Money Life With Chuck Jaffe Daily Podcast

Sam Stovall, chief investment strategist at CFRA Research says that there are plenty of reasons for investors to be concerned about the stock market now, though he notes that since World War II the market has mostly avoided significant downturns in the month of June. He is not opposed to turning defensive and rotating into health care and consumer staples -- rather than retreating from potential troubles -- but he relies on stock market history as 'virtual valium,' a calming agent that reminds him that investors who get out of the market historically tend to do worse than investors who ride out the troubles. 'It is typically better to buy than bail,' he says, and he suggests that investors should be looking for things to be buying next, as the market gets volatile as the economy adjusts to reopening from the pandemic. Also on the show, Brian Dress of Left Brain Investment Research talks about how the changing market has the firm looking for more growth-at-a-reasonable-price picks,and that Salesforce.com looks

Axel Merk of Merk Investments says that the stock market is due for a correction, but not necessarily a bear market, noting that the economic recovery has gone far and that the reopening will fight some of the downward pressures. Merk says that while the market is seen as being 'different' right now, the traditional 'sell in May and go away' thinking might be in place, at least through Labor Day; he's been protecting profits and taking chips off the table but noted that he would not be going short the market now. Also on the show, Simon Zhen of MyBankTracker.com talks about just how much change Americans will stop to pick up, Chuck takes a question about travel insurance now, and David Barse of XOut Capital talks about stocks and enhancing indexes in the Market Call.

Market forecaster Harry S. Dent Jr. says the next stock market crash -- which he thinks could hit as early as the next six weeks -- will be a 50 percent decline in two to three months, but he says that the decline is a re-set needed to pass a bubble and that the carnage will be over by late in 2022 or 2023. 'The upside is limited, the downside is somewhere between 65 and 80 percent on stocks,' he says in an extended Big Interview. Dent says that Bitcoin has been 'the best leading indicator of the market,' and he notes that if Bitcoin's mid-April peak holds up -- and the crypto is down about 50 percent since then -- then the market would be due to start its significant fall by the end of June. Also on the show, David Trainer of New Constructs discusses a new and different way that some companies are hiding some troubling numbers from investors, and Chuck talks about the various forms of risk and how investors -- even nervous ones -- want exposure to all of them.

Economist Lacy Hunt of Hoisington Investment Management says that the economic rebound and recovery is peaking now, in terms of growth rates, and he believes that later in the year economic growth will be well below the pre-pandemic levels of 2019. He believes that the stimulus efforts will prove to be temporary help, but will leave behind debt that will lead the economy to 'death by slow strangulation.' Also on the show, Mark Asaro of Noble Wealth Management talks about how closed-end funds can be used to build a paycheck-replacement system for investors, and Eric Boughton of Matisse Capital Management discusses closed-end funds, master-limited partnerships and more in the Market Call.

Meir Statman, professor at Santa Clara University and one of the world's leading experts on behavioral finance, talks about the approach he took when looking into making a major donation of his own money, and the decision-making that prompted him to give generously 'with a warm hand,' rather than waiting until his death. He also discusses why he doesn't rebalance his portfolio, or stick to a common asset allocation for a man his age, how he has given up on using money-market funds and replaced them with short-term bond funds -- despite the cost of occasional fluctuations -- and more. Also on the show, Tom Lydon of ETFTrends.com puts a new fund based on an index that is built to achieve consistent performance into the ETF of the Week spotlight, and Craig Copeland of the Employee Benefits Research Institute covers the group's most recent retirement-confidence survey.

Jason Hsu of Rayliant Global Advisors says that China -- which was first into and first out of the pandemic -- is a good economic precursor for the rest of the world to watch now, as its stock market euphoria from 2020 has backed off with more mundane returns this year. Hsu notes that China's path through the pandemic was different than for much of the world, highlighting that there has been some de-coupling between global markets, less correlation where one nation's issues lead to problems elsewhere; that, he notes, is good for diversification and a reason to give international investments a bigger role in portfolios. Also on the show, Noland Langford of Left brain Investment Research discusses how the stock market's recent rotation has him looking for growth in some non-traditional places, Chuck talks about the latest research around the '4 percent rule' for retirees, and David Brady of Brady Investment Counsel talks growth stocks in the Market Call.

Willie Delwiche, investment analyst for AllStarCharts.com, says that the market is on solid ground now, even as it enters the second year of a cyclical rally. He suggests looking for clues on where to invest from the current 'digestive phase,' which saw the market take a turn for the worse; despite that downturn, Delwiche notes that financials and materials stocks reached new highs, showing their strength -- which he expects to continue -- in this market. Also on the show, Doug Loeffler of Sierra Investment Management talks about the market and investors' changing risk profiles, Chuck answers a question from a novice who is considering cryptocurrency investments, and Brian Smoluch of the Hood River Small-Cap Growth Fund returns to the Market Call for the first time in roughly five years.

