Money Life with Chuck Jaffe

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T. Rowe Price's Page: High/sticky inflation calls for 'aggressive defense' Aug 11, 2022

Show notes

Sebastien Page, head of global multi-asset/chief investment officer at T. Rowe Price, says that while inflation has peaked, it will remain sticky as it returns to more normal levels. The strategic, long-term takeaway is to remain invested, but Page says that the tactical moves investors should be making now involve playing "aggressive defense," underweighting stocks relative to bonds, underweighting Treasury bonds and overweighting cash and bank loans now. Internationally, he favors emerging markets and is light on Europe. Also on the show, Tom Lydon, vice chairman at VettaFi, looks at a new fund from VanEck focused on collateralized loan obligations as a means of diversifying bond portfolios, and Charlie Bobrinskoy, vice chairman at Ariel Investments talks value investing in the Market Call.

The IPO market must digest rate hikes to stage a rebound Aug 10, 2022

Show notes

Josef Schuster, chief executive officer at IPOX Schuster -- which builds indexes of initial public offerings around the world -- says that the IPO market has suffered along with the rest of the stock market, but it is poised for a rebound because companies must size up the cost of delaying an offering during a market slowdown versus the heightened costs of borrowing money to fund continuing operations. He says the current IPO market reminds him of conditions from roughly 20 years ago after the bursting of the Internet bubble. Also on the show, Dan Griffith of Huntington Private Bank discusses the private equity markets and how they have performed -- and are likely to do moving forward -- relative to the stock and bond markets, Ed Carson, news editor at Investor's Business Daily, talks about the publication's latest survey on investor optimism, and Chuck answers a listener's question about breaking up a family estate.

PineBridge's Schomer sees an economy strong enough to hold off recession Aug 09, 2022

Show notes

Markus Schomer, chief economist for PineBridge Investments, says in "The Big Interview" that he believes the U.S. economy can avoid recession, not just through the remainder of this year but into 2023 -- when many experts say recession will become official -- as well. Schomer says that people misunderstand the type of economy we're in and the type of inflation we are living through; he believes the Covid economy is still playing out, and that the supply-demand equation will find balance again, and soon enough to keep things rolling without a major market meltdown. That said, Schomer's optimism stood in contrast to Adam Grimes of Talon Advisors, whose take on the market's technical indicators suggests that the ongoing market rebound is nothing more than a bear-market rally, set up to rise high and then reverse sharply, which he thinks will happen in line with the economy slowing down further later this year. Also on the show, Andrew Wellington, co-founder and chief investment officer at Lyrical Asset Management makes his maiden voyage in the Market Call talking stocks.

Impax's Keefe expects a 'soft-ish landing,' but knows things could get worse Aug 08, 2022

Show notes

Joe Keefe, president of Impax Asset Management and the Pax World Funds, says that there are enough positives for the economy right now that he would bet against a hard landing and a protracted recession, although he acknowledges that wildcards like war in Ukraine, trade tensions with China, political issues and more to make him "barely optimistic" that a "soft-ish landing" lies ahead. Also on the show, David Trainer of New Constructs highlights Rivian Automotive as another "zombie stock," pushed to death's door by rising interest rates and higher borrowing costs that he expects can sink the company from here, and Eric Sterner, chief investment officer at Apollon Wealth Management, talks ETFs and stocks in the Market Call.

Impax's Keefe expects a 'soft-ish landing,' but knows things could get worse Aug 08, 2022

Show notes

Impax's Keefe expects a 'soft-ish landing,' but knows things could get worse Aug 08, 2022

Show notes

NDR's Clissold: This feels more like a new bull market than a bear market rally Aug 05, 2022

Show notes

Ed Clissold, chief U.S. strategist at Ned Davis Research, says that the stock market's recent rebound looks and feels more like the start of a new bull market than it does the standard bear-market rally, though he is not saying that the rebound signals the start of something big. The economy still has a lot to work through, much of which will not come to roost until 2023, Clissold says, and the current strength may be more of a sign that any future decline won't last too long or go excessively deep. Clissold says the U.S. remains the best market in the world, even as expectations have been lowered given economic conditions. Also on the show, Chuck answers a question about hiring a fee-only adviser who charges by the hour, Alicia Munnell of the Center for Retirement Research at Boston College discusses new bi-partisan legislation that she says fails to achieve its goals of offering real assistance to the nation's retirees, and John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance, discusses funds currently trading at premiums and compares them with similar funds priced at a discount, noting that the differences are about more than pricing.

Commonwealth's MacMillan: Believe the bond market, which is calling for recession Aug 04, 2022

Show notes

Brad McMillan, chief investment officer for Commonwealth Financial Network, says thatthe bond market tends to have the most accurate message for investors, noting that the bond market tends to be the dog while the stock market is the tail. Thus, the market is reacting to headlines, but the bond market tends to be more steady in its actions. MacMillan says the bond market currently is signalling a coming recession, with the inverted yield curve signalling it could happen in the next 12 to 18 months. Also on the show, Tom Lydon, vice chairman at VettaFi.com, talks about international cash-cows as he picks his ETF of the Week, Meredith Stoddard of Fidelity Investments discusses the high physical, emotional and financial costs of being a caregiver to both special-needs children and aging parents, and discusses the need for appropriate planning. And Corie Wagner, senior industry analyst at Savings.com, talks about the rising costs of participating in bachelor and bachelorette parties, and how it's not necessarily inflation that can be blamed for the bigger payouts that friends and family members endure ahead of the wedding these days.

Clinical psychologist warns about being infected with 'get-even-itis' Aug 03, 2022

Show notes

Stanley Teitelbaum, a clinical psychologist who authored a book on the "self-defeating patterns" that individual investors make says that the market's first-half losses has pushed many investors into a bad type of inaction, one where they don't want to make a move until their position gets back to break-even or recaptures a recent high, neither of which is guaranteed. While no one wants to accept losses, Teitelbaum says investors who evaluate securities on their prospects rather than on the price of purchase will be making smarter moves. Also on the show, Chuck answers a question from a fortunate investor who wants to figure out what to do with an oversized cash stash, and Chance Finucane, chief investment officer at Oxbow Advisors, talks stocks in the Market Call.

Allspring's Jacobsen: It won't be a soft landing or a crash, but it will be rough Aug 02, 2022

Show notes

Brian Jacobsen, senior investment strategist at Allspring Global Investments, says that if the Federal Reserve knew in March what it knows now in terms of economic health, it would have moved more cautiously. Having acted as it did, he thinks the Fed is unlikely to pull off the hoped-for soft landing, but he believes the market will avoid a crash, leaving the economy with a rough landing, one that could see the stock market improve late in the year before it finds more trouble in 2023. Jacobsen notes that he favors domestic and emerging markets for riding out the trouble, feeling that the U.S. is best positioned, that emerging markets minus China and Russia are the best value and developed Europe -- where he is underweight -- is headed for the toughest troubles. Also on the show, Michael Hershfield, chief executive officer at Accrue Savings, discusses the firm's survey of customers using "Buy Now, Pay Later" programs and how one-third of borrowers are using credit cards to cover those "later payments," meaning they can't afford their purchases, even on a payment plan. And in the Market Call, William Smead, manager of the Smead Value Fund, is here talking stocks, noting that he has changed his long-held tune about big oil and energy companies after years of saying they were not buyable.

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