Money Life With Chuck Jaffe Daily Podcast

Jack Brennan, former chairman and chief executive at The Vanguard Group, discusses his new book 'More Straight Talk on Investing: Lessons for a Lifetime' and talks about how the financial world has changed in the 17 years since the original 'Straight Talk on Investing' debuted, and how investors can best navigate what lies ahead. Also on the show, Janie Quek of Left Brain Investment Research covers Airbnb Inc. and why she believes it is poised for a big post-pandemic boost, with William Smead of the Smead Value Fund talking value investing and stocks in the Market Call.

Chris Zaccarelli, chief investment officer for the Independent Advisor Alliance, says that while the market is poised for continued growth -- especially as the economy reopens -- savvy investors may want to diversify further and tighten their asset allocations so that they are better positioned to survive trouble when it arrives. He notes that he prefers value to growth right now, and notes that while he likes emerging markets he believes there are better bargains to be had in Europe. Also on the show, technical analyst Matt Harris, sees few impediments to the market's long run-up, though he is particularly bullish on emerging markets right now, significantly more optimistic than Zaccarelli. Rebecca Heiss discusses her new book, 'Instinct: Rewire Your Brain with Science-Backed Solutions to Increase Productivity and Achieve Success,' and Chad Moutray, chief economist for the National Association of Manufacturers talks about the latest survey research from the National Association for Business Economics, which

Many experts have been on Money Life recently saying that the classic 60 percent stocks/40 percent bonds portfolio doesn't work; some have suggested changing the mix of holdings that make those percentages, others have recommended making stocks 70 or 80 percent of a standard portfolio. Today on Money Life, John Ruth, chief executive officer at Build Asset Management, suggests turning the entire equation upside down, making the bond portion the heavy part, and using options to help returns be more stable and predictable in all market conditions. Also on the show, Melanie Lieberman of ThePointsGuy.com discusses a survey showing that half of Americans not only plan to take a summer vacation but will spend big doing it, David Trainer of New Constructs puts Netflix -- which he calls 'the original meme stock' - back in the Danger Zone, and David Miller of the Catalyst Mutual Funds talks about insider buying/selling and its impact on stocks in the Market Call.

Ryan Detrick, chief market strategist for LPL Financial, and Buck Klintworth, portfolio manager at Chase Investment Counsel, say in successive interviews that they see the market as poised to take a breather, a correction, a downturn or whatever you want to call a small setback. Both of them, however, were clear that any setback now and through the summer is a clear buying opportunity, as they believe the market will quickly re-establish its long-term upward trend. Also on the show, Michael Spatacco of Bancroft Capital talks about how social or ESG investors are finally getting the chance to use closed-end funds, and Eric Schoenstein of Jensen Investment Management talks about 'quality investing' -- looking for companies with 'formidable competitive advantage profiles' in the Market Call.

Steven McClurg of Valkyrie Investments -- which has filed registration papers to create two different Bitcoin-related ETFs -- says that cryptocurrency shouldn't be seen as a replacement for gold and precious metals or as a store of value, but instead is growing into a way that transactions are being done around the world, and is starting to become something that corporations must invest in as part of their international trade. That maturation process, he says, will be helped along as regulators start to ease restrictions and allow more cryptocurrency funds into the market. Also on the show, Tom Lydon of ETFTrends.com makes a thematic dividend growth fund his ETF of the Week, Francesa Ortegren of Clever Real Estate discusses how Americans are struggling to make ends meet late in the pandemic, and Jonathan Smucker of Marietta Investment Partners talks top-down stock selection in the Market Call.

Scott Crowe, chief investment officer at CenterSquare Investment Management, says that real estate investment trusts currently are cheap, currently trading where it was pre-pandemic. That said, some of that issue stems from certain parts of the real estate world being scary; the pandemic-driven change to working from home will impact office space, Crowe discusses whether office space could have the same dismal-looking future as shopping malls and retails spaces. Also weighing in on real estate today is Mark Hines from Left Brain Investment Research, who highlights a residential mortgage REIT as a 'bond-like equity' that can help investors balance out a portfolio. Later in the show, Matt Schulz of LendingTree discusses how consumers' savings habits appear to be changing late in the pandemic, and Ken Mahoney of Mahoney Asset Management talks ETFs in the Market Call.

Avi Gilburt, editor of the Elliott Wave Trader, says that he sees the Standard and Poor's 500 having a summer rally -- after a small near-term pullback -- to finish the year at 4,600 and maybe slightly higher, but his long-term outlook is that the index will reach 6,000 by 2023. Also on the show, Steve Wendel, head of behavioral research at Morningstar, discusses new research on how the pandemic is affecting Americans' financial security, Matt Schulz of LendingTree talks about how fewer consumers were stashing their cash in March and whether the savings trends are changing as the economy reopens, and Hilary Kramer -- who oversees seven different investment newsletter -- returns to the Market Call for the first time in over two years to talk about stocks.