Tom McIntyre of McIntyre, Freedman and Flynn -- who has been on the Market Call more than any other guest -- returns to the show and says that for the first time since the Reagan Administration, he is genuinely concerned about the prospect of rising inflation. He sees oil rising to 100 dollars a barrel and says commodity prices are showing upward pricing pressure every day. Also on the show, David Trainer of NewConstructs.com puts the SquareSpace IPO -- due to launch on Wednesday -- into the Danger Zone before it even hits the market, Morgan Henderson of Choice Mutual talks about the poor end-of-life financial planning decisions that many Americans are making, and William Burckhart talks about changing the face of investing, as described in his new book, '21st Century Investing.'

David Ellison, manager of two Hennessy Funds focused on financial-services stocks, says that the market has technology companies trading at 15 times revenues while banks are trading at 10 times their profits, creating a valuation edge that 'makes it hard to see how [financials] will not do well over the next couple of years,' and that's before factoring in rising interest rates and other factors that could change and help the financial landscape going forward. Also on the show, Mike Taggart of Taggart Fund Intelligence discusses how investors need to look past discounts when analyzing closed-end funds, technical analyst D.R. Barton Jr. discusses how current market volatility looks mostly like a buying opportunity, and Jamie Cuellar, manager of the Buffalo Small Cap Fund, says in the Market Call that investors need to be picky with small stocks as market volatility grows over the remainder of the year.

Bill Stone, chief investment officer for Glenview Trust, says that current inflation may be on the rise, but the increase may be caused in part by bottlenecks in certain commodities that have caused prices to increase, and that pressure should ease over time. He expects value stocks to continue their recent outperformance over growth during the rest of the year, with a strong economic recovery and the slight inflation blip pushing that action along. Also on the show, Tom Lydon of ETFTrends.com discusses a cash-cow investment strategy with his pick for the ETF of the Week, Jerome Clark discusses how the pandemic played out in family money talks, as measured by the T. Rowe Price 2021 Parents, Kids & Money Survey, and Roger Conrad, editor of Conrad’s Utility Investor, covers a wide range of utility stocks in the Market Call.

Alan Gayle, president of Via Nova Investment Management, says that the light at the end of the pandemic's tunnel is getting brighter and that as conditions improve the astronomically high expectations for economic growth keep moving higher, as do the already heightened expectations for Standard and Poor's 500 earnings. 'The overriding theme,' Gayle says, 'is that the fundamentals continue to improve,' creating the proverbial rising tide that is lifting all boats. Also on the show,  Brian Dress of Left Brain Investment Research discusses what growth investors should be thinking now that volatility has made the ride much bumpier, and Ted Rossman of CredtCards.com covers a new survey showing that many parents helped their children get through the pandemic financially, but to the detriment of their own finances. In the Market Call, Andre Weisbrod of Quantum Financial Advisors makes his debut on the show discussing stocks and ETFs. 

It's a wide-ranging show today with Mish Schneider of MarketGauge.com talking technical analysis and worrying about the status of the dollar and how it appears to be weakening, and Andy Kapyrin of Regent Atlantic discussing the Biden Administration's tax-overhaul proposal, which would raise capital gains taxes on the wealthiest Americans to more than 40 percent. Stan Haithcock, 'Stan the Annuity Man,' returns to answer an audience member's question about how and whether to establish an annuity for lifetime income, and author John Wasik talks about the overlooked economic legacy of Abraham Lincoln, how Honest Abe's policies set the groundwork for the American economy and how he'd likely deal with today's economic challenges.

David Trainer of New Constructs revisits three past 'Danger Zone' picks that recently reported earnings that the market could take as a positive but that he feels continue to mask deep underlying problems. Trainer believes two of the three companies ultimately could prove worthless, but even if they don't he says that all three stocks are dramatically overpriced based on their realistic prospects for controlling their respective industries. Also on the show, Chuck covers why Friday's bad jobs report was greeted by new stock market highs, John Divine of US News and World Report talks about dogecoin and whether investors should consider the latest hot cryptocurrency, author Jennifer Turliuk discusses how to figure out what to do with your life, and Adan Coons of Winthrop Capital Management talks ETFs in the Market Call.

Lawrence McMillan of McMillan Analysis and OptionStrategist.com says he is tightening up his stops right now, because the market is showing a few subtle danger signs within mostly positive trends. He worries that the market -- and particularly the Nasdaq, which has struggled while other indicators have flirted with new highs -- could be in for a short, sttep downturn before they can build off of positive news and trends. Also on the show, author Phil Moeller discusses his latest book, 'Get What's Yours for Health Care,' John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance looks at the opportunities now in closed-end funds, and Ken Applegate, lead manager for the Wasatch International Growth and Wasatch International Select funds talks small- and mid-cap stocks in the Market Call.

