Money Life With Chuck Jaffe Daily Podcast

Mary Ellen Stanek, president of the Baird Funds, says that investors will benefit from higher yields and get past many of the temporary concerns hitting fixed-income markets once the current rate-adjustment period is concluded, so she suggested buckling up for the ride, increasing portfolio quality, dialing down risk and maintaining liquidity in order to act on the better opportunities that lie ahead. Also on the show, author Evan Hughes discusses his new book, 'The Hard Sell: Crime and Punishment at an Opiod Startup,' Ted Rossman of Bankrate.com talks about what consumers really want from their credit cards, and Chuck answers a listener's question about the best process for paying off credit-card debts.

Jeffrey Hirsch, editor of the Stock trader's Almanac, says that history has shown that markets struggle in mid-term election years, particularly when the president is a first-term Democrat, and that coupled with rising inflation and interest rates, it should make for a market that struggles this year to achieve modest single-digit gains. Lawrence McMillan, president of McMillan Analysis says that the next move of the Standard and Poor's 500 -- whether it tops 4,800 or declines below 4,500 -- will go a long way to determine what the market is capable of this year; Mark Fleming, chief economist at First American Financial Corp. talks about the wild conditions of the housing market, but dispels much of the concern that rising mortgage rates will change them dramatically, and Alex Condrell of Cliffwater discusses how investments in middle-market corporate credit should overcome current conditions to generate something close to historic return levels of 9 percent.

Axel Merk, founder and president at Merk Investments and the Merk Funds, says he is currently underweight equities because of concerns of everything that could go wrong in the short run. He's watching interest rates, inflation, the pandemic, international and domestic politics and more and while he says long-term investors can rideo ut these concerns, anyone who needs to access their money in the next two years should be concerned. Also on the show, Tom Lydon of ETFTrends.com makes a fund putting a different twist on a 'Dogs of the Dow' strategy his 'ETF of the Week,' Kate Hao, chief executive at Happy Mango discusses the fallout from Bank of America's announcement that it will join other large institutions in eliminating overdraft fees and the impact these changes will have on banking and, more broadly, society, and Chuck discusses how to deal with the five economic and financial conditions that have been mentioned the most by experts giving their outlooks for 2022.

Crit Thomas, global market strategist, Touchstone Investments says that the 'tsunami of liquidity' that was pushed into the economy throughout the pandemic is going to recede in 2022 , and the effects of money being pulled from the economy by the Federal Reserve and the government is enough to make him 'risk neutral' at least until factors like the pandemic, interest rates and inflation play out and reduce uncertainty. Also on the show, Ed Carson, news editor at Investor's Business Daily, discusses the paper's latest Economic Optimism Index, in which it's hard to find any actual good feelings as consumers are scared by inflation and market volatility. Also, Chuck discusses surprising research showing that companies could provide pensions -- and deliver better results -- than by using 401(k) and other popular plans, and the Weird Financial News includes a story on 91,500 oily pennies and the investment value of Legos.

Wall Street veteran Bob Doll, chief investment officer at Crossmark Global Investments, has long made annual forecasts for the key financial elements of the year ahead. But coming off the global pandemic and the way it skewed economic numbers, Doll's crystal ball was murkier a year ago, and it was reflected in him hitting on fewer of his predictions. We review what happened with him, and then turn our attention to the coming 12 months, which Doll says are still hard to forecast because of the unpredictability of current trends. That said, those trending uncertainties will make for a tougher year, one in which investors are likely to find that diversification pays off more than in the recent past. Also on the show, Chuck answers a listener's question about a popular fund, ARK Innovation, that has been struggling for the last year.

Lindsey Bell, chief markets and money strategist at Ally Invest, says that the market is capable of generating double-digit returns for the third consecutive year despite concerns about inflation, rising interest rates and more. Bell says that what is likely to determine the market's ability to actually deliver is the actions of the Federal Reserve, which may not comfort listeners after hearing today's Book Interview, in which author Christopher Leonard, discusses his new book, 'The Lords of Easy Money: How the Federal Reserve Broke the American Economy.' Also on the show, more market talk featuring Louis Ricci, head trader at Emles Advisors, and David Trainer of New Constructs puts Tesla and Box -- two picks that didn't go his way in 2021 -- back into the Danger Zone noting that the companies' ability to put off trouble doesn't mean avoiding it forever.

