Money Life with Chuck Jaffe

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'We are in a secular bull market,' but analyst worries about change in '24 Dec 15, 2023

Show notes

Bryan Cannon, chief portfolio strategist at Cannon Advisors, says we're in a secular bull market right now, but he notes that a secular bear -- usually not recognizable until it's in the rearview mirror -- could be close, because "you've never had inflation without a secular bear market." Cannon expects the current rally to continue into the new year, but he notes the charts and the trends could change along with the calendar, making it hard to read 2024. Also on the show, Sarah Foster discusses the latest Bankrate.com survey showing that some 60 percent of Americans say that their income has not kept pace with inflation. In The NAVigator segment, Adam Sparkman -- part of the team running the Thornburg Income Builder Opportunity Trust -- says "it's a different menu within fixed income entering 2024 than it was a couple of years ago," which has him increasing credit quality, taking less risk and lengthening maturity as we start seeing how potential rate cuts take shape. Plus Daniel Kern, chief investment officer at Nixon Peabody Trust Co., talks stocks and funds/ETFs in the Market Call.

Wells Fargo's Cronk: '24 will be 'a tale of two halves' Dec 14, 2023

Show notes

Darrell Cronk, chief investment officer at Wells Fargo Wealth & Investment Management -- president of the Wells Fargo Investment Institute -- says the market's current rally has it ahead of where it should be, and he expects a slowdown both for the economy and the stock market early in 2024, lasting until the Federal Reserve cuts interest rates and stimulates the economy, kicking off a strong second half of the year. In discussing Wells Fargo's outlook for 2024, Cronk recommends that investors keep some dry powder waiting for that inflection point. Tom Lydon, vice chairman at VettaFi looks to a genomics fund that has been a bit out of favor for his ETF of the Week, noting that he thinks the fund and the area it invests in are ready for a takeoff. Plus, Glenn Tompkins, senior global market strategist at VectorVest makes his debut in the Market Call, and Chuck has a surprise extra segment based on the day's headlines.

Bitwise's Hougan: This is 'classic, Year One bull market in crypto" Dec 13, 2023

Show notes

Matt Hougan, chief investment officer at Bitwise Asset Management -- the nation's largest crypto index fund manager -- says that cryptocurrency has historically moved in four-year cycles, with a big move upwards followed by a big reset. Last year, when crypto suffered losses bigger than the down market, was the setback; now crypto assets are in the recovery phase -- which he says most investors aren't paying attention to -- setting up "a significant and sustained bull run in crypto." Also on the show, Brendan Ahern, chief investment officer, KraneShares -- the editor of ChinaLastNight.com -- says that a four-year losing streak in China has positioned the market there as a global value play, noting that he thinks many investors are lost in the headlines over trade concerns and focusing portfolios on the "very crowded trade" of U.S. markets rather than eyeing the potential for an economic turnaround/comeback in China. In the Market Call, portfolio manager Brian Mulberry of Zacks Investment Management, talks about the firm's earnings-consistency purview in picking stocks.

Fidelity's Timmer: 'It looks like the Fed will stick the soft landing' Dec 12, 2023

Show notes

Jurrien Timmer, director of global macro at Fidelity Investments, says that at surface levels it looks "like the Fed will stick the soft landing," but he notes that the markets "are primed and priced for that," and if the central bank falls short on its goals and inflation is more persistent than expected, that could be where trouble shows up for the stock market. Timmer says that part of his outlook on the Federal Reserve is that many of the conditions that lead to recession have played out, but have happened in fits and starts, allowing the economy to get through trouble without, on the whole, falling into a full recession. He expects that to continue -- at least delaying any recession if not postponing it indefinitely -- as the economy works through its remaining trouble spots. Also on the show, Toni Turner, president of TrendStar Group, says she expects the market to challenge new highs during a Santa Claus rally, though she does expect the market "to pull into a rest stop soon." Plus, David Snowball, founder of MutualFundObserver.com, talks mutual funds and ETFs in the Market Call.

Angeles' Rosen: Fed's done hiking; now's a good time to look longer term Dec 11, 2023

Show notes

Michael Rosen, chief investment officer at Angeles Investments, says that while he believes the Federal Reserve is done increasing interest rates, it's not yet close to cutting them, and investors will want to lock in good returns for the longer term, so he is starting to lengthen maturities now to protect against reinvestment risk. Rosen notes that he does not currently expect a severe economic downturn in 2024, because he doesn't see the major imbalances or problems that typically cause a recession. Also on the show, Ted Rossman discusses a new Bankrate.com study which shows that holiday tipping -- annual gifts to service workers people see regularly rather than the kind of tipping that happens in restaurants -- is on the rise this season, despite economic conditions which would seem to motivate pullbacks, David Trainer of New Constructs weighs in on energy -- the top sector for stocks right now -- and real estate (the worst) in The Danger Zone, and Peter Tuz, president of Chase Investment Counsel, talks about "growth at a reasonable price" investing in the Market Call.