With the stock market near record highs and up nearly 50 percent in the last 12 months, big gains aren't all that impressive. But Baron Partners Fund -- which gained 45 percent in 2019 and nearly 150 percent in 2020 -- has now racked up a 165 percent increase over the last 12 months, more than three times the return of the broad stock market and is the number one fund in its category in every time period from one year to 15 years. In an extended Big Interview, manager Michael Baron discusses how and why that has happened, what they're doing to avoid regressing to the mean in the future and gives his reaction to Morningtsr analysts downgrading the fund to a 'neutral' rating despite its long run of success. Also on the show, Tom Lydon of ETFTrends.com makes a bond fund with an interesting twist his ETF of the Week, and Jason Herried, director of equity strategies for Johnson Financial Group discusses mutual funds and exchange-traded funds in the Market Call.

Emily Roland, co-chief investment strategist, John Hancock Investment Management, says that the economic and corporate fundamental pictures are 'absolutely awesome' right now, but she notes that after parabolic returns off the bottom like we have seen in the last 12 months, the market tends to become more choppy, volatile and challenging. While she is bullish -- believing that new economic and market cycles are unfolding now -- she thinks the easy rebound returns have been made. Also on the show, Brian Dress, director of research at Left Brain Investment Research, discusses Energy Transfer as a 'bond-like equity' with a 7 percent yield and potential for growth, Matt Frankel of The Ascent talks about a study on what consumers most want from their credit cards, and author and civil rights attorney Jim Freeman discusses his new book, 'Rich Thanks to Racism: How the Ultra-Wealthy Profit from Racial Injustice.'

Ed Clissold, chief US strategist at Ned Davis Research, says that the stock market should remain strong while the economy gets back to full speed, but he notes that things could change quickly thereafter and says investors will want to get defensive. He does not expect a recession or significant bear market, but believes investors will want to play defe3nse and choose buying opportunities carefully. Also on the show, Chris Vermeulen, chief market strategist for The Technical Traders, says that the market's technicals are all green lights right now, but that the color is likely to change with a consolidation move -- not necessarily a bear market but months of sideways to gradual decline -- that could start late this month and last into the fall. Plus, Ismat Mangla of MagnifyMoney.com discusses study research showing how the timing of retirement can impact lifetime housing costs, and Jennifer Barrett, author of, 'Think Like a Breadwinner,' discusses her book.

Stan Haithcock -- better known as 'Stan the Annuity Man' -- joins Chuck to help savers and investors understand where annuities fit into an investment program at a time when many people are scared about how far the market could fall from record highs. haithcock -- who has been described as 'the walking middle finger of truth for the annuities industry' -- gives his fundamental lessons that allow consumers to decide if an annuity is a good and necessary savings tool for their individual situation. Also on the show, Ted Rossman discusses a Bankrate.com study on what event-goers are doing -- or not doing -- when it comes to concert, sports and other tickets as pandemic restrictions ease, Kyle Guske of New Constructs has another meme stock whose fans are ignoring fundamentals for the 'Danger Zone' and Stephen Dodson of the Bretton Fund talks value investing in the Market Call.

Joe Quinlan, head of CIO market strategy for Merrill Lynch and Bank of America Private Bank, says that the market is in a sweet spot right now -- neither too hot nor cold -- but when inflation heats up and Federal Reserve chairman Jerome Powell tells the market his thoughts, 'that's when things will get dicier.' Quinlan doesn't expect the market to hit a wall, but he expects a 'true testing period' and says investors should prepare for that by diversifying, rebalancing, and being ready to buy when any setback or downturn occurs. Also on the ninth-anniversary edition of Money Life, Tom Dinsmore of the 50-year-old Bancroft Capital Fund talks convertible securities, James Otteson discusses his new book, 'The Seven Deadly Economic Sins,' and Clark Kendall of Kendall Capital Management covers the Biden Administration's infrastructure plan and how investors should react and respond to it.

Mark Fleming, chief economist at First American Financial Corp,, says that the increase in home prices is being fueled by low interest rates -- which increases purchasing power -- a lack of supply of homes and a generational shift of young families striving to get a home, all fundamental reasons for higher prices without actually inflating a bubble. Fleming also discusses why rising delinquencies aren't about to create a foreclosure boom, and much more in the Big Interview. Also on the show, Tom Lydon of ETFTrends.com makes a commodity fund his ETF of the Week, Randy Frederick of the  Schwab Center for Financial Research talks about a recent survey of traders and just how bullish shorter-term investors are, and Mike Liss of American Century Value fund discusses relative value investing  in the Market Call.