Money Life With Chuck Jaffe Daily Podcast

Chris Zaccarelli, chief investment officer for the Independent Advisor Alliance, says the resilience of the economy has been surprising, staving off recession longer than he expected and allowing the market to fight off headwinds that still seem poised to create a recession, whether it comes late this year or into 2024. Zaccarelli does say the economy's strength will put the Federal Reserve in a tough spot, having to decide if it needs to increase rates again, and potentially pushing the eventual recession into a hard landing for the market. Also on the show, Tom Lydon of VettaFi makes his 'ETF of the Week' an agriculture strategy fund powered by artificial intelligence, Matt Brannon of Clever Real Estate discusses a survey of home renters who say at alarmingly high rates that they have been priced out of the American Dream of home ownership, and Peter Crane, president of Crane Data, discusses money-market funds and their suddenly competitive yields and how they will hold up in a world looking at banking cris

Herb Greenberg, senior editor at Empire Financial Research, says that the overlooked story in the drop in bank stock prices is the role that exchange-traded funds likely played in making it happen. He discusses his recent article on the subject, which points to the way ETFs are traded as a significant contributing factor to the big drop in banking stocks, and notes that the same phenomenon could impact other market sectors that get hit with bad news in the future. Also on the show, Ed Carson, news editor at Investor's Business Daily, discusses the huge drop in investor sentiment during April and how it impacted all major components of the Economic Optimism Index, and portfolio manager Andrew Graham of Jackson Square Capital talks stocks in the Market Call.

John Kosar, chief market strategist at Asbury Research says the current range-bound market is 'building up energy' and if the market can break through 4,200 on the Standard and Poor's 500, it is feasible that the market can reach new, record highs by the end of the year. But there is no clarity on the direction of the market, and if there is continued small-cap weakness and other trouble spots and the SP500 drops below 3,800 it could fall as low as 3,400 before any rally can start. Kosar notes that until the market shows more signs of clarity, he'd avoid betting on the direction of the market. Also on the show, Find Me the Money with forensic accountant Tracy Coenen focuses on how 'fair and honest' disclosure can't be taken for granted in many divorce cases, Chuck discusses the NASDAQ Composite officially exiting bear-market territory, and author Rob Cross, discusses 'The Microstress Effect: How Little Things Pile Up and Create Big Problems--and What to Do About It.'

Absolute-value investor Brian Frank of the Frank Value Fund says that with cash now paying close to 5 percent, it's 'gotten a lot easier to go to cash,' but it also has raised the bar on stocks and for how investors should set their expectations. 'If you don't think you're going to be making more than 5 percent on a stock,' Frank says in the Market Call, 'why are you buying it if cash is paying you [5 percent] now?' Also on the show, Lewis Black, chief executive officer at Almonty Industries, talks about the market for tungsten and how the metal has the potential to be the cause of tough economic conditions and geopolitical football; David Trainer of New Constructs puts Kenvue -- the spin-off of Johnson and Johnson consumer brands -- in the Danger Zone in its first few days after going IPO, and Chuck answers a listener's question that goes to the heart of Brian Frank's discussion on going to cash, about whether cash returns are so good right now that a nervous investor might use bank accounts to ride out what

Alaina Anderson, co-portfolio manager of the William Blair International Leaders Fund, says investors should be looking abroad with their money right now because the market has reached an inflection point with international stocks being much more attractively valued than domestics, and having improved profitability and sustainable results now. Anderson warns that the global rate-hiking cycle may not be done, but says foreign stocks may be better positioned to ride out whatever central banks dish out next. Buck Klintworth, portfolio manager at Chase Investment Counsel, says it's a market of conflicting signals where the technicals can make a case for just about any outcome. He sees a bullish Standard and Poor's 500, but notes that much of the strength has been among the largest names, suggesting that the rally is not sustainable long-term. In The NAVigator segment, Christian Munafo, chief investment officer, in Liberty Street Advisors -- which runs the Private Shares Fund -- says there are two stories dominati

