Money Life With Chuck Jaffe Daily Podcast

Katie Stockton, founder and managing director at Fairlead Strategies, says that the market's recent volatility has changed investor sentiment but that mood change actually is creating buying opportunities. Stockton says she does not see much pressure for a correction in the market now, in spite of the market's nervousness; she notes that much of the downside nervousness is around mega-cap stocks, again creating opportunities for investors away from the headlines. Looking at fundamentals, Jeff Weniger, head of equity strategy for WisdomTree Asset Management, says that the current market theme is 'inflation, inflation, inflation' and that the reflation/inflation story will likely drive much of the market action for the next year or two. In the NAVigator segment, Patrick Galley of RiverNorth Capital Management talks about how the narrowing of discounts in muni-bond closed end funds doesn't change the attractiveness of the asset class, nor make its relatively high tax-equivalent yields less attractive. And in the

Ken McAtamney, manager of the William Blair International Leaders Fund, says that an 'underinvestment in [capital expenditures] around the world' has created a void that is now being filled around the world. He noted that beyond physical infrastructure in the United States and Europe, there will be expansive spending on data and digital infrastructure around the globe that will carry the recovery into the next few years. McAtamney is positive on developed Europe and emerging markets -- and specifically China -- as areas that should shine coming out of the pandemic recovery. Also on the show, Tom Lydon of ETFTrends.com focuses on inflation fears with his pick for the 'ETF of the Week,' Meredith Stoddard of Fidelity Investments discusses the firm's 2021 Couples and Money survey, and Charlie Farrell of Northstar Investment Advisors talks stocks and ETFs in the Market Call.

Stock market volatility is up as the markets try to sort out whether inflationary increases are permanent and when the Federal Reserve will decide it's time to raise interest rates, and that backdrop -- coupled with renewed fears of how Covid-19 could impact the business world -- should make volatility the norm for at least the remainder of the year, according to JJ Kinahan, chief market strategist for TD Ameritrade. Kinahan says the market 'is telling us that you shouldn't be expecting inflation for awhile,' and he notes that the market's technicals are mostly in line with the strong fundamentals to make it that a crash or a recession doesn't seem to be in the offing. In Left Brain Thinking today, Noland Langford of Left Brain Investment Research talks about the durability of the cashless society movement and says that Visa, PayPal and Square are poised for massive growth on that front, without even factoring in cryptocurrencies as a future form of cashless payment. And in the Market Call, financial adviser

Jim Paulsen,  chief investment strategist for Leuthold Weeden Capital Management, says that inflation is the big risk facing the market, but he downplays the potential for inflation to last once supply-chain issues and demand levels normalize post-pandemic. Meanwhile, he makes the case that the stock market could rise from now through the end of the year and still enter 2022 relatively cheap, with the Standard and Poor's 500 trading at less than 20 times earnings, a level which would keep the bull market rolling. Also on the show, Ted Rossman of CreditCards.com discusses Americans' tipping habits and how they talked a better game than they played during the coronavirus epidemic, and Bernie Horn, manager of Polaris Global Value fund talks about where in the world he's investing and what stands out to him now in the Market Call.

Scott Colyer, chief executive officer at Advisors Asset Management, says that for all the talk that the Federal Reserve has started talking about hiking interest rates, he doesn't see it happening until 2022 or beyond, and that means that investors don't have to change strategies now to stay in line with the central; bank. He expects returns for the rest of the year to loosely resemble what happened during the first six months, an upward grind made on the back of increasing worries. Also on the show, Dave Stinnett, head of Vanguard Strategic Retirement Consulting, talks about the 20th anniversary edition of Vanguard's 'How America Saves' study, David Trainer, founder of New Constructs, puts the Robinhood IPO in 'the Danger Zone,' and Rob Spivey, director of research for Valens Securities, talks stocks in the Market Call.

Greg Valliere, chief U.S. policy strategist at AGF Investments, says that the Federal Reserve wants the economy to run hot and is likely to let things keep rolling longer before raising rates to potentially put the brakes on. That, he says, will be well down the line, as he expects a good economy -- though not necessarily great -- for the next few quarters. He notes that a key factor will be monetary policy, but he notes that the current yield on Treasuries is a sign that the market is not fearful of an imminent breakout of inflation or rates, which is why a recession is 'not remotely imminent.' Also on the show, Dan Omstead of Tekla Capital -- which runs four health-care oriented closed-end funds -- discusses the post-pandemic outlook for biotech and healthcare investing, and Eric Lynch of the Scharf Funds talks about 'quality relative value investing' in the Market Call.

Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management, says that while worries about rising inflation and interest rates have some market observers talking about the potential for recession, he believes they're ahead of the economy right now. Schutte says the economic cycle still has room to roll -- and that the market will pick up as fears of  long-term inflation in the coming few quarters. The remainder of the show has a distinct focus on income, and ways to generate and protect it in the inflationary/rising rate environment. Tom Lydon of ETFTrends.com makes a fund that pays monthly income and that has an 8 percent current yield his 'ETF of the Week,' and Renee Schaaf, president of retirement and income solutions for Principal Financial Group, talks about the pros and cons of purchasing annuities under these changing market conditions.

Zachary Karabell, president of River Twice Capital, says that short-term bottlenecks and supply-chain issues are not systemic inflation, and  while he foresees inflationary spikes, he does not believe that long-term upward price pressure is about to change the broad economic picture. In a wide-ranging Big Interview, he notes that the global economy could see a series of rolling recoveries, leading to repeated cycles of good news as the world re-opens from the pandemic. Also on the show, Catherine Golladay of Charles Schwab and Co. discusses the latest 401k Participant Survey, in which Americans discuss just how much money they believe they must amass to live out their days comfortably, Chuck answers an audience question on passive investing and, in the Market Call, Bryan Koslow of Clarus Group talks about the exchange-traded funds he favors now.

Charlie Bobrinskoy, vice chairman of Ariel Investments and a noted value manager, says that he expects inflation to be more than 'transitory,' and that if prices start to rise, it could spell some trouble for growth stocks. Meanwhile, even with the markets around record-high levels, he believes there are still plenty of reasonably priced companies that should help value investors continue their recent comeback. Also on the show, Zachary Karabell of RiverTwice Capital discusses his latest book on the reclusive Brown Brothers Harriman and why it has been an American powerbroker, Alia Dudum of Lending Club talks about the firm's latest Reality Check Paycheck-to-Paycheck research, which shows that Americans are struggling to stay ahead of their bills, and Chuck talks about his latest adventures in consolidating his personal accounts.

Rick Bookstaber, chief risk officer at Fabric RQ, talks about the changing face of risk in the current market environment, running from how rising inflation and interest rates play in to how the 'gamefying' of the market and the eruption of meme stocks that have defied traditional market forces has the potential to impact all investors, even the classic buy-and-hold types who avoid hot stock plays. Also on the show, Anqi Chen, research economist at the Center for Retirement Research, discusses Americans' need for long-term care and how most people are unprepared to cope with the problem, Stan Treger, behavioral scientist at Morningstar, covers research on how few investors want cryptocurrency available in their retirement plans, Kyle Guske of New Constructs puts a Fidelity sector fund in the Danger Zone, and Chuck answers a question about non-fungible tokens (NFTs) and whether he's joining the latest investment trend.

 David Goerz, chief investment officer at Strategic Frontier Management, sees trouble ahead for a market that is overvalued, with an economy that he believes is headed for trouble unless government spending is reduced and with a bond market that he finds troubling. Goerz expects the Federal Reserve to hike rates once this year, and says there will be four -- but as many as eight -- rate increases next year, with the hope being that many hikes will ultimately return the economy to normal by the end of 2023. Also on the show, Mark Newton of Newton Advisors says the market's technicals suggest a 10 percent correction is in the cards playing out right now, but that the market is likely to rebound from that into the end of the year, plus legendary activist investor Phillip Goldstein talking about the diminishing rights of shareholders in closed-end funds, and Arynton Hardy of Hardy Capital Investments talks ETFs in the Market Call.

Marko Papic, chief strategist for the Clocktower Group, says that he expects an inflation surprise to the upside -- bigger than the market forecasts -- which is likely to upset the market, adding to volatility and limiting the forward potential for stocks. It has him looking to foreign markets to generate bigger returns for the remainder of the year and potentially beyond. Also on the show, Tom Lydon of ETFTrends.com looks to the potential of blockchain with his ETF of the Week, Jacque Reardon discusses Franklin Templeton's latest Voice of the American Worker study -- which shows that people are redefining what it means to retire -- and in the Market Call, David Marcus of the Evermore Global Value fund talks about where he sees blood running in the streets to find his buys.

Joe Terranova, chief market strategist at Virtus Investment Partners, says that the market's rebound from early-pandemic lows has investors tempted into concentrated portfolios, pursuing the hot sectors and big winners, but he says the remainder of the year will be about risk, and 'reintroducing diversification by asset class, geography, equity size class and strategy.' Terranova says he is optimistic not just for the future but for the next 10 to 15 years, but he says the markets will demand that investors spread their risks around and manage their return expectations to ride it out to those long-term gains. Also on the show, Freddy Garcia of Left Brain Wealth Management says that investors should be focused on sustainable revenue growth -- rather than whether a stock fits the classic growth or value labels -- to find companies that can move forward regardless of market conditions, and Tom Plumb of the Plumb Balanced Fund and the Plumb Equity Fund talks stocks in the Market Call.

