Money Life with Chuck Jaffe

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Sierra's Wright: Trouble seems likely, use stops to protect gains Nov 23, 2021

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David Wright, lead portfolio manager at Sierra Investment Management, says that the market is currently so overvalued that it has a lot more downside room to run than upside. While Wright remains fully invested right now -- and isn't calling for a major reversal in the immediate future -- he cautioned that investors should be looking to protect gains from heightened market volatility ahead by using stop-loss orders on their biggest and most risky positions. Also on the show, Leo Leydon of Financial Focus Advisory Services says that he thinks the market is due for a technical pullback -- possibly before the holidays -- before it can go off on another run, while Greg McBridge of Bankrate.com discusses the site's recent survey showing that a majority of American workers feel like they are behind when it comes to retirement savings. In the Market Call, Mark Lehmann, chief executive officer at JMP Securities talks about fast-growth companies in the technology, health care, real estate and financial-services sectors.

Commonwealth's McMillan: Heightened inflation's not going away for three to five years Nov 22, 2021

Show notes

Brad McMillan, chief investment officer for Commonwealth Financial Network, says that the inflation spike created by the global supply crisis that has pushed inflation to the 6 percent level will last for another three to six months before fading, but he notes that there are structural elements that are also pushing inflation higher, and those conditions are not transitory. As a result, he expects inflation to retreat to the 2 to 3 percent range later in 2022 and to remain there for the next three to five years. Also on the show, Meredith Stoddard discusses Fidelity Investments' 2021 American Caregivers Study, author Jeffrey Hooke focuses on his latest book -- "The Myth of Private Equity: An Inside Look at Wall Street's Transformative Investments" -- and Kyle Guske of New Constructs puts Peloton stock back in the Danger Zone after the company's most recent earnings report.

NDR's Clissold: Growth will slow, volatility will rise in '22 Nov 19, 2021

Show notes

Ed Clissold, chief U.S. strategist for Ned Davis Research, says that the market has room to run into next year, but that 2022 is likely to see much more volatility and much slower growth, even if inflation concerns start to fade and interest rates don't move dramatically higher. Clissold expects an earnings environment that is less friendly, traditional mid-term election year doldrums and more to hold the market to an average year overall, but with more pullbacks and downturns en route to that profitable finish. By contrast, Jim Welsh, macro strategist at Smart Portfolios, says the technicals -- along with some market history, plus higher inflation for longer than he believes most are expecting -- suggest that trouble is coming next year; unlike most technicians who have appeared on the show, Welsh expects the market to take a step back before starting a Santa Claus rally to finish 2021. Also on the show, Stephen Hester, partner at Wide Moat Research and editor at the Intelligent REIT Options Advisor newsletter, compares business-development companies to REITs as a portfolio tool, and financial adviser Tony Hixon discusses his book, 'Retirement Stepping Stones,' and how important it is for people to consider more than their finances as they prepare to end their working careers.

Research Affiliates' Li: Market faces 'risk of negative returns' later in 2022 Nov 18, 2021

Show notes

FeiFei Li, head of equities at Research Affiliates, says that any negative shock to the market could cause a 'very big correction,' but even without that kind of surprise events, she says that 'the market is facing a risk of delivering negative returns in the second half of 2022.' Despite the changing environment, Li is bullish on value investing moving forward, saying it should come to the fore as the market struggles. In the Market Call, Michael Campagna, senior investment analyst at Moerus Capital Management, talks about global deep-value investing and the trouble some companies and industries must get into in order to be undervalued in today's market conditions; and with the ETF of the Week, Tom Lydon of ETFTrends.com explores a new, leveraged trend play in a narrow industry that's not for the faint of heart.

Jack Ablin: Valuations can make you 'squeamish,' but economics remain strong Nov 17, 2021

Show notes

Jack Ablin, chief investment officer at Cresset Capital Management, says that current market valuations are at the top of their historical ranges, so 'anyone who is bullish on the market isn't going to be making a valuation argument.' Yet Ablin makes the argument that the market has room to run because the economic underpinnings remain strong and the Federal Reserve is still keeping liquidity strong despite inflation fears. Ablin discusses the wildcards that could change conditions in a hurry, but notes that investors are likely to be reasonably happy until the picture changes. Also on the show, portfolio manager Stan Majcher from Hotchkis and Wiley talks about the oil and energy markets -- and throws in a quick take on the financial sector too -- author Jennifer Moss discusses 'The Burnout Epidemic,' which is both her new book and a nationwide problem in the workforce, and Dan Keady, chief financial planning strategist at TIAA, covers the firm's latest survey, which showed that Americans have dual big concerns for retirement, specifically running out of money and running out of time.

