Money Life With Chuck Jaffe Daily Podcast

Kristina Hooper, chief global market strategist at Invesco, says she anticipates stock market and economic problems late this year -- "especially if the Fed doesn't take it's foot off the accelerator" -- but she says the current environment will settle down so that investors can get their bearings and stay focused on the long-term, noting that there are reasons to be optimistic about the market for 2024 and beyond. Hooper says that the Federal Reserve will be the biggest determinant of how and when the market recovers, but said she feels that investors who get too short-sighted about what is happening now are likely to be more damaged by the actions of central bankers than those who ride it out. Also on the show, Matt Brannon, data analyst with Clever Real Estate, discusses their recent study of Americans' credit-card habits, which show that most of the personal finance gains reported and experienced around the pandemic have faded as Americans returned not only to their offices but to their bad pre-pandemic f

JJ Kinahan, chief executive officer, IG North America -- parent company of tastyworks -- says that the stock market is showing signs that current high levels of volatility are likely to stick around into early next year; considering this abnormal market activity, Kinahan says there is nothing wrong with average investors regrouping and taking a breather while waiting for more clear direction from the market. Kinahan notes that he has seen over the last five months more investors moving from individual stocks towards exchange-traded funds, because they believe in the market but worry about being burned by individual stocks blowing up. Also on the show, Jim Royal of Bankrate.com discusses a new survey showing that the current "crypto winter" has a lot of investors reconsidering their comfort level with cryptocurrencies, noting that he thinks the negative feelings go beyond the 60 percent decline that the biggest cryptos have experienced this year, and Martin Tarlie, portfolio manager and research analyst at GMO

Jeff Weniger, head of equity strategy at WisdomTree Asset Management, says that the strong dollar is dramatically changing business conditions for U.S. companies, even as they deal with recessionary conditions. The dollar has gotten so strong, Weniger says, that it's an expensive country for companies and consumers, all of whom will have to deal with the headwinds created by the dollar. Weniger says that he expects the next six months to  be characterized by significant volatility, which will give technology stocks a tough ride, which has him turning to utilities and consumer staples while waiting to see how the Federal Reserve's plans to deal with inflation play out. Also on the show, Hugh Tallents, senior partner at cg42.com discusses his recent research into "buy now, pay later" plans and says that consumer behaviors are inflation a debt bubble that could lead to real trouble for the industry as interest rates rise and the economy continues to falter in 2023; Kyle Guske, investment analyst at New Construc

Jim Welsh of Smart Portfolios -- author of the "Macro Tides" newsletter -- says the Federal Reserve will not be able to raise interest rates, calm the economy and bring rates right back down, noting that current conditions are reminiscent of a 15-year period from the mid-1960s to the early 1980s when the market was largely flat as the central bank struggled to keep inflation in check. If the market repeats that kind of long-term doldrums, Welsh says that buy-and-hold investors will be disappointed in the long run. That's doubly scary when considering the comments of Chris Maxey, chief market strategist at Wealthspire, who says in The Big Interview that investors need to take a longer-term approach to deal with current volatility and Fed policy-making and the recession he sees ahead for 2023. In The NAVigator segment, John Cole Scott of Closed-End Fund Advisors discusses and compares floating-rate and senior loan funds to preferred-securities funds, noting that floating-rate funds are a tool for combating high

Long-time investment writer John Waggoner, the financial editor for AARP.org, says that investors aren't seeing the proverbial "blood running in the streets" despite the stock market's recent downturn, so it's not a simple "buy the dips, ride it out" market. Instead, it's a balance of holding more cash and deploying it selectively, while also considering ways to reduce the long-term impact that current conditions can have on a retirement portfolio. Also on the show, Tom Lydon of VettaFi makes a short-duration bond fund -- an ideal and popular parking place for cash given current market conditions -- his ETF of the Week, Ted Rossman of Bankrate.com discusses a survey showing that it's already beginning to look a lot like Christmas as holiday shoppers get busy early in an attempt to stave off inflation this year, and, in the Market Call, Chris Armbruster, portfolio manager and senior research analyst at Kayne Anderson Rudnick talks about building concentrated portfolios and investing in mid-cap stocks

Jason Thomas, chief executive officer at Portfolio Design Labs, says that the toughest challenge facing investors right now is that safe assets -- which had done their job reasonably well during downdrafts over the last 30 years -- aren't delivering now, forcing investors to change their plans to better ride through inflationary and recessionary times. Thomas says that with the dividend portion of high-dividend stocks being undervalued, a mix of those steady payers plus short-duration bonds will help investors get through the next few years to the next phase of both the market and their investment life cycle. Also on the show, Chuck talks about The Vanguard Group's announcement this week that it was shutting down a U.S. ETF for the first time ever, and what that action says about the company and the industry -- and what it means for you -- and Andrew Graham, founder and portfolio manager at Jackson Square Capital talks in the Market Call about pursuing a growth investment strategy during a time when growth is

