Money Life with Chuck Jaffe

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Barrack Yard's Leclerc: Risk for investors is 'over-the-top high' Sep 14, 2020

Show notes

Martin Leclerc, chief investment officer at Barrack Yard Advisors, says in the Money Life Market Call that the stock market is currently poised to disappoint investors 'for at least a decade if not longer,' yet despite risk levels that he compares to past market meltdowns like 2008 and 1929 there are still some values worth buying for the long haul. Also on the show, Marc Zeitoun of Columbia Threadneedle on the ways exchange-traded funds are changing and how it affects the way investors use them, David Trainer puts Snap Inc. in the 'Danger Zone,' and Jacob Golstein -- best known for his work on the Planet Money podcast -- discusses his book, 'Money: The True Story of a Made-Up Thing.'

Manager says marijuana business is about much more than smoking pot Sep 11, 2020

Show notes

Jason Wilson, manager of the ETFMG Alternative Harvest fund (ticker MJ) says that investors who believe that the investment opportunity in legalized marijuana is from pot shops and people smoking dope are missing the much broader uses of cannabis and its potential in pharmaceuticals and biotech business and more. While the small names have attracted attention of risk takers, he says sticking with established companies -- and looking at supportive businesses -- is a way to reduce the Wild West elements of the industry. Also on the show, Dave Lamb, head of closed-end funds for Nuveen talks about how municipal bonds have rebounded sharply but haven't recovered pre-pandemic highs -- unlike investment-grade corporates -- making them attractive now, Davis Martin of The SPY Trade of the Day discusses how the market's movements are being dictated by moving averages, and David Norris, head of US credit at TwentyFour Asset Management covers the credit business and how it has responded to the lower-for-longer interest-rate environment.

MarketPsych's Peterson says COVID has split the market in two Sep 10, 2020

Show notes

Richard Peterson of MarketPsych Data says that most of the economy is not doing well as a result of the global pandemic, which has fostered two different markets, the one made up of companies profiting from the conditions and benefitting from consumer habits that are likely to be permanently changed, and then the market of companies hoping for a comeback or return to normal that may not be enough, ever, to bring them back. Peterson worries about where investors are with their thinking, noting that there is a fatigue driven by bad news and the election that also has the potential to slow the recovery. Also on the show, Tom Lydon of ETFTrends.com discusses a fund that's not yet in buying territory but that appears to be headed there as the country it focuses on starts to climb out of its deep coronavirus troubles, Ross Hambrick of William Blair and Co. provides his pre-election primer on how and why Americans' November choice will move the market, and Ryan Jacob of the Jacob Funds talks tech stocks in the Market Call.

Harry Dent says the 'worst crash of our lifetime' has already started Sep 09, 2020

Show notes

Harry Dent Jr. of Dent Research, editor of the "Economy and Markets' newsletter, says he believes the worst crash of our lifetime started in February and that it will last to the end of 2022, driven by the Federal Reserve Bank 'losing control' early in 2021. He notes that the only markets that have returned to record highs are measured by the biggest domestic indexes, with every other measure below record highs and not ready to re-touch them soon. 'We really peaked in February, we had this first crash and [the Fed] stimulated their way out of that," Dent says, 'but each stimulus has to be stronger and I think they lose control ... in the first or second quarter of next year, just when most economists, most politicians, most business people and everyone I know thinks we will finally beat the virus and come out of it.' Also on the show, author Juliet Schor discusses her latest book, 'After the Gig: How the Sharing Economy Got Hijacked and How to Win It Back,' and Eric Shoenstein, lead portfolio manager for the Jensen Quality Growth fund (JENSX) taks stocks in the Market Call.

NFCU's Frick says the economy is more troubled than most believe Sep 08, 2020

Show notes

Robert Frick, corporate economist at Navy Federal Credit Union, says that the economy's problems are 'intractable' in the short and medium term, and while the recovery can continue, he believes it will be slower and less robust than most current forecasts, noting that while a long-running bull market brought the stock market back from the Great Recession of 2008, the economy in some ways is only just recapturing the levels it achieved before that massive correction. Also on the show, legendary value investor Joel Greenblatt of Gotham Asset Management returns to the show to discuss his new book -- released today -- 'Common Sense: The Investor's Guide to Equality, Opportunity and Growth,' which gives guidelines for how he thinks the investing world can improve society. Eddie Perkin of Eaton Vance also appears on the show, discussing the latest Eaton Vance Investing Pulse Survey.

