Money Life With Chuck Jaffe Daily Podcast

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

Kristina Hooper, chief global market strategist at Invesco, expects reasonable growth for the economy and the stock market into next year, but notes that depends on the Federal Reserve successfully managing interest rates, and Covid variants not re-igniting the pandemic to where consumers shut down even if the economy remains open. She expects secular growth and defensive stocks to be the outperformers as the economy moderates and returns more to normal; cyclical stocks and small-cap companies will see their recent outperformance end closer to the end of the year as growth slows. In the weekly NAVigator segment, John Cole Scott, founder/executive chairman of the Active Investment Company Alliance and chief investment officer at Closed-End Fund Advisors discusses how the right mix of issues in these vexing low-rate times can create 'synthetic bonds' that deliver above-average income to fuel investors' lives. Also on the show, technical analyst Michael Sincere, author of 'Understanding Options,' says he would n

Scott Kimball, head of US fixed income at BMO Global Asset Management says investors need to recognize that the Federal Reserve is taking away emergency provisions, which should not threaten risk markets the way they feel threatened right now. With the Fed remaining cautious, Kimball says that inflation is likely to remain elevated, but not get to the runaway level. As a result, he expects that 2022 will prove that the inflationary talk right now has been early. Also on the show, Tom Lydon of ETFTrends.com calls out a classic fund that has now been newly repacked in an exchange-traded wrapper as his ETF of the Week, Ken Tumin of DepositAccounts.com discusses how a majority of Americans would be happy to never go back to a physical bank again, and the Market Call revisits a recent chat with Ivana Delevska of SPEAR Invest.

Jae Yoon, chief investment officer at New York Life Investment Management, says that he is worried about how much higher the market can go from here with valuations at or near record highs, but he believes investors can be confident about investing globally and adding emerging markets and developed Europe for growth. Yoon believes the 10-year Treasury bond will be in the 1.5 to 2 percent range by the end of this year or early next year, and says investors need to react to that, tilting towards value and small-cap stocks and shying away from technology stocks. He says that how the rate and inflation picture play out will decide the market's ability to continue rising and avoiding trouble. Also on the show, author and blogger Shannon Bush talks about 'Redefining Rich' and changing the way you value things in your life, we revisit a recent chat on technical analysis with Adam Grimes of Talon Advisors, and Ted Rossman of CreditCards.com joins Chuck to answer an audience member's question about how and why treatin

Victoria Fernandez, chief market strategist at Crossmark Global Investments, says the recovery has created a solid foundation for the market to do well, despite increased choppiness that may be fueled in part by the shifting numbers and the strained year-over-year comparisons. With the heightened volatility, Fernandez says investors need to double down on their diligence, becoming more particular about individual securities and looking for solid balance sheets that can withstand volatility over the rest of the year and into 2022. Also on the show, author David Sumpter talks about 'The Ten Equations That Rule the World,' and Chuck answers three questions from audience members with varied concerns about their portfolios.

Broan Bollinger, president of Simply Safe Dividends, says that the stock market's rise to record highs has created challenging valuations for income-oriented stocks, but he maintains that there are issues that are steady, boring names that have missed out on much of the rise and remain reasonable values today. In the Market Call, Bollinger discusses the importance of dividend safety and the relative certainty of the income stream in income-generating stocks. Also on the show, Greg McBride of Bankrate.com discusses the site's recent survey showing how few Americans are taking advantage of low mortgage rates to refinance, in many cases because they don't know the rate they are paying now, David Trainer of New Constructs revisits and reiterates three Danger Zone picks in DID, COMP and TSLA, noting that two of those selections have been successful while the most famous third selection has continued to defy gravity. And the Book Interview goes 'In Pursuit of the Perfect Portfolio,' with the book's co-author Stephe

