Money Life With Chuck Jaffe Daily Podcast

Thomas Winmill, manager of the Midas Fund, discusses how uncertainties over tariffs, trade wars and geo-politics have help boost gold prices by more than 40 percent in the last year — and mining-company stocks by even more — and yet the current level of concern is going to help precious metals go even higher from here. He explains why the higher prices are a particular boon for the miners, making them the market sector he thinks has the most potential moving forward. Dan Brown, director of consumer product management at KeyBank talks about the firm's recent research which showed that Americans have levels of financial stress which may not be fully warranted, contradicting other studies — including ones discussed recently on the show — by showing that 45 percent of respondents are confident they could manage a $2,000 unexpected expense. Todd Rosenbluth, head of research at VettaFi, looks to the newest bond offering from the oldest mutual fund company — one of its first ventures into running exchange-traded fun

Charles Piller, author of “Doctored: Fraud, Arrogance and Tragedy in the Quest to Cure Alzheimers,” discusses how research into one of the world's most devastating health scourges has been held back by the egos and profit motives of some of the leading researchers, and what they have done to keep their research in the spotlight even as more science shows that it might be leading to the wrong conclusions on how to combat the problem. Lindsay Theodore of T. Rowe Price talks about new research — and a planning guide created from it, that looks at life and long-term care planning for the second half of retirement, noting that for many people the golden years are two different stages that require separate financial focus to plan for correctly. Plus Dan Kim, director of research at Saturna Capital — manager of the Sextant International fund — brings his long-term focus to finding disruptive stocks to the Market Call.

Craig Callahan, chief executive officer at ICON Advisers, says the stock market is trading near its fair value, but that it has enough earnings momentum to push out an average year of gains — something in the range of 9 to 11 percent — and that it could do better if profits come in above expectation levels. He does anticipate more volatility, but figures the underlying value of stocks — especially those with quality management — should overcome headline risks. Mish Schneider, chief strategist at MarketGauge.com, says that market hysteria about headlines — and particularly some of those being created over the weekends while the stock market is closed — is creating opportunities, especially for volatility traders. Plus, in the Market Call, Matt Stucky, chief portfolio manager of equities for Northwestern Mutual Wealth Management, talks about being picky in selecting stocks that can thrive in current conditions.

Emily Roland, co-chief investment strategist at John Hancock Investment Management, says "the soft landing narrative right now is alive and well," but she is watching initial jobless claims and and high-yield bond spreads, both of which have been at levels showing continued economic strength and which aren't signalling any change in that trend. She does say that investors should temper expectations because the market sits at 22 times forward earnings, with the historic peak being 24 times; while that gives some room for more upside, it suggests that solid earnings and great balance sheets -- trading at reasonable prices -- will be essential for delivering positive results. David Trainer, president at New Constructs, puts Quantum Computing in "The Danger Zone,"   warning that a recent decline that cut the stock price in half didn't go nearly far enough given a lack of profits and a questionable business model. Craig Giventer, managing director of portfolio strategies for Focus Partners Wealth, talks about the

The show — like the stock market and economy — moves in a lot of directions today, with Ron Sanchez, chief investment officer at Fiduciary Trust Company International, saying that there's a "high degree of clarity around the economy," — a level of sustainability and durability that he thinks will last at least through 2026 —  balanced out by a host of policy and regime changes ahead that could impact monetary and fiscal policies, regulation, trades and tariffs and more. He thinks the uncertainty being played over a strong economic backdrop should ensure that the market avoids significant trouble. Jeffrey Bierman, founder of TheQuantGuy.com and chief market technician at TheoTrade, says the stock market is setting up for a "garden-variety, nothing-to-panic, maybe 10 percent corrective move in the market," but that once that is done stocks will consolidate and the market will start to climb higher again. Neither guest thinks big gains are likely in 2025, but both think that high single-digit gains are likely. A

Nanette Abuhoff Jacobson, global investments strategist for the Hartford Funds, is expecting a positive year for 2025, with a broadening market and solid earnings growth driving it forward, but she expects the drive to a third consecutive year of double-digit gains to be more volatile. That volatility represents an opportunity, she said, because fantastic companies become cheap when the markets get frothy but their underlying fundamentals don't change. Jacobson is leaning towards domestic stocks, but she noted that investors do not want to forsake international stocks, because they represent a good value at a point where domestic markets are pricey. Economist Lester Jones discusses the latest Business Outlook Survey from the National Association for Business Economics, which showed that economists think sales and profits are holding steady in current conditions, despite rising costs and increasing uncertainty over economic policy. Todd Rosenbluth, head of research at VettaFi, looks at a Bitcoin fund that uses

Mark Luschini, chief investment strategist for Janney Montgomery Scott, says that "the U.S. economy seems to be in pretty good shape," noting that there's a healthy amount of momentum — built on the strength of the labor market — that is creating solid underpinnings to will keep the economy and the stock market in a good place at least through 2025. Luschini thinks that earnings expectations — which he sees as a key for stocks continuing to post gains — are reasonable right now, though he does expect the market will be more volatile around news events, especially as it relates to earnings. Mark Hamrick, Washington bureau chief for Bankrate.com, looks at their latest "emergency savings report," which showed that just 41 percent of Americans would use their savings to pay for a major unexpected expense, like a $1,000 car repair or medical emergency treatment. In the Market Call, Ken Applegate, portfolio manager for the Wasatch International Growth and International Select funds, talks global small-cap investing

