Money Life With Chuck Jaffe Daily Podcast

Bryce Doty, senior portfolio manager for Sit Investment Associates, says that current causes for investor concern -- the debt ceiling, inflation and more -- are creating volatility and buying opportunities in a market that's on solid long-term footing as it continues to reopen and recover from the coronavirus pandemic. Also on the show, Kyle Guske from research firm New Constructs explains in the Danger Zone why the Allbirds IPO won't fly right from the start, University of Arkansas professor Mervin Jebaraj discusses the latest outlook survey from the National Association for Business Economics and, in the Market Call, Nancy Tengler, chief investment strategist at Laffer Tengler Wealth Management talks about finding growth stocks at reasonable prices given current market conditions.

Matt Fox, president of Ithaca Wealth Management, says that the market appears to have shaken off current events in China that were creating downward pressure, and it could soon be back to flirting with record highs and resuming its long climb. Fox noted that his big worry is less about anything he sees in the charts and more about the potential for the economy to have surprisingly slow growth. Also on the show, Erik Herzfeld of Thomas J. Herzfeld Advisors says that investors are sacrificing returns for liquidity when they choose traditional mutual funds and ETFs instead of closed-end funds, financial adviser Vidal Peoples of Strategies for Wealth discusses taking a fiscal physical now, and Sneha Jose, director of behavioral finance for Stifel discusses investor biases and how individuals and their hard-wired thinking frequently short-circuit the best-laid investment plans.

Ron Sanchez, chief investment officer at Fiduciary Trust Company International, says that markets are facing some resistance in September after seven consecutive months of gains, and he expects that increased choppiness to continue into October, but his long-term outlook remains highly constructive, noting that economic growth from the recovery is being pushed out into 2022 and '23. Sanchez believes that we're still 'in the first half of this economic cycle over the next two or three years where economic growth could be north of 3 percent and closer to 4;' that would represent economic growth that is more than double pre-pandemic levels. Also on the show, Tom Lydon of ETFTrends.com makes a small, new thematic fund his ETF of the Week, saying he has big expectations and hopes for the fund, and Chuck answers a listener's question about whether and how to factor small investment positions and ideas into a portfolio. And in the Market Call, Mike Larson, senior analyst at Weiss Ratings, talks about 'safe-money' st

Paul Christopher, head of global market strategy at the Wells Fargo Investment Institute, says that the economic recovery pace in the United States is ahead of most foreign countries and is likely to stay that way for a year or more, but his long-term thinking suggests that changing globalization will use more robotics and artificial intelligence and more to localize production and make it that different countries move through cycles on their own pace, rather than as part of a large group. Also on the show, Francisco Bido of F/m Acceleration discusses in the Market Call how using a quantitative approach mixed with some fundamentals can find stocks poised for solid future growth, Francesca Ortegren from Clever Real Estate covers their latest survey showing an alarmingly large percentage of Americans have taken on or added to their credit card debt since the start of the pandemic, and Chuck answers a listener's question about some famous funds whose best days may be in the past.

Steve Rick, chief economist at CUNA Mutual Group, says that Coivd-19 and its variants remain the biggest issue facing the global economy right now  because it has slowed the U.S. economy more than expected and it continues to drive expectations lower, at a time when rising inflation is a concern that could put a further damper on growth. Despite the uncertainty, Rick remains largely positive on the economy, provided that inflation spikes remain, as he expects, relatively short-lived. Also on the show, Gal Wettstein from the Center for Retirement Research at Boston College discusses how long most people have the ability to continue working, Chuck takes a listener's question about why guests sometimes celebrate bad investment ideas, and Jack Murphy, chief investment officer at Easterly Investment Partners looks for contrarian value investments in the Market Call.

David Trainer, president of New Constructs, says that new research from the firm shows that three-quarters of the Standard and Poor's 500 stocks have misstated earnings, and that 215 of those companies have overstated their profits by more than 10 percent. He cites Fortive Corp., which shows reported earnings of $4.62 per share, but with core earnings of 99 cents per share; as a result, Trainer says the $74 stock has an economic book value of roughly $21 per share, making a fair value somewhere between those extremes. Also on the show, Jacob Channel of LendingTree on how many renters believe the housing market has priced them out, permanently, Lawrence Shapiro talks about his book 'When Bad Thinking Happens to Good People' and, in the Market Call, Kathy Boyle of Chapin Hill Advisors discusses ETF investing.