Tom McClellan, editor of the The McClellan Market Report, says that it's time for investors to 'change out of your tennis shoes and put on your track shoes' to deal with a market that is going to chop sideways this year, and turn 'horrible' next year. McClellan has told his subscribers to be out of the market now, as he expects a downturn over the first few months of 2022. The NAVigator segment features Robert Grunewald, chief executive officer at Flat Rock Global discussing how the interval-fund structure provides stability in a potentially volatile asset class like 'middle-market credits,' allowing investors to trade off some liquidity in pursuit of higher fixed-income returns. Also on the show, Chuck answers audience questions about saving versus paying down debt, and about the value of a found collection of old coins, and Helaine Olen of the Washington Post talks about the continued blurring of the lines between journalism and 'sponsored content,' and how hard it is to distinguish between the two at Fox B

Marty Bergin, president, Dunn Capital Management says that the absolute return on bonds is going to be negative during the coming inflationary environment, which will be scary for retirees who will lose purchasing power as they struggle with generating any real returns from fixed income. Bergin discusses inflation in terms of 'price discovery' -- the situation being caused currently by supply chain issues -- but also as a 'monetary phenomenon' resulting from the actions of central bankers, and notes that the latter is the bigger problem for consumers and investors. Tom Lydon of ETFTrends.com is also talking inflation today, picking a unique fund that hedges interest rate volatility and inflation as his ETF of the Week. Plus, Jacob Passy of MarketWatch discusses Robinhood's recently announced efforts to educate novice investors and Chuck answers a question about Worthy bonds -- something he owns himself -- and inflation-protected securities.

Noland Langford, chief executive officer at Left Brain Investment Research, says that changing economic conditions are forcing investors to re-evaluate growth, putting heightened focus on issues with longer-term growth, and backing away from some of the momentum-driven winners from 2021. Also on the show, Chuck talks about a uniquely different alternative investment -- comic books -- for the first time in Money Life history, visiting with Andrew Davis, The Comic Book Investor; Mark Hamrick of Bankrate.com discusses research on how long people hang onto their checking accounts and how much they are paying -- and perhaps overpaying -- to keep those accounts, and we revisit a recent interview with Darrell Cronk, chief investment officer at Wells Fargo Wealth and Investment Management.

Greg McBride, chief financial analyst at BankRate.com, says consumers need to start game-planning for a higher interest-rate environment now because the few increases that are expected for this year are just a start in what he expects to be a multi-year rate-hike cycle. He gives his outlook on everything from mortgage rates to auto loans, and how consumers should be considering what to do and when in each case. Then, Christine Benz, director of personal finance and retirement planning for Morningstar, discusses her financial to-do list for 2022 as well as whether certain financial chores like closely tracking spending actually are worth the effort, after which economist Laurence Kotlikoff returns to the show to discuss his new book, 'Money Magic: An Economist's Secrets to More Money, Less Risk and a Better Life.'

Ken Berman, chief investment strategist at Gorilla Trades says that the Standard & Poor's 500 will 'easily hit 5,000 this year,' with the Dow Jones Industrial Average comfortably crossing 40,000, but while he expects those modest gains on the indexes, he says it will be a year when stock-picking is at a premium because so few issues are trading at highs. Berman expects the market to reach those records soon, but worries that they won't hold it, noting that two-thirds of available stocks are trading below their 50-day moving average, which suggests that there is at least heightened volatility ahead. Also on the show, Chuck discusses the savings that resulted from his personal policy of not spending anything under a 10-dollar bill and how much that can add up to if you find similar ways to save over time, Matt Schulz of LendingTree discusses how much money consumers enter the new year owing as a result of holiday spending sprees, and Guy Davis, portfolio manager of The Genuine Investors ETF, discusses durin

Tom Lydon, chief executive officer at ETFTrends.com, says that the year ahead will be more challenging for fixed-income investors who have been saddled with low yields for years but who at least could count on safety from their long-term bond holdings. With the outlook for the economy changing and with inflation hitting hard right now and lingering longer than most expected through the recovery from the pandemic, Lydon made the iShares TIPS Bond fund his 'ETF of the Week,' noting that inflation-protected securities are more attractive now than they have been in years and should ease some of the yield and volatility concerns investors will face in 2022. Also on the show, John Cole Scott, chief investment officer at Closed-End Fund Advisors and the executive chairman of the Active Investment Company Alliance, returns to forecast the year ahead in closed-end fund investing, including some funds he says are well-positioned and constructed for 2022. And Chuck had promised that his final interview of the year would

Jonathan Lansner, columnist at the Orange County Register, says that many of today's common economic tropes -- covering themes like inflation, the global supply-chain crisis, interest rates and more -- are defying logic, and he brings his logic to the show to help reframe the discussions and douse the flames of rhetoric. Another one of Chuck's journalist friends -- Rob Weisman of the Boston Globe -- also joins him on the show today, discussing the intersection of Baby Boomers, COVID and the greatest transfer of wealth in history, and Chuck dives into the dead pool and discusses the lasting memories of some mutual funds and ETFs that did not live to see 2022 (and deserved their fate).

