country's political divide is. In The Big Interview, Rohan Reddy, director of research at Global X ETFs, talks short-term Treasury investing in a high-rate market with an inverted yield curve, but also touches on other investment themes driving pockets of the market today. In the Market Call, Mike Liss of the American Century Value fund, discusses relative-value investing and the ease of finding reasonable bargains today.

Brian Barish, president and chief investment officer for Cambiar Investors, says that rising interest rates have increased the cost of capital for businesses, which is shifting which industries and businesses can thrive. The increased cost of capital is changing market conditions to where value and growth investing are now on a more equal footing, and should be more balanced moving forward. Leo Leydon, president of Financial Focus Advisory Services, says the economy has had its recession in the form of two negative GDP quarters last year, and that people expecting a bear market have been wrong; while he expects a pullback in the market, Leydon thinks it will be short enough to be treated like a buying opportunity. Susan Fahy examines the latest 'Credit Gauge' from VantageScore, which shows that delinquencies are up slightly but that American consumers are using credit more cautiously. Plus, forensic accountant Tracy Coenen gets real in discussing pre-nups, post-nups and 're-nups,' and showing how some cases

Joe Terranova, chief market strategist at Virtus Investment Partners, says the worst is over for the economy -- the worst being the horrible stock and bond market of 2022 -- and that while recessionary conditions exist or may bubble up in some sectors, the overall market is likely to be strong, retaining or growing the gains the market has experienced thus far this year. David Trainer, president and founder at New Constructs puts Wayfair back in the Danger Zone, noting that with the stock having more than doubled this year, recent good news has merely made the situation more dangerous. Also on the show, Chuck takes a listener's question on declaring for Social Security benefits and Craig Copeland, director of wealth benefits research at Employee Benefit Research Institute, talks about the negative impacts that caring for loved ones can have on the caregivers' retirement confidence.

Darrell Cronk, chief investment officer at Wells Fargo Wealth and Investment Management, says the slow-developing impacts from the Federal Reserve's monetary tightening policy 'still lies before us,' putting the market 'in a vulnerable spot' as it enters August, September and October, historically the toughest months of the year. As a result, he expects a 'tactical correction' late this year, and urges patience while that plays out. Also stressing patience on this show is Jason Brown of The Brown Report, who notes that the market has hit a band of resistance short of returning to all-time highs and he expects it to struggle to break through, although he thinks support levels will hold up because the negatives have been priced in. He expects a choppy, range-bound market that works well for options and covered-call strategies but is hard on directional traders who need bullish or bearish trends. Plus, Scott Caraher, head of senior loans at Nuveen says rate hikes are stressing low-rated companies and are likely

Crit Thomas, global market strategist at Touchstone Investments, says the stock market's strong run makes investors feel good, but it has gotten to a point where the market is expecting more that a slowing economy that is dealing with inflation can deliver. Thomas says the current earnings recession is problematic -- regardless of whether the broad economy enters a recession -- because it shows that micro issues and what is happening at the company level will be more important than the macro, big-picture issues moving into 2024. In the ETF of the Week, Tom Lydon of VettaFi looks at a new fund that puts a different twist -- driven by artificial intelligence -- on 'Buy on the dips.' Ted Rossman of Bankrate.com looks at how inflation and rate changes are impacting credit-card users, and what it all says for the big picture at a time when credit-card debt nationally now exceeds $1 trillion. In the Market Call, Dorrit Lowsen, president of Change Finance, talks stocks through the lens of her firm's unique take on

Abhay Deshpande, founder and chief investment officer, at Centerstone Investors says the economy is still playing out the last effects of the pandemic, and that a recession is likely to be the end of those financial consequences before 'the normal progression starts to resume.' Deshpande says it will be a 'run-of-the-mill recession,' a mild slowdown that investors will want to muddle through in stocks, rather than seeking shelter in fixed income. Also on the show, Regina Conway of Slickdeals discusses how inflation has been impacting the impulse-buying habits of American consumers, Chuck answers a listener question and Michael Roomberg of Miller Howard Investments talks energy stocks in the Market Call.

