Money Life with Chuck Jaffe

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Schwab's Kleintop: Market will finish the year with respectable gains Mar 22, 2022

Show notes

Jeffrey Kleintop, chief global market strategist at Charles Schwab & Co., says that earnings will continue to power the stock market which he expects to overcome current concerns about high inflation and rising interest rates to finish the year with the kind of high single-digit gains he was expecting several months ago when he posted his annual outlook. Kleintop says he expects inflation to calm quickly enough that investors might forego the traditional hedges in favor of international investments, which he says tend to do well in inflationary times and which will outperform the standard inflation-driven portfolio moves. Also on the show, Sham Ganglani discusses Fidelity Investments' latest State of Retirement Planning study, noting the conditions of the typical retirement saver coming out of the pandemic, and Eric Boughton of Matisse Capital talks about closed-end fund investing in the Market Call.

Zuma Wealth's Spath: Times and troubles are a call for commodities Mar 21, 2022

Show notes

Terri Spath, founder and chief investment officer at Zuma Wealth, says that stock market and economic conditions have her lightening up on technology stocks but adding to commodities, going up to her traditional limits on commodities because that's where managers can deliver a better return in markets currently affected by the war in Ukraine and more. Spath notes that she is moving away from bonds, most notably floating-rate bonds -- despite a rising-rate environment that has many experts expecting them to thrive -- high-yield corporates and even Treasury bonds. Spath says she still believes the stock market will book gains for 2022, with most of the positive action coming in the second half of the year. Also on the show, Julia Pollak, chief economist at ZipRecruiter, discusses the latest Economic Policy Survey out today from the National Association for Business Economics, Kyle Guske of New Constructs says a classic mutual fund with one of the most veteran managers ever -- more than 50 years at the helm -- is headed for trouble, and Allen Bond, the head of research at Jensen Investment Management talks in the Market Call about buying high-quality businesses at reasonable prices.

Market is showing signs that 'less bad can turn into a good thing' Mar 18, 2022

Show notes

Matt Harris, chief investment officer at The Hausberg Group, says that it has been a market year of extremes, a polarizing year where the stock and bond markets have been oversold, gold has been overbought and investors and their emotions have been whipsawed by the moves. Yet he sees many of the factors creating those conditions as mitigating and calming down now, and as those factors stabilize he notes that things will get 'less bad,' which should be enough to keep the market on solid footing and with slow gains moving forward. Craig Callahan, chief executive at ICON Advisers returns to the show, following on Thursday's discussion about his book on 'unloved' bull markets, noting that he sees stocks on average right now to be about 9 percent below the firm's fair value estimate right now. Further, Callahan says that 2022 may be a year where there are positive outcomes despite no catalyst for a market rally, because 'if you priced in horrible and it turns out just being bad, you could have a rally.' Plus, Seth Brufsky of the Ares Dynamic Credit Allocation Fund talks about how current events are affecting the capital markets, and Chuck talks about how important it is for investors to lean into all types of risk now.

Don't lose sight of good values in the fog of war, inflation and rising rates Mar 17, 2022

Show notes

Craig Callahan, founder of ICON Advisers and author of a new book, 'Unloved Bull Markets,' says that investors who have relied heavily on price-earnings ratios to evaluate stocks have been fooled. He says that p/e ratios are 'totally worthless in predicting future returns, and notes that stocks were never overvalued in the long bull market run after the 2008 financial crisis, nor are they overvalued now, in a bull market that has only been stalled by current events. He adds that investors who focus on macro concerns like war, inflation and interest rates are missing the ground level action where individual companies look good. Also on the show, Tom Lydon of ETFTrends.com heads to the oil patch with an energy pick impacted by global events for his 'ETF of the Week,' Chuck gives his quick take on how to read the Federal Reserve's moves and statements from Wednesday, and Tom Plumb of the Plumb Funds talks stocks in the Market Call.

NinetyOne's Power: 'Boring' strategies have merit in these volatile times Mar 16, 2022

Show notes

Michael Power, strategist at NinetyOne, says that investors might be tempted to run away from the market, but there is no real place to hide with high inflation and low yields making it that the traditional safe-havens are losing purchasing power. Power says that there is a possibility of recession arriving late last year or early in 2024, which makes diversification across asset types and around the globe prudent. Also on the show, Lou Harvey, president at DALBAR Inc., discusses the firm's research on asset-allocation models and about their new Prudent Asset Allocation method, which has adherents lock down the core of their nestegg but be more aggressive with their remaining holdings to produce bigger-but-safer results. Plus Carol Anderson of MQ Research and Education discusses how well financial advisers are building and retaining trust at a time when meetings are infrequent, and Chuck reads a special letter he received from an audince member who is about to have his pursuit of life overtake his pursuit of money.