John Mousseau, chief executive officer and director of fixed income at Cumberland Advisors, says that worries about rising inflation are overblown given current conditions, and he says investors should expect higher inflation but only to the extent that it returns to pre-pandemic levels over the next year. Also on the show, Francesca Ortegren discusses a recent study done by Clever Real Estate showing how the pandemic continues to damage Americans' finances, Chuck answers a question about Section 72T withdrawals from retirement accounts, and Jason Browne of Alexis Investment Partners talks practical and tactical investing with ETFs in the Market Call. 

Different analysts taking a fundamental and a technical view of the market both think that strong conditions will carry into the second half of 2021, but think returns may be muted compared to the last six months. Rusty Vanneman, chief investment strategist at Orion Portfolio Solutions, says that 'the growth rate of the growth rate' is slowing, which is likely to slow the market or at least make it more choppy. Meanwhile, Jeffrey Bierman of TheoTrade.com says the market is overbought now from a technical standpoint, which eventually should play out in a correction and heightened volatility. 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, talks about the narrowing discounts in closed-end funds but warns investors not to wait for them to widen before buying, and Daniel Kline, lead advisor at 7Investing.com talks stocks in the Market Call.

Meb Faber, chief executive  and chief investment officer for Cambria Investments, says that the U.S. stock market's return to record high levels has given it little room to move forward from here -- with the exception of value stocks, which remain attractive despite a 'face-ripper' of a year -- but he believes that while investors can ride the current trends until they change, he notes that the biggest opportunities are around the world right now.  He notes that most people are too focused on America in their asset allocations, but they now are looking at cheaper names and bigger growth potential abroad. Also on the show, Tom Lydon of ETFTrends.com makes an actively managed financial-sector fund his 'ETF of the Week,' and Chuck Carlson of Horizon Investment Services and The DRIP Investor, talks about the art and science of selecting stocks using his firm's Quadrix system in the Market Call.

Michael Falk of Focus Consulting Group -- who joins Chuck every three months to discuss the market, investing and his personal battle with Lou Gehrig's Disease -- responds to fears of rising inflation and interest rates, whether that changes his disdain for bonds, but also talks baseball, how the pandemic was a stroke of good fortune for him and much more. Also on the show,  Michael Dominguez, author of 'Armchair Real Estate Millionaire' discusses how the pandemic and the hot housing market have changed things for income-oriented property buyers, and Marina Gross of  Natixis’ Portfolio Research and Consulting Group talks about how financial advisers are bridging the gap between their own realistic market expectations and the wild hopes of clients/individual investors.

Wayne Wicker, chief investment officer for Vantagepoint Investment Advisors and ICMA Retirement Corp., says that despite concerns about inflation and interest rates creeping up  that have dampened market enthusiasm, he expects that 'the combined effects of better GDP and better margins are going to be good for equities over the next 12 months.'  He discusses the sectors and areas that he expects to lead the way higher and those he wants to avoid in The Big Interview. Also on the show, Chuck discusses his feelings about cost-to-yield on dividend-paying stocks, Ted Rossman talk about a Bankrate.com study on how much investors saved from remote work during the pandemic and how much they could suffer financially from the return to normal, and Gary Bradshaw, co-manager of Hodges Blue Chip Equity Income, covers stocks that he believes will be consistent performers in the Market Call.

Dave King, head of income and growth strategies for Columbia Threadneedle Investments, says that income-oriented investors should be revisiting a popular old strategy -- the Dogs of the Dow -- buying the highest-yielding stocks of the benchmark index. The strategy has fallen out of favor in recent years, while value investing has struggled, King says, but now is a good time to look for more yield out of large-cap stocks. Also on the show, David Goodsell of the Natixis Investment Managers’ Center for Investor Insight discusses survey data showing that average American investors are expecting historically high returns from stocks -- above 17 percent before inflation -- for the year ahead, David Trainer of New Constructs talks about an accounting problem that misstates the financial condition of many companies and, in the Market Call, Brian Frank of the Frank Value Fund talks 'absolute value' and whether the current market leaves any stocks that meet his tough valuation standards.

John Kosar, chief market strategist for Asbury Research, says that the market is overextended as measured by a number of technical indicators, but breakouts visible this week in technology sectors suggest that there is meaningful ground to be made now, as much as 10 percent in tech stocks and sectors in short order. Also on the show, Rob Shaker of Shaker Financial Services discusses the state of closed-end fund discounts, and how current conditions appear to be a repeat of what the industry saw after the financial crisis of 2008, Byron Reese discusses his new book, 'Wasted: How We Squander Time, Money, and Natural Resources-and What We Can Do About It,' and Daniel Kern, chief investment officer at TFC Financial Management, talks funds and ETFs in the Market Call.