Money Life With Chuck Jaffe Daily Podcast

Michael Gayed, portfolio manager for the tactically managed ATAC Funds says the Federal Reserve should have raised rates even more than it did Wednesday -- when the central bank made its biggest rate hike in almost 30 years -- because market and economic pain is inevitable and could be long-lasting, but there is growth potential once the market passes the troubles and starts a new recovery. This show also features Tom Lydon, vice chairman at VettaFi.com, making a brand new fund his ETF of the Week, Jill Gonzalez of WalletHub.com discussing the site's latest survey which shows that consumers are looking at rewards cards as a way to deal with inflation, and Rob Lutts, president of Cabot Wealth Management, talks growth investing in the Market Call.

Victoria Greene, chief investment officer at G Squared Private Wealth, says that investors should look at where they can be best off given current global economic conditions, and says that will bring investors to large-cap domestic value stocks, and she notes that investors may not want to pursue broad diversification because the strategy tends to struggle during times of stress. "It only works when the market is working," she says, "and right now the market isn't working." She expects a recession in short order, though she believes most investors should stick with their plans rather than making moves in response to market conditions and headlines driven by volatility. Also on the show, Ed Carson, news editor at Investor's Business Daily, discusses the latest IBD/TIPP Economic Optimism Index, which showed that economic optimism is at its lowest point in over a decade, and the personal financial outlook has never been lower since the index was created in 2001. Mike Hunstad, global head of equity and quantitati

Dan Zanger, founder of Chartpattern.com, says "The 1970s are here again," bringing the dangers of persistent inflation back into play, creating long-term financial pain and putting the stock market in jeopardy of falling "50 to 65 percent before this is over." Zanger expects a protracted downturn, with no quick snap-back because the Federal Reserve can't prime the pump by lowering interest rates. "The sooner you get out and stay in cash," he says, "the better off you are going to be." Also on the show, author Eric Balchunas, discusses his recent book "The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions," and Scott Bennett, founder of Invest With Rules -- a service that tracks and reacts to the actions of big-time mutual fund managers -- talks stocks in the Market Call.

Victoria Fernandez, chief market strategist at Crossmark Global Investments, says that a recession is coming, but it's not imminent due to the economy's underlying strengths, including active consumers, corporate balance sheets and the labor market. While waiting for a recession to arrive late next year, Fernandez says investors should be taking advantage of down days in the market to buy up names that are on sale and better balance a portfolio to get through trouble. Also on the show, Ed Slott of IRAhelp.com talks about whether the market's slow start to the year has made 2022 a particularly good time to consider converting traditional retirement accounts into Roth IRAs, Sara Foster of Bankrate.com discusses the site's recent survey on the emotions and financial stresses that consumers are living with now, and Kyle Guske of New Constructs puts a mutual fund that gets a good rating from Morningstar into the Danger Zone, noting that the fund's holdings have it headed for trouble.

Michael Mullaney, director of global markets research at Boston Partners says that consumer demand should support the economy for the remainder of 2022 "without significant dire consequences," but he notes that 2023 is "another whole can of worms" and the Federal Reserve's plans to squash inflation is likely to have side effects that create a recession in 2023. Mullaney talks about the market's fundamental and technical sides, identifies segments and sectors he expects to lead and lag, and more in a wide-ranging Big Interview. In the NAVigator segment, Sam Brothwell, director of research at Energy Income Partners, says that the current cycle of under-investment in capital spending has made it harder for energy producers to respond to the current supply-demand imbalance; that has pushed energy prices -- for oil, natural gains, electricity and alternatives -- dramatically higher, where they are likely to stay for awhile. In the Market Call, Jonathan Browne, portfolio manager for the Robinson Funds, discusses in

Catherine Stienstra, head of municipal bond investments at Columbia Threadneedle Investments, says that the sharp sell-off that set bonds off to a bad start to the year -- and scared many investors out of the bond space -- has reached a pivot point, so that investors are now looking at "a rare opportunity" to get back in with higher yields and attractive valuations. Also on the show, Tom Lydon, vice chairman at VettaFi, makes a play on the dollar recently hitting a two-decade high against global currencies with his ETF of the Week, Chuck answers a listener's question about how to pay for/finance a big expense, and Rob Spivey, director of research for Valens Securities, talks stocks in the Market Call.

Paul Gruenwald, chief economist for S&P Global Ratings, says that despite the gloom being caused by high inflation, war and more, "If you step back, we're not in a terrible place." He notes that if inflation can be controlled and the labor market stays at current levels of full employment, that should lead to a good outcome once tensions ease. Gruenwald says that a big market decline, recession or proverbial day of reckoning is not a foregone conclusion; if the economy can be guided to a path where inflation reduces to Federal Reserve targets -- and growth hits those targets too -- he believes there is a reasonable glide path to better days ahead. Also on the show, money manager and author Adam Seessell discusses the continuing evolution of value investing and his book, "Where the Money Is: Value Investing in a Digital Age," plus Clark Kendall, president and chief executive officer at Kendall Capital discusses stock investing in the Market Call.

