Money Life With Chuck Jaffe Daily Podcast

Giles Coghlan, chief currency strategist for HYCM, says that the economy will struggle to move forward without a coronavirus vaccine or treatment, but even without the economic boost that will come from solutions, he expects uncertainty and low real interest rates to drive gold significantly higher this year. He suggests investors should avoid buying gold at peaks and should look for pullbacks, which he says will be happening in the midst of gold's climb. Also on the show, Simon Lack of SL Advisors says in the Market Call that the energy sector is really cheap, paying big dividends for investors looking to generate cash flow on the cheap, Kyle Guske of New Constructs talks about a brand-name stock that looks attractive, and Mike Brown of LendEDU discusses consumer complaint levels during pandemic times.

Paul Christopher, head of global market strategy for the Wells Fargo Investment Institute, says that the stock market may be waiting until after a Democratic vice presidential candidate is named before starting to factor current polls into current prices, but he cautioned that even as the market starts to reconnect to the potential voting outcome, investors should be waiting until they see more from candidates before altering portfolios. Instead, he suggests waiting until you know more about taxes, infrastructure spending plans, health care reform and more before altering a portfolio, noting that the likely changes will involve adding to health care and infrastructure plays while backing away from energy and financials. Also on the show, Tom Roseen of Lipper Refinitiv talks about the closed-end fund resurgence since the dismal showing they posted during the February downturn, Giulia Prati of Opinium discusses changing consumer shopping habits and how the impact of the pandemic may liner long after a vaccine i

Neil Hennessy, chairman and chief executive at Hennessy Advisors and the Hennessy Funds, says that the stock market has withstood the global pandemic largely because of the underlying strength in corporate balance sheets and the overall economy. Those underpinnings should help ensure that the market doesn't fall too far on bad news and can shake off most events, unlike past crisis times where weak economics exacerbated societal problems and elevated investors' pain levels. Also on the show, Tom Lydon of ETFTrends.com makes a new health-care fund that highlights the technologies brought forth in the pandemic his 'ETF of the Week,' Matthew Schulz of CompareCards.com discusses how credit-card issuers are cutting back on untapped credit limits and old unused accounts as they tighten up in the pandemic, and James Abate of the Centre Funds talks investing defensively in stocks in the Market Call.

Alan McKnight, chief investment officer at Regions Asset Management, anticipates a sluggish, uneven economy and stock market as the country gets through the coronavirus pandemic into 2021, noting that the big technology names will flatten out a bit and small-cap names will slowly come to the fore as the market rotates into the next growth environment..In a second Big Interview, David Wright, lead portfolio manager for the Sierra Mutual Funds, says he has adopted BCOT -- 'Be careful out there' -- as his mantra for both the pandemic and the current market, and says he is using stops on every position to make sure the market's potential for volatility doesn't take away hard-earned gains made during the rebound. Also, Maggie Craddock, author of 'Lifeboat: Navigating Unexpected Career Change and Disruption' talks about how workers whose jobs have been displaced by the pandemic can turn that disappointment into a new start.

Michael Oh, manager of the Matthew Asia Innovators Fund, says the global pandemic has sped up the consumer revolution in emerging markets, but especially in China, which is making consumer companies and technology stocks look particularly appealing because such a gigantic market is opening and once the consumers adopt the technologies they will continue on with them even after the initial impetus to invest in them has passed, Also on the show, Mary Wisniewski of Bankrate.com talks about changing technology in automated teller machines and how consumers can safely use ATMs in a Covid-19 world, Mike Brown of LendEDU discusses per-capita spending on the lottery around the country -- and reveals that Chuck's home state is where individuals lay out the most money per person on tickets -- and Odeta Kushi of First American talks about the changing housing market and the Home Ownership Progress Index and what it says about how the market of home buyers is shifting.

Tom Stringfellow, president and chief investment officer, says he is optimistic that the stock market is due for a broad recovery spread over many sectors, and driven by valuations and earnings, but he warned that until that time comes the market will be driven by a handful of mega-cap names which is uncomfortable but which shouldn't dissuade investors from staying diversified, knowing that they are positioned for that time when the recovery expands and picks up speed. Also on the show, Mark Hamrick of Bankrate.com discusses his site's latest 'Market Mavens' survey discussing where experts expect the market to go next, David Trainer of New Constructs puts Tesla back in the Danger Zone again, saying the stock is much worse off now than it was about a year ago when he put it there, only to see it explode in what he described as a fit of extreme irrational exuberance, and David Miller of the Catalyst Mutual Funds discusses using an insider-buying strategy as he covers stocks in the Market Call. 