Axel Merk: Market has more downside risk than upside potential now Dec 08, 2023

Show notes

Axel Merk, president and chief investment officer of the Merk Funds and Merk Investments, says that "higher for longer is not a strategy," which means that the Federal Reserve is setting up investors for a longer-lasting fallout than investors expect now. As a result, Merk says that the downside risk of the market right now is much greater than the upside potential now. Jeff Bishop of Raging Bull and Bullseye Trades sees the market as taking a small setback before the start of a Santa Claus rally that carries into the New Year, portending a strong year ahead for the market in 2024. Plus, Mike Taggart, closed-end fund specialist at Aberdeen, says that discounts in closed-end funds are "overplayed," and that investors who focus instead on income will likely be happier with the long-term outcome from their investments, and Patrick Healey, president of Caliber Financial Partners, talks stocks in the Market Call.

Blackrock's Jacobs: The next phase for AI investing will lead the way in 2024 Dec 07, 2023

Show notes

Jay Jacobs, U.S. Head of Thematic and Active Equity ETFs at BlackRock, says in The Big Interview that artificial intelligence will move from the early stage where people are investing because they love the concept into its commercialization phase where investors are attracted by the profits as they see new technologies emerge and start to take hold in 2024. Among his other investment themes for the year ahead, medical innovation, which he also expects to be helped along by the use of AI. Also on the show, Tom Lydon, vice chairman at VettaFi looks at what's glittering now with his ETF of the Week, Will Hansen of the Plan Sponsor Council of America discusses the group's 66th Annual Survey of Profit Sharing and 401(k) Plans, which shows that Americans' have cut back on savings with the end of pandemic-driven stimulus dollars, and Amber Fairbanks of Impax Asset Management -- co-manager of the firm's new Global Social Leaders fund -- talks stocks in the Market Call.

Regions' McKnight says any recession in '24 will be minor and 'garden-variety' Dec 06, 2023

Show notes

Alan McKnight, chief investment officer at Regions Asset Management, sees a series of rolling recession hitting certain sectors and industries in 2024, but does not see a broad-based, classic and deep recession akin to one triggered by the Great Financial Crisis of 2008. He's not alone in suggesting the economy can escape next year without a recession, as Charlie Bobrinskoy, vice chairman at Ariel Investments says in the Market Call that he believes the stock market and economy are strong enough to put off a widespread and meaningful downturn for another year. Plus, the show starts with Jamila Soufrant, discussing her new book "Your Journey to Financial Freedom: A Step-by-Step Guide to Achieving Wealth and Happiness" and she offers some advice for listeners, no matter where they are on their own journey toward financial independence.

Tocqueville's Petrides: Outside the 'Magnificent 7', stocks look attractive Dec 05, 2023

Show notes

John Petrides, portfolio manager at Tocqueville Asset Management, says that both stocks and bonds are relatively cheap right now, noting that if you back out the companies that have led the market this year -- the so-called "Magnificent Seven" -- stocks are trading at about 14 times earnings, which is a discount to where the market has been since the 1950s. Petrides says the biggest issues for 2024 will be whether the Federal Reserve can stick the landing without throwing the economy into recession and the outcome of the presidential election, but he doesn't think either of those will necessarily derail the market, with trouble more likely to arrive later in the year. Also on the show, Robin Saks Frankel discusses a recent USA Today Blueprint study showing that parents are supporting adult children to the tune of $718, on average, per month, long-time options trader Tony Saliba of Liquid Mercury makes his debut on the show talking technical analysis, and Todd Rosenbluth, head of research at VettaFi, talks ETFs in the Market Call.

Schwab's Sonders expects 'rolling recession' to roll on and play out in 2024 Dec 04, 2023

Show notes

Liz Ann Sonders, chief investment strategist at Charles Schwab & Co., says the best situation for the economy and market is 'a continuation of the roll through,' where rolling recessions allow some sectors to rebound while current weakness plays out. Sonders notes that while others include the presidential election cycle into their thinking, she doesn't put much emphasis on the election especially when there are constraints -- like debt, deficit and interest costs -- that make it hard for politicians to make any needle-moving actions. In The Danger Zone, David Trainer looks at understated profits, and offers up a stock where investors are at risk of missing out on a strong buying opportunity. In the Market Call, Andrew Graham, founder / portfolio manager at Jackson Square Capital, talks stocks.

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