Jeanette Garretty says there is a very real risk of recession in the next nine months, but she sees no reason to expect anything worse than a "garden-variety, U.S. economic recession, with a couple of quarters negative and then a fairly quick rebound in economic activity with the markets leading" that recovery. Garretty notes that there are risks that could exacerbate problems and make a downturn more severe, but she sees inflation pressures easing significantly come early 2023 and recovery to follow unless war, China trade tensions or other conditions have bigger-than-expected impacts. Covering the market's technicals, Scott Brown -- technical market strategist at LPL Financial -- says it appears the market bottom is not in place yet, meaning that he expects a downturn and more capitulation by investors before a significant turnaround, but he does think that investors should look for more stocks to make three-month highs as a sign that things are ready to start recovering rather than drifitngmostly sideways

Axel Merk, president and chief investment officer at Merk Funds and Merk Investments, says investors need to be cautious about accepting current market risks and keep an eye on their sleep factor "because whatever [investment] thesis you have, it will be tested." Merk notes that he is hesitant facing today's economic conditions because there are still a lot of possible outcomes based on anticipated action from the Federal Reserve and the stock market's response to the news. Also on the show, Charles Rotbut of AAII Journal discusses the group's latest update to its sentiment survey -- Kule Guske, investment analyst for New Constructs, talks about three stocks with misleading earning that could hit shareholders soon, and Michael Sincere is here to discuss the updated versions of his books, "Understanding Stocks" and "How to Profit in the Stock Market."

Laura Martin, equity analyst at Needham & Co., says that streaming technology companies saw their maturation curve speed up during the pandemic, with the fallout being current pricing pressures as consumers wise up to the various pricing models that best meet their needs. She also discusses ad-tech and big-tech stocks and U.S.-China trade tensions in a wide-ranging Big Interview. Also on the show, Max Wasserman, senior portfolio manager at Miramar Capital talks about how investors should deal with the current unknowns that have the market on edge right now, John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance identifies five "plain vanilla" closed-end funds that are using basic, simple strategies to present good value and opportunities now, and Doug Milnes, head of data analysis at MoneyGeek.com discusses the site's recent survey showing how inflation has already had a significant impact on consumers' sumemr travel plans.

Noted market bear Harry Dent -- who called for a 50 percent market crash when he was last on the show in late May of 2021 -- says that efforts made to prolong the bull market have exacerbated the trouble that the financial world must now slog through "the crash of our lifetimes." He's calling for a recession and a massive market downturn -- saying the Standard & Poor's 500 is due to fall roughly 85 percent from its peak before it's done -- that has only just begun. Dent foresees a long market rebound starting in a few years driven by a millennial spending boom that, based on demographics, he expects to run from 2024 all the way to 2037. Also on the show, Ed Shill, managing partner at the Wealth Enhancement Group talks a balanced approach to stock investing -- but also notes that he believes the current economy can avoid a recession and that he does not foresee a market crash -- in the Market Call, and Tom Lydon, vice chairman of VettaFi, focuses on industrial metals with his ETF of the Week.

Lindsey Bell, chief markets and money strategist at Ally Invest, says that investors are engaging in a proverbial flight to quality by moving from the individual stocks and the security picking that fueled their interest in the market during the rebound from Covid to buying indexes and holding the market despite broader declines happening now. It's not the traditional way that investors seek safety, but Bell says that new investors are taking different paths as they get more involved in the market. Also on the show, technical analyst Michael Sincere says he believes recent rallies have been consistent with bear-market upturns and not with a market bottom, noting that he believes a bear market is in the cards before the market can have any meaningful, long-lasting rebound, and New York Times journalist David Gelles discusses his new book, "The Man Who Broke Capitalism: How Jack Welch Gutted the Heartland and Crushed the Soul of Corporate America—and How to Undo His Legacy."

Andrew Patterson, senior international economist at The Vanguard Group, says that recession "is not our base case right now," because economic growth is coming in at reasonable levels, even if it is taking longer than the Federal Reserve was hoping for to achieve that healthier level of activity. Patterson thinks GDP growth can be back to its long-term trend levels by the end of the year. Kathryn Kaminski, chief research strategist at AlphaSimplex Group, talks about alternative investing and how the market has turned has done a 180-degree turnaround from the pandemic's early days -- when one of the best strategies involved being long in bonds and short on commodities -- to what is working now. Also on the show, Jessica Bryant, analyst for BestColleges.com, discusses a survey showing how many people are stymied in their ability to change/upgrade jobs by financial factors like gaps in health insurance coverage or a cash cushion that's too small to cover rent during the transition; and Chuck answers a listener's

