Money Life with Chuck Jaffe

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This is not the financial talk you were expecting Sep 05, 2024

Show notes

A funny thing happened on the way to today's show. Okay, it's not so funny since it basically canceled the show so take a quick listen to find out what happened.

Strategic Frontier's Goerz: 'It feels an awful lot like 2000 again' Sep 04, 2024

Show notes

David Goerz of @StrategicCAPM says the current market is putting a twist on Internet Bubble days, but that stock valuations are extremely high and so are most risk factors, so investors might want to hunker down and wait at least for rate-driven volatility to pass. Joel Dickson of Vanguard Group discusses how rules changes impacting the way investors must remove money from individual retirement accounts (IRAs) they inherit from loved ones should worry most people about how following conventional wisdom might be leading them right into a big tax bill that could be avoided with some extra planning. Plus, John Cabell of J.D. Power on the firm's look into just how satisfied US consumers are with their credit-card programs and the perks and minuses they get in exchange for their loyalty.

Weatherstone's Ball: 'Priced-in' soft landing limits bonds' potential now Sep 03, 2024

Show notes

Michael Ball, president and lead portfolio manager at Weatherstone Capital Management, says that while the economy appears to be headed for a soft landing, that smooth ride and the first rate cuts have already been priced into the bond market, which means that bonds are not giving much cushion right now against any softness that could lead to a recession. He notes that higher quality bonds in floating-rate bank loans, short-term high yield and other niches are strong values in current conditions, especially when deriving income from sources like dividends is pricey, given stock market valuations. George Kinder, president, The Kinder Institute of Life Planning — a pioneer in the "life planning" realm of financial planning — discusses his latest project, a self-published book about achieving balance and happiness in life, called "The Three Domains of Freedom: Each Moment is Yours, Your Life is Yours, Civilization is Yours." Plus, Mark Yusko, chief investment officer at Morgan Creek Capital Management, discusses tactically using ETFs in the Market Call.

StockChart's deKempenaer: Can the bull run go on as money flows out of tech? Aug 30, 2024

Show notes

Julius de Kempenaer, senior technical analyst at StockCharts, says that money is rotating out of technology and "into pretty much every other sector," which means that participation in the current bull run is broadening out. Still, he says, there is a question of whether the upswing can continue if tech isn't participating. As a result, deKempenaer sees the market trading close to current resistance levels, and he worries there is more potential for the Standard & Poor's 500 to drop to 5,550. If that support level fails, de Kempenaer sees 5,120 -- a much steeper drop -- happening quickly. Alaina Anderson, co-portfolio manager of the William Blair International Leaders Fund, says that investors may find better opportunities and stability investing overseas, where valuations are particularly compelling. Shannon Martin, analyst at Bankrate.com, discusses her study on the hidden costs of car ownership, which showed that the average hidden expenses of owning a gas-powered vehicle in America add up to nearly $7,000 annually, and John Cole Scott, president of Closed-End Fund Advisors — the chairman of the Active Investment Company Alliance — discusses how corporate actions in closed-end funds — tender offers, liquidations and transitions to open-end funds, rights offerings and big changes in dividend policy — historically play out and how investors can use those historic results as a guide on how to act if they see those actions in the funds they own.

Crescent Grove's Krei: It's a Goldilocks, just right landing ... for now Aug 29, 2024

Show notes

Andrew Krei, co-chief investment officer of Crescent Grove Advisors, says that at some point next year we could see inflation tick back up, which could lead to market struggles, but right now barring "geopolitical mayhem," he sees the market as continuing to climb, and he notes that investors should be pressing their bets with equities rather than fixed income right now. Ironically, Krei discounts fixed income immediately after Todd Rosenbluth, head of research at VettaFi, makes an ultra-short bond fund his "ETF of the Week." Dan Skubiz, senior portfolio manager at F/m Investments, talks about small-cap stocks in the Market Call and

Greg McBride discusses a new Bankrate.com study showing that nearly three-quarters of Americans have financial regrets, mostly about not saving early enough for retirement or saving nearly enough to cover emergencies

Causeway's Myers: In these conditions, international small-caps should shine Aug 28, 2024

Show notes

Ryan Myers, portfolio manager at Causeway Capital Management -- manager of the Causeway International Small Cap fund -- says that current valuations "are on par with some historical extremes where small caps go on to outperform fairly significantly." He likes opportunities in Japan, particularly after market troubles there earlier in August made valuations even more appealing, but he also says there are bargains to be had in European financials and AI-adjacent companies in Taiwan and Korea and elsewhere. Financial adviser Mark Matson discusses his new book, "Experiencing the American Dream: How to Invest Your Time, Energy, and Money to Create an Extraordinary Life," and Ron Lieber, money columnist at The New York Times, digs into merit aid -- the focus of his new course aimed at parents trying to find ways to navigate college funding -- and how students can tap into it.