Kevin Mahn, president and chief investment officer, Hennion and Walsh Asset Management, says that while the Federal Reserve has been trying to kill or diminish demand, it hasn't done a great job bringing inflation closer to its target level of 2 percent. As a result, Mahn thinks that the Fed and investors will have to live with inflation around the 3 percent level into 2024, and says that the Fed may ultimately have to accept that higher inflation is here to stay and strongly resistant to the traditional methods for curtailing inflation. Also on the show, Tom Lydon, vice chairman at VettaFi, makes the Consumer Staples Select Sector SPDR his pick for 'ETF of the Week,' noting that while the sector is defensive in nature, the fund has been on a roll that has pushed it to all-time high levels; and Joe Boskovich Sr., chief investment officer and portfolio manager at Old West Investment Management makes his debut in the Money Life Market Call talking value stocks and concentrated portfolios.

Christopher Mizer, founder of Vivaris Capital, says that alternatives were in a hot spot a year ago -- when stocks were 'frightfully overvalued' -- and investors needed investments that had building cash flows and organic growth potential, but now with the market valued more reasonably, the role that alternatives are playing is to reduce long-term volatility and to offer a steadiness that the market doesn't seem to have right now. He discusses climate technology and other alternative investments that investors might consider now. Also on the show, James Nelson, author of 'The Insider's Edge to Real Estate Investing,' talks about investing in real estate at a time of high interest rates and wild fluctuations in property prices, Ted Rossman of Bankrate.com discusses the site's survey of how consumers are planning for summer vacations but altering their itineraries to deal with inflation, and Chuck answers a listener's question about whether there are any star mutual fund managers left and if investors should s

Willie Delwiche, investment strategist at Hi Mount Research, says that with the domestic stock market showing more stocks making new lows than highs, the U.S. market is increasingly challenged. Witht hat in mind, Delwiche says investors should be looking overseas because 'the rest of the world increasingly looks like it is in an uptrend and poised to continue making new highs.' Also on the show, in 'Find Me the Money,' forensic accountant Tracy Coenen discusses financial infidelity and how and when people cross the line and create relationship problems with their money behaviors, Chuck answers a listener's question about how any potential government default will hit home, and we revisit a recent Market Call conversation with Jeff Muhlenkamp of the Muhlenkamp Fund.

David Trainer, founder and president at New Constructs, makes pet-insurer Trulanuon the 33rd member of his firm's list of 'zombie stocks,' nothing that the company still has a long runway — nearly two years before he expects it to be bankruptcy — but almost no hope. Chuck discusses real expertise and the importance of vetting experts at a time when most news and information sources are looking to fill space. Plus Craig Martin discusses the latest research from J.D. Power showing how unhappy self-determined investors are with their results, and Charles Rotblut of AAII Journal gives his take on last week's Morningstar Investment Conference, as well as on the current sentiment of investors. 

It's the third and final day of interviews from the Morningstar Investment Conference in Chicago, and Joel Dickson, global head of advice methodology at Vanguard, carries the dicussion on the classic 60-40 portfolio further -- rivaling Catherine LeGraw from GMO who you heard on Thursday's show -- saying that the classic stock-bonds mix remains the most simple, straightforward, cost-effective solution for investors who can ride out the bumps and bruises along the way. But he's the closer on a show that starts with Super Mario -- Mario Gabelli of the Gabelli Funds -- returning for The NAVigator to discuss his long-time love for closed-end fund investing. Plus, Chuck chats with Wade Pfau, a leading authority on annuities, reverse mortgages and structured income products, Tara York of the alternatives platform Luma Financial Technologies, Morningstar's director of personal finance Christine Benz, ETF product specialist Nick Elward of Natixis Investment Managers, and global deep-value investor Michael Campagna of

