Money Life With Chuck Jaffe Daily Podcast

Michael Baron, portfolio manager for the Baron Partners Fund, explains how the fund came to have nearly half of its portfolio in one stock -- Tesla -- and how his confidence in the company may lead for those holdings to become an even bigger portion of the portfolio. Just as importantly, Baron explains how the Tesla example highlights the way active management and good stock picking can still beat the indexes and deliver superior returns. Also on the show, Carley Garner, senior commodity strategist at DeCarley Trading, explains that a wave of mostly negative sentiment among traders has the market poised to finish out the year relatively strong, provided it can get through some short-term bumps now, Colin McBurnette of the Angel Oak Funds discussed how the high-rate, high-inflation environment have set up the housing and mortgage market to deliver at a time when headlines suggest that real estate is troubled. Plus, in the Market Call, Noland Langford, chief executive at Left Brain Wealth Management, returns to

Whitney Tilson, founder and chief executive officer at Empire Financial Research, says he expects the market to be flat to slightly up for the remainder of 2023 -- gaining about 5 percent on top of the 17 percent gains thus far -- and then gaining another 10 to 15 percent in 2023. He expects the "sanguine, strong" economic environment to continue despite the skepticism that has been present -- but which hasn't really slowed anything -- this year. Also on the show, Tom Lydon of VettaFi dives into factor ETFs with his pick for "ETF of the Week," and Eric Marshall, president and portfolio manager at Hodges Capital Management talks stocks in the Market Call.

Jeff Rosenkranz, manager of the Shelton Tactical Credit Fund, says the economy and rate cycle are both reaching inflection points, making it tricky to make moves in fixed income without risking being wrong and facing punishment that's "severe". As such, he suggests moving up in credit quality, avoiding undue risks and starting to lengthen maturities, planning for rates to start going lower in six to nine months when the Federal Reserve has pushed the economy to where inflation finally recedes. Also on the show, Toby Eng discusses the latest results from Northwestern Mutual's 2023 Planning and Progress Study, showing that nearly one-third of Americans lose sleep at least once a month due to financial uncertainties. In the Market Call, Conrad Doenges, chief investment officer at Ranger Investment Management, makes his first appearance on the show and discusses small-and micro-cap investing.

Michael Kahn, senior market analyst at Lowry Research Corp., says the trend since October of last year remains up, despite the corrective nature of the last six weeks; that push and pull makes it that Kahn suggests buying only a few solid choices but not buying broadly or getting widely invested because the market's 'just not there at the moment.' Lowry notes that small-cap companies are struggling and he wants to see a resurgence in small-caps to get happy about the market's resurgence and prospects. In The Book Interview, best-selling author Diana Henriques discusses her newest effort -- 'Taming the Street: The Old Guard, the New Deal, and FDR's Fight to Regulate American Capitalism' -- which is out today. In the latest episode of 'Find Me The Money,' forensic accountant Tracy Coenen dives into the high cost -- and the spent money that might be recovered -- in cases of romantic infidelity, and Chuck discusses taking some old coins and jewelry to a gold buyer, and what he learned from the process.

Anastasia Amoroso, chief investment strategist at iCapital, says the biggest surprise in 2023 has been just how resilient the economy has been, but not the Federal Reserve's ability to deliver a soft landing, because economic growth combined with declining inflation and a cautious central bank are the recipe to delay a decline. Amoroso believes there will eventually be a recession, but says it's not imminent unless the Fed becomes too restrictive too quickly. Also on the show, David Trainer, president at research firm New Constructs, says this week's hot IPO deal is headed for trouble right out of the box, Megan Sanctorum discusses a survey showing that nearly one-third of Americans feel stuck or 'trapped' in a home they don't like or can't afford and, in the Market Call, Chris McMahon, chief executive officer at Aquinas Wealth Management, talks stocks and praises the very IPO that Trainer has in the Danger Zone. 

Matt Harris, chief investment officer at The Hausberg Group, says he expects the stock market to continue higher -- until something interrupts the trend and shows a reason to be bearish -- but he acknowledges that the market is climbing the proverbial wall of worry because 'Things are not as bad as people feared.' Conditions haven't been great, but neither have they been awful, and 'not terrible' doesn't inspire investors to get more adventurous. Also on the show, Mitchel Penn, managing director of equity research at Oppenheimer and Co., discusses the impact of higher interest rates and stubborn inflation on business-development companies, Roni Israelov, president of NDVR, discusses portfolio construction and the idea that most market moves shouldn't inspire portfolio changes for ordinary investors, and Jay Woods, chief global strategist at Freedom Capital Markets, brings his top-down, flavored-with-technicals approach to the Money Life Market Call.

Odysseas Papadimitrou, chief executive officer at WalletHub.com, says that concerns over recent news about the nation's credit-card debt are overblown, in part because the numbers released recently by the Federal Reserve aren't adjusted for inflation. WalletHub analyzed the numbers and found that credit card debit levels relative to assets and other metrics show that the consumer is stronger than the Fed number suggests, which suggests that the consumer-driven economy can keep rolling. Also ont he show, Tom Lydon of VettaFi makes a currency hedged play on Japan his 'ETF of the Week,' Greg McBride of BankRate.com discusses the site's annual checking account survey which shows record levels of ATM fees -- though he argues that statistic is less important than it has been in decades -- and, in the Market Call, Ken Mahoney of Mahoney Asset Management discusses his GPS Method of buying companies that beat estimates and raise guidance. 

