Money Life With Chuck Jaffe Daily Podcast

Scott Helfstein, head of investment strategy at Global X ETFs, says that he has no problem with higher-than-planned inflation levels so long as nominal economic growth is there. "Investors don't really profit off of Federal Reserve changes," he says, "they profit off of growth in the economy, and that's what we should be focused on." Gene Peroni, founder of Peroni Portfolio Advisors, says that "The market is sensing something quite significantly positive on the horizon, based on its trends." He expects economic strength and rising earnings to keep growing for roughly nine months or more, and says that downturns and setbacks will remain buying opportunities for now. Plus, Sam Burns, chief strategist at Mill Street Research, brings his earnings-expectation driven style of investing to the Market Call.

Karl Mills, partner at Cerity Partners, says that the U.S. economy remains strong, there are some headwinds facing the stock market and that investors should go back to basics — diversifying across borders and industries and looking for investments they will hold long-term. Mills made it clear that he's optimistic for the long term, noting that investors are more likely to be thrown off by the problems that are not yet obvious — "It's not the monster in the closet that gets you," he says, "it's the one under the bed that you're not paying attention to that is going to get you" — so they need to have a time horizon that looks beyond those issues. Ed Slott, the founder of IRAhelp.com, returns to the show to discuss his new book, out this week, “The Retirement Savings Time Bomb Ticks Louder,” suggesting that converting traditional retirement accounts to tax-free Roth accounts is going to be worth it for most investors, noting that paying the taxes now is a form of insurance against Congress changing laws and rai

Brad Lamensdorf, strategist at the Lamensdorf Market-Timing Report and manager of the Ranger Equity Bear ETF, says there's "a lot of stock in a lot of weak hands," which tends to lead to a serious correction, and he says the market is due for a 15 to 25 percent pullback. Further, he notes that bear market corrections tend to "be more significant" in a high-rate market like the one being faced today; Lamensdorf notes that while the market is near record highs and has gone up sharply this year, so too has his bear-market fund, highlighting just how thin the bullish sentiment and market breadth are. Lamensdorf says that investing in the Magnificent Seven stocks has been great stock picking in a market that has not favored stock pickers, highlighting that this "is a great long-short stock-picking environment right now." Dave Lamb, head of closed-end funds at Nuveen, says there is a "much more aggressive form of activism today than what we saw years ago," driven mostly by discount-arbitrage opportunities rather th

Ted Rossman, senior industry analyst at Bankrate.com, discusses a just-released survey which shows that Americans are getting fed up with being asked to leave a tip at everything from a self-service checkout counter to a pick-your-own strawberry farm. The survey showed that nearly 3 in 5 American adults have at least one negative view of tipping, with a surprising number being upset enough that they have stopped tipping even at sit-down restaurants. Bruce Kahn, lead portfolio manager at Shelton Sustainable Equity Fund discusses how ESG investing has moved past simple screening techniques, but for all the good of sustainability it still boils down to valuations. Todd Rosenbluth, head of research at VettaFi, goes small-cap with his ETF of the Week, and Chuck answers a question from a listener who wants to know if the long-time favorite investment of her father is something she should hold onto now that she has inherited it.  

Kathy Jones, chief fixed income strategist at Charles Schwab, says that the Federal Reserve should be cutting rates now rather than waiting, so the central bank will be deserving of the blame if we get a recession in 2025. Jones worries that central bankers have become "too spooked by inflation," and says they should be less cautious and more forward-looking, and that kind of action could be reflected in one or two rate cuts before the end of the year. Historian William Hogeland discusses his new book, "The Hamilton Scheme: An Epic Tale of Money and Power in the American Founding," and brings modern context to Alexander Hamilton by noting whether either major political party -- as well as the wildly popular Broadway play -- actually reflect the historical measure of the man. Plus, Andrew Guillette, vice president of global insights at Broadridge Financial Solutions, discusses the firm's massive research study into the investing habits of 40 million U.S. retail individual investors, with the trends showing th

