Money Life with Chuck Jaffe

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CFRA's Stovall:'Bizarro market' is rotating in unusual ways Jun 18, 2020

Show notes

Sam Stovall, chief investment strategist at CFRA Research, says that the stock market is getting 'a BTE bounce' -- better than expected -- but that it's not following its usual seasonal patterns which tend to show weakness in the summertime. Stovall says that the market is rotating the way he'd expect from a downturn like the one experienced in March, but that the 'bizarro' market is trading in reverse of what he'd expect both in terms of the industries and sectors that are in favor and the timing within the year. Still, Stovall says that investors and economists are acting like they expect a V-shaped recovery and he thinks they likely are right, for now. In another Big Interview today, Michael Mullaney of Boston Partners also is optimistic about the market, for now, though he notes that the market has been reacting to virus news and has been taking the rest of the news -- including the potential election results -- lightly for now. Also on the show, Tom Lydon makes a gambling and Internet gaming fund his 'ETF of the Week," and Peter Colis of Ethos discusses the 'Financial Legacy Index.'

Wells Fargo's Wren: 'The news is less terrible than we thought it would be' Jun 17, 2020

Show notes

Scott Wren, senior global market strategist at the Wells Fargo Investment Institute, says that he expects the Standard and Poor's 500 to be between 3,400 and 3,600 by the end of 2021, meaning that the market will be volatile without a lot of upside as it heads back toward a fully functioning economy. Wren noted that economic data has been better than expected, which has helped the market and investors avoid the worst of worst-case outcomes. Also on the show, author Scott McLean discusses the importance of getting your personal team of financial advisers to work together and the cost of having planners, tax preparers and others who are not on the same page, and Patrick Healey of Caliber Financial Partners discusses the barbell investment strategy he uses for stock portfolios in the Market Call.

Grimes: 'We are on the edge of the map,' making technicals hard to read Jun 16, 2020

Show notes

Adam Grimes, president of Talon Advisors, says that rapid snap-back after the stock market's big March swoon was the 'least-expected outcome' from a sharp decline, and is symbolic of just how hard it is to make accurate technical forecasts right now. Grimes says the Federal Reserve's clear intention 'to do whatever it talks as long as it takes' has created significant market distortions, leaving more unknowns at this point, which should have investors on edge. Also on the show, Wayne Wicker, chief investment officer at VantagePoint Investment Advisors gave his outlook for the market, Vivian Tsai of the College Saving Foundation covers her organization's survey on how students see college plans and careers changing in the wake of the global pandemic, and Nick Raich of The Earnings Scout talks earnings trends and stocks in the Market Call.

Biderman: This will be written up 'as one of the nutsiest bubbles in the history of bubbledom' Jun 15, 2020

Show notes

Long-time Wall Street observer Charles Biderman says that the current market is showing signs of craziness that should scare investors, with companies seeing revenue declines that might bankrupt a business in ordinary conditions but that Wall Street investors are bidding up now. He urges caution and suggests a heavy dose of research for anyone wading into the market now, because the market seems to be inflating a bubble while ignoring that these are bubbly conditions. Also on the show, David Goodsell of the Natixis Investment Managers' Center for Investor Insight on their latest poll of institutional investors, David Trainer of New Constructs covers an attractive stock rather than heading for trouble in the Danger Zone, and Justin Carbonneau, partner at Validea.com talks gurus and the value behind their strategies in the Market Call.

Axel Merk: You're overinvested if you can't sleep at night right now Jun 12, 2020

Show notes

Axel Merk, president and chief investment officer for the Merk Funds,says that with market volatility and uncertainty picking up, investors should focus on their process and should stick with their plan rather than jumping around chasing either additional returns or greater safety right now. He notes that investors whose process is not working right now are the ones who are are so nervous that they can't sleep soundly; he recommends adding gold and diversifying portfolios to improve the sleep factor. Also on the show, author and technical analyst Michael Sincere says he thinks the market is 'in real trouble right now,' noting that he would not be surprised if it retests March lows because 'it went up too far too fast' only to see the uptrend stall out this week. Michael Spactacco of Bancroft Capital says that changes to the way closed-end funds are issued makes new offerings attractive right out of the box, and Charlie Bobrinskoy of Ariel Investments talks value investing in the Market Call.