Bill Adams, chief economist at Comerica Bank says that the economy is not headed toward a significant downturn felt across many sectors of the economy, showing up in declining incomes and employment and it lasts for several quarters. While he sees slow growth and a few other issues, Adams believes the Federal Reserve has done enough to avoid a recession, and expects the central bank to wait at least one more meeting before having a rate hike in November to help play out the policies it has been pursuing to reduce inflation. Mark Newton, global head of technical strategy at Fundstrat Global Advisors also sees the market and economy riding out a few years down the road before there is any recession; Newton expects investors to be able to make money this year and next before he sees a bear market ending the rally. In the latest installment of 'Find Me The Money,' forensic accountant Tracy Coenen discusses how earnings discrepancies and career moves make it imperative for women to get their share of a couple's r

Akhil Patel, author of 'The Secret Wealth Advantage: How You Can Profit from the Economy's Hidden Cycle' says that the economy is nearing the peak in the long-term cycles his research has uncovered, and that time should be filled with rampant speculative behavior, where investors lose sight of fundamentals. He expects that rally built around confidence and momentum to end when the cycle turns and the long-term cycle he sees quickly reaches its depths. Also on the show, research analyst Megan Sanctorum discusses how much the average American spends on products endorsed by athletes, David Trainer of New Constructs revisits SNAP, saying that a recent run-up makes the stock particularly worrisome now, and Jason Browne of Alexis Investment Partners covers the tactical use of exchange-traded funds in the Market Call.

Veteran markets observer Nick Sargen, senior economic advisor at Fort Washington Investment Advisors, says he has been surprised by the strength of the market's current rally, but he doesn't see the market re-testing of lows -- even if the uptrend has gone too far, too fast -- so long as the Federal Reserve is nearly done with hiking rates. Sargen notes that one saving grace of the market's topsy-turvy year has been that fixed-income has started working again, paying investors while they wait for better conditions for stocks. Sargen noted that he also likes India and Japan as international investments now. Also on the show, Chris Oberbeck, chairman and  chief executive officer at Saratoga Investment Corp., says that the changing rate, banking and inflation conditions have given business-development companies and private lenders more power to make good deals that can weather a recession, and in the Market Call, Dave Sekera, the chief U.S. market strategist at Morningstar, talks about buying stocks trading wel

Steve Sosnick, chief market strategist at Interactive Brokers, says investors should be thinking defensively and looking at dividend stocks rather than hoping that central bankers will pivot and start cutting rates to boost the market, because he thinks the Fed will stick with higher rates until economic conditions deteriorate to where such a move is necessary. Tom Lydon, vice chairman at VettaFi, meanwhile, looks toward small-cap stocks with his pick for ETF of the Week, George Milling-Stanley of State Street Global Advisors returns to the show for a second day, going off the news to talk about how Fitch Ratings' cut of the U.S. credit rating will impact markets and gold, and Darren Chervitz of Jacob Discovery Fund talks about buying small - and micro-cap stocks at value prices in the Market Call.

George Milling-Stanley, chief gold strategist at State Street Global Advisors, says that a recession or period of slower growth will hurt the dollar and domestic stocks, creating ideal conditions for gold, particularly with the confluence of higher-for-longer inflation and election-year politics. Milling-Stanley notes that while gold has not been a great hedge against the recent inflation, he expects it to do better in that role going forward because 'we have not yet had the kind of inflation that gold has historically offered protection against.' Also on the show, Hamish Preston of S and P Dow Jones Indices, discusses how the stock market in July hit thresholds for success that had not been seen in nearly 30 years, Greg McBride of BankRate.com discusses Americans' most common financial regrets and, in the Market Call,  Cullen Roche of the Discipline Funds talks systematic investment in exchange-traded funds.