Alan McKnight, chief investment officer at Regions Asset Management, sees storm clouds on the horizon for the market and the economy, but his outlook remains benign, suggesting that a well-diversified portfolio will withstand heightened volatility for the remainder over the year. He says we have experienced a muted, rolling downturn and doesn't see a full-blown recession happening. By comparison, Avi Gilburt, founder of the Elliott Wave Trader, entered the year calling for the market to reach record highs no later than the second quarter — which it has — but then to turn into the start of a full-blown bear market that will last years and bring the Standard & Poor's 500 down by well over 50 percent. Gilburt says that the market remains on track for that. In the middle of that kind of disagreement, it's hard for investors to know what to do, and Andy Reed, head of investor behavior research at Vanguard, discusses research into certain biases that are leading most investors to make mistakes that result in di

Joe Boyle, Fixed Income Investment Strategist for the Hartford Funds, says that the re-set in fixed-income after rates popped up in 2022 and 2023 have made it unimportant to bond investors whether the Federal Reserve cuts rates any time soon, because the yields should remain strong. That said, Boyle said he was looking further out the yield curve — especially is it looks likely to normalize after two years of being inverted — because adding longer, high-quality bonds will pay off when the rate environment changes. Kyle Guske, investment analyst at New Constructs, put EventBrite — a stock that had been in the Danger Zone right after it went public in 2018 — back into the Danger Zone now, Jaime Dunaway-Seale discusses a Clever Real Estate survey showing that nearly half of all recent homebuyers say they feel over their head financially having made the purchase, and Martin Leclerc, chief investment officer and portfolio manager at Barrack Yard Advisors, talks stocks in the Market Call.

Jeffrey Hirsch, editor-in-chief of the Stock Traders’ Almanac — chief investment officer at Hirsch Holdings — says that calendar effects and seasonal sell signals may be indicating that it's time to "sell in May and go away," but he says long-term investors have plenty of reason to remain bullish enough thanks to election effects and more that investors "have no need to go away," so long as they can put up with the market's increased chop over the summer. Hirsch noted that the election effects suggest that the market will benefit from having a second-term president — regardless of who wins in November — but that there tends to be weakness in the first two years of any lame-duck president, which means he may take a more cautionary stance once the election passes in November. John Cole Scott, president of Closed-End Fund Advisors — chairman of the Active Investment Company Alliance — talks about the good and bad in recent industry trends that have fund sponsors taking steps to keep a lid on discounts and to red

Simeon Hyman, global investment strategist at ProShares, is doubling down on a forecast he made before 2024 started, in which he said the outcome of the year for the market and economy was not "all about the Fed." He says the Federal Reserve's grip on the economy has eased, largely because the long end of the yield curve is free from the tight grip of the Federal Reserve. With the long end of the yield curve driving equity prices, Hyman thinks the market can find more room to run, and that's what he is expecting, although he does think there is an economic downturn with a soft landing in our near future. Hyman notes that valuations remain difficult, though he explains how using equal-weighted funds should pay off a little better moving forward. Todd Rosenbluth, head of research at VettaFi, turns towards an all-purpose commodity fund for his "ETF of the Week," Cassandra Happe, an analyst at WalletHub, discusses how consumers expect to use credit cards to pay for their summer travel and how they can help thems

Jose Torres, senior economist at Interactive Brokers, expects consumers to keep spending and to help power the economy through at least the end of the year without a recession, but he notes that if the Federal Reserve ultimately decides that it's going to 2 percent inflation or bust, there will be a bust for the consumer and the economy, with the current party ending in a potentially protracted period of struggles. Jack Nelson, portfolio manager of the global emerging markets sustainability strategy at Stewart Investors, says that while many investors are avoiding China, it's important to not be so fearful as to miss out on the opportunity that a number of companies there represent, due to valuations that are more compelling in much hotter markets like India. Sarah Foster, analyst at Bankrate.com discusses the site's latest survey showling that while nearly nine of 10 Americans know what financial success looks like in their life, only one in four think they will achieve it. Plus, Chuck answers a listener's q