Max Gokhman, head of asset allocation for Pacific Life Fund Advisors, says that investors should be taking advantage of current opportunities, but also should be moving toward a more neutral position with so many warning signs out for the stock market. If investor sentiment remains positive, Gokhman says he expects to avoid moving allocations all the way to neutral or bearish. Also on the show, Josef Schuster of IPOX Schuster discusses the hot market for initial public offerings and whether he expects new issues to continue their hot streak through the pandemic, Eric Groves of Alignable talks about how the small business community is surviving the coronavirus crisis, and Kimberly Flynn of XA Investments describes how alternative investments are being used in new and different closed-end fund structures to let individuals access strategies previously reserved for big institutions.

Paul Lambert, portfolio manager for the Tocqueville Opportunity Fund, said that the coronavirus pandemic has sped up the clock and created opportunities among technology companies focused on work-from-home and digital-transformation-of- business applications, though he warned that some popular stocks in those spaces have overheated and would be dangerous now, especially if they don't have strong financials and hefty recurring revenue streams. Also on the show, Tom Lydon of ETFTrends,com looks to Europe for his 'ETF of the Week,' Leonard Wright discusses the AICPA's latest Personal Financial Satisfaction Index and how disappointed Americans are feeling this far into the viral pandemic, and Damon Ficklin of Polen Global Growth Fund talks stocks in the Market Call. 

Patrick O'Hare, chief market analyst at Briefing.com, says that the stock market is so optimistic right now because there is nothing to disprove the positive premise yet, with low interest rates and the promise of economic growth from a rebound fueling historically high valuations at least for now. Yet if there is no vaccine for coronavirus soon and if the economy rebounds more slowly than expected, O'Hare expects a difficult market, and notes that many investors will ride out the uncertain periods in the megacap stocks -- the biggest names that have been the primary drivers in the rebound from March lows -- because they have 'survivorship status,' having grown so large that they will survive whatever the economy and market can dish out. Also on the show, Bill Perkins, author of 'Die With Zero,' who talks about making the most of your money and your life, and William Smead of the Smead Value Fund, who discusses in the Market Call how current conditions are helping long-term investors buy great companies and d

Today's wide-ranging show starts with Patrick Jankowski of the National Association for Business Economics discussing the group's most recent survey of members, two-thirds of whom expect the economy to be in a recovery with two-thirds of respondents expecting Growth by year's end. Greg McBride of Bankrate.com chats about a different survey, one that shows that for just the second time in the last eight years, investors now believe that stocks will be the best place to invest for the next decade. With so many still favoring real estate and cash, McBride notes how investors may be showing their less-than-admiral traits in the research. Also on the show, Anix Vyas of Harding Loevner, talks about the small-cap rally he believes is on the horizon and the premium investors can get by going international with the aset class, and Gerry Frigon of Taylor Frigon talks stocks in the Market Call.

Sheraz Mian, director of research for Zacks Investment Research, says that investors can't make great comparisons using current numbers against a year ago or even before the coronavirus -- and says the comparison problems will continue for at least a year after the pandemic ends --  but in spite of that issue, he expects earnings to continue improving through the end of the year. Meanwhile, Paul Hoffmeister of Camelot Portfolios says that optimistic investors should see the recent market pullback is creating "anothr chance to put risk on," and suggested investors might want to look into underperforming sectors like health care, energy and gaming. Also on the show, David Trainer of New Constructs puts a mid-cap growth fund in the "Danger Zone' and Ted Rossman discusses a Bankrate.com study which shows the ways investors are damaging their credit score as they respond to the financial hardships created by the pandemic.

Ken Berman of Gorilla Trades says he'd stick with companies with strong balance sheets, a big domestic presence and a business focus online to ride through a sawtooth, back-and-forth summer, a fall correction and then a rally that brings the Standard and Poor's 500 to at least the 3,500 level he was forecasting when he last visited the show in February, before the coronavirus pandemic. Also on the show, John Mosseau of Cumberland Advisors discusses the value of sticking with traditional fixed-income allocations in the lower-for-longer rate environment, and says that he expects an economic recovery even if there is no vaccine for Covid-19, Gregg Bell of A# Financial Investments discusses alternative credit investments like reverse mortgages and private equity and how they are particularly well-suited for the closed-end, interval fund structure, and Bob Auer, manager of the Auer Growth Fund, discusses why he believes in his methodology and process despite a low Morningstar rating, and then puts his methods to w

Joseph Brusuelas, chief economist at RCM, says the risks of a sub-par recovery are rising as uncertainty over the outcome of the coronavirus pandemic drags on, and while he still believes that there will be a swoosh-shaped 'elongated and frustratingly slow recovery,' he says even that can't happen until the market knows how the pandemic will be resolved. In the Market Call, Barry James of the James Advantage Funds says investors need to be looking at securities in different time periods -- BC and AD, for 'before coronavirus' and 'after disease' -- and notes that the pandemic has injected a little more subjectivity into stock research right now. Also, Chuck answers a question from the audience, and Tom Lydon of ETFTrends.com makes a new fund based on a market niche that is in the news the 'ETF of the Week.'