Market technician Jeffrey Bierman, founder of TheQuantGuy.com, sees the stock market as being vulnerable to a big step back mid-way through the first quarter of 2022, noting that the market will be in a happy place and comfort zone as long as the Standard and Poor's 500 stays above 4,275; if the market falls below that level, Bierman says the pain could get close to 20 percent before things bottom out. Also on the show, Joseph Biondo of Biondo Investment Advisors gives a more optimistic -- but still cautious -- take on the market for next year, Joe Saul-Sehy of the Stacking Benjamins podcast discusses his new book, "Stacked: Your Super-Serious Guide to Modern Money Management," and Chuck takes another question from the audience about how to know you are financially set and how to invest when you get there.

Jamie Hopkins, managing partner for wealth solutions at Carson Group, says that investors who focus mostly on what to buy or own in an investment portfolio are asking the wrong question, because they need to be focused on where they are and where they want to go. Hopkins says it is particularly important to focus inward as we enter 2022 because the year is likely to feature more volatility and less profit potential than 2021 has. Also on the show, Greg McBride of Bankrate.com discusses the site's latest personal financial outlook survey and how savers and investors are setting expectations for the year ahead, Barry Martin of the Shelton Equity Income Fund discusses dividend investing and covered-call strategies, and Chuck answers some audience questions about retirement savings. 

John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance discusses the high number of closed-end funds that are currently trading at premiums, and the rebound that has represented in performance over 2021, as he reviews the year in closed-end fund investing. Also on the show, Tom Lydon of ETFTrends.com selects a fund meant to hedge against interest-rate risk his ETF of the Week, Meredith Stoddard of Fidelity Investments discusses the firm's annual survey of New Year's resolutions, how people feel about their prospects for 2022 and how effective personal pledges turn out to be, and Tony Tursich, co-manager of the new Calamos Global Sustainable Equities fund talks about ESG investing and how adopting sustainable strategies can power companies to prolonged, above-average gains.

Kristina Hooper, chief global market strategist for Invesco, says that the market is likely to take a pause to get past the Omicron surge in the Covid-19 pandemic, but that after the market adjusts to the latest wave and handles changes in interest-rate policies from the Federal Reserve, stocks will rebound and continue moving forward in 2022. Brian Dress of Left Brain Investment Research discusses how he's changing portfolios in response to a growth outlook that has been affected by rising inflation and slowing economic conditions, pushing as a result past the technology stocks and toward financials, health-care and energy companies. And in the Market Call, Eric Shoenstein of Jensen Investment Management talks about investing in quality names for anything and everything the market can dish out.

Mark Newton, global head of technical strategy for Fundstrat Global Advisors, says he expects the market to sell off by about 20 percent from March through July of next year, before rallying back to finish flat or up slightly in 2022. Newton says that the tech sector's strength is what is largely staving off a down year, but it won't make the ride particularly smooth, as he is expecting heightened volatility. Also on the show, Chuck talks about setting goals -- and how New Year's target setting for 2022 should be more short-term focused than it has been over the last few years -- and we revisit a recent chat with Liz Ann Sonders, chief investment strategist at Charles Schwab & Co..

Darrell Cronk, chief investment officer for Wells Fargo Wealth and Investment Management, says that investors are wondering whether to add risk exposure to portfolios or remove it given a range of worrisome trends like inflation, interest rates, unemployment and much more, yet he expects the economy and stock market to do better than most observers are forecasting for 2022, because the economy is humming along at a pace that should stave off the concerns for a while longer. Also on teh show, Ted Rossman of CreditCards.com talks about the Consumer Financial Protection Bureau's new probe into buy-now/pay-later financing, Bob Powell of Retirement Daily discusses proposed changes to Roth IRA rules and how some of them might make investors want to do conversions before the year ends, and David Trainer of New Constructs opens the cup on Chobani -- the yogurt maker with the upcoming IPO -- and says he thinks the deal has already soured.

Liz Ann Sonders, chief investment strategist at Charles Schwab & Co., says that strong market performance in 2020 and '21 has masked downturns in most sectors and industries, meaning that there isn't so much pressure for upward trends to reverse in the year ahead. While she does see more volatility and changing leadership -- creating a good time for investors to rebalance portfolios -- she thinks that there remains room for market growth ahead. Also on the show, Nathan Briggs of Ropes and Gray discusses the new trend of 'follow-on offerings' for closed-end funds and how these capital-raising efforts have a mostly positive impact for shareholders, and Laura Adams talks about a survey from Finder.com showing that Americans are wasting billions of dollars on unwanted holiday gifts and what the recipients actually do with the less-than-ideal presents they get.