Ryan Detrick, chief market strategist at the Carson Group, notes that the economic news and growth remain so strong that "the odds of recession are quite low."Detrick notes that 10 of 11 sectors in the Standard & Poor's 500 are higher year-to-date, which is why his firm is overweight in equities generally, and has been adding to financials and industrials in particular. Detrick says there are several disconnects between hard and soft data -- soft data shows low consumer confidence but hard data shows strong retail sales -- and he is trusting the hard data to see the economy continue to broaden out for the remainder of the year. Also on the show, Chuck explains how the new securities settlement standard of "T+1" will affect individual investors, and while he explains that the changes are minimal and won't be noticed by a lot of everyday investors, he also lays out that virtually every stock, bond and ETF trade moving forward will be impacted by the new rules. Plus, in the Market Call, long-time CNBC contri

Jeff Bishop, chief executive officer at RagingBull, says that the market is showing signs of topping out, though he thinks that the building downturn now will likely be short and not too steep before a rally again chases record highs. Bishop notes that "all of the bears have been destroyed," so there are few investors betting against the market, which is typically a sign that trouble is ahead. Bishop notes that those bearish investors were tired of their losses, and that betting against the market now would be risky, but he says there is more downside risk than potential upside right now. Sam Millette, senior investment strategist at Commonwealth Financial Network, says that as the market adjusts to the Federal Reserve delaying rate cuts as long as possible, it will set up the market for a better second half of the year. Stephen Minar, head of closed-end funds at BlackRock, discusses how discounts drive money flows into closed-end funds, but they also attract activist investors whose actions may be harmful to

Rusty Vanneman, chief investment strategist at Orion Wealth Management, says that while the economy has been stronger than investors expected entering the year — and isn't likely to have a sudden reversal — investors need to heed the warning signs and balance optimism with caution, remaining properly diversified. He notes that some international markets are particularly well-positioned right now in terms of valuations compared to domestic equities, particularly in hot industries like artificial intelligence, where the bargains are more with global stocks. Vanneman also likes real assets and discusses the importance of adding alternatives to generate both returns and stability. Todd Rosenbluth, head of research at VettaFi, talks about adding international bonds to the portfolio mix with his pick for the ETF of the Week, Chuck answers a listener's question about properly selecting bonds and bond funds for a retirement portfolio, and Les Rubin of Main Street Economics discusses his new book, “Why You Should Give

Gina Sanchez, chief market strategist at Lido Advisors, says that the stock market is changing its mind so fast that every month investors have a new focus. She notes that the market has gone from favoring value to growth to defensive growth and kept rotating to where it is now back to growth, but she says that can't continue for long because the current level of "productive inflation" will stop working, leading to a slower economy in the second half of the year. While she doesn't expect a hard landing — and in fact expects a long, slow period of sluggishness — it will create volatility and conditions that favor quality, profitability and cash flow. Jennifer White discusses the latest J.D. Power research on consumer financial health, which showed modest improvement despite headline issues over inflation, although there is some concern that it's still a small group of consumers claiming improving circumstances. Plus, Kevin Walkush, portfolio manager at Jensen Investment Management, talks about quality growth

Dave Rosenberg, president of Rosenberg Research, says that anyone believing a no-landing scenario believes in pixie dust, and that investors are mistaking record highs on the stock market for a booming economy. He sees the economy as cooling off, and warning signs building, and notes that the Federal Reserve is too focused on lagging indicators, but the trouble they have been guarding against is still coming. Meanwhile, Rosenberg says investors aren't getting paid to take on equity risk, so he is happy in being in money markets and bonds while he waits for conditions to change. Also on the show, Stephen Dover, chief market strategist at Franklin Templeton — head of the Franklin Templeton Institute — digs into his research on just how much election results actually matter for the market, and Will Rhind, chief executive officer at GraniteShares, talks in the Market Call about investing in disruptive stocks.