Wilsey: The worst is behind us, but the road ahead will be tough Jun 11, 2020

Show notes

Brent Wilsey of Wilsey Asset Management say that while the current market reminds him a bit of the tech bust of 2000 -- when many people thought that because the market had gone higher that it would just keep going higher -- he does believe that the worst of the effects of the coronavirus pandemic are behind us. Still, he notes in the Market Call that investors should expect some trouble ahead and be prepared to ride it out, especially in market areas that have not been going gangbusters lately, such as banking and insurance companies. Also on the show, Tom Lydon of ETFTrends.com looks at the new ETF version of a popular mutual fund that has been around for nearly three decades, Jacqui Kearns of Affinity Federal Credit Union talks about the need for families feeling the financial crunch of the pandemic to have the hard discussions, and Sarah Foster of Bankrate.com gives her quick take on how people facing the end of unemployment benefits should respond while the money is still flowing.

Voya's Zemsky: Stocks aren't too expensive now, but bonds are Jun 10, 2020

Show notes

Paul Zemsky, chief investment officer for multi-asset strategies at Voya Investment Management, says that with the market near record highs despite earnings that are below expectations, it's not surprising that many observers think that stocks are overvalued now. He doesn't see things that way, noting that stocks are a good opportunity -- especially small caps and international stocks which have been the laggards in the recent rally -- while lightening up on bonds, except for corporates where he sees some improved return potential ahead. Also on the show, Harvard professor Rebecca Henderson talks about her book 'Reimagining Capitalism in a World on Fire,' and Chris Carter, portfolio manager for the Buffalo Mid Cap Fund makes his debut in the Market Call.

Chuck squares off with Barry Ritholtz on PPP loans Jun 09, 2020

Show notes

In a recent column, Chuck said that financial advisers who accepted PPP loans during the coronavirus pandemic were lacking in character. Barry Ritholtz, a leading financial adviser whose $1.3 billion wealth-management firm accepted PPP loans, is 'on the other side' from Chuck and gives his reasoning for taking the loans as he and Chuck cover the issues buried behind the paperwork in the government loan program. Also on the show, Jack Kleinhenz of the National Retail Federation talks about the National Association for Business Economics' second-quarter survey of expectations, and Andy Braun of Pax Large Cap Fund talks big companies and social investing in the Market Call.

Financial Freedom's Carlson: Inflation and higher taxes are the conversation for 2021-22 Jun 08, 2020

Show notes

Julia Carlson, chief executive officer at the Financial Freedom Wealth Management Group, says that investors should be riding the wave of renewed optimism and the stock market that has recovered from March lows, but she says there will be a longer-term price to pay, and that investors should be preparing for the long-term fallout from current stimulus efforts,which could be higher taxes and rising inflation, which she expects to see late next year or in 2022. Also on the show, Mark Hamrick of Bankrate.com discusses the implications and fallout from the May jobs report, David Trainer talks about a stock he likes as it emerges from the pandemic economy, and Jim Lowell of the Fidelity Investor newsletter talks about mutual funds in the Market Call..

Market's nice rebound has Via Nova's Alan Gayle concerned for what's next Jun 05, 2020

Show notes

Alan Gayle of Via Nova Investment Management says that while investors should be pleased with pleased with the market's rally from March lows, he expects trouble ahead, noting that the rally may be early given the prospects for real economic growth as the economy reopens from the coronavirus shutdown. 'We need to fell better,' he says in explaining why his cash holdings are up, 'but I don't think we can feel great at this stage.' Also on the show, Todd Rosenbluth of CFRA Research talks ETFs in the Market Call, Leo Leydon of Financial Focus Advisory Services says why he does not like the look of the market's technicals and is expecting a pullback, and Phillip Goldstein of Bulldog Investors discusses why a recent Securities and Exchange Commission decision could be a death knell for activist investing in closed-end funds.

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