Money Life With Chuck Jaffe Daily Podcast

Two portfolio managers provide a lot of reason for investor optimism in today's show, with Larry Cordisco of Osterweis Capital Management discussing 'pockets of opportunity' in the market, highlighted by quality names that have actually been lagging behind the market as it has returned to record-high levels. Cordisco sees opportunities in dividend-paying stocks, which is particularly important for investors looking for income. Meanwhile, Jack Janasiewicz of Natixis Investment Managers says that strong corporate earnings and consumer spending should be able to overcome inflation concerns to limit the market's potential for a downturn, turning any downturn into a buying opportunity for long-term investors. Also on the show, Noland Langford of Left Brain Investment Research revisits Nvidia and Bath and Body Works to see if they can continue their fast-growth trajectory after positive third-quarter earnings reports, and Chuck answers an audience-member's question about U.S. Savings Bonds.

David Wright, lead portfolio manager at Sierra Investment Management, says that the market is currently so overvalued that it has a lot more downside room to run than upside. While Wright remains fully invested right now -- and isn't calling for a major reversal in the immediate future -- he cautioned that investors should be looking to protect gains from heightened market volatility ahead by using stop-loss orders on their biggest and most risky positions. Also on the show, Leo Leydon of Financial Focus Advisory Services says that he thinks the market is due for a technical pullback -- possibly before the holidays -- before it can go off on another run, while Greg McBridge of Bankrate.com discusses the site's recent survey showing that a majority of American workers feel like they are behind when it comes to retirement savings. In the Market Call, Mark Lehmann, chief executive officer at JMP Securities talks about fast-growth companies in the technology, health care, real estate and financial-services sector

Brad McMillan, chief investment officer for Commonwealth Financial Network, says that the inflation spike created by the global supply crisis that has pushed inflation to the 6 percent level will last for another three to six months before fading, but he notes that there are structural elements that are also pushing inflation higher, and those conditions are not transitory. As a result, he expects inflation to retreat to the 2 to 3 percent range later in 2022 and to remain there for the next three to five years. Also on the show, Meredith Stoddard discusses Fidelity Investments' 2021 American Caregivers Study, author Jeffrey Hooke focuses on his latest book -- "The Myth of Private Equity: An Inside Look at Wall Street's Transformative Investments" -- and Kyle Guske of New Constructs puts Peloton stock back in the Danger Zone after the company's most recent earnings report.

Ed Clissold, chief U.S. strategist for Ned Davis Research, says that the market has room to run into next year, but that 2022 is likely to see much more volatility and much slower growth, even if inflation concerns start to fade and interest rates don't move dramatically higher. Clissold expects an earnings environment that is less friendly, traditional mid-term election year doldrums and more to hold the market to an average year overall, but with more pullbacks and downturns en route to that profitable finish. By contrast, Jim Welsh, macro strategist at Smart Portfolios, says the technicals -- along with some market history, plus higher inflation for longer than he believes most are expecting -- suggest that trouble is coming next year; unlike most technicians who have appeared on the show, Welsh expects the market to take a step back before starting a Santa Claus rally to finish 2021. Also on the show, Stephen Hester, partner at Wide Moat Research and editor at the Intelligent REIT Options Advisor newslett

FeiFei Li, head of equities at Research Affiliates,  says that any negative shock to the market could cause a 'very big correction,' but even without that kind of surprise events, she says that 'the market is facing a risk of delivering negative returns in the second half of 2022.' Despite the changing environment, Li is bullish on value investing moving forward, saying it should come to the fore as the market struggles. In the Market Call, Michael Campagna, senior investment analyst at Moerus Capital Management, talks about global deep-value investing and the trouble some companies and industries must get into in order to be undervalued in today's market conditions; and with the ETF of the Week, Tom Lydon of ETFTrends.com explores a new, leveraged trend play in a narrow industry that's not for the faint of heart.

Jack Ablin, chief investment officer at Cresset Capital Management, says that current market valuations are at the top of their historical ranges, so 'anyone who is bullish on the market isn't going to be making a valuation argument.' Yet Ablin makes the argument that the market has room to run because the economic underpinnings remain strong and the Federal Reserve is still keeping liquidity strong despite inflation fears. Ablin discusses the wildcards that could change conditions in a hurry, but notes that investors are likely to be reasonably happy until the picture changes. Also on the show, portfolio manager Stan Majcher from Hotchkis and Wiley talks about the oil and energy markets -- and throws in a quick take on the financial sector too -- author Jennifer Moss discusses 'The Burnout Epidemic,' which is both her new book and a nationwide problem in the workforce, and Dan Keady, chief financial planning strategist at TIAA, covers the firm's latest survey, which showed that Americans have dual big concer