Emily Roland, co-chief investment strategist at John Hancock Investment Management, says the bond market is pricing in 11 quarter-point rate hikes from the Federal Reserve this year, and with three in the books through May, she believes the Fed will step back from its plan and that rates will not move up as much as anticipated. As a result, she is expecting a bond rally that will help fixed-income play its traditional role as a volatility damper in portfolios.  Roland says the economy looks to her like it can avoid recession but the stock market is acting like it has arrived, creating opportunities for a bounce-back in equities later this year. Also on the show, Nicholas Marshi of BDCReporter.com talks about how business-development companies have been stronger than the general market thus far in 2022, and how their prospects look bright in a rising-rate environment that has been building without a lot of potential liquidity and credit-quality issues, and Jonathan Smucker of Marietta Investment Partners mixes

Ron Sanchez, chief investment officer at Fiduciary Trust Company International, says that while the stock market will remain particularly challenging as it waits to see how successful the Federal Reserve will be in helping to curb inflation and keeping the economic pump primed, the bond market has seen yields rise to levels that are attractive right now despite the higher inflation rates. Sanchez expects the market to improve later this year, but to remain choppy throughout. Also on the show, Tom Lydon of ETFTrends.com and VettaFi.com makes a brand new actively managed fund from Neuberger Berman his "ETF of the Week," economist, Danetha Doe of Clever Real Estate discusses rent inflation and how renters are struggling with incomes that aren't rising at the same pace as housing costs, and Chuck answers listener questions about the volatility of individual stocks, and about how the size of a nestegg influences allocation decisions.

Doug Loeffler, executive vice president of investment management at Sierra Investment Management, says his firm is mostly in cash right now because current conditions look like a "very sustained equity drawdown," and while he expects to see the market rally later in the year, he says this is a time for investors to take what the market is going to give them, rather than "trying to tell the market what to do." He's part of a wide-ranging show that also features Kathy Chu, correspondent for TruthDAO, discussing the market for NFTs -- non-fungible tokens -- and how much of the attention-grabbing activity may actually be faked; Hope Manion from Fidelity Workplace Consulting talking about how Americans radically underestimate the amount of health-care spending they will do in retirement; and author Nick Maggiulli, whose new book "Just Keep Buying: Proven Ways to Save Money and Build Your Wealth" encourages investors to buy dividend-producing and income-oriented investments in all market conditions, even the rough

In two different interviews today, experts see a market capable of rallying but not necessarily able to hold off a longer-term bearish trend. Market-timer Heeten Doshi, portfolio manager at  Doshi Capital Management, says that we're seeing "a day trader's market" -- high on volatility, low on direction and conviction from buyers -- that is poised for "a big bounce" or a bear-market rally because it has been oversold recently. Likewise, Avi Gilburt of ElliottWave Trader sees a rally that could start "at any point now," which could bring some back and forth that gets the market back to record-high territory, though he sees a long-term bear market that will last for years arriving in or after 2024. Also on the show, Anuj Nayar discusses a recent study from Lending Club and PYMNTS showing that more Americans are living paycheck-to-paycheck, including a lot of people with good salaries and high credit scores, and John Augustine, chief investment officer at Huntington Private Bank discusses stocks in the Market Cal

Greg McBride, chief analyst for BankRate.com, says that while the site's latest survey shows that few Americans are boosting their stock holdings right now, a majority is still as committed to buying stocks as they were a year ago, with more than half of U.S. investors saying they purposely had made no moves in response to current market volatility. In The Big Interview, Ken McAtamney, who runs the William Blair Global Leaders fund, discusses where there are leading companies -- now often trading at discounts -- amid the current market confusion, David Trainer of New Constructs puts Spotify and Pinterest back into "The Danger Zone" because they still have lots of room to fall despite recent setbacks, and Chuck talks about the four lessons he took away from last week's Morningstar Investment Conference in Chicago.

In a bonus interview from Money Life at Morningstar, Sarah Ketterer -- chief executive officer at Causeway Capital Management -- warns investors against turning paper losses into real ones, sticking with what has been working or what still has the potential to pan out that an investor saw when they made their purchase, though she acknowledges that playing with a portfolio on the margins and making moderate changes can help weather the storm and take advantage of the inevitable rebound. After that, Money Life returns to its normal programming, with Duncan Farley of the Destra International Event Driven Credit Fund discussing market opportunities now being created by today's troubling market conditions and how that has led his fund to positive performance at a time when almost all traditional funds are down. Also, Regina Conway, consumer expert at Slickdeals, discusses consumer regrets from online shopping, and Jenny Xia Spradling, co-chief executive officer, at FreeWill discusses how evolutions in investing --

David Snowball, founder of MutualFundObserver.com, says that the current market conditions are challenging investors to make sure they have a handle on what they own and why they own it, because they can't depend on the Federal Reserve to manage a soft landing to current economic challenges. It's one of many highlights as Money Life wraps up its coverage from the Morningstar Investment Conference with more pushback to T. Rowe Price manager David Giroux's Day One comments about the perils and follies of international investing coming from Andrew Foster of the Seafarer Funds and Michael Campagna from Moerus Capital. Also on the show, bond fund manager Janet Rilling from Allspring Global and Fidelity's Sammy Simnegar of Fidelity International Capital Appreciation and Fidelity Magellan. Plus Tom Lydon revisits last week's inflation-driven choice by making a stagflation play his ETF of the Week.