Greg Martin, co-founder of Rainmaker Securities -- which specializes in initial public offerings and private-market securities -- says the run-up in interest rates has changed the risk profile of potential buyers, and makes it harder for new projects to draw the dollars if all conditions aren't nearly perfect. He also talks about the SPAC market -- which he calls a 'house of cards' and a Ponzi scheme -- and how companies that want access to the public markets have to change in order to attract those dollars now. Also on the show, Paul Seaton of Fulcrum Asset Management North America discusses the firm's recent survey of investment advisers and discusses where those money managers want to go to diversify client portfolios now, Chuck responds to a listener who suggests that Chuck might have missed his beloved Michigan game last weekend 'on principle,' rather than paying a fee to a streaming service, and Mac Sykes of the Gabelli Funds talks financial stocks in the Market Call.

James St. Aubin, chief investment officer at the Sierra Mutual Funds, says that while conventional thinking has moved away from a recession being imminent, more difficult conditions for consumers in the fourth quarter will create an economic slowdown that is likely to become a mild recession early in 2024. St. Aubin says stocks might tolerate the downturn well, in part because of the bear market of 2022, and in part because the economic downturn is unlikely to last more than two quarters. Azish Filabi of the American College of Financial Services talks about a survey showing the factors that help consumers develop, establish and maintain trust in working with financial advisers. Plus, forensic accountant Tracy Coenen discusses 'gray divorces' and the challenges that break-ups at older ages create for a fair split of assets, and Chuck answers a listener's question about pre-nups, trusts or both for providing financial security.

Dan Zanger, chief technical officer at ChartPattern.com, says he expects the fall to play out the way it has historically, suffering through September and into October before starting a rally into the end of the year. He says the market has struggled since Fitch Ratings downgraded the credit rating of the United States, but that it has also created opportunities where an investor who dials down and gets into specific trending names can ride out the hot streaks while the broad market gets through the doldrums. David Teppe of Tepper Capital Management talks about four of the oldest, most classic closed-end funds and how he has used them for decades, and why he likes them now when they are bringing that long-time consistent performance at a significant discount. Jenn Tracy discusses an IPX1031 study showing that identity theft issues have hit nearly one-third of Americans, and Stephen Dodson of the Bretton Fund covers 'value business investing' in the Market Call.

Meb Faber, chief executive and chief investment officer at Cambria Investments, pounded the table for value investments -- and noted that he never even uses the phrase 'pound the table' -- noting that 'some of the opportunity set that exists today for value-style investments is some of the best we've ever seen.' Despite that environment, Faber is not exceptionally bullish for the market as a whole, noting that 'the conditions we have today are much, much closer to very poor broad-based stock returns going forward for the next decade.' Also on the show, Tom Lydon, vice chairman at VettaFi, goes old-school and makes a classic fund with a bent for industrial stocks his pick as ETF of the Week and, in the market Call, Kyle Balkissoon of the Hennessy Stance ESG ETF, discusses his mix of social and governance factors with quantitative investment tactics.

Michael Mullaney, director of global markets research at Boston Partners, says the bond market and Federal Reserve chairman Jerome Powell 'are like two ships passing in the night,' with the bond market expecting the central bank chairman to cut rates sooner than he might want to, but if Powell raises rates or keeps them higher for longer, it will have a big negative impact on the market. Mullaney may not like the domestic markets particularly well, but he continues to considerit 'the best house in a bad neighborhood,' noting that other economies -- particularly Europe -- are facing bigger struggles right now. Also on the show, Deb Boyden of Schroders discusses the firm's annual retirement survey, which showed that just 10 percent of non-retirees plan to wait to age 70 before claiming Social Security benefits, meaning they will not max out their payouts because they want to start receiving cash sooner; plus, Chuck answers a listener question about dollar-cost averaging, and Ed Shill of Wealth Enhancement Grou

Katherine Krantz, chief executive officer at the Center for the Macro Specialist Designation, says she sees no indicator suggesting that 'This time is different,' meaning that elements like the inverted yield curve and the leading indicators -- which typically take 18 months before the conditions they exemplify hit the economy -- are only now starting to impact the economy. She doesn't like the looks of what is ahead. In the Talking Technicals segment, Michele Schneider of MarketGauge.com, says she is watching small-company stocks expecting them to be due for a rally as the market moves forward, with mega-cap momentum driven stocks suffering in volatile markets with little or no direction trends. Also on the show, Marci Stewart of Schwab Workplace Financial Services discusses the firm's 2023 401k Participant Study and, in the latest edition of 'Find Me The Money,' forensic accountant Tracy Coenen talks about the importance of a spending plan to keep the money problems at bay and to keep the money in plain sig

David Kelly, chief global strategist at J.P. Morgan Asset Management, says there is a less than 50 percent chance of a recession this year, but adds that it looks like the economy could actually push off the downturn until 2025, with the strong job market and low unemployment basically balancing out bad inflation to keep economic troubles at bay. Also on the show, Sarah Foster of Bankrate.com discusses the growing crisis in student-loan debt and the steps consumers are hoping legislators will take as they face the re-start to loan payments beginning in October. Plus, Jenn Tracy discusses a Craftjack.com survey on the way remote workers think their bosses are checking their work habits and productivity and, in the Danger Zone segment, Kyle Guske, investment analyst at New Constructs, revisits a zombie stock that has little left to chew on and just months left before it runs out of capital.