Cambiar's Barish says China is dramatically changing the global investment picture Nov 16, 2021

Show notes

Brian Barish, president and chief investment officer at Cambiar Investors, says that the Chinese government is changing the global investment picture and has him concerned about investing there, noting that investors can prosper from the growth of China's economy without facing the fire directly. Barish also notes that current financial conditions in the United States are 'generous,' leaving them mostly one way to go from here, making it that investors should think about protecting profits and lower expectations. By comparison, veteran technical analyst Martin Pring says that his long-term indicators show an economy that is nowhere close to a recession, despite dangerously high inflation rates, noting that his preferred market indicators mostly show room to run before a downturn or recession. Also on the show, Michelle Delgado discusses recent research from Clever Real Estate showing a growing disconnect between Americans' income and home prices, making houses hard to afford than ever before, and author Tanja Hester talks about 'Wallet Activism,' and how Americans can change their habits and their patterns to help themselves -- and society -- get the most out of every dollar they earn and spend.

DALBAR's Harvey: There are no standards for good 'robo advice' Nov 15, 2021

Show notes

Lou Harvey, president and chief executive officer at DALBAR Inc., says that investors can get unbiased advice that's in their best interest from the many new online 'robo advisor' platforms, but the trade-off is that the quality of advice is lower than hiring a human adviser. In the firm's most recent 'Best Interest Analysis,' DALBAR found significant issues with traditional advisers failing to work in the best interest of the client, a discrepancy he said is largely stemming from regulations which don't require all types of advisers to work to a fiduciary standard. Also on the show, David Trainer of New Constructs puts 'salad company' Sweet Green in the Danger Zone, saying that the IPO is nearly worthless despite being highly valued out of the box; Brian Hamilton of One discusses the financial stresses Americans are already worrying about for the upcoming holidays, and Eric Marshall of the Hodges Funds talks stocks in the Market Call.

Oakmark's McGregor: Despite bond trouble, staying balanced makes sense Nov 12, 2021

Show notes

Clyde McGregor, portfolio manager for the Oakmark Equity and Income fund, says that while investors are using stocks now to deliver income the way fixed income has always done, it doesn't mean that investors should throw balance out the window. He notes that the point of a balanced portfolio is the ability to withstand volatility and rapid changes in the environment, and notes that portfolios remaining relatively close to a classic 60-40 stocks/bonds allocation continue achieving that, even in today's low-rate environment. Also on the show, D.R. Barton Jr. of Woodshaw Financial Group talks technicals, noting that market sentiment has turned sharply in the last few weeks, with a real appetite for risk having come back and driving the current rally -- despite possible small setbacks -- to the end of the year; Michael Spatacco of Bancroft Capital discusses changes in closed-end funds and how new structures are more significant to the industry than the development of exchange-traded funds was to traditional mutual funds, and Brian Yacktman, president of the YCG Funds, talks about stocks with 'enduring pricing power' in the Market Call.

LPL's Detrick: 'This is a young bull market ... with a lot of time left' Nov 11, 2021

Show notes

Ryan Detrick, chief market strategist for LPL Financial, says that the current bull market -- coming on the heels of a short, steep recession/bear market at the beginning of the pandemic -- is in its early stages and will roll into 2022 and beyond. He notes that for as long as economic growth and earnings stay strong, buoyed by monetary and fiscal policy tailwinds, 'there's still some time, we think, for this bull market to have some tricks up its sleeves and keep on rolling.' In another Big Interview on today's show, George Milling-Stanley, chief gold strategist at State Street Global Advisors, says that gold has not been a great inflation hedge at a time when investors are worried about the transitory nature of rising prices in large measure because the market doesn't expect inflation to last and has priced that into the metal. That said, Milling-Stanley still made a strong case for the role gold can play in a portfolio now, noting that he thinks this is a time to be loading up. And Tom Lydon, chief executive officer at ETFTrends.com makes a clean-energy index fund his ETF of the Week in light of the recent global summit on climate change.

ICON's Callahan: Despite record markets, stocks haven't reached fair value yet Nov 10, 2021

Show notes

Craig Callahan, chief executive officer at ICON Advisers, says that while the stock market has returned to record levels, he's not seeing the overpricing that is typical or a market peaking. Instead, stocks have further to run to reach fair value; he does see this bull run acting differently right now, with 'much more straight up -- and less down days -- than a typical bull market.' Callahan says that he expects the rally to continue until interest rates start to rise, which could squeeze valuations. Also on today's show, Brian Dress, director of research for Left Brain Investment Research, discusses Roku -- the firm's stock of the year in 2020 -- which has been working through some near-term troubles that have created a buying opportunity rather than a reason to bail out, and David Harden, chief investment officer at Summit Global Investments, talks low-volatility and factor investing, a love-hate relationship with Morningstar ratings and more in a wide-ranging Market Call.

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