Money Life With Chuck Jaffe Daily Podcast

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 -- talks about how he would set up a portfolio that his family (and yours) could live with forever, discusses why the classic 60-40 portfolio will disappoint investors and much more in an extended Big Interview. Also on the show, Alan McKnight, chief investment officer at Regions Asset Management, gives his take on markets, interest rates, inflation and more and, in the Left Brain thinking segment, Freddy Garcia of Left Brain Wealth Management discusses how the firm's value statement is so essential to picking and managing portfolios of growth stocks.

Craig Callahan, chief executive officer at ICON Advisers, says that the broad market is trading roughly five percent below its fair value, which is a good target for returns over the rest of the year. Callahan is excited by the earnings forecasts for 2021 and 2022, citing 'outrageous year-over-year growth rates' as a reason to believe there will be good value stocks to be had. Also on the show, David Keller, chief market strategist at StockCharts.com, says that 3700 is a 'line in the sand' for the Standard and Poor's 500 Index, noting that if the market can remain above that level it should be able to avoid a significant downturn during the current rotation from a technology and large-cap  driven market to one led by small-caps and value stocks; Greg McBride of BankRate.com discusses the high percentage of investors who believe the stock market is rigged, and Mike Bailey of FBB Capital Partners talks stocks in the Market Call.

Robert Michaud, chief investment officer at New Frontier Advisors, says that reports on the death of the classic 60 percent stocks/40 percent bonds portfolio are greatly exaggerated, although he notes that the types of stocks and bonds that make up each part of the allocation are changing to keep pace with lower-for-longer interest rates and the changing stock market picture. Also on the show, David Trainer of NewConstructs.com takes on another company that has been getting a lot of pre-IPO buzz in the Danger Zone, Melanie Lieberman of ThePointsGuy.com discusses what many consumers want to see before they travel in a post-pandemic world, and Lamar Villere of the Villere Funds talks stocks in the Market Call.

Kevin Mahn, president and chief investment officer at Hennion and Walsh, says that valuations are stretched and growth could be hard to find, but a new period of economic expansion coupled with a shift in market leadership -- with small caps and more coming to the fore -- will create new investment leaders for investors to pursue. He sees the rebound from coronavirus leading into a multi-year economic expansion. continuing for several years. Also on the show, Adam Grimes of MarketLife Trading and Talon Advisors says that there are few troubling technical signals suggesting any reason to lose confidence in the current bull market, which he also expects to be a multi-year move. In The NAVigator segment, Craig Packer of Owl Rock Capital talks about business-development companies and how the BDC loan market has been impacted by the pandemic, and Ryan Jacob of the Jacob Funds talks technology stocks in the Market Call.

Two wide-ranging and very different Big Interviews both touch on bitcoin today with Giles Coghlan, chief currency analyst for HYCM, talking about how the skyrocketing price of bitcoin has impacted gold, how the cryptocurrency is increasingly viewed as a digital substitute for physical gold and the correlation between the two, especially with inflation on the horizon. Meanwhile, Scott Knapp, chief market strategist for CUNA Mutual Group, talks about how investors should be reacting to current market rotation, but also discusses where bitcoin can and should fit into the portfolio of working-class savers who are long-term investors rather than speculators. Also, Tom Lydon of ETFTrends.com heads to Japan for smaller companies and greater diversification with his 'ETF of the Week.'

Noted value manager Abhay Deshpande of Centerstone Investors actually compares value stocks to toilet paper, noting that you might not be thinking much about them when market growth is humming along, but at other times they become really precious. Right now, Deshpande says, there are plenty of good values to be found in the market, so long as you are mostly willing to avoid the technology stocks. Also on the show, Janice Quek of Left Brain Investment Research discusses Skillz Inc. as a high-growths tock that won't look quite right until it generates profits, Melissa Ridolfi of Fidelity Inc. talks about the firm's research on how retirement investors believe the pandemic has impacted their long-term savings, and Martin Leclerc of Barrack Yard Advisors talks stocks in the Market Call.

Andrew Chanin of the Procure Space ETF -- ticker symbol UFO -- discusses how NASA's Perseverance mission to Mars has stoked interest in space as the next frontier in investing, and talks about how investors can keep their head in the stars but their feet on the ground when listening to fantastic stories of future potential. Also on the show, Jerremy Newsome of RealLife Trading talks technical analysis and says that he is loading up on some tech stocks that have been beaten up in the latest NASDAQ setback, particularly on hot names like Tesla and Teledoc that have seen some of the biggest setbacks, Ilan Kolet of the National Association for Business Economics covers the group's latest survey on when inflation and interest rates are likely to increase, and Robert Zuccaro talks about his new book, 'How Wall Street Reshaped America's Destiny.' 