Brian Barish, president and chief investment officer at Cambiar Investors, says that the Chinese government is changing the global investment picture and has him concerned about investing there, noting that investors can prosper from the growth of China's economy without facing the fire directly. Barish also notes that current financial conditions in the United States are 'generous,' leaving them mostly one way to go from here, making it that investors should think about protecting profits and lower expectations. By comparison, veteran technical analyst Martin Pring says that his long-term indicators show an economy that is nowhere close to a recession, despite dangerously high inflation rates, noting that his preferred market indicators mostly show room to run before a downturn or recession. Also on the show, Michelle Delgado discusses recent research from Clever Real Estate showing a growing disconnect between Americans' income and home prices, making houses hard to afford than ever before, and author Tanja

Lou Harvey, president and chief executive officer at DALBAR Inc., says that investors can get unbiased advice that's in their best interest from the many new online 'robo advisor' platforms, but the trade-off is that the quality of advice is lower than hiring a human adviser. In the firm's most recent 'Best Interest Analysis,' DALBAR found significant issues with traditional advisers failing to work in the best interest of the client, a discrepancy he said is largely stemming from regulations which don't require all types of advisers to work to a fiduciary standard. Also on the show, David Trainer of New Constructs puts 'salad company' Sweet Green in the Danger Zone, saying that the IPO is nearly worthless despite being highly valued out of the box; Brian Hamilton of One discusses the financial stresses Americans are already worrying about for the upcoming holidays, and Eric Marshall of the Hodges Funds talks stocks in the Market Call.

Clyde McGregor, portfolio manager for the Oakmark Equity and Income fund, says that while investors are using stocks now to deliver income the way fixed income has always done, it doesn't mean that investors should throw balance out the window. He notes that the point of a balanced portfolio is the ability to withstand volatility and rapid changes in the environment, and notes that portfolios remaining relatively close to a classic 60-40 stocks/bonds allocation continue achieving that, even in today's low-rate environment. Also on the show, D.R. Barton Jr. of Woodshaw Financial Group talks technicals, noting that market sentiment has turned sharply in the last few weeks, with a real appetite for risk having come back and driving the current rally -- despite possible small setbacks -- to the end of the year; Michael Spatacco of Bancroft Capital discusses changes in closed-end funds and how new structures are more significant to the industry than the development of exchange-traded funds was to traditional mutua

Ryan Detrick, chief market strategist for LPL Financial, says that the current bull market -- coming on the heels of a short, steep recession/bear market at the beginning of the pandemic -- is in its early stages and will roll into 2022 and beyond. He notes that for as long as economic growth and earnings stay strong, buoyed by monetary and fiscal policy tailwinds, 'there's still some time, we think, for this bull market to have some tricks up its sleeves and keep on rolling.' In another Big Interview on today's show, George Milling-Stanley, chief gold strategist at State Street Global Advisors, says that gold has not been a great inflation hedge at a time when investors are worried about the transitory nature of rising prices in large measure because the market doesn't expect inflation to last and has priced that into the metal. That said, Milling-Stanley still made a strong case for the role gold can play in a portfolio now, noting that he thinks this is a time to be loading up. And Tom Lydon, chief executi

Craig Callahan, chief executive officer at ICON Advisers, says that while the stock market has returned to record levels, he's not seeing the overpricing that is typical or a market peaking. Instead, stocks have further to run to reach fair value; he does see this bull run acting differently right now, with 'much more straight up -- and less down days -- than a typical bull market.' Callahan says that he expects the rally to continue until interest rates start to rise, which could squeeze valuations. Also on today's show, Brian Dress, director of research for Left Brain Investment Research, discusses Roku -- the firm's stock of the year in 2020 -- which has been working through some near-term troubles that have created a buying opportunity rather than a reason to bail out, and David Harden, chief investment officer at Summit Global Investments, talks low-volatility and factor investing, a love-hate relationship with Morningstar ratings and more in a wide-ranging Market Call.

Dan Zanger, chief technical strategist at ChartPattern.com, says that the stock market is the best and strongest he has seen since 1999 and he expects it to keep running through to the end of the year, but then he believes there will be a sell-off, a correction that takes the top off the market and helps it set a new base for further upside in 2022. Zanger says the market has plenty of energy and room to run so long as the Federal Reserve doesn't change policies and stop its momentum. Also on the show, Chuck discusses a wide range of stocks that he thinks are appropriate as gifts for children this holiday season or any time you are looking to teach youngsters about money, and we revisit a recent conversation with Chris Davis of Davis Advisors, who says that investors with a value mindset need to look for 'undervalued growth companies and value companies that can grow.'

Brad Lamensdorf, editor of the Lamensdorf Market-Timing Report and manager of the Ranger Equity Bear ETF,  says that while the market is at record levels, valuations are not so high that it's particularly easy to find shorts. In the Market Call segment, Lamensdorf discusses how it's a stockpicker's market, both for long investors and short-sellers, with rising indexes having masked a lot of individual opportunities. Also on the show, Mark Hamrick, Washington bureau chief at Bankrate.com talks about implications from last week's economic reports, emerging markets and international fund manager Tunde Ojo from Harding Loevner discusses China and other foreign markets now, and Kyle Guske of New Constructs puts the Danger Zone spotlight back on EventBrite, the concert promoter that he says is wildly overvalued.

