Money Life with Chuck Jaffe is leading the way in business and financial radio. The Money Life Podcast is a daily personal finance talk show, Monday through Friday sorting through the financial clutter every day to bring you the information you need to lead the MoneyLife.
Asbury's Kosar: Be wary about buying the market's current dip
1:00:45John Kosar, chief market strategist at Asbury Research, says investors who have been conditioned to buy every stock market decline may want to be patient with current volatility, because the market hasn't busted through support levels. He worries that investors could sell now, only to have support hold up so that investors actually are getting out at the bottom 'and two weeks later they'll be pulling their hair out.' Kosar says the current decline should not be sold until the market moves dives a bit further. Also on the show, Parth Doshi, vice president of closed-end funds at Nuveen, discusses why investors might want to use new interval funds -- rather than traditional closed-end funds -- for their municipal bond holdings, Mark Hamrick of BankRate.com talks about the jobless claims numbers and what the report is signalling for the economy ahead, and James Abate of Centre Asset Management talks stocks in the Market Call.
Glenview's Stone says that equities are the best tool to combat inflation
59:26Bill Stone, chief investment officer at Glenview Trust, says that investors' only real chance to outrun inflation in these markets is with risk assets like stocks, though he says that investors are going to want to tilt to companies with pricing power to withstand inflation. Stone says that investors will still want to keep an allocation to bonds as a safe haven to help them through short-term volatility, but he says investors needing income must be aware of interest-rate and inflation risks even in looking for parking places for cash. Also on the show, Tom Lydon of ETFTrends.com makes one of the hottest funds in 2021 -- a niche fund trading in carbon emissions futures -- his 'ETF of the Week,' and author Casey Michel discusses his new book, 'American Kleptocracy: How the U.S. Created the World's Greatest Money Laundering Scheme in History.'
T. Rowe Price's Sharps: Market is pricing in earlier-than-expected rate hikes
59:41Rob Sharps, president and chief investment officer at T. Rowe Price, says that the stock market has mostly taken in stride and priced in the Federal Reserve reducing its bond purchases and raising interest rates sooner than had previously been expected, and that it can weather the inflation/rate-hike storm without a major bear market. Sharps worries that the economy will have to stand more on its own -- with the end of Covid stimulus packages -- to keep things moving, so he does expect some slowing, but he sees opportunities in small- and mid-cap stocks as the recovery slows its roll. Also on the show, Jeff Auxier, manager of the Auxier Focus Fund, talks about finding long-term buy-and-hold businesses at reasonable prices in the Market Call, and Ken Tumin, founder at DepositAccounts.com, discusses the banking fee structures that have been changed -- for better or worse -- as a result of the pandemic.
PaxWorld's Keefe is optimistic for '22, but CenterSquare's Crowe isn't
59:11Joe Keefe, president of Impax Asset Management and the Pax World Funds, says that investors should be focused on good news about the economy, balancing out concerns with inflation and interest rates to come away expecting a pretty good year in 2022. Keefe doesn't expect the market to see the kind of high returns it has delivered this year, but he says the economy still has a lot of potential to grow to make the new year better than many expect. Among those not seeing great things ahead is Scott Crowe, chief investment officer at CenterSquare Investment Management, who says that Covid concerns, high inflation, the expectation of rising interest rates and more factors to lead to a 'mid-cycle slowdown.' Crowe also says of real estate markets that 'Office is the new retail,' meaning that demographic and other changes impacting the commercial real estate market are likely to be every bit as impactful on office space as the evolution of the Internet and at-home shopping has been on retail properties. Also on the show, Chuck answers more audience questions about U.S. savings Bonds, and expresses his appreciation for Sam Stewart, founder of the Wasatch Funds and former Money Life guest, who died last week.
The market 'is giving a signal that investors should be very careful'
59:29Arnim Holzer, global macro strategist at Easterly EAB Risk Solutions, says that he is concerned that investors don't understand just how badly their portfolios will perform in 2022 when interest rates start to rise. The way tech stocks and high-momentum sectors of the market are already reacting, Holzer said, should make investors cautious and have them looking at financial stocks and insurance companies, plus utilities, going forward. Also on the show, Ted Rossman talks about the latest Bankrate.com survey covering the shopping issues that more than three-quarters of Americans were facing before the holiday season got into full swing, David Trainer of New Constructs put AMC Entertainment -- one of the original meme stocks -- back into the Danger Zone, questioning whether there is any real value to the company's stock at all, and Robin Wigglesworth, columnist for the Financial Times, discusses his new book on the creation and evolution of the index fund and how it went from being ridiculed and scorned to being the cornerstone of trillions of dollars in investment portfolios in just a few decades.