Marc Lichtenfeld, chief income strategist at The Oxford Club, says that lower-for-longer interest rates and bond yields that have had investors turning to dividend-paying stocks have helped push valuations to where investors are having a tough time getting good payouts, and that they might want to cast a jaundiced eye to investments where the yield is out of line with the market right now because companies that are unblemished are trading at premium levels, so the only bargains have some warts to worry about. Also on the show, Roxanna Islam of Alerian and S-Network Global Indexes discusses why closed-end fund distribution rates have been so high, even as most yields in investing are down, Kamaron McNair of MagnifyMoney.com talks about a survey in which a surprising number of respondents admit regrets over impulsive behavior -- including trading while intoxicated -- and Rob Lutts of Cabot Wealth Management talks about stocks and building a sound portfolio in the Market Call.

Thomas Winmill, manager of the Midas Fund, says that gold is where investors go to preserve capital when they think inflation is coming, and the underperformance of gold would suggest that investors think that rising consumer prices are temporary. Winmill notes that there has been inflation in housing and health care and in other key areas, as well as in commodities like aluminum, copper and cobalt - but not in precious metals. Still, he says that gold miners are attractive now as they are appreciating faster than equities and beyond inflation right now. Also on the show, Tom Lydon of ETFTrends.com makes a small-cap fund his 'ETF of the Week,' Mike Brown of Breeze discusses trends in voluntary insurance coverage and which groups are not protecting themselves against catastrophe, particularly in healthcare. And in the Market Call, Jordan Waldrep of Truemark Investment management talks low-volatility dividend investing.

Michael Power, strategist at NinetyOne, says that stock market valuations are stretched and bond yields are unsatisfying, but investors have no place else to go but the domestic markets. He expects a sell-off and downturn, but to end quickly. Ultimately, he believes investors will like the progress made over the next year, even though they will have to suffer through heightened volatility to reach that good news. Also on the show, Freddy Garcia of Left Brain Wealth Management discusses financial advisers who don't or won't put individual stocks into client portfolios, and Doug Cartwright, portfolio manager of the Buffalo Early Stage Growth (BUFOX ) talks small- and mid-cap investing in the Market Call.

Economist William Silber says that when investors have downside protection and the potential for limited losses against big possible gains, it is time to be a gambler and to be a little reckless. Silber whose new book out this week is 'The Power of Nothing to Lose: The Hail Mary Effect in Politics, War, and Business,' discusses the times when gambles and risk-taking make sense, though he notes that most of those speculations are more for entertainment than for building wealth. Also on the show, Rita Assaf of Fidelity Investments, discusses the firm's latest survey of parents on students on changing college-savings and planning, Chuck answers a question about the appropriateness of default choices in retirement plans, and Ivana Delevska, founder of SPEAR Invest, talks industrials and industrial-technology stocks in the Market Call.

John Blank, chief equity strategist and chief economist for Zacks Investment Research, says that valuations are high, but that the Standard and Poor's 500 is buttressed against a downturn by its biggest members -- the famed FAANG stocks plus Microsoft and one or two others -- that have price/earnings ratios of higher than 25, higher than the index p/e of 20. 'We have never had seven companies make up a quarter of [the index],' Blank says, 'and we have never had those seven companies driving 25 or 30 percent annual earnings increases.' Also on the show, Ted Rossman of CreditCards.com talks about back-to-school spending this year, and how more than one-third of all parents are feeling pressured to overspend this year, David Trainer of research firm New Constructs takes a bite of Beyond Meat and chews on the hot stock in the Danger Zone, and Tony Minopoli, president/chief investment officer at Knights of Columbus Asset Advisors makes his debut in the Market Call, talking stocks and stock-picking. 

Technical analyst Adam Grimes, president of Talon Advisors, says that he is generally bullish about the market right now, and that it 'would take a lot' to make him move to the short side and bet against the market. Instead, he anticipates a strong market move to the upside and says investors should be moving money aggressively to take advantage of buying opportunities. Also on the show, Mike Taggart of Taggart Fund Intelligence discusses the current state of closed-end fund consolidations and how two ongoing deals aren't particularly good for shareholders, and yet those individual owners have mostly allowed the deals to continue. And in the Market Call, Sandy Villere III of the Villere Funds talks about how he is maintaining balance -- and holding a little more cash than normal -- given current market conditions.