David Keller, chief market strategist at StockCharts.com -- president of Sierra Alpha Research -- says that growth stocks are overextended and he expects that to unwind -- especially for the so-called 'Magnificent Seven' -- leading to choppiness for the rest of the third quarter before an end-of-year rally, with longer-term conditions weakening entering the New Year. Keller notes that forecast maps well with what most observers would have expected entering a pre-election year. Also on the show, John Cole Scott of Closed-End Fund Advisors, discusses the data and research behind building a portfolio of closed-end funds, Joe Mazzola of Charles Schwab covers the firm's Q3 Trader Sentiment Survey and where traders believe the market is headed, and Matt Lindholm, portfolio manager at CAZ Investments, talks thematic investing and growth-at-a-reasonable-price in the Market Call.

Jeff Weaver, senior portfolio manager at Allspring Global Investments, discusses how the money-market fund business has changed as interest rates have climbed to where payouts are at levels not seen in decades, but cautions against going all-in on the short-term savings instruments because when a recession comes -- something he expects for 2024 -- investors who have not started to lengthen out the maturity of fixed income holdings will miss out on the solid longer-term rates available today. Also on the show, Tom Lydon of VettaFi looks at the strong consumer's shopping habits for his ETF of the Week, author Kerry Pechter of Retirement Income Journal discusses his revised version of 'Annuities for Dummies' and the way higher interest rates and inflation have changed the picture for annuity products, and Luke Babich of Clever Real Estate discusses their survey showing that Americans in the market for a home have some surprising misconceptions about the costs and responsibilities of buying and owning one.

Mervin Jebaraj, a professor at the University of Arkansas who chairs the Economic Policy Survey for the National Association for Business Economics, says the group's most recent poll of members showed a remarkable turnaround of sentiment from just a few months ago. Two-thirds of the economists polled were confident the economy is headed for a soft-landing scenario now, as opposed to the March survey results which showed nearly 70 percent had no confidence in a good outcome. Also on the show, Joe Ferrara, investment strategist at Gateway Investment Adviser, talks about playing defense in these confusing market times, Elliott Gue of the Energy and Income Advisor tackles the Money Life Market Call, and Chuck talks about the closure of a fund that tracked the stock picks of CNBC stock-talker Jim Cramer.

Rusty Vanneman, chief investment officer at Orion, says that while the economy has done better than experts forecasts and predictions of a soft- or no-landing scenario are well-reasoned, the leading indicators -- which take a long time to impact the economy -- show that storm clouds remain in place, at least enough so that investors should be cautious. He talks about diversifying into this market to account for those risks. Also on the show, Bryan Armour of Morningstar discusses the firm's latest U.S. fund fees study, which shows that Americans are saving billions by continuing to adhere to cost-conscious strategies, forensic accountant Tracy Coenen discusses in 'Find Me The Money' how couples can and should commingle finances and money-management styles when first connecting to avoid trouble later, and Scott Bennett of Invest With Rules puts his rules to work in the Money Life Market Call.

Edward Yardeni, president and chief investment strategist at Yardeni Research, says it is possible that long-term recession predictors like the inverted yield curve and leading indicators may not be right this time, but mostly because the economy has been going through a series of recessions in various sectors. At the same time as those niche downturns, Yardeni says there have been simultaneous recoveries occurring in other portions of the economy, creating a counterbalance that has kept the United States out of a full-blown recession and which appears likely to keep it out of any protracted decline. Also on the show, John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance, talks about the widest discounts the closed-end fund industry has seen in decades and how that is a big buy signal right now. Plus, David Trainer of New Constructs puts ride-share company Lyft back in The Danger Zone, noting that its recent rebound shouldn't fool anyone into thinking the company is out of the

Jordan Lopez, manager of the Payden High Income Fund, says that the healthy economy -- which he sees as being able to avoid a protracted and/or deep recession -- has high-yield securities in a good place, able to pay out returns that beat current inflation rates without much additional default risk. He notes that with a lot of high-yield debt currently having intermediate maturities, companies can be flexible and patient, which will help to guard against rising costs of capital until the rate trend turns. Also on the show, Lawrence McMillan, president of McMillan Analysis, says the market has been pushing against support levels and if it breaks through 4,300 on the Standard and Poor's 500, it could break out of its current range and fall significantly; still, he feels like most of the downside pressure is a short-term risk, with longer-term technical indicators holding up reasonably well. Plus, Christian Munafo of Liberty Street Advisors and the Private Shares Fund talks about burgeoning opportunities in priv