Tracie McMillion, head of global asset allocation strategy for the Wells Fargo Investment Institute, says that investors preparing for a post-pandemic stock market and economy will want to broaden their exposure to different equity asset classes and sectors, will need to be picky about fixed-income investments, but will also want to build up their holdings in commodities and add alternative asset classes and hedging strategies in order to ride out a world that is clearly rotating to new and different economic drivers. Also on the show, Phil Korenman, head of individual investors for T. Rowe Price, discusses the extra footnote the firm has put onto big one-year returns numbers telling investors just how unique the last 12 months have been, David Trainer of New Constructs puts another mem stock and retailer into the Danger Zone, and Eric Marshall of the Hodges Funds talks stocks in the Market Call.

Patrick Galley, chief executive and chief investment officer at RiverNorth Capital Management and the RiverNorth Funds, does two interviews on today's show, one focused on closed-end funds -- which he believes represent a strong value in today's marketplace and which could be the way that investors changing their bond allocations look to goose returns -- and the other mostly on special-purpose acquisition companies, SPACs. He says that while SPACs have been the rage in the last year, the boom was pushed ahead by the pandemic, where the heads of private companies were looking for fast, efficient ways to go public in uncertain times, and he thinks SPAC activity will calm down -- but not go away -- as the pandemic recedes. Also on the show, Davis Martin of the SPY Trade of the Day talks technicals and how the market is mostly giving green lights right now, and Drew Horter of Tactical Fund Advisors discusses exchange-traded funds and tactical investing in the Market Call.

Diana Henriques, author of 'The Wizard of Lies: Bernie Madoff and the Death of Trust,' discusses the death of the man who was behind the world's largest investment fraud and the lessons that will forever be attached to his disgraced name. Henriques -- who corresponded with Madoff in prison up until 2017 -- gives her take on whether Madoff had any remorse for his crimes, whether he ever came clean about just what happened and why and more. Also on the show, Bruce Monrad of Northeast Investors Trust discusses fixed income and high-yield investments in a market environment with rates and inflation just hinting that they will be on the rise soon, and Tom Lydon of ETFTrends.com makes a small-cap value and momentum fund his ETF of the Week.

Brad McMillan, chief investment officer at Commonwealth Financial Network, says the economy and stock market aren't completely out of the woods of the pandemic, but we can see the sunlight from here.He says the market has been backing and filling as stocks react to the lingering coronavirus news but also start to price in the reopening and the economic boost to come. Also on the show, Noland Langford of Left Brain Investment Research highlights a stock that has gotten a huge boost from the pandemic, but which he thinks will continue to grow impressively once normal life returns, Chuck answers an audience member's question on bond investing, and Jane Edmondson of EQM Indexes talks about lithium and battery-related stocks in the Market Call.

Emidio Checcone, co-manager of the DoubleLine Equity Value Strategy, says that the recent value surge is just the start of what should be a long run where the value investment staples dramatically outperforms growth. Checcone notes that at the end of 2019, value was lagging growth by record margins, and that differential grew bigger by 35 percent in 2020 as the stock market took off. Now, Checcone sees value as bouncing back and notes that the recent outperformance by value -- which beat growth by 10 points in the first quarter and is up by about 7 points year to date -- seems 'pretty meager' compared to what he expects for months and years ahead. In the Market Call, Tucker Walsh of the Polen U.S. Small Company Growth Fund explains his firm's flywheel framework for finding stocks with outsized potential for gains. And Chuck starts the show by answering three questions from audience members.

Jeffrey Cleveland, chief economist for Payden and Rygel, says he expects the Federal Reserve to continue its aggressive and accommodative monetary policies through this year and potentially all the way to 2023, and he notes that whenever there is strong earnings growth with an accommodative Fed -- like we have right now -- tend to be good years for the market. Also on the show, Howard Gold of MarketWatch.com discusses his recent column suggesting that investors will mostly want to remain invested in domestic stocks, David Trainer makes AMC Entertainment the latest in his breakdown of meme stocks that he finds particularly dangerous, and Chuck answers an audience-member's question about allocating assets in a college-savings program.