David Keller, chief market strategist at StockCharts.com, says that the seasonally strongest part of the year has arrived and the stock market is looking like it will hold to that seasonal tendency this year. He notes that while the market is overdue for a correction, there doesn't need to be a sharp sudden drop, because the market can correct in time -- moving sideways for longer -- rather than by price, a situation that he thinks will put a premium on stock-picking now. Keller wasn't the only guest optimistic about the near-term future, as Cliff Corso, president of Advisors Asset Management, says investors can continue to profit by not fighting the Fed as the central bank deals with inflation concerns and the changing economy. In The NAVigator segment, Matt Kence of the Aberdeen Credit Income Strategies Fund, discusses current opportunities in high-yield bonds and bank loans, and Rich Moroney of Horizon Investment Services -- the editor of both the Dow Theory Forecasts and Upside newsletters -- returns for

Laura Geritz, chief executive officer at Rondure Global Advisors, says that she thinks the domestic stock market rally is late in its current cycle with inflation no longer feeling transitory, noting that she now believes it will take a significant interest rate hike of 1 percent or more to slow growth, but not ruling that kind of move out in the face of rising inflation. Geritz worries that China currently reminds her of Japan in the 1980s, building a bubble around real estate, which she says will have to be deflated carefully so that it doesn't crater global markets. Tom Lydon from ETF Trends.com also covers emerging markets with his pick for ETF of the Week, making a case to go off-trend and go bottom-fishing with high-yield foreign debt. Also on the show, Simon Zhen of MyBankTracker.com discusses how many people plan to spend more time doing holiday shopping than they spend managing their money, and Stephen Luongo of AIR Asset Management talks alternative investments into life settlements, and how they're

Chris Davis, chairman of Davis Advisors, says that value investors can't rely on the classic approaches but must instead seek out a mix of 'undervalued growth companies and value companies that can grow,' a more hybrid investment style that has been working even in times when traditional value investing has struggled. Further, he notes that investors should forego most bond holdings in favor of high-grade financial stocks, noting that he expects a decade of substantially rising dividends in the sector. Also on the show, Ed Carson, news editor for Investor's Business Daily, discusses how rising inflation has sapped economic optimism, and Chuck gives the results from his annual Halloween 'cash or candy' giveaway.

Karl Mills, president of Jurika, Mills and Keifer, says that investors should be looking for current market imbalances, watching for the shift that lies ahead, which will move them from growth to value stocks, from domestic to international markets, from large-cap to small-cap issues and more to stay ahead of changing winds that will make it harder for the market's recent success stories to keep going strong. Also on the show, Sean Cox of Gainbridge discusses how the firm is not only changing the way consumers buy and think about annuity products, but changing Money Life as the show's newest sponsor, Ted Rossman of CreditCards.com discusses the current state of retail store credit cards (think high interest rates and bad enticements), and John Cole Scott, chief investment officer at Closed-End Fund Advisors discusses business-development companies, their prospects into 2022 and building a portfolio with them, including four BDCs he thinks are good buying opportunities despite varying distribution rates, disco

Freddy Garcia, vice president of Investments for Left Brain Wealth Management, says that investors who hire advisers to help manage their money need to get appropriate help picking and selecting stocks, bonds and mutual funds, rather than simply following cookie-cutter programs. Garcia says that many advisers provide 'planning,' without doing high-conviction investment selections, ultimately leading to a time when clients are unhappy because their broad financial plan isn't meeting their return expectations. Also on the show, Tom Lydon of ETFTrends.com highlights an equal-weighted index fund as his ETF of the Week, Ed Slott of IRAhelp.com helps Chuck answer a listener's question, and we revisit a recent chat with Herb Greenberg, senior editor of Empire Financial Research.

After two days lost to power outage at Chuck's studio, the show returns with John Petrides, portfolio manager at Tocqueville Asset Management, reminding investors to keep their eyes on the prize for their ultimate goals and not let volatility and downturns shake them out of the market, turning paper losses into real pain. Petrides says his team has been in a buy-the-dip mentality since the start of the pandemic and that hasn't changed as the recovery has played out, particularly because the alternatives to stock investments are unattractive right now. Also on the show, Sri Reddy of Principal Financial Group discusses the habits that successful savers have exhibited during the pandemic, Ed Slott of IRAhelp.com helps Chuck answer a listener's tax question, and we revisit a recent chat with Michael Kelly of Pinebridge Investments.

Two very different interviews come to the same kind of conclusion on today's show, with Brian Levitt, global market strategist at Invesco, noting that inflation and other concerns aren't hurting corporate profits, and those strong profits are helping to improve valuations, setting up the market's next solid move upward, and Avi Gilburt of the Elliott Wave Trader saying he expects the Standard and Poor's 500 to move to nearly 5,000 before a pullback that sets up a big move that should get the index to the 6,000 range by the beginning of 2023. Also on the show, Greg McBride of BanRate.com talks about some good news -- mixed in with the usual bad -- in the site's annual survey on banking fees, ATM expenses, overdraft charges and more, and Gabriela Herculano, chief executive officer at iClima Earth, discusses emissions-free ESG investing in the Market Call.