Fritz Folts, chief investment strategist at 3EDGE Asset Management, says investors need to be watching for issues like liquidity being pulled from the system and credit spreads widening and other signs that there may be trouble ahead. He says the market -- as witnessed by the Dow Jones Industrial Average crossing 40,000 last Friday -- remains driven by momentum and investor behavior and fear of missing out, but once there are strong signs that conditions are faltering and momentum is slowing, there will be a downturn, with a slowdown starting later this year though it may not turn into a full recession until 2025. Ted Benna, recognized as "The father of the 401k," discusses America's retirement and savings crisis and details what he calls the "Wheat Grain Incentive Plan," that would revolutionize the way millions of Americans build savings, plus Kyle Guske, investment analyst at New Constructs, puts payment-technology company Marqeta (ticker MQ) in the Danger Zone.

Thomas Winmill, manager of the Midas Fund, says that gold historically has a quick bounce after the first cut in a rate-cutting cycle, and he expects to see that gain in gold stocks — a fast uptick and then strong results lasting at least a year — whenever the Federal Reserve moves next. Winmill says that the market can keep climbing the wall of worry for a little while, but he expects struggles once current momentum fades. Leo Leydon, president of Financial Focus Advisory Services, says the technical indicators are suggesting that the Standard and Poor's 500 can hit 5,600 by the mid-fall, though he warns that there may be a setback all the way down to 4,800 once the uptrend ends. Charles Lewis Sizemore, chief investment officer at Sizemore Capital Management, says that the big discounts investors have seen in closed-end funds will continue, and he likes real estate and term funds as great values for investors to consider now. In the Market Call, Christopher Sargent, portfolio manager at Bradley, Foster &

Crit Thomas, global market strategist at Touchstone Investments, says that a no-landing situation for the economy will create problems for the Federal Reserve when it comes to hitting inflation targets, and for consumers who are renting, buying cars and more. Thomas noted that the current two-speed economy features a large group of consumers and businesses that have been less interest-rate sensitive and who have benefitted from current conditions, while a smaller group is struggling with high rates, as shown by higher delinquency rates and trouble signs. Thomas says that if the Fed can't get inflation down, the central banker will probably continue its course "until they break something." Todd Rosenbluth, head of research at VettaFi, makes a fund tied to the Standard & Poor's 500 — layered with a covered-call strategy to generate income — his pick for ETF of the Week, and Loreen Gilbert, chief executive officer at WealthWise Financial Services, talks stocks during her maiden voyage in the Market Call.

Whitney Tilson, editor at Stansberry Research, says the current market conditions have made him "much more prone to let my winners run," and that investors should not take a market pushing to all-time highs as some sort of sell signal because in most times -- including today -- new highs are a positive, even if they inspire some nervousness and fear of new heights. Tilson says that investors should focus less on headlines and more on what drives markets, namely a strong economy and growing corporate profits. Ted Rossman discusses a new Bankrate.com study -- done in honor of Mental Health Awareness Month -- which found that nearly half of American adults say money at least occasionally has a negative impact on their mental health. In the Money Life Market Call, Jeff Muhlenkamp of the Muhlenkamp Fund discusses stocks.

Barry Ritholtz, chairman and chief investment officer at Ritholtz Wealth Management, says talk of stagflation and other potential economic woes is overblown, and that the economic data suggests that the economy will overcome the short-term headline distractions to perform reasonably well, even if consumers and investors feel dissatisfied living through periods of higher inflation and lower investment returns. He says the profitability and performance of companies are broadening, and that's happening right now, which should make investors bullish. Also looking at recent market highs as a good sign is Tom McClellan, editor of The McClellan Market Report, who thinks the market will go higher and get through some minor corrections this year, but who sees technical indicators signalling much more significant trouble coming next year and beyond. Plus, research analyst Matt Zajechowski discusses a study on which cars convey the most "status" to their buyers, and whether there is any real value -- rather than just hi