Technical analyst Toni Turner of TrendStar Group says she is worried that the market has gotten back to record highs but that it has done it on low volume, noting 'when you get this quiet feeling' where everything seems perfect, almost any bad news could be a catalyst to drive the market back to support levels. In the Big Interview, John Johnson of Edgeworth Economics talks about how hard it is to size up the coming economic recovery and to determine which sectors and industry might lag behind as the economy lurches forward. In The NAVigator segment, Keith Ashton of Ares Dynamic Credit Allocation Fund talks about collateralized loan obligations and other alternative credit types that can improve yields while balancing risks, and in the Market Call, it's Mark Sebastian of Karman Line Capital and OptionPit.com talking stocks.

Frank Holmes, chief investment officer at U.S. Global Investors, says that inflation should be a key concern right now for investors and says that it is unavoidable given economic conditions, the massive government stimulus around the globe and more, but he doesn't think that inflation will derail the stock market because there will be strong economic growth for at least six months that will keep markets rolling. Also on the show, Tom Lydon of ETFTrends.com looks at net lease real estate investments with his 'ETF of the Week,' and Marketwatch columnist Brett Arends discusses how investors are living in a cycle where domestic stocks are popular because they are hot and hot because they are popular. In the Market Call, Simon Lack of SL Advisors talks energy and pipeline stocks.

Giorgio Caputo, head of multi-asset strategies for J.O. Hambro Capital Management, doesn't expect a huge jump in inflation, but he warns that anyone waiting for proof-positive of inflation, there's a good chance that their bonds will be underwater before they decide how to react. Thus, it is time today to create resilient portfolios that can manage through the risk, which he says means rotating to areas of the market that can benefit from a rising-rate and rising-inflation environment. Also on the show, Brian Dress of Left Brain investment Research discusses tax-collection/compliance firm Avalara and why he thinks it is a long-term builder of wealth, Ed Carson of Investor's Business Daily discusses another big jump in monthly investor optimism levels, and Jeff Auxier, manager of the Auxier Focus Fund talks value investing in the Market Call.

Jack Ablin, chief investment officer at Cresset Capital Management, says investors should expect big economic growth numbers in the second and third quarters -- fueled by the release of pent-up demand plus inflation pressures -- but notes that nominal GDP growth of roughly 10 percent in those quarters will be in the United States and not around the world, leading to what he called a 'lumpy recovery,' mostly driven by the domestic action. In the Market Call, Manny Weintraub of Spears Abacus talks about 'growth at a reasonable price,' or as he prefers to call it 'super great stocks that are not going to kill you.' And Chuck answers an audience question about the 60-40 portfolio and about changing asset allocations. 

Legendary stock market observer Roger Ibbotson -- whose landmark research is the basis for most people believing that large-cap stocks deliver 10 percent per year -- has said for years now that investors should not expect the future to stand up to the past. The chairman of Zebra Capital Management says in The Big Interview that low interest rates and other conditions will make it that the market is more likely to deliver about 8 percent on average over the next quarter century, still good but a significant drop off that must be planned for. Also on the show, Matt Schulz talks about a MagnifyMoney.com survey on how much Americans have been selling things out of their home -- and how much they have been making -- during the pandemic, David Trainer revisits GameStop -- which he liked prior to when it became a meme stock -- in the Danger Zone, and Mark Rank talks about his recent book, 'Poorly Understood: What America Gets Wrong About Poverty.'

Scott Kimball, portfolio manager of the BMO TCH Core Plus Bond Fund, says that there are some warning signs that the fixed-income market could be headed for trouble, including negative repurchase agreement rates between banks, which if they last long enough turn into 'an anvil  dangling over credit markets' heads' and could lead to severe consequences in a matter of months. Also on the show, Michael Naughton of Lord, Abbett discusses the benefits of taking liquidity risk as a means of increasing yield, and how interval funds can help in that effort, Charles Rotblut of the American Association of Individual Investors discusses the current wave of optimism among investors, showing up in both bullish sentiment and in the heavy percentage of their assets being put into stocks, and Bill Kornitzer of the Aperture International Equity Fund talks international stocks in the Market Call.

Jack Janasiewicz, portfolio strategist for Natixis Investment Managers, says that over the last three months you have seen a rolling correction in technology and growth stocks, which has also expanded into energy, and most recently into small-caps. All have had draw-downs of more than 10 percent, but he says that other sectors have held up the market and are a good sign that the market can keep pushing forward strongly from here. Also on the show, Tom Lydon of ETFTrends.com goes all the way to Egypt and the Suez Canal to find inspiration for his ETF of the Week, David Botset discusses the way that investors view and use exchange-traded funds as measured by the 10th edition of Charles Schwab's ETF Investor Study, and Han Smith of The Haverford Trust Co. talks large-cap stocks in the Market Call.