Money Life with Chuck Jaffe

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CFRA's Stovall: Market will 'surprise' investors for the rest of this year Mar 14, 2024

Show notes

Sam Stovall, chief market strategist for CFRA Research, says that he expects the stock market to surprise investors in 2024 "the way it did in 2023," producing the kind of double-digit gains that are typical of the second year of a bull market. Once the market gets into the third year of the current bull run -- in 2025, after the presidential election -- he expects a turn because "that's when bull markets tend to die an early death." Stovall notes that while he thinks the market could take a pause or minor correction before resuming its climb, he expects leadership to change from large caps -- which he says are trading at a 30 percent premium to the Standard & Poor's 500 average price/earnings ratio over the last 20 years -- to small and mid-cap stocks, which have been trading at a steep discount. Todd Rosenbluth, head of research at VettaFi, picks a specialized sector play -- the VictoryShares WestEnd U.S. Sector fund -- as his ETF of the Week, and Cullen Roche, chief investment officer at the Discipline Funds, talks exchange-traded funds in the Market Call.

BlackRock's DeSpirito: 'Volatility is a really good opportunity set' Mar 13, 2024

Show notes

Tony DeSpirito, global chief investment officer of fundamental equities at BlackRock -- lead portfolio manager of the BlackRock Equity Dividend fund -- says that the Federal Reserve will be more concerned with inflation than deflation for the next three to five years, keeping interest rates relatively high and creating more market volatility; he says that increased back and forth will make for good opportunities for active management to deliver market-beating results. DeSpirito is looking for some of that performance from health-care stocks, in Japan and by focusing on quality as an investment factor. Also on the show, Cam Miller, co-founder and chief revenue officer at Money Pickle, talks about the different ways that individuals compensate financial advisers and how it's important to match expectations and desires to the payment process. Plus, Todd Gervasini, founder and chief investment officer at Wakefield Asset Management, makes his debut talking stocks in the Market Call.

Piper Sandler's Johnson: Volatile market will flatten out from here Mar 12, 2024

Show notes

Craig Johnson, senior research analyst at Piper Sandler, says that the Dow Jones Industrial Average, Standard & poor's 500 and the Nasdaq Composite are all "trading at the very upper end of an 18-month trading range and this is not usually where you start a whole other leg higher," so he expects a correction back to about 4,600 on the S&P in the next six weeks. When that move is finished, Johnson expects the market to resume its upturn but then to settle into a "high-level trading range," which he says is typical of election years and that it amounts to a sideways move. In that environment, the market will recover from the correction, and then he notes that he thinks it will fizzle and go sideways. Also on the show, Wade Pfau, professor of retirement income at The American College of Financial Services, discusses the latest updated to his "Retirement Planning Guidebook," which center around "tax mapping" and how investors may want to rethink investment strategies in retirement with an eye on minimizing taxes using strategies most haven't considered before now. In the Market Call, Scott Davies, founder/chief investment officer at CDAM, talks about "fire and forget" investing.

Baron's Kolitch: Don't wait for the 'all clear' on real estate; now's the time Mar 11, 2024

Show notes

Jeff Kolitch, portfolio manager for the Baron Real Estate and Baron Real Estate Income funds, says that the scary headlines about real estate -- and particularly commercial real estate -- have been an over-reaction and says investors want to be looking at real estate stocks now rather than waiting for "an all-clear signal" on the industry. "The best time to step in is when there's angst out there," Kolitch says, "and we like the set-up and think it's a great time to lean into real estate." Kyle Guske, investment analyst at New Constructs, reaffirms Rivian as a zombie stock that remains overvalued despite coming down by 30 percent in a recent drop-off, and he notes that the stock seems inexorably headed to losing everything. In the Market Call, Jason Browne, president of Alexis Investment Partners -- manager of the Alexis Practical Tactical ETF -- talks exchange-traded funds.

Blair's Anderson: Rate cuts will weaken the dollar, but help foreign stocks Mar 08, 2024

Show notes

Alaina Anderson, co-portfolio manager at the William Blair International Leaders Fund, says that when the Federal Reserve starts cutting interest rates -- which she expects in the second half of the year -- which should soften up the U.S. dollar, a situation that would make foreign stocks more attractive. She notes that she particularly likes Japan right now, and is guarded on China, where both performance and geopolitical issues are creating genuine worries. In The NAVigator, Cory Johnson of Pender Capital -- which runs the Pender Capital Real Estate Credit Fund, a closed-end debt interval fund -- says that the alarming headlines about commercial real estate have created "an abundance of very interesting opportunities" for private credit lenders like his firm, which is seeing "the most attractive risk-adjusted yields we have seen since the financial crisis [of 2009]." Max Wasserman, senior portfolio manager at Miramar Capital, discusses dividend-growth investing -- and the importance of asset-allocation decisions in building concentrated portfolios for individual investors -- in the Market Call, and Chuck answers a listener's question about how to deal with all of the great investment ideas that come out of the show and how to decide which ones might be worth a spot in the portfolio.

