Money Life With Chuck Jaffe Daily Podcast

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

Jeffrey Bierman, founder of The QuantGuy.com and chief market technician at TheoTrade.com, says that the market is overheated and overbought, but it very well could rise from here and re-touch record highs before a likely correction ahead. Bierman says technology and leisure are the areas that have made the market frothy and are overdue for a correction of 30 percent or more, and while oil and financials will help the overall market cushion the fall, Bierman believes utilities and pharmaceutical stocks will be areas to outperform while the market goes through 'unavoidable' pain. Brian Payne, chief strategist for private markets and alternatives at BCA Research talks about the wide-ranging opportunities in the private credit markets, and how senior loans and other private credit varieties can goose a portfolio's yield. Plus, forensic accountant Tracy Coenen identifies three common red flags pointing to signs of financial fraud in the latest installment of 'Find Me The Money,' and Eric Boughton, chief analyst a

Retail industry analyst Dana Telsey, chief executive at Telsey Advisory Group, says that inflation has forced consumers to become more discerning with their spending, using more on essentials and trying to keep powder dry, and while it's not enough of a pullback to tank the economy, the longer inflation persists at high levels, the harder it will be for the consumer to keep propping up the economy. Meanwhile, bullish investor sentiment -- the expectation that the stock market will gain ground in the next six months -- reached "unusually high" levels  in the latest American Association of Individual Investors survey, with Charles Rotblut -- who runs the survey for AAII -- noting that extreme sentiment levels often are a precursor to the market changing directions. Plus, Kyle Guske of New Constructs says puts Tesla and Netflix back into the Danger Zone, noting valuations after recent earnings reports have them poised for a setback and, in the Market Call, Tobias Carlisle of the Acquirers Funds puts his take on

Avi Gilburt, founder of the ElliottWave Trader continues to see the market rallying to new highs but then setting off on a years-long bear market, but in his other role as founder of Safer Banking Research, he notes that the economic downturn will include much more pain for banks, noting that the bank collapses from earlier in 2023 are just the tip of the iceberg, and investors who flee the market for the safety of banks may soon be worrying about just being able to get their money back. Also on the show, Mark Asaro of Noble Wealth Management discusses how investors should not replace individual bonds with traditional bond funds, and Ted Rossman of Bankrate.com talks about the financial costs of travel problems that consumers have been facing this year. Plus Ryan Kirlin of Alpha Architect and the U.S. Quantitative Value  and U.S. Quantitative Momentum ETFs talks systematic investing in the Market Call.

Geoff Dailey, head of U.S. equities at BNP Paribas, says he expects the economy to go through a recession, but not one that is particularly deep or long, provided that the Federal Reserve's moves work toward reducing inflation. Dailey expects the market to be particularly volatile around news events like inflation and unemployment reports, but says that volatility will remove much of the building pressure for something bigger and more painful; his worry is that if inflation doesn't cool, the Fed could keep pushing until the economy craters, causing the worst-case scenario of a deep downturn. Also on the show, Mark Yusko of Morgan Creek Capital Management talks about the 'FANGMAN' stocks -- which he considers highly overvalued despite leading the market this year -- as well as funds and ETFs in the Market Call, Sam Huisache discusses a recent Clever Real Estate survey showing Americans don't feel that marriage is much of a factor when it comes to home buying, and Tom Lydon of VettaFi makes a consumer-centric

Cheryl Smith, economist and portfolio manager at Trillium Asset Management, says she expects a recession and the bad news of that economic downturn will be contagious, with the recession hitting employment, rising unemployment will impact income levels, which hurts spending, and declines in spending injures corporate profits. That cycle could lead to a relatively long sideways period, especially if the Federal Reserve takes its time before changing its rate outlook. Also on the shot, MIT professor Yossi Sheffi discusses his latest book, "The Magic Conveyor Belt: Supply Chains, A.I. and the Future of Work," and in the Market Call, Steven Grey of Grey Value Management talks about how even a diehard stock jockey like himself should be considering bank deposits as a possible alternative during the rough times he sees dead ahead.

