Money Life With Chuck Jaffe Daily Podcast

Lyle Fitterer, senior portfolio manager at Baird, says investors should not jump the gun expecting rate cuts just because the Federal Reserve has paused its hiking cycle and some pundits think the next move could be down. Fitterer thinks the Fed will at least keep rates higher for longer, possibly hiking some more later this year, with the economy likely to slow down into a soft landing or mild recession. Greg McBride, chief financial analyst at BankRate.com discussed the site's recent survey showing that a majority of Americans are uncomfortable with their level of emergency savings, with fewer than half having saved three months worth of expenses to guard against job loss or other personal catastrophe. And David Trainer, president of New Constructs, reaffirms three recent Danger Zone picks -- Cava, Warby Parker and Lucid Group -- for very different reasons; CAVA had a big pop off its IPO, WRBY hit New Constructs' targets as a short but have enough room to run lower that Trainer is sticking with it as a dow

Rob Williams, managing director of financial planning for Charles Schwab, discusses the firm's 2023 Modern Wealth Survey, which showed that Americans feel they need $2.2 million to actually 'be wealthy,' but just $560,000 to 'feel wealthy,' noting that the difference involves lifestyle, health and happiness considerations. Clearly, however, the old standard goal of being a millionaire is insufficient, and Williams said it has been outdated for years. Also on the show, Mickey Schleien managing director of equity research at Ladenburg Thalmann and Co. discusses how business-development companies have been impacted by rising interest rates and tighter monetary policy, Aaron Collett discusses the private-credit market -- which he says hasn't had a down year in more than three decades -- but also the benefits of accessing it by using cryptocurrency and, in the Market Call, Kevin Rendino of 180 Degree Capital covers Graham-Dodd style value investing in small- and micro-cap stocks.

Aditi Javeri Gokhale, chief strategy officer at Northwestern Mutual, says that the average American expects to retire two years later than they did just a year ago, one of several key findings in the latest data release from the firm's 2023 Planning & Progress Study out today. She notes that Americans expect to need $1.27 million to retire, and that most have less than 10 percent of that amount saved. Tom Lydon, vice chairman at VettaFi, makes a brand new fund from PIMCO, that launches today, his ETF of the Week. Plus Alyssa Stankiewicz, research analyst at Morningstar discusses anti-ESG investing and Sam Burns, chief strategist at Mill Street Research, brings his quantitative approach to stocks in the Market Call.

Duke University professor Campbell Harvey, senior advisor at Research Affiliates, says that the yield-curve inversion the U.S. economy is facing is the worst, most-dangerous kind of inverted conditions, and that the Federal Reserve is steering us increasingly toward a hard landing. Harvey is the researcher whose work pointed out the correlation between inverted yield curves and recessions, and he does not think the current economy has any hope of bucking the trend, particularly if high rates put stress on more banks. Also on the show, Chuck Bell, advocacy program director for Consumer Reports, discusses how much money Americans are really losing to hidden and junk fees that President Biden and Congress are currently trying to get under better control. Plus, Katherine Roy of Edward Jones discusses the firm's recent study showing how many Americans have faced cannonball events – major challenges that can derail a financial plan -- or curveballs, relatively minor occurrences that cause setbacks, and how they h

Charlie Ripley, senior investment strategist at Allianz Investment Management says that the stock market is still reacting as if the Federal Reserve will begin cutting interest rates before the end of this year, ignoring the likelihood that the central bank instead follows the data and pushes to get rates to 6 percent before holding steady for longer. He sees a soft landing and mild recession ahead for the economy. Indrani De, global head of investment research at FTSE Russell discusses the 'Russell Reconstitution' process of updating the firm's indexes -- which is being completed this week -- and what the benchmark's changes say about the market and economy at this time. Plus, Marty Fridson discusses 'The Little Book of Picking Top Stocks,' which encourages pursuing big winners in addition to maintaining a balanced, traditional investment approach, and  in the latest episode of 'Find Me The Money,' forensic accountant Tracy Coenen talks about how it's not gender but instead an imbalance of power and knowledg

Chris Marangi, co-chief investment officer for value at the Gabelli Funds, says the market is starting to focus on growth and the Federal Reserve's ability to delay and minimize recession, and he believes the central bank will get the job done. Marangi says in The NAVigator segment that 'the new normal' is one where inflation is higher than the Federal Reserve's target of 2 percent and growth is below trend, which he expects will create opportunities far beyond the handful of stocks that have driven market gains this year. Eric Gerster of AlphaCore Wealth Advisory says in the Talking Technicals segment that the range-bound market has been moving the range higher, and is likely to keep headed that way for the remainder of the year, Masa Takeda of the Hennessy Japan Fund discusses the expanding growth opportunities in the world's third-largest economy in The Big interview, and John Barr of the Needham Funds talks growth investing in the Market Call.