Tactical money manager Michael Ball, managing director at Weatherstone Capital Management, says that the global pandemic and the stunted economic cycle have changed the data he looks at to make some of his decisions, noting that 'mobility numbers' which show how much people are getting out and moving around give a more real-time pulse on the economy than simple employment numbers or other more-traditional data. He talked about funds and ETFs to take advantage of current opportunities in the Market Call. Also on the show, Lyle Fitterer of Baird discusses the fixed-income market and how interest rates that remain lower for longer are changing asset allocation decisions, and author Harry Glorikian talks 'Moneyball Medicine' and how health care is likely to be permanently altered when the current crisis is over.

Reed Murphy, chief investment officer at Calamos Wealth Management, says that the uncertain market has its worry spots, but that economies globally have looked good coming out of the coronavirus pandemic and the United States should be able to follow suit if and when there is a vaccine, and assuming the government keeps stimulus flowing until that happens. Murphy noted that the disruption of the economy presents unique opportunities moving forward. Also on the show, Lawrence McMillan of McMillan Asset Management talks technicals and says that if the market can extend to new highs, he expects it to go higher still, Mark Hamrick of Bankrate.com talks about the financial milestones people are putting off during the pandemic economy, and Janet Brown of the FundX Investment Group talks funds and ETFs in the Market Call.

Karl Mills, president of Jurika, Mills and Kiefer, says that while there is more good news than bad right now for the market, investors should be more defensive in their thinking right now. Mills isn't expecting a big downturn -- he's anticipating a 10 to 15 percent pullback, but says that it's hard to see much potential for the market to move significantly higher, so until there is some sort of sell-off and the market repositions to make buying more attractive, he's remaining cautious and careful. Also on the show, Ted Rossman of CreditCards.com discusses the current shortage of coins and how Covid-19 is permanently changing the way consumers pay for things, David Trainer of New Constructs talks about an attractive manufacturing stock to consider now, and Harris Trifon of Western Asset Management discusses how the work-from-home trend is likely to impact real estate markets once the coronavirus pandemic has ended.

Noting that 'Hope is not an investment strategy,' Peter Chiappinelli, portfolio strategist at GMO, says that his firm de-risked its holdings in May, moving from a buy-hold tack into the market's recovery to more of a long-short strategy that should make money no matter which way the wind blows next. He says that the market is pricing in an all-is-well optimistic recovery, but that savvy investors should prepare for something worse to help get them through uncertain times, and he noted that value should outperform core equity in time, particularly with international stocks, which 'are trading at a discount we have never seen before in the history of our database.' Also on the show, author Steven Bavaria talks about how closed-end funds can be an 'income factory' driving returns, Matt Harris of HighTower Advisors talks technicals and describes why a weak dollar is making gold, miners and emerging markets look good, and David Marcus of Evermore Global Value Fund says in the Market Call that there is a current in

Joe Kalish, chief global macro strategist at Ned Davis Research, says that while many people currently believe the stock market and economy are disconnected -- with the market thriving while the economy is hurting -- the patterns for the market and the economy are tightly linked and likely to stay that way for the foreseeable future, with the economy's path dictating what the market does next. Thus, if the economy takes a V-shaped recovery pattern, the market will continue going up, but if the recovery flattens, falters or rolls over, the market is likely to follow suit in lock-step fashion. Also on the show, Tom Lydon of ETFTrends.com talks about China with his ETF of the Week, and Bernie Horn of the Polaris Global Value Fund talks about why he has broadened out his portfolio and how the inability to be a globetrotter has affected his buys and sells amid the pandemic. 

Larry Cordisco, portfolio manager at Osterweis Capital Management, says that investors should look for industry leaders that are depressed by the current economy, because they're in a strong position to weather the market and economic storm created by the coronavirus pandemic.When the current economy weakens -- which Cordisco expects, despite his long-term view that recovery is coming -- the strong players will come out in a few years much better positioned as leaders in their fields. Also on the show, Howard Dvorkin of Debt.com talks about how individuals and families struggling to make ends meet during the pandemic should approach their problems to minimize potential trouble, and author Olivier Sibony discusses his new book on the mistakes people make by letting personal biases skew their decisions.

Brian Barish, president and chief investment officer at Cambiar Investors, says that the Federal Reserve's actions to keep money flowing have allowed the stock market to rebound and rise despite the obvious economic issues that might otherwise punish stocks. He suggests not fighting the Fed while looking for opportunities now, but warns that in 2021 or '22, 'the Fed will stop doing these things, and that will be your Uh-oh moment in the stock market.' Starting the show, Jeff Bishop, editor at Total Alpha Trading, says that 'This is not a time to be a fundamental investor,' but that makes it a great time to be a short-term technical trader, using the force of price moves -- rather than standing in the way of them expecting a downturn -- to ride the trends to higher prices. Also on the show, Leisa Peterson discusses her new book, 'The Mindful Millionaire,' and Chuck answers a question about dealing with a tough situation that could lead an audience member to declare bankruptcy in the future.