Niladri Mukherjee, head of portfolio strategy at Merrill Lynch Bank of America Private Bank, thinks that equities will grind higher from current levels, but that progress will be based on a 'different playbook' driven by rising corporate earnings and narrower moves that force investors to dig into the numbers -- to 'get micro' looking at valuation opportunities -- rather than relying on the rising tide of indexes to carry them forward. Also on the show,  Steve Seedhouse, managing director of biotechnology equity research for Raymond James discusses the long-term impacts of Covid on biotech stocks, noting that the virus has become endemic -- it will be with us indefinitely, requiring treatments in the future to cover any and all variants -- and that status changes the prospects for businesses responding to it. He also covers the emerging biotech processes that he believes have significant potential. Also on the show, James Thom, manager of the closed-end India Fund, discusses the country's remarkable growth ra

Rob Isbitts, chief investment strategist at Sungarden Investment Publishing, says that with the yield on the Standard and Poor's 500 is as low as it has been in years, investors trying to find good buys on dividend stocks are looking for the proverbial needle in a haystack. Isbitts, who has developed a new investment factor he calls YARP -- for 'yield at a reasonable price' -- says that yield-oriented investors are taking on too much risk for the distributions they're getting right now, a situation that's unlikely to change until the market goes through some sort of correction. Also on the show, Paul Dilda of BMO Harris Bank discusses BMO's Real Financial Progress Index and 'the knowing-doing gap,' where consumers know what they should so but aren't actually getting it done, Tom Lydon of ETFTrends.com looks to China for his ETF of the Week, and Benjamin Bailey of the Praxis Mutual Funds talks about fixed-income investing and the economy in The Big Interview.

Noland Langford, chief executive at Left Brain Investment Research, says that investors must adjust and deal with the current impact of inflation and continuing low rates, noting that '5 is the new 8,' and that investors may struggle to find good ways to generate a 5 percent yield. To meet that standard, Langord says he has gotten both more aggressive and more selective in using high-yield corporate bonds and preferred securities, and talks about a few examples that meet his investment criteria now. Also on the show, best-selling author Ben Mezrich discusses his latest book, 'The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees,' and says that the meme-stock fad started by that famous episode is not going away, and Scott Bennett, founder of Invest With Rules, puts his rules-based philosophy to the test in the Market Call.

Jan van Eck, chief executive officer at VanEck, says that government policy 'determines the weather' for markets and policy has been 'insanely supportive' of markets and while that is changing slowly he would suggest that investors have no reason to feel nervous while the Federal Reserve continues to support the market. van Eck talks about three multi-year investable trends, starting with the continued low interest rates and how they encourage people to keep borrowing now, but extending to the transition to renewable energy and then how blockchain technologies will change financial services.  Also on the show, Simon Zhen discusses a recent MyBankTracker.com survey on who Americans learned their financial lessons from, Rosetta Bryson of Simple Trader Pro talks about how the market's technicals show fairly smooth sailing ahead, and Josh Duitz of the Aberdeen Standard Global Infrastructure Income fund talks infrastructure stocks in the Market Call.

It's a wide-ranging show today with author Alec Ross, discussing 'The Raging 2020s: Companies, Countries, People - and the Fight for Our Future,' and whether the times ahead look more like a Star Trek universe or the landscape of Mad Max. In the Danger Zone, David Trainer of New Constructs sees through the popularity of the Warby Parker IPO to discuss how the stock may be worth no more than 20 percent of its anticipated opening price, and in the Market Call, Jonathan Browne of Robinson Capital talks closed-end funds. Also, Chuck answers a question about a legislative proposal that would combat tax cheats, but which might also feel like an invasion of privacy.

Michael Kahn, senior market analyst at Lowry Research Corp., says that technical analysis shows that the market at record highs is hiding the fact that parts of the market are not working, and that a number of indexes and indicators -- with the notable exception of the Standard and Poor's 500 -- are flat or struggling. 'I don't see that the rising tide is raising all boats,' Kahn says. 'I don't think the tide is rising.' In the Big Interview, Richard Smith of The RISK Rituals newsletter -- chief executive at the Foundation for the Study of Cycles -- talks about current market movements and how investors can better deal with risk. Michael Ordonez of Thornburg Investment Management, says in The NAVigator that the difficult environment for income-oriented investors, coupled with regulatory changes allowing for a more consumer-friendly structure led to the firm creating its first-ever closed-end fund, and that he expects more funds to take up the new structure. And in the Market Call, Andrey Kutuzov, portfolio ma

Michael Mullaney, director of global markets research at Boston Partners says that we're seeing 'the best financial conditions that we've seen in decades right now, and earnings are off the charts,' and while he sees some potential for change due to inflation and interest rate pressures, he says that investors should be listening to the stock market  and taking advantage of the good conditions while they last. Also on the show, Tom Lydon of ETFTrends.com issues a warning for investors in target-date funds and ETFs about the potential for their picks to be less effective in the future than they have been over the last decade or more, Ed Carson of Investors Business Daily discusses a sudden shift towards pessimism among American investors, and best-selling author John U. Bacon discusses his latest book and the lessons to be learned from his time leading 'America's Worst High School Hockey Team.'