Michael Lowenberg, portfolio manager for the Modern Capital Tactical Opportunities fund, says that years pf interest rates being held artificially low has created opportunities for investors looking for income now, at a point where cash can be a more tactical investment choice and closed-end funds offer good opportunities to buy income streams at a discount. He's in for the Market Call today, but Bryan Shipley of Arnerich Massena discusses behavioral economics and just how hard it is for investors to buy into financial assets at times when they are on sale. Plus, Tom Lydon of VettaFi looks to a famous brand-name index fund -- but one that's not the standard measure of the market these days -- for his ETF of the Week, and retirement columnist Brett Arends of MarketWatch discusses how seniors are more worried about running out of money than they are about death.

Ben Inker, co-head of asset allocation for GMO, says that recessions come and go and don't leave 'much of alasting mark on either the economy or the markets,' so while he expects the ecoomy to go through a recession soon, he's not sure it matters to long-term investors, particularly those in value stocks, as he talks about a recent paper debunking the idea that underpriced stocks door poorly during economic downturns. Also on the show Susan Fahy of  VantageScore says that the firm's most recent Credit Gauge shows that the K-shaped recovery is continuing to punish the have-nots; she also notes that there are some signs of stress for consumers based on current credit behaviors. In the Market Call, Ken Applegate, lead portfolio manager for Wasatch International Growth and Wasatch Select International talks about investing now around the world.

Veteran technical analyst Martin Pring of Pring Research says that the primary trends he is seeing right now are up, and he is expecting more of a breakout because we are in the early stages of a bull market, but while that trend is positive, Pring says he has low expectations for the current cycle because the market is in the process of transitioning from a secular bull market to a secular bear market, which he thinks will leave markets range-bound for several years, even if the trend for the remainder of the year is generally positive. Also on the show, Haydar Haba of Andra Capital talks the future of global de-dollarization and his take on how artificial intelligence compares to 'revolutions' of the past, forensic accountant Tracy Coenen points to the hidey holes used to obscure cash in the latest edition of 'Find Me The Money' and Mike Bailey of FBB Capital Partners talks 'beat and replace' investing in the Market Call.

Kyle Guske, investment analyst at New Constructs, says that while the firm's research shows that 73 percent of companies are overstating their core earnings when adding in one-time events and other factors that are part of what's known as 'street earnings,' he sees five companies with the most overblown numbers as ready for a fall, identifying MGM Resorts, PG and E Corp, Boston Scientific, Fiserv and PPL Corp. Bruce Kelly, senior columnist at  InvestmentNews, discusses the latest lawsuit facing financial guru Dave Ramsey, over recommendations about a time-share workout firm that did not, well, work out, deep-value investor Michael Campagna of Moerus Capital in the Market Call, and Chuck talks about the sneaky but necessary path a fund company took to get shareholders -- himself included -- to vote their proxy.

Julius de Kempenaer, senior technical analyst at StockCharts, says that while the rally may seem range-bound, the recent upswing has pushed it past the range and started the next rally, one which he thinks could go by another 10 percent likely before the end of the year. De Kempenaer notes that while the rally has been fueled by a few stocks, the rally will be more broad, with small caps starting to participate. In The Big Interview, financial journalist Allan Sloan goes further on what he has labeled 'The Skinny Bull' and just how much our perceptions of the current year for the market are based on the actions of seven companies. Plus, Doug Baker, head of preferred securities at Nuveen, looks at how current market conditions have made it relatively easy to find paper that is yielding north of 7 percent, and notes that concerns over the financial services sector have made it possible to get that yield on sale now at discount levels that this area of the market rarely sees.

Michael Kelly, global head of multi-asset at PineBridge Investments, says he expects the market 'to reverse the gains we have had year to date' and suggests investors will be better off in cash riding out the downturn, which he thinks will be stubborn and persistent even if the downdraft is not exceptionally steep. In the Market Call, Nancy Prial, co-chief executive officer at Essex Investment Management, says that small-cap stocks are already discounting a recession, setting up 'a generational opportunity' for smaller companies to play catch up and outperform over the next two to five years. Plus, Tom Lydon, vice chairman at VettaFi, heads to China with his pick for the ETF of the Week.

Joe Kalish, chief global macro strategist at Ned Davis Research, says that he expects a short, shallow recession that starts no later than early into 2024, but he also says there is the potential for the economy to avoid the status of a recession while riding the U-shaped economic recovery through sub-par and sluggish growth. Ed Carson, news editor at Investor's Business Daily discusses the latest IBD/TIPP Economic Optimism Index, which dropped sharply a month ago and failed to rally this month despite a strong, solid move in the market, and Matt King, president of King Wealth Advisors in northern California talks mutual funds and ETFs in the Market Call.