Zvi Schreiber, author of 'Money, Going Out of Style: The story of money and the mystery of its demise,' says that people are getting more money than ever but aren't moving it along and pushing it through the economy, opting instead to use money in speculative ways through investing, cryptocurrency and more, all of which has the potential to be economically destabilizing. He explains how dubious uses of money aren't providing economic value. Also on the show, Tom Lydon of ETFTrends.com makes a dividend-oriented issue that converted from a traditional fund into an exchange-traded fund his 'ETF of the Week,' Chuck explains what a dead-cat bounce is, and Pouya David Yadegar, founder of Prime Opportunities Investment Group talks stocks in the Market Call.

Anu Gaggar, global investment strategist for Commonwealth Financial Network, says that bank stocks -- mostly out of favor since the financial crisis of 2008 and hit hard by the coronavirus pandemic -- are showing signs that their strong recent recovery has legs despite the threats posed by potential hikes in inflation and interest rates. Gaggar notes that since the market bottomed in March 2020, banks have outperformed the Standard and Poor's 500 by over 25 percent, adding that the risk controls put in place during the pandemic should pay off now as balance sheets across the industry have improved. Also on the show, Catherine Collinson of the Transamerica Center for Retirement Studies discusses how the pandemic has affected workers' savings and habits, Chuck takes a question about managing required minimum distributions from an IRA, and Peter Tuz, chief executive officer at Chase Investment Counsel, says in the Market Call that while he sees the potential for choppy/down markets for the rest of the year, ther

Giorgio Caputo, senior fund manager at J.O. Hambro Capital Management, says that investors aren't being paid enough for duration or credit risk in their bond holdings, which is why the firm is leaning more toward equities to generate income and protect against the possibility of rising rates. Caputo says the equity allocation needs both companies that play defense against the current economic cycle, the potential for inflation and the spectre of rising rates. In the first interview today, Kerry Pechter, editor and publisher of Retirement Income Journal, discusses a crisis he sees brewing in the life insurance and annuity industry based on the 'Bermuda Triangle Strategy' being used by some companies to shift/reduce risk while goosing returns and/or buying back shares. Andf in the 'Book Interview,' venture capitalist Steven Hoffman talks about 'The Five Forces That Change Everything.'

David Trainer, president and founder of New Constructs, put Pinterest and Zendesk back in the 'Danger Zone,' noting that recent earnings misses for the companies could be what triggers the decline he has been expecting. Trainer says Pinterest has a downside of more than 50 percent, and that Zendesk is even worse at over 80 percent, though he notes the companies have survived previous troubles to remain at lofty valuations. Also on the show, Ram Subramanian of Discover discusses a survey showing how the pandemic made Americans realize how badly they are undersaved, Angel Williams, author of 'Finding Your Treasure,' talks about how to turn garbage into profits, and we rebroadcast a recent interview with Robert Frick, corporate economist at Navy Federal Credit Union.

Rick Schmidt, portfolio manager for Harding Loevner, says that investors may have a lot of macro worries -- from rising inflation and interest rates to coronavirus, the economy and more --  but he describes the big picture as being like the weather: 'We don't think we can predict it beyond a couple of days, but it's not silly to look out the window before you go outside. If it's raining, put up an umbrella ... But I'm not going to predict what's going to happen a week from now and try to invest on it.' Schmidt says that if you look beyond the headlines, there are plenty of promising investments with solid fundamentals available at reasonable prices. Also on the show, energy fund manager Brian Kessens of Tortoise Ecofin discusses the sharp rebound and future prospects for the energy space, Mark Hamrick, senior economic analyst for BankRate.com, discusses the unemployment/jobs picture and its bigger meaning for the rest of the year, and Todd Rosenbluth, director of ETF and mutual fund research for CFRA, talks e