Joe Kalish, chief macro strategist at Ned Davis Research, says that the global markets are positioned well for the future provided that they can avoid significant trauma caused by inflation, and he is worried that the pressures causing current inflation may be more persistent than policymakers expect. If pricing pressures linger and are not transitory -- and Kalish uses shelter costs as a possible example -- they may not show up in inflation measures for more than a year, but they will impact the market long-term. Also on the show, Ted Rossman discusses the latest Bankrate.com survey on how people are feeling and responding to the pinch of higher prices, we revisit a recent chat with Victoria Fernandez, chief market strategist at Crossmark Global Investments, and Chuck answers a question about investing in U.S. savings bonds for children and grandchildren.

Scott Helfstein, executive director of thematic investing at ProShares, says that the economic re-opening from the pandemic is not some sort of rewind, and that to move forward investors should give up on what he described as five fallacies, including the long-held debate about the growth versus value styles of investing. Helfstein also says that investors should recognize that investors should not expect government influence to cool off when the pandemic ends, says that the global supply chain will be a protracted problem and more. Also on the show, Matt Zajechowski discusses a study done for Harmony Healthcare on the reasons for the country's declining birth rate and why many of the issues are financial, and in an extended Market Call interview, Dan Wiener of Adviser Investments and The Independent Adviser for Vanguard Investors delves deeply into the world of Vanguard funds and ETFs.

Jeanette Garretty, chief economist at Robertson Stephens Wealth Management, says that the economy has entered an economic expansion phase, and notes that these growth phases tend to last a while. She expects this expansion to run for years, driven by fiscal policy and helped along by changes in the workplace, productivity and inventories that have eliminated some of the classic economic impediments to protracted growth runs. Also on the show, Daniel Wildermuth of the Wildermuth Endowment Fund discusses how private equity investments have weathered the pandemic -- and outperformed the broad stock market over the longer term -- Jake Wujastyk of TrendSpider.com says that the technical indicators show that the market has room to run higher right now, and Julie Kutasov of Kayne Anderson Rudnick covers 'quality' small- and mid-cap investing in the Market Call.

Catherine Stienstra, head of municipal bond investments at Columbia Threadneedle, says that the muni market has had a good summer, but got a bit softer in August and is likely to stay that way while waiting to see how government infrastructure plans and any potential tax increases play out. Tom Lydon of ETFTrends.com -- for the second week in a row -- makes a classic fund that now is available as an exchange-traded fund his ETF of the Week; one difference this week is that the fund is a cornerstone in Chuck's portfolio. Also on the show, Barry Metzger of Charles Schwab talks about the latest Traders Pulse survey, which looks at the sentiment of investors who are making at least three dozen transactions per year, and in the Market Call, Mike Bailey, director of research at FBB Capital Partners, discusses his 'beat and raise' strategy for buying stocks with momentum.

Andrew Foster, chief investment officer at Seafarer Capital Partners, says that forecasts for China to become the world's largest economy -- surpassing the United States -- are based on overblown economic assumptions. He says China is revising numbers, which will put 'a substantial dampener on growth;' instead of growth rates projected at 6 percent, Foster says to expect economic deceleration that puts 'the point where China surpasses the US more in doubt' or much further out. Also on the show, Cheryl Smith, economist and portfolio manager at Trillium Asset Management, discusses how the pandemic helped to prove a number of key economic theories, which should help guide the way to what happens next, and Madhu Chaudhary, investment analyst, talks about the growth potential of Upstart Holdings, an online lending platform firm that uses artificial intelligence rather than classic credit scores to determine risk-worthy borrowers.

Steven Dover, chief market strategist at Franklin Templeton, and the head of the Franklin Templeton Investment Institute, says that the current math makes it hard for the market to double again the way it has in the last year, so he is expecting it to take another eight or nine years to see the next market double. That means investors should expect single-digit gains, which Dover thinks is reasonable given current market conditions, uncertainty over inflation, Covid-19, interest rates and more. Also on the show, Michele Schneider of MarketGauge.com talks technical analysis as the market keeps flirting with record highs, Martin Leclerc, chief investment officer at Barrack Yard Advisors, talks stock in the Market Call, and Chuck discusses -- and plays excerpts from -- his most recent telephone run-in with the law.

Mark Luschini, chief investment strategist for Janney Montgomery Scott, says that the stock market is likely to follow the growth of corporate profits, which bodes well for heady gains over the next year or two, despite inflation and other concerns that will increase volatility and potentially cause setbacks. Luschini says that since grizzly and protracted bear markets rarely occur outside of a recession -- and with recession seeming like a remote possibility in the next 12 to 24 months -- investors should be prepared to stay the course but ride out the bumps. Also on the show, John Smallwood of Smallwood Wealth Management talks about factoring inflationary pressure into long-term portfolio decisions, law professor Robin Feldman discusses how the U.S. patent system currently is incentivizing failure and causing higher prices in health care, and David Trainer of New Constructs talks about how operating earnings measures are actually distorting the financial picture of companies like Marathon Petroleum and eBay