Paul Seaton, managing director at Fulcrum Asset Management North America, thinks that persistent inflation and a potential recession leave the equity markets vulnerable during the second half of 2023, and while he is not expecting a volatile downturn as a result, he does think investors need to check their expectations and not get carried away by the market's gains to this point in the year. Ken Berman, founder and chief strategist at Gorilla Trades, says that the market's technicals are more mixed than they have been in years, creating a range-bound market where the downside is limited while the market takes time to gather the base for the start of the next secular bull market cycle. In the 'Find Me The Money' segment, forensic accountant Tracy Coenen discusses the financial hide-and-seek games that some spouses start playing at a point when they start to believe that a marital split is likely. Plus, Matt Schulz of Lending Tree on how much parents are spending on average for their kids' extracurricular activ

Howard Yaruss, professor at New York University and the author of 'Understandable Economics' says that while the stock market is up sharply this year, 'this is not a stock market on fire, this is a stock market 15 percent below it's peak.' The year's increase has been mostly due to a few technology/artificial-intelligence companies, but he does not believe the AI business is setting up a new bubble/crash, because their valuations haven't approached unreasonable; Yaruss also noted that he thinks the Fed will hold off on raising rates this month to see if inflation continues its slow decline. Also on the show,  Jeff Ptak, chief ratings officer at Morningstar Inc., goes 'Off The News' on his research that showed that certain tactical asset allocation funds were much worse for investors than simply buying-and-holding a static portfolio, David Trainer of New Constructs issues a warning for the entire stock market over the coming earnings season, and Chuck explores the weird financial news.

Brendan Ahern, chief investment officer at KraneShares, says that any recession or economic downturn in the United States will wind up having spillover effects in China, where the economy is so geared to the West that it is the proverbial 'canary in the coal mine,' because if manufacturing there is slowing and exports are down, it reflects a sluggish economy in the U.S. and Europe. He sees improved potential for China and emerging markets, provided that the politicians on both sides can avoid trade conflicts and allow for improved trade. Rob Shaker of Shaker Financial Services, says that the stock market hasn't been climbin a wall of worry so much as a 'Wall of Meh,' but notes that economic mediocrity is creating opportunities for long-term investors in closed-end funds to buy into discounts now and get paid off as early as the second half of this year, when he expects a 'generalized recovery' from today's worrisome issues. Plus, Gene Peroni of Peroni Portfolio Advisors talks technical analysis and says the

Kristof Gleich, founder and chief investment officer at Harbor Capital Advisors, says investors should be surprised that the economy hasn't gone into inflation, but notes that the market has a 'genuine inflation problem' that is persistent and structural and likely to linger for a year or two, at least, as the Federal Reserve struggles to get the pace of rising costs down to 2 percent. As a result, he expects  more volatility from the market, with more vibrant rallies like we are seeing now balanced out by more vicious snapbacks/ Also on the show, Tom Lydon of VettaFi responds to the market's narrow leadership with a counter-intuitive play, making the equal-weighted version of a popular index his ETF of the Week, Christian Mitchell discusses the first data release of Northwestern Mutual's 2023 Progress and Planning Study, noting that investors are braced for impact with a downturn, and Chuck answers a listener's question about the resources he reads and uses for help in guiding his portfolio.

Michael Sansoterra, chief investment officer at Silvant Capital, says the artificial intelligence boom currently fueling a Wall Street rally is here to stay -- though he notes the stocks are not recession- or crash-proof thanks largely to real earnings and sustainable growth curves. During the Internet bubble days around the turn of the century, companies were bid up on hope and hype, but Sansoterra notes that artificial intelligence stocks -- a surprisingly small group that is growing rapidly --- have substance that should give them longevity. Also on the show, financial adviser Brian Kuderna discusses his recent book, 'What Should I Do with My Money?' and Bankrate.com's Ted Rossman discusses side hustle activity and why people keep working side jobs, what they're trying to achieve and how many hustlers think they'll be doing odd jobs forever.

David Trainer, president at New Constructs, says that the initial public offering for fast-casual restaurant chain Cava Group is another poster child for bad new issues, a 'rip-off' with 'the private equity holders hoping to get bailed out by unsuspecting public investors.' He compared Cava to WeWork, an IPO so troubled that it wound up being canceled; he's hoping the Cava deal suffers a similar fate. In the 'Find Me The Money' segment, forensic accountant Tracy Coenen discusses financial infidelity and the slippery slope that many people take in crossing the line from normal financial behaviors to troubling ones, Allison Hadley discusses a RetirementInvestments.com survey looking at the ways and the extents many parents are going to in order to support their adult children, and The Book Interview features author and comedian Jamie Loftus on her book 'RawDog: The Naked Truth About Hot Dogs," a look at both the meat-packing industry and some of the best hot-doig joints in America.

Andy Kapyrin, co-chief investment officer at CI RegentAtlantic Private Wealth, says that in past debt-ceiling debates -- notably heated times like 2011 and 2013 -- stock market investors made times volatile, creating an incentive for Washington to act, but with current volatility being muted, Kapyrin sees ratings agencies like Fitch applying pressure that should help politicians to resolve the issue. While Kapyrin notes that the Federal Reserve has always struggled to deliver a soft landing, there are signs that it can at least escape the current cycle with nothing worse than a mild recession. Also on the show, Duncan Farley of the BlueBay Destra International Event-Driven Credit Fund discusses how rising rates and inflation have created more and different opportunities in the public and private credit markets, delivering the potential for double-digit returns without correlation to the stock market, Jerremy Newsome of Real-Life Trading talks about how investors can make money playing both sides against the m