Jeffrey Kleintop, chief global market strategist at Charles Schwab and Co., says that the cardboard box recession of the last year -- which affected manufacturing and trade sectors, effectively 'everything that goes in a cardboard box' -- has allowed the economy and market to push forward despite potential troubles, but now he sees difficult conditions hitting some of the service sectors which could lead to worse economic conditions. While he is not expecting a hard landing -- although he notes that the weather could be a surprising economic factor -- Kleintop expects volatility and conditions that favor international investments, particularly in Japan and India.  Meanwhile, Kendall Dilley of Vineyard Global Advisors says that the market's technicals are pointing to a downturn, but showing enough strength that any correction should be a buying opportunity. Plus, Robbie Burns -- 'The Naked Trader' discusses 'The Naked Trader's Book of Trading Strategies', and forensic accountant Tracy Coenen talks about wheth

Veteran money manager Bob Doll, chief investment officer at Crossmark Global Investments, has gotten famous making 10 predictions every year, and he sits down to revisit what he was saying at the start of the year and how it has been turning out. Thus far, it has been a mixed bag, but Doll notes that the market has been more optimistic than anyone expected for 2023, and now that investors are feeling fat and happy, they are likely to live through a recession. Also on the show, Christian Mitchell discusses the latest details from the 2023 Planning and Progress Study from Northwestern Mutual, showing that 35 percent of Americans say they're close to or at their highest-ever level of personal debt, Mitchell Morrison, creator of the Eyeballs app, talks about whether consumers will trust artificial intelligence and services like ChatGPT to do their financial planning, and Kyle Guske, of New Constructs puts a popular brand-name stock in the Danger Zone, noting that it could easily shed $100 per share from current

Jim Welsh, author of the 'Macro Tides' and 'Weekly Technical Review' newsletters, says that the leading economic indicators that had everyone expecting a recession a year ago have fooled investors by softening recently. While many experts now are predicting a soft landing and the potential for no recession, Welsh says key indicators -- like the inverted yield curve -- often take a year or more to pan out and they will come to roost in the next three to six months, reinforcing the possibility of a 5 to 7 percent market pullback before the year ends. Also on the show, Jon Baranko, chief investment officer for fundamental investments at Allspring Global Investments, discusses how the strong start to 2023 impacted the firm's mid-year outlook, which is looking ahead and seeing broader participation and strong times for small-cap stocks ahead. In The NAVigator, it's Josh Duitz of the Aberdeen Global Infrastructure Income Fund, explains why the timing is good for infrastructure investing but notes that the public co

Long-time bond fund manager Dan Fuss, vice chairman at Loomis Sayles and Co., says that the current economic environment 'rhymes with what we had in the 1970s, but the geopolitics and the climate are new things, and they are actually more important right now than what the Fed is up to.' Fuss says he does not expect short-term interest rates to start trending downward quickly, noting that he expects the yield curve to flatten but not to return to its normal slope soon. Also on the show, Tom Lydon, vice chairman at VettaFi, turns to regional banking -- a sector that has been troubled and which may not be through those rough times this week -- for his ETF of the Week, and author Michael Robbins discusses the impact artificial intelligence is having on investment thinking as he discusses his book 'Quantitative Asset Management: Factor Investing and Machine Learning for Institutional Investing.'

Brian Price, head of investment management at Commonwealth Financial Network, says it's hard to make a case for risk assets like stocks to move much in either direction and the mixed signals extend to the economy, which he believes will avoid the extreme moves in either direction. As a result, he discounts the potential for an economic hard landing -- despite expecting below-average economic growth -- despite expecting lackluster performance as current conditions play out into next year. Similar sentiments were expressed by Thomas Winmill, manager of the Midas Fund, who notes that gold has been a better hedge for inflation of late than it was at the start of the interest rate-hike cycle, but who notes that the real potential in precious metals moving forward will be more about total return of the asset compared to stocks. Winmill, who also manages Dividend and Income Fund, says he expects a coming downturn to strengthen the many buys he currently sees for investors willing to look past the few stocks that hav