It's Day Two of Money Life at Morningstar, featuring interviews from the Morningstar Investment Conference in Chicago. One of the themes of this year's event has been the rise and fall and rebirth of 60-40 portfolios and Catherine LeGraw, partner at GMO, takes the side that the default allocation is too blunt to work for everyone, leaving them with too much risk which ultimately short-circuits their ability to reach their goals. Also on this show, Steve Romick of the FPA Crescent fund, Morningstar's John Rekenthaler, John Hoffman of Invesco, Hunter Hayes of Intrepid Capital Management, Brian Portnoy of Shaping Wealth and Shana Sissel of Banrion Capital. Plus Tom Lydon of VettaFi with the ETF of the Week!

It's Money Life at Morningstar, the first of three days of interviews from the Morningstar Investment Conference in Chicago. Liz Ann Sonders, chief investment strategist at Charles Schwab and Co., says that the market appears to be banking on a near-term recession, in which it takes the pain and the ill-tasting medicine, thereby allowing the Federal Reserve to take its foot off the economic brake. As a result, a recession sooner rather than later would be helpful for the economy. She kicks off seven interviews, including "Super Mario" -- legendary fund manager Mario Gabelli of the Gabelli Funds -- bond fund manager Warren Pierson of the Baird Funds, asset-allocation strategist Som Priestley of T. Rowe Price, Dan Lefkovitz of Morningstar Indexes, Nate Velarde of Chautauqua Capital talking international investing, and Alison Susko of Asset Map, a fin-tech company helping investors get a better handle on their finances.

Perth Tolle, founder of Life and Liberty Indexes -- the basis for the Freedom 100 Emerging Markets ETF -- says that companies based in countries run by autocrats are held back in many different ways, not the least of which is that they must compete for the favor of the government and the people in power, rather than being able to focus on serving the market and customers, and that investors who want to avoid much of the headline-making geopolitical risk present globally today from creeping into their portfolio will make freedom a factor in where they invest. Also on the show, forensic accountant Tracy Coenen, introduces us to Jackie and Derrick, the main characters in her book 'Find Me the Money,' and discusses financial dishonesty and the breakdown of joint financial control in marriage. Plus, former Wall Street Journal personal finance columnist Jonathan Clements -- now the editor at HumbleDollar.com -- discusses his new book, 'My Money Journey: How 30 People Found Financial Freedom and You Can Too,' and in

Simeon Hyman, global investment strategist at ProShares, says that investors are tempted in today's high-inflation environment to pursue stocks with high-but-fixed dividends, trying to generate any sort of positive real return. Instead, Hyman says investors should be looking for dividend growers -- companies consistently raising payouts -- rather than high current yields, because a stock with a dividend that's not growing 'is basically a fixed-coupon bond, and that's the worst thing to have in an inflationary environment.' Also on the show, Kyle Guske of New Constructs looks at an energy company that is underpriced and has room to do particularly well in a sector that he says is poised for solid growth, Sam Huisache discusses the latest survey from Clever Real Estate, showing that two thirds of the members of Generation X don't think they will be able to retire by age 65, and Hunter Doble of Hotchkis and Wiley Mid Cap Value talks growing value stocks in the Market Call.

Que Nguyen, chief investment officer of equity strategies at Research Affiliates, says that the high probability of an upcoming recession is being priced into the market, and the more a downturn gets priced into stocks, the less investors have to fear because the damage is being done in advance. As a result, she says investors need to be looking for the inflection point where they want to buy in to get ahead of a recovery, even if that means digging in and holding for as much as three years to see the rebound play out. Also on the show, Roxanna Islam of VettaFi discusses how exchange-traded funds that invest in closed-end funds give investors diversified portfolios -- and all the benefits of investing deeply in the closed-end space -- in a one-stop shopping wrapper. In the Market Call, Jeff Muhlenkamp of the Muhlenkamp Fund talks about how the fund is dealing with high inflation -- since inflation is a component of its stock-picking methodology -- holding more cash and waiting for the right opportunity to put