Technical trader suggests scary downturn will trigger buying opportunity Sep 04, 2020

Show notes

Chris Vermeulen, chief market strategist at The Technical traders, says that enthusiasm over the market's run back to record highs has overheated, making it likely that there is a pullback of 5 to 10 percent, after which he expects the rally to resume and for stocks to grind back to record highs and beyond. Meanwhile, Marc Lichtenfeld, chief income strategist at The Oxford Club, says that dividend investors who want to give companies a break when they freeze, suspend or reduce payouts during these turbulent times might want to stick to their standards and not give too much of a pass just because the economy and market are experiencing tough times. Some leeway is warranted, Lichtenfeld notes, but dividend cuts remain a bad sign for income-oriented investors. Also on the show, securities attorney Thomas DeCapo of Skadden Arps discusses whether recent SEC rules changes will reduce activism in closed-end funds, and long-short manager Brad Lamensdorf of the Lamensdorf Market Timing report talks stocks in the Market Call.

Research Affiliates' Harvey: This recovery has its potential roadblocks Sep 03, 2020

Show notes

Duke University economics professor Campbell Harvey, senior advisor at Research Affiliates, explains some of the seven risks he sees as being able to derail a robust economic recovery, noting that the biggest one is how giddy and excited investors have become, seeing the market's rebound through rose-colored glasses. Also on the show, Tom Lydon of ETFTrends.com selects a clean-energy fund as his ETF of the Week, Eric Groves of Alignable.com discusses his site's survey showing that nearly one-third of small business owners say they are in danger of going out of business in the fourth quarter, and Chuck answers a question from an audience member who is trying to figure out the next financial move after losing his job mid-pandemic.

ICON's Callahan says there are still bargains galore Sep 02, 2020

Show notes

Craig Callahan, founder of the ICON Funds -- who said just before the stock market bottomed out in late March that it was the best bargain pricing he had ever seen -- says that the market's rise back to record-high levels has dampened the shopping spree somewhat, but that plenty of values remain. He breaks companies into three groups now, those unaffected by the recession and pandemic, those hurt by the recession by likely to recover soon, and those that are significantly impaired, noting that market leaders aren't overpriced yet. Also on the show, Joel Schiffman of Schroders discusses just how wild investor expectations are now that the market has rebounded, Jack Towarnick of the American Research Association covers the changing ways that consumers are using health-savings accounts, and Jamie Cuellar of Buffalo Small-Cap Fund makes his debut in the Market Call.

Hirsch: Now's the time for the market to react to election news Sep 01, 2020

Show notes

Jeffrey Hirsch, editor of the Stock Trader's Almanac, says the stock market's seemingly ho-hum reaction to election news has been because the result remains a toss-up, but now that the conventions have passed and the election process is entering the home stretch, he expects a more significant response as market forces decide what kind of impact to expect from either an incumbent victory or a regime change. He notes that the market generally responds positively to a re-election and struggles more when an incumbent is defeated. Also on the show, Jerremy Newsome of Real Life Trading says the market is headed for trouble ahead -- a decline of 8 to 10 percent -- because it has overheated and become too optimistic. Still, after that kind of pullback, he expects the market to resume its climb and says 20 percent higher a year from now would not be surprising at all. Larry Swedroe, author of 'The Incredible Shrinking Alpha: How to be a Successful Investor Without Picking Winners" discusses his book and Matt Zajechowski of Digital Third Coast talks about how travelers are changing their habits now in order to get back on the road even as the pandemic drags on.

Gotham's Greenblatt: Record markets and 'cheap' stocks aren't exclusive Aug 31, 2020

Show notes

Famed value investor Joel Greenblatt, co-chief investment officer at Gotham Asset Management, explains how the market's changes haven't affected what he looks at in stocks, but stresses that value investors who insist on traditional measures like price-to-earnings or price-to-book ratios will not see the real bargains available now, even as the market returns to record-high levels. He explains how Amazon.com is a value stock now despite a massive 4-digit price tag, noting he thinks it could nearly double from here. Also on the show, David Trainer of New Constructs puts Carvana in the Danger Zone, saying the stock has all the earmarks of an imminent disaster, and Nancy Tengler of Laffer Tengler Wealth Management discusses stocks and her definition of value now in the Market Call.

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