WisdomTree's Weniger: Fed chair Powell needs to be careful now Aug 27, 2024

Show notes

Jeff Weniger, head of equity strategy at WisdomTree Asset Management, says that while rate cuts tend to be good for the market, there is an unusual circumstance now where the cuts upend the Japanese yen carry trade. That created the market's short-lived August drawdown, but that circumstance could resurface; while the market has moved past that problem, Weniger notes that the Fed's expected actions in cutting rates are happening during a bull market run, which tends to be unusual, but which has to be taken as a bullish sign this time. Weniger notes that he particularly likes small caps and regional banks right now. In the "talking technicals" segment, Michael Sincere of Michael Sincere's Long-Term Trader says investors should "be bullish, but be cautious," and talks about maintaining higher cash balances and using options strategies to protect against heightened volatility now. In the Market Call, Hank Smith, head of investment strategy at The Haverford Trust Co., discusses investing in blue-chips, big, brand-name companies that are paying a growing dividend.

TruStage's Rick: Fed will hit both of its key targets in the next few months Aug 26, 2024

Show notes

Steve Rick, chief economist at TruStage, expects a unique occurrence in Federal Reserve actions between now and election date, with inflation dropping down to its target rate of 2 percent while the labor market reaches equilibrium, with the unemployment rate hitting 4.5 percent. Rick says that good news -- which will be accompanied by rate cuts from the central bank -- will push any potential recession back into 2025 and possibly '26, with economic growth falling below 2 percent, under long-term norms but not so bad that the economy craters. David Trainer, founder and president, New Constructs, pulls a shocker in the "Danger Zone," saying that a member of the Magnificent Seven -- a stock with one of the largest market capitalizations in the world -- has run so far, so fast that it is overdue for a reset that could bring the stock down by more than 60 percent. Plus economist and author Rob Larson, discusses his new book, "Mastering the Universe: The Obscene Wealth of the Ruling Class, What They Do with Their Money, and Why You Should Hate Them Even More."

Piper Sandler's Johnson: 'This market can keep working' Aug 23, 2024

Show notes

Craig Johnson, senior research analyst at Piper Sandler, says that he expects the economy to avoid a hard landing, and notes that some indicators would suggest that the economy is already in recession which means it will be over by late spring 2025, which should allow the earnings to start to pick up and fuel more growth next year. Johnson notes, further, that stock markets historically tend to perform well in the first six months after the start of a rate-cutting cycle; if the Federal Reserve starts rate cuts in September, which he expects, that means the market is well positioned to avoid any sort of hard landing as it rides through transitions in interest rates, the election and the economy. In The NAVigator segment, Chris Oberbeck, chairman and chief executive officer at Saratoga Investment Corp., says that private credit — which has been on the rise for several years — is being challenged by a cooling market for mergers and acquisition activity, but he expects a pickup as rates ease, making deals easier to do. Maury Fertig, chief investment officer at Relative Value Partners, talks closed-end funds — and surprises Chuck by discussing a fund that Chuck talked about on Thursday's show — in the Money Life Market Call.

Payden's Crawmer: Position yourself for a soft landing Aug 22, 2024

Show notes

Tim Crawmer, chief global credit strategist at Payden & Rygel, says that the rise in the unemployment has not been driven by layoffs but rather by more people looking for work, which is a positive sign for the economy. Coupled with other good looks -- like the continued strength of the consumer pushing robust GDP expectations -- it should convince individual investors to position their portfolio "with the expectation that they will see a soft landing." Still, Crawmer, notes that high valuations may limit the potential upside, putting just a bit of caution on the optimism. Todd Rosenbluth, head of research at VettaFi, also is focused on the strength of the consumer as he takes a consumer-spending fund as his ETF of the Week. Plus, Chuck answers a listener's question about dealing with a tender offer on a closed-end fund, and Raymond Bridges, portfolio manager for the Bridges Capital Tactical ETF, brings his "aggressively cautious" approach to the Market Call.

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