Fort Washington's Sargen: The big risks now are geopolitical Mar 07, 2024

Show notes

Nick Sargen, senior economic advisor at Fort Washington Investment Advisors, says the market is not pricing in geopolitical risks adequately, so while things look good for the U.S. economy, the domestic stock market could be more vulnerable to global financial events that could trigger a downturn. Sargen also discusses why economists are worse than weathermen when it comes to forecasting future storms. Todd Rosenbluth, head of research at VettaFi, looks at a young, granular actively managed fund that focuses on the supply chain for his ETF of the Week. In the Money Life Market Call, Dave Sekera, chief U.S. market strategist at Morningstar, says it is time to start looking at contrarian plays in real estate, energy and utilities, and to consider backing away from big technology.

Gateway's Buckius: 'This is not the level that bull markets start from' Mar 06, 2024

Show notes

Mike Buckius, chief executive officer at Gateway Investment Advisers, says that the concentration at the top of the market and the rate cycle and the Federal Reserve's delays in cutting rates have made it that investors should manage risks, because valuations have gotten frothy and drawdowns "throw investors off of their long-term plans." He says that the market's bounce-back to record highs makes it feel like stocks are due for 'a pause and consolidation,' which is the kind of time when Gateway's index-option strategy -- using options to generate income that protects against downturns -- tends to work best, and he discusses the firm's new ETF which focuses on the quality factor. Plus, Steve Coughran, chief financial officer at MoneyPickle.com, is here for "The Financial Crunch," discussing whether there is ever a time for investors and savers to act panicky, and how you work with an adviser to build emotional discipline and to never let the market get the best of you. In the Market Call, Scott Bennett of Invest With Rules, brings together trend-following, watching the movements of big money and risk management to decide which stocks and ETFs to invest in now.

One market, lots of scary numbers, two widely varied opinions Mar 05, 2024

Show notes

The optimists and the pessimists will be served today on Money Life, as two interviews look at the same market but come to wildly different conclusions. Carley Garner, senior commodity strategist at DeCarley Trading, says in the "Talking Technicals" segment that she "sees some really big red flags waving," and that it will get rocky as the market backs away from being "extremely over-extended." She expects the market to take a turn for the worse, though she thinks election-year conditions may prop the market up and minimize the potential damage. Meanwhile, at the end of the show in the Big interview, Chris Zaccarelli, chief investment officer of Independent Advisor Alliance, says a pullback would be "completely normal," but he expects stocks to overcome a bumpy ride to finish the year up from here provided the economy can sidestep a recession. Also on the show, financial journalist Liz Weston of NerdWallet.com discusses her recent decision to retire and how she made a decision that proved difficult despite years of preparing for it, plus Mark Higgins discusses his new book, "Investing in U.S. Financial History: Understanding the Past to Forecast the Future."

Causeway's Jayaraman: Small caps are looking up, especially in Japan and India Mar 04, 2024

Show notes

Arjun Jayaraman, portfolio manager at Causeway Capital Management, says that valuations abroad are better than what investors are seeing domestically -- noting that international small cap stocks are trading at a discount of 10 times compared to domestic large-cap companies -- but made it clear he favors Japan and India while worrying that geopolitical issues are making it difficult to invest in China despite compelling valuations that have it among the cheapest nations in the world. Plus, Kyle Guske, investment analyst at New Constructs, puts Reddit's upcoming initial public offering into the Danger Zone, Chuck discusses the bad banking pitch wrapped in a flag by a new bank trying to capitalize on political disagreement, and Bryan Wong, co-manager of Osterweis Emerging Opportunity, talks small-cap stocks in the Market Call.

'The gold market is suffering from sticker shock right now' Mar 01, 2024

Show notes

Everett Millman, precious metals specialist at Gainesville Coins, says that the gold market is surprised by how strongly the price of gold has held above the $2,000 level this year despite "rather tepid demand for physical cold in North America in Europe." Millman notes that there is a geopolitical premium on gold right now, which combined with the election year and concerns over inflation and interest rates has helped prices hold current levels, and he expects it to trade sideways until there is more clarity on monetary policy, although he otes that longer-term, he can see a case for gold reaching $3,000 an ounce by the end of the decade. Matt Kaufman, head of ETFs at Calamos Investments, discusses the current sweet spot in closed-end funds and why that prompted the firm to open a new ETF of closed-end funds. Plus, in the Market Call, Allen Bond, head of research at Jensen Investment Management talks about buying quality stocks at reasonable prices.

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