Martin Fridson, chief investment officer at Lehmann Livian Fridson Advisors says he expects the Federal Reserve will get inflation up to its target of 2 percent, but that investors shouldn't expect much more than that despite the inflationary impact of economic stimulus, because there isn't rising pressure on wages that would be necessary to take inflation to problematic levels. Fridson discussed where he is turning to for yield now. Also on the show, Matt Hougan of BitWise Investments answers audience questions on bitcoin investing, Kyle Guske of New Constructs discusses a mutual fund with a stylle problem and a penchant for dangerous stocks, and Chris Krumenacker of Bryn Mawr Trust talks stocks in the Market Call.

Markus Schomer, chief economist at Pinebridge Investments, agrees with the many observers who expect a booming economy as the coronavirus pandemic comes to an end, but he says that once the stimulus stops what will be left is an economy that is less productive with a lower long-term sustainable growth rate. While he doesn't expect runaway inflation or dramatically higher interest rates, digesting the growth will lead to weaker equity markets down the line. Also on the show, John Miller, head of municipals at Nuveen, discusses the surprisingly strong financial position that states and communities are in as the pandemic winds down, Ken Berman of Gorilla Trades gives his technical take on the market and John Barr of the Needham Growth and Needham Aggressive Growth funds talks stocks in the Market Call.

Robert Frick, corporate economist at Navy Federal Credit Union, says the economy will deliver stellar economic growth but that the deep hole it is coming out of will make progress slow, which is actually good news in that it means the pandemic recovery should last longer. Frick believes that inflation worries currently are overblown, saying that so long as unemployment is high and wage growth is low, significant inflation will have a tough time finding a foothold. Also on the show, Tom Lydon of ETFTrends.com says that pent-up demand should spark the retail industry, so he makes a retail specialty fund his ETF of the Week, Matthew Schultz discusses a LendingTree survey showing that many Americans save a few bucks by mooching their online services from the accounts of others, and Mike Larson of Weiss Ratings -- editor of Weiss' Safe Money Report -- talks stocks in the Market Call.

Jurrien Timmer, director of global macro at Fidelity Investments, says the 'reign of large-cap growth stocks may actually be ending,' with a weaker dollar and the first signs of rising inflation and the potential for higher interest rates triggering a market rotation that will favor small-cap, value and non-U.S. stocks. He also discusses the need for investors to start adjusting to inflation now, rather than waiting for its full-blown onset which he thinks will happen after a burst of economic growth and the 'return to normal.' Also on the show, Mark Hines of Left Brain Investment Research talks about real estate investment trusts and highlights New York Mortgage Trust is an income stock with growth prospects, and Ed Slott of IRAhelp.com, discusses his latest book 'The New Retirement Savings Time Bomb' and discusses how today's political climate should have investors more concerned than ever about how taxes will impact their lifetime savings precisely when they need the money most.

Dan Davies, author of 'Lying For Money: How Legendary Frauds Reveal the Workings of the World,' says that financial scams that revolve around trust thrive in the world's most open/free markets and are something of a necessary side-effect to commerce. Davies notes that if everyone avoided financial stories that 'sound too good to be true,' they would have missed out on success stories like Amazon.com even more often than avoiding the occasional scam. Also on the show, Brady Dougan of Exos Financial -- which recently opened an ETF focused on specialty purpose acquisition corporations -- talks about how SPACs have changed over time, en route to becoming one of the hottest investment types for companies looking to go public today, and Will Rhind of GraniteShares discusses closed-end funds and business-development companies in the Market Call.

Sheraz Mian, director of research at Zacks Investment Research says that the U.S. economy is likely to see economic growth more in line with emerging markets over the next few quarters, but he warns that much of that action has already been priced into the stock market, meaning the economic boom may not add much to the stock market rally. Also on the show, Jeffrey Ptak of Morningstar talks about research showing that -- at least for now -- past performance is showing that it can be somewhat indicative of what happens next to a mutual fund, and Kyle Guske of New Constructs discusses a stock with ties to Bitcoin that he expects to be wildly overvalued as it goes IPO, and Kathy Boyle of Chapin Hill Advisors talks mutual funds and ETFs in the Market Call.

Doug Ramsey, chief investment officer at The Leuthold Group, says the stock market's current valuations remind him of 20 years ago, when the stock market was peaking as the Internet bubble market burst; he also says that the bond market is creating a bubble, but that the impact of the stock bubble will be greater when it bursts, which he thinks will occur late in or after the economic recovery from coronavirus. Meanwhile, Zach Jonson, chief investment officer at Stack Financial Management, says that the Standard and Poor's 500 is broken, failing to represent the broad domestic economy, which is one big reason why the market performed well while the economy was suffering in 2020. He expects that disconnect to continue -- but with the economy bouncing back and the stock market likely lagging -- going forward. Also on the show, Nick Holmes, manager of the Tortoise Essential Assets Income fund, discusses investing in water infrastructure, and how it is different from traditional infrastructure investing.