Cambria's Faber: Market has flipped to 'expensive downtrend' Mar 15, 2022

Show notes

Meb Faber, co-founder and chief investment officer at Cambria Investments, says that investors aren't just dealing with headline issues of war, inflation and rising interest rates, but he notes that the market has turned to what he called an 'expensive downtrend,' which is historically a time when returns tend to be zero or negative. Faber says he worries that this could be a moment where investors could blink and turn around to say 'Wow, when did all of these stocks go down 75 percent.' He says that the right way for investor to get through these kinds of conditions is through proper diversification, including significant international exposure even though current events make it hard emotionally to invest overseas. In the Talking Technicals segment, Gene Peroni of Peroni Portfolio Advisors says that conservative investors should be waiting for the market to see several strong consecutive days -- or a 1,000-point plus day -- before they consider the recent downturn as potentially turning into a buying opportunity. And in the Market Call, Robert Cantwell of Upholdings and the Compound Kings ETF talks about the importance of finding the right kind of long-term growth, and discusses why that currently has him a bit sour on Warren Buffett's Berkshire Hathaway, but sweet on Amazon.com and Meta Platforms (Facebook), which he says are trading at 'a multiple that we have not seen in their publicly traded histories.'

Godfather of 'life planning' warns against changes based on current events Mar 14, 2022

Show notes

George Kinder, president of The Kinder Institute of Life Planning -- generally recognized as the biggest moving force behind the life-planning approach to personal financial management -- says that investors need to look at where they can minimize risks in current conditions, but do that without blowing up financial plans because they are better off holding to their plans than changing them just because of current or even persistent economic and global events. Kinder says that the pandemic and other conditions have actually helped many people make progress on their life plans, because it simplified the economics for many people and helped them focus on what is important. In the Danger Zone segment, Kyle Guske of New Constructs looks at Airbnb and Squarespace, two stocks that have been hammered during the market's recent fall but where he believes the troubles are only starting and there's another big loss to come. And in the Market Call, hedge-fund manager Steven Grey of Grey Value Management discusses the importance of getting your buy prices right, noting that buy-and-hold investors who overpay dramatically for a stock are committing a form of 'slow-motion financial suicide.'

Virtus' Terranova: Be patient, a U-shaped recovery is coming Mar 11, 2022

Show notes

Joe Terranova, chief market strategist at Virtus Investment Partners, says 'the enemy right now for investors in the market is time,' and understanding how to be patient, because the market's current troubles are masking economic strength and the likelihood of a U-shaped recovery. He expects that a record year for corporate buybacks and an investing public that is flush with cash should buffer the market against any prolonged downturn, creating a recovery for patient investors who ride it out. In the Talking technicals segment, Matt Fox of Ithaca Wealth Management says we are currently experiencing a cyclical bear market within a secular bull market, but notes that that charts are 'screaming caution,' and that investors who have been conditioned to buy every dip should be waiting for 'a wash-out in sentiment before the charts give an all-clear.' Also on the show, Mike Taggart of Taggart Fund Intelligence and the Active Investment Company Alliance returns to The NAVigator to answer listener questions about the persistence of discounts, and Joe Rinaldi of Quantum Financial Advisors talks both stocks and exchange-traded funds in the Market Call.

NW Mutual's Schutte: Narrative is changing, but market will rally from this Mar 10, 2022

Show notes

Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Co., says that war, inflation and more are changing the narrative for the market, but mostly for the short term. He still believes the domestic stock market is positioned to outperform later this year and into 2023 as the strong economy is able to flex its muscle and have influence that overcomes the headlines. He suggests looking for companies in areas that are becoming undervalued now, like small-cap stocks. Also on the show, Tom Lydon, chief executive officer at ETFTrends.com, makes the ETF of the Week a trend-following play on a commodity and, in the Market Call, Dave Sekera, chief U.S. market strategist for Morningstar, makes his debut talking about stocks and a market that he says has pivoted from overvalued to about 10 percent undervalued now after the early struggles of the year, making it much easier to find stocks worth buying.

Current conditions are sucking the life, confidence from investors Mar 09, 2022

Show notes

Ed Carson, news editor at Investor's Business Daily says that current conditions are worrisome enough that investors may not be able to adjust their attitudes quickly, as they do in more normal times. Discussing the IBD/TIPP Economic Optimism Index, Carson discusses how the big decline this month was caused by gas prices as much or more than by war in Ukraine, but he notes that given how fast prices have risen at the pump, the decline in confidence may just be getting started. Also on the show, Chuck answers a listener's question about which investment companies are avoiding Russia, and author Joe Sanok chats about changing your lifestyle and making Thursday 'the New Friday.' In the Market Call, Andrew Graham of Jackson Square Capital talks stocks and in the lightning round revisits three securities that Chuck discussed on yesterday's show with David Harden of Summit Global investments.

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