Jake Jolly, head of investment analysis at BNY Mellon Investment Management, says that recent turmoil in the banking industry 'will do the additional work' of tightening credit conditions to get inflation down, but creating a recession in the process, with the downturn taking hold late this year or in 2024. Because this recession is 'a typical, monetary-policy induced recession,' Jolly expects that policy can normalize quickly, which should limit the downturn to the short time it takes to slay the inflation dragon. Also on the show, Tom Lydon, vice chairman at VettaFi, makes a niche-focused financial-services fund his ETF of the Week, noting that it could start trending positively as the banking sector moves past recent problems. Plus, we revisit a recent conversation with Whitney Tilson of Empire Financial Research.

James St. Aubin, chief investment officer at Sierra Investment Management, says that we are looking at 'unusually uncertain times given what the market is trying to process right now,' specifically how the increased cost of credit and the decreased availability of credit will work its way through the economy. St. Aubin -- who uses a quantitative, tactical approach -- says the market could go in any direction from here, but he notes that there is more downside risk here even though the economy appears to be only facing a mild recession. He says that equity markets look vulnerable now, which should make investors consider risk management to ride things out. In the Market Call segment, David Rolfe, chief investment officer at Wedgewood Partners, talks about picking highly concentrated stock portfolios, plus Chuck answers a listener's question about whether or not to pay down debt -- rather than plow money into savings -- while inflation is running higher than standard dividend yields or interest rates on bank de

Terri Spath, chief investment officer at Zuma Wealth, says that investors should be looking for ways to play a slowing economy and a light recession, and she says that international stocks are likely to outperform U.S. stocks while that plays out. She also is adding to domestic fixed-income exposure with both Treasuries and high-yield corporates, noting that the latter is an asset class she would not have touched as recently as last year. The show also debuts a new regular feature called 'Find Me the Money,' featuring forensic accountant Tracy Coenen talking all about the importance of honest family conversations and disclosures about money. Plus, Matt Brannon discusses a recent Clever Real Estate survey on how Americans are feeling and handling financial stress, and Chuck answers a question about the new Apple savings account, the technology giant's latest foray into the financial world.

Jeffrey Hirsch, editor-in-chief of the Stock Traders' Almanac, discusses 'calendar effects' -- the traditional 'Sell in May and go away; buy in October to get yourself sober' strategy that may not kick in this year until as late as June, but which should involve avoiding the worst of the year and a lot of market softness but no recession. Hirsch notes that since World War II the market has made most of its gains between October and April and this year is no exception, which will leave the market looking at a squishy, back-and-forth summer before things pick up again near the end of the year. Also on the show, Liz Weston of NerdWallet discusses how people can and should consider Social Security in ways that will maximize their payouts, delivering the best long-term impacts of the program; David Trainer of New Constructs puts First Solar -- a stock that's a darling of ESG funds -- into the Danger Zone, anticipating an earnings miss, and Matt Schulz of LendingTree discusses the site's latest survey showing what

Mona Mahajan, senior investment strategist at Edward Jones, says that the economy is headed for a mild recession likely to hit home during the second half of 2023, but she notes that last year's big drop in the stock market did a lot of work to the downside, and while the market's hot start to this year means there is room for more back-sliding, she thinks those declines are mostly buying opportunities for the recovery that will follow the recession. Mahajan isn't expecting a blockbuster bounce-back, but says that recoveries tend to be at least as long and strong as the downturns they follow. Also on the show, Jonathan Mondillo, head of North American fixed income for abrdn, discusses the municipal bond market thus far in 2023 -- when it has been swinging wildly around headlines and macro changes -- and says investors need to drill down to look at individual issuers to deal better with the mixed signals the market is sending. In the Market Call, Clark Kendall, chief executive officer at Kendall Capital Manage