Jason Brady, chief executive officer at Thornburg Investment Management, says that the economy is poised for strong growth, but that high stock valuations and continued volatility will create a divergence between the economy and market that reverses the trend of 2020, when stocks grew fast while the economy sputtered.  He suggests rebalancing portfolios because the 'trends that were in place for the last 12 months or so will be in place for the next 12.' Also on the show, Tom Lydon of ETFTrends.com makes the Van Eck Vectors Social Sentiment fund -- a new issue that is trading in stocks that have been caught up in social media buzz -- his "ETF of the Week," Jeff Hoyt of SeniorLiving.org discusses a surprising survey about the impact of the pandemic on the finances of Americans age 60 and over, and Gerry Frigon of Taylor Frigon Capital Management talks stocks in the Market Call.

Bryce Doty, senior portfolio manager at Sit Investment Associates and manager of a short-duration bond ETF, says that we're about to see 'the most synchronized global rebound in history for the economy,' noting that 'what comes with that is inflation' that most bond investors are not preparing for. Doty adds that while investors should be following a consistent long-term plan, they should leave some flexibility to pursue investments that are riding a current market wave, which currently means considering investments in travel technology, health care, cannabis and more. Also, in Left Brain Thinking, Noland Langford, chief executive at Left Brain Investment Research, says that Rite Aid Corp. high-yield bonds are particularly attractive, buoyed by the way the company benefited from the pandemic, plus a change in leadership that has all made the company significantly more secure than in the past. And Nancy Tengler of Laffer Tengler Wealth Management talks growth-at-a-reasonable-price investing in the Market Call.

Fritz Folts, chief investment strategist at 3EDGE Asset Management, says while there are many reasons to be confident in the stock market, he worries that the plusses already have been priced in to current levels, especially because he thinks the market at current levels is significantly overvalued and that interest rates would have to stay as low as they are now for the next decade for prices to be considered fairly valued. Jeffrey Hirsch of the Stock Trader's Almanac agrees that the stock market may have priced a rebound into current levels, but that means that the standard calendar effects -- like summer doldrums when the market moves sideways -- are likely to be in play again this year, a sign that things are returning more to normal. Also on the show, Steven Grey of Grey Value Management talks about valuations and the ability to make great buys right now in the Market Call.

Preston Caldwell, senior equity analyst and head of U.S. economics at Morningstar Inc., says that coming out of the pandemic he expects gross domestic product (GDP) to hit 5.3 percent this year, to remain above 4 percent in 2022 but to decline to pre-pandemic -- and slowing -- levels of 2.2 percent by 2023, a burst that will propel the economy but that is not too long-lasting. In a second Big Interview, Matt Hougan, chief investment officer at Bitwise Investments, talks about the state of cryptocurrencies now, discussing the ongoing evolution involving funds, thoughts on portfolio allocations, the ability to spend crypto and more. Also on the show, Chris Manderfield of Key Bank discusses how and why filing your taxes this year is going to feel different than possibly every other tax year in your lifetime, and David Trainer of New Constructs talks about three stocks -- Uber, Door Dash and Carvana -- that he says are more dangerous now despite good, recent earnings reports.

Sameer Samana, senior global market strategist for the Wells Fargo Investment Institute, says that the technical outlook for the market is good, and likely to stay that way with low rates and a long upward equity trend. He noted that investors are being selective right now, looking for the biggest returns in areas that can stand out from the pack in current times, which is why gold has suffered in recent weeks despite conditions that should be positive for precious metals. Also on the show, legendary fund manager Paul Wick returns to discuss his closed-end fund -- Columbia Seligman Premium Technology Growth -- and whether investors should use that fund as a way to get his acumen on sale, Colin Dunn of the Cambiar SMID fund talks the atmosphere for small- and mid-cap investments now, and David Harden of Summit Global Investments covers low-volatility investing in a high-volatility market in the Market Call.

George Milling-Stanley, chief gold strategist at State Street Global Advisors, says that the recent blip in inflation isn't enough to send gold much higher soon, though it should have reminded investors of the precious metal's value as a hedge against inflation. He thinks that will be more valuable going forward, but said that there's still plenty of reasons to have a gold position and to expect it to perform now, despite a recent drop in gold's price. Also on the show: Tendayi Kapfidze, chief economist at LendingTree discusses why he thinks the economy will show strong growth moving forward, but also how it must show that significant improvement or it will be regressing and struggling to overcome pandemic-related traumas; Tom Lydon of ETFTrends.com puts the focus on small-cap value stocks with his ETF of the Week, and Chuck answers audience questions about bitcoin with some help from Matt Hougan of Bitwise Investments.