Nanette Abuhoff Jacobson, global investments strategist at the Hartford Funds, says risk markets are pricing in the likelihood that the Federal Reserve can orchestrate and navigate the economy to a soft landing, and yet her base case is for a recession and history shows these conditions typically end up in a rougher landing. That's how she sees things playing out, despite the current emotions of the market. Forensic accountant Tracy Coenen talks about the importance of digging into tax returns when coming up with equitable settlements in divorce cases in the latest episode of 'Find Me The Money.' Meredith Lepore discusses a Credello survey on how parents are contributing to their kids' student loan payments and how it is stressing their ability to save for retirement and more, plus Michael Loukas, chief executive officer at TrueMark Investments -- which runs the TrueShares ETFs -- talks winner-take-all stock investing in the Market Call.

Scott Knapp, chief market strategist at TruStage, says that while there has been rolling softness in the economy, he believes the Federal Reserve sees inflation as being worse than unemployment, which makes the central bank so determined to curb inflation that it hikes rates and/or delays rate cuts until the jobless rate rises enough to trigger a recession. And while Knapp acknowledges that the Fed could thread the needle perfectly, he notes that he doesn't think a soft landing is the probable outcome. Also on the show, Kyle Guske of New Constructs puts a mutual fund in the Danger Zone for performance that he says has been much less than management's investment style should have produced, Olivia Newport covers a Choice Mutual survey showing that inflation has impacted Americans' funeral preferences, and author Michael Thomsen discusses his latest book, 'Cage Kings: How an Unlikely Group of Moguls, Champions, and Hustlers Transformed the UFC into a $10 Billion Industry.'

Ryan Detrick, chief market strategist at Carson Group, says the first-half upside surprise from the stock market and economy has positioned the market for a big second half of the year. Detrick says that when the market posts double-digit gains in the first half of the year, historically it has added another 10 percent in the second half; he's forecasting for this year to continue the trend, with the Standard and Poor's 500 projected to gain 21 to 25 percent for the year, a prediction that's way up from the 12 to 15 percent gains he was calling for '23 when he made his annual forecast at the end of last year. Detrick's bullish view was echoed -- albeit for different and more technical reasons -- by Jeff Bishop, chief executive at RagingBull.com, who says the market is no longer range-bound, having broken out to the upside and with most technical indicators suggesting it could get all the way up to all-time high levels before the year is done. Also on the show, securities attorney  Kenneth Burdon of Skadden Ar

Kristina Hooper, chief global market strategist at Invesco, says that she expects the stock market to remain range-bound for a few months, with the potential for a small pullback before it starts its next upward move at the end of the year. Hooper says she expects that we're less likely to see a serious economic downturn that she was earlier this year, noting that the Federal Reserve "is enjoying being in a more normal rate environment and wants to hold onto that for as long as it can." She also talked up the opportunities in fixed income, while downplaying concerns about the inverted yield curve, noting that investors need to start looking to lengthen maturities now to take advantage of the changing rate conditions. Also on the show, Dave Gilreath, chief investment officer at Innovative Portfolios discusses stocks -- and particularly the 'Bulls of the Dow' strategy, Tom Lydon of VettaFi makes a pioneering mutual fund that created its own niche and now dominates the asset class his pick as ETF of the Week, an

Jerry Paul, senior vice president of fixed income at ICON Advisers, says that inflation is going to remain stubbornly high, which leads him to expect two more rate hikes and to doubt anyone expecting the Federal Reserve to start reducing interest rates. He believes it will be 2024 before rate cuts become a remote possibility. Meanwhile, Paul says there are plenty of fixed-income opportunities, though they aren't nearly so attractive in traditional areas like junk-bonds as they are in areas like banking paper or closed-end bond funds. Also on the show, University of Connecticut professor Richard Langlois discusses his recent book, 'The Corporation and the Twentieth Century,' and how 'managerialism' has changed not just the working world but maybe how investors decide which stocks are worth buying. Plus, in the Market Call, Jeff Auxier of the Auxier Focus Fund talks stocks for the long run.