Centerstone's Deshpande: 'Value is actually working,' but growth stocks are iffy
1:00:11Abhay Deshpande, founder and chief executive officer at Centerstone Investors, says that tech and growth-oriented investors could see some trouble ahead, as growth rates slow from Covid-era comparisons, leading to a potentially significant correction next spring. Value investors -- and Deshpande is one -- should see their methods continue to pay off because they don't rely on continuing multiple expansion to drive their profits. Also on the show, Gaal Surugeon, portfolio manager at Brookfield Asset Management's Public Securities Group, discusses real assets and their potential with the passage of the new infrastructure bill, Tom Lydon of ETFTrends.com makes a brand-new ESG fund his ETF of the Week, and author Maura Thomas offers tips for improving the organization and eliminating the clutter of your email inbox.
Two experts see varied, multiple reasons for optimism into 2022
58:15Two portfolio managers provide a lot of reason for investor optimism in today's show, with Larry Cordisco of Osterweis Capital Management discussing 'pockets of opportunity' in the market, highlighted by quality names that have actually been lagging behind the market as it has returned to record-high levels. Cordisco sees opportunities in dividend-paying stocks, which is particularly important for investors looking for income. Meanwhile, Jack Janasiewicz of Natixis Investment Managers says that strong corporate earnings and consumer spending should be able to overcome inflation concerns to limit the market's potential for a downturn, turning any downturn into a buying opportunity for long-term investors. Also on the show, Noland Langford of Left Brain Investment Research revisits Nvidia and Bath and Body Works to see if they can continue their fast-growth trajectory after positive third-quarter earnings reports, and Chuck answers an audience-member's question about U.S. Savings Bonds.
Sierra's Wright: Trouble seems likely, use stops to protect gains
1:00:06David Wright, lead portfolio manager at Sierra Investment Management, says that the market is currently so overvalued that it has a lot more downside room to run than upside. While Wright remains fully invested right now -- and isn't calling for a major reversal in the immediate future -- he cautioned that investors should be looking to protect gains from heightened market volatility ahead by using stop-loss orders on their biggest and most risky positions. Also on the show, Leo Leydon of Financial Focus Advisory Services says that he thinks the market is due for a technical pullback -- possibly before the holidays -- before it can go off on another run, while Greg McBridge of Bankrate.com discusses the site's recent survey showing that a majority of American workers feel like they are behind when it comes to retirement savings. In the Market Call, Mark Lehmann, chief executive officer at JMP Securities talks about fast-growth companies in the technology, health care, real estate and financial-services sectors.
Commonwealth's McMillan: Heightened inflation's not going away for three to five years
59:20Brad McMillan, chief investment officer for Commonwealth Financial Network, says that the inflation spike created by the global supply crisis that has pushed inflation to the 6 percent level will last for another three to six months before fading, but he notes that there are structural elements that are also pushing inflation higher, and those conditions are not transitory. As a result, he expects inflation to retreat to the 2 to 3 percent range later in 2022 and to remain there for the next three to five years. Also on the show, Meredith Stoddard discusses Fidelity Investments' 2021 American Caregivers Study, author Jeffrey Hooke focuses on his latest book -- “The Myth of Private Equity: An Inside Look at Wall Street’s Transformative Investments” -- and Kyle Guske of New Constructs puts Peloton stock back in the Danger Zone after the company's most recent earnings report.
NDR's Clissold: Growth will slow, volatility will rise in '22
1:00:14Ed Clissold, chief U.S. strategist for Ned Davis Research, says that the market has room to run into next year, but that 2022 is likely to see much more volatility and much slower growth, even if inflation concerns start to fade and interest rates don't move dramatically higher. Clissold expects an earnings environment that is less friendly, traditional mid-term election year doldrums and more to hold the market to an average year overall, but with more pullbacks and downturns en route to that profitable finish. By contrast, Jim Welsh, macro strategist at Smart Portfolios, says the technicals -- along with some market history, plus higher inflation for longer than he believes most are expecting -- suggest that trouble is coming next year; unlike most technicians who have appeared on the show, Welsh expects the market to take a step back before starting a Santa Claus rally to finish 2021. Also on the show, Stephen Hester, partner at Wide Moat Research and editor at the Intelligent REIT Options Advisor newsletter, compares business-development companies to REITs as a portfolio tool, and financial adviser Tony Hixon discusses his book, 'Retirement Stepping Stones,' and how important it is for people to consider more than their finances as they prepare to end their working careers.