Willie Delwiche, investment strategist at All Star Charts, says that he does not believe investors will be rewarded for "being early to buy the dip," warning that changing market conditions make it that waiting in cash to see more discernible trends will avoid losses and sidestep volatility while still allowing for upside potential once it becomes clear that the tide is turning. "The more cash you have on the sidelines" Delwiche says, "the better you're feeling about your position." Today's show also features the return of Wade Pfau, professor of retirement income at The American College of Financial Services, who is back to answer listener questions about the use of reverse mortgages, especially given current interest rate and market conditions, plus Maria Szatkowski of MyVision.org discusses the site's recent survey on medical procrastination caused by inflation plus the acceptance of telehealth and whether it helps to break the logjam, and we revisit a recent wide-ranging conversation with Christine Benz,

James St. Aubin, chief investment officer for the Sierra Mutual Funds, says that investors can win right now by not losing, and while holding cash won't keep pace with high inflation, he says being on the sidelines waiting for the market "to show some productive trends" is a sound strategy for current conditions. St. Aubin says that while the Federal Reserve's clear mission is to tame inflation even if it means triggering a recession, the stock market will continue to respond badly until it has a more clear direction. Also on the show, Mike Dowdall, chief investment officer at Alternative Fund Advisors, discusses the private credit market as an alternative to ordinary stocks and bonds in this market, David Botset of Schwab Asset Management discusses the firm's 11th annual study of ETF investors and their changing habits, and David Trainer of New Constructs puts a popular pandemic stock in "The Danger Zone," marking it as his latest "zombie stock," walking dead as it burns through cash with no sign of profits

Abhay Deshpande, founder and chief investment officer at Centerstone Investors, says that international stocks are already looking like good values but are likely to be priced even better with another drop from here, but it is creating "a dream scenario for anyone who has a three- to five-year time horizon," so while he sees the proverbial blood running in the streets globally, he thinks investors are "in that zone" where they should allocate more internationally to get the best prices now. Investors generally are feeling like the blood is running in the streets, which is why investor optimism is at its lowest levels since March 2009; Charles Rotblut of the American Association of Individual Investors gives the high level of pessimism some context, and Toni Turner of Trendstar reflects on the market's technicals and ponders what might happen if June's lows don't hold up from here. Plus, Mark Scalzo of the newly listed Destra Multi-Alternative Fund discusses alternative investing and his fund's massive discoun

Wade Pfau, professor of retirement income at The American College of Financial Services and the nation's preeminent expert on reverse mortgages, says that retirees are facing a delicate balancing act right now, worrying about sequence-of-return risk -- which is heightened during times of bear markets and high volatility -- but also how to fund retirement. Reverse mortgages can be a key tool in times like this, but Pfau says they become less effective as interest rates rise; coupled with wildly fluctuating housing values, it makes it crucial that retirement savers understand the math they are facing. Also on the show, Tom Lydon of VettaFi looks to oil and gas exploration for his "ETF of the Week," Mark Hamrick, senior economic analyst at Bankrate.com, weighs in on the Federal Reserve's interest rate hike on Wednesday and what its statements about the future portend for the market, and Ken Willner of TextNow.com discusses their recent survey on how consumers are dealing with inflation and what they are sacrific

Crit Thomas, global market strategist at Touchstone Investments, acknowledges that he is giving potentially controversial advice in suggesting that with interest rates still rising investors might look to buy longer-duration bonds, but he thinks that rates will peak soon and that investors who stay completely focused on short-term bonds will find themselves with significant re-investment risk -- the chance that they will be looking at lesser returns when bonds mature -- in a year or two. While he is not going way up the maturity scale, Thomas is looking to position both fixed-income and equity portfolios for a recovering and changed market and economy in the next two years. Also on the show, Chuck discusses the relative success -- or lack thereof -- that active managers have had in beating their passive benchmarks this year with Tim Edwards, managing director of index investment strategy, S&P Dow Jones Indices, discusses the rising percentage of Americans with long-term credit-card debt -- at just the wro

Simeon Hyman, global investment strategist at ProShares, says that the dividend aristocrats have grown their payouts beyond even the current levels of inflation, which makes them — along with companies that benefit from rising rate environments- the sweet spot for tilting a portfolio now. In The Big Interview, he also discusses how to tilt a fixed income portfolio for today’s challenging conditions. Also on the show, Ken Tumin, founder and editor at DepositAccounts.com, talks about what rising interest rates have already done to consumers and savers and says that the next, upcoming rate hike is not going to reward savers looking for a safe place to keep pace with inflation. And in the Market Call, Brad Lamensdorf of the The Lamensdorf Market Timing Report and chief executive officer at Active Alts, discusses the need to be selective about shorting stocks, because the ebbing tide right now is not taking all companies out with it.

Thomas Samuelson, chief investment officer at Vineyard Global Advisors in Denver says that last week's inflation news and other current conditions have increased the potential for recession, and he notes that the historical decline for a bear market with a recession is 35 percent, which will have the market testing June lows and likely going deeper, potentially dropping the Standard & Poor's 500 to the 3,000 to 3,200 range. In The Danger Zone, David Trainer of New Constructs singles out Affirm Holdings, a buy now, pay later shop that has seen its stock price fall from roughly $175 to under $25 in the last year as a zombie stock with real potential to go to zero. And we revisit a recent conversation with billionaire David Rubenstein, co-founder of The Carlyle Group, one of the world's most successful investors and philanthropists.

Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management Co., says that history shows that when inflation has peaked, the stock market has bottomed, and he believes inflation peaked in June, which along with other conditions means that the bottom is in. Still, he notes that the market will be "discomfortable" as the economy moves back and forth from inflation to recession. He does believe that a mild recession is still coming, but that things will look and feel a lot better when these conditions pass more completely. His take on the market bottoming draws some agreement from Leo Leydon, president of Financial Focus Advisory Services, who examines the market's technicals and says that there is the potential for the market to set a bottom and start a climb from here, though he believes the market will likely be sideways and volatile through the end of the year.  Also on the show, Kyle Brown, president and chief investment officer at Trinity Capital, explains how double-digit yields are p

Jack Ablin, chief investment officer at Cresset Capital Management, says that he believes current inflation-rate statistics are over-stating the problem, caused in part by backward-looking data mixed with the human nature of forward-looking investors. He expects a step-back in inflation measures, though it may be 2023 before that happens. Meanwhile, Ablin says that the market's reaction to Tuesday's Consumer Price Index news was overdone, but he expects the market to trend lower and while he's still investing in equities, he's keeping some money on the sidelines waiting for conditions to improve. And speaking of the sidelines, Ablin talks about how some of that money was moved into gold, which did not function as expected as a hedge against inflation, but which he expects to improve in that role heading into 2023.  Also on the show, Matt Hougan, chief investment officer at Bitwise Asset Management discusses the "Ethereum merge," and how it represents a significant change and upgrade in certain key cryptocurre

Jose Torres, senior economist at Interactive Brokers, says economic risks right now are "skewed to the upside," noting that gas prices could reverse course in the fall; with the market showing Tuesday that it can't handle service prices rising even as oil prices fall, Torres says that the picture could get ugly if gas prices rise and other prices keep going up too, increasing the need for the Federal Reserve to act and the likelihood of a recession next year. Also on the show, author Gary Weiss discusses his latest book, "Retail Gangster: The Inside Real-Life Story of Crazy Eddie,” Greg McBride, Bankrate.com's chief financial analyst, covers bank fees -- one of the few areas where prices are mostly coming down right now -- and Kevin Rendino, portfolio manager/chief executive officer for 180 Degree Capital, discusses "value turnaround investing" in the Market Call.

Carly Garner, senior commodity strategist at DeCarley Trading says that "despite all the scary fundamental stories and headlines we read," the cache of money that investors have now will be put to work in stocks to bonds, creating enough momentum to overcome the emotion and volatility she expects for the market in the next year. She also believes that gold and silver -- which have heretofore been ineffectual hedges for inflation -- could be sleeper sectors poised to wake up, especially if the dollar is -- as she expects -- at or near its high for this cycle. The Book Interview features the return of David Rubenstein to the show; the co-founder of The Carlyle Group has a new book out today. "How to Invest: Masters in the Craft" covers expertise from a wide range of investment gurus, and Rubenstein discusses who he wishes he could have added to the list, why he included cryptocurrency in the book despite having mixed emotions on it, and why he didn't just write a book filled with his own investment insights, an

Money Life wraps up its interviews fro FinCon 2022 in Orlando with eight different talks today, finishing with Joe Saul-Sehy of the Stacking Benjamins podcast, who notes that in his years attending the meeting of bloggers, podcasters and content creators he has seen a change in the Financial Independence, Retire Early crowd, where many people enjoy the concepts and are practicing elements of the discipline without going to extremes. Also sitting down with Chuck at FinCon for today's show: options trader Jason Brown of The Brown Report, Anthony Weaver of the About That Wallet podcast, financial educator Rachel Murphy on raising money-confident children, Ashley Patrick of Budgets Made Easy on how inflation has impacted the budget-making process, financial planner Walter Russell, James Gaudino of the10minutetrader.com, and FIRE practitioners Allison Tom and Dylin Redling of Retireby45.com.

Cheryl Pate, senior portfolio manager for the Angel Oak Financial Strategies Income Term Trust, says that community banks stand out as a part of the financial sector that is poised to benefit into 2023, as banks will likely see the bulk of continuing rate hikes fall directly to the bottom line. Still, she favors bonds to stocks in the sector. When that interview for The NAVigator is finished, the action moves to FinCon22 in Orlando, where Chuck interviews Robert Farrington of The College Investor, financial educator Stacy Mastrolia -- "Prof Stacy" -- Lee Huffman of We Travel There, Asma Alsalmeh of the Latte Money podcast, and financial coach Kim Hunter-Borst.

Chuck heads to Orlando for FinCon '22, the annual conference of content creators, financial coaches, educators and more, and he samples some of the expertise speaking with Doug Nordman of MilitaryFinancialIntelligence.com about whether veterans have been treated any differently by the market in this downturn, Monica Scudieri of GrabYourSlice.com, Jason Parker of RetirementBudgetCalculator.com, and Emily Guy Birken, who recently started YourOneGoodThing.com. Plus, Tom Lydon goes nuclear with his "ETF of the Week."