Steven Dover, chief market strategist for Franklin Templeton — the head of the Franklin Templeton Investment Institute — called the DeepSeek news that roiled the market over the weekend and into Monday "a Sputnik moment," comparing it to when the Russians stepped up the space race and the rest of the world responded. "If it's true that something is coming out that is much cheaper and easier for companies to use, that is going to incease the efficiency and productivity of the economy and help the broad market significantly," Dover said. He noted that the weekend's news — and the start of the new Trump Administration — have not shaken his outlook for 2025, when he sees low double-digit gains, a broadening of the stocks that are working and heightened volatility, but no recession. Tom McClellan, editor of The McClellan Market Report, talks about how he believes that liquidity concerns are being overlooked by investors now, but they have him fully short the market. He notes that "event risk" tends to be heightene

Brad McMillan, chief investment officer for Commonwealth Financial Network, says that  investors are nervous and have plenty of worries, but that there is a disconnect between those negative thoughts and what's actually going wrong because conditions continue to look good and be mostly unaffected by the worst things investors are scared of. That's a big reason why McMillan is optimistic now, noting as well that "The worse the rest of the world looks, the better we look because there's nowhere else to be;" while he expects heightened volatility, he also expects stocks to deliver low double-digit gains again this year. David Trainer, founder and president at New Constructs, puts the entire utility sector in the Danger Zone, noting that the vast majority of companies in the sector are unattractive or worse. Ted Rossman discusses a Bankrate.com study showing that nearly one in four rewards cardholders left free money on the table last year. Plus Jon Wolfenbarger, founder and chief executive officer at BullAndBear

Barry Ritholtz, chairman and chief investment officer at Ritholtz Wealth Management, says that investors love a good story, but they tend to put too much stock in them and right now they are looking at a lot of things that either "can't" happen or "must" happen after two big-gain years for the market and they're making misguided decisions. He notes that the economy is likely to continue to avoid recession, especially as the 2020s will be looked back on as a period that pushed technology forward and created productivity  and other gains that helped a mature economy keep growing. Chris Vermeulen, chief market strategist for The Technical Traders, discusses why short-term concerns have him on the sidelines right now -- even with the market potentially set to gain another 5 to 8 percent before he expects a downturn -- and what he will need to see to feel comfortable moving back into the market. In The NAVigator segment, Miguel Laranjeiro, investment director for municipal debt at Abrdn, says the appetite for muni

Jennifer Martin, vice president of global equities for T. Rowe Price, says that artificial intelligence is creating "contestable markets," which means that "Every company has to keep spending." That creates an economic imperative -- regardless of economic and market conditions -- that should help the stock market power through adjustments to the new administration's policies and concerning economic conditions. Martin discusses T. Rowe's 2025 Outlook, and how it has changed in the two months since it was issued, but she noted that the U.S. economy is set for another year of growth, and that value plays and small-cap stocks could be strong for international markets. Todd Rosenbluth, head of research at VettaFi, looks to a long-term dividend payers for both income and growth in his ETF of the Week, and Ken Mahoney, chief executive officer at Mahoney Asset Management, brings his "GPS method" for picking stocks and ETFs to the Market Call, looking to ride companies and sectors where the players are beating estimat

Scott Ladner, chief investment officer at Horizon Investments, says that the stock market will need earnings growth to generate returns in 2025, but that those gains should run roughly equal to the level of earnings growth, leaving the market set up for low double-digit gains in 2025. He says that technology continues to provide a tailwind to the market, though henotes that the artificial intelligence evolution makes for a moving target where investors might want to gravitate towards industries that are adjacent to AI, making money off of the companies and sectors that use AI to drive profit gains. Ladner — whose firm practices goals-based planning — noted that while the U.S. economy remains the world's strongest, it would be a mistake to ignore international markets now. Leigh Purvis, prescription drug policy principal at the AARP Public Policy Institute discusses her research into showing that prices on brand-name drugs have been rising much faster than the rate of general inflation for decades, creating ch

Bryce Doty, senior portfolio manager at Sit Investment Associates says that "the elephant in the room" for the economy is the growing federal debt, now up to $36 trillion, which puts the Federal Reserve "in a pickle," because the debt will continue exploding if interest rates don't fall, but inflation could get out of control if the central bank cuts rates too fast. Doty sees an economy that will struggle to overcome that pressure, consumers that are reaching the limits on their spending and more, yet he doesn't foresee a recession this year just a slowdown that likely won't last long because he foresees the economy reaccelerating before year's end. David Trainer, founder and president at New Constructs celebrates Monday's holiday — which delayed his weekly appearance on the show — by discussing an undervalued, dividend-paying steel company stock as he turns his weekly Danger Zone into "The Attractive Zone," and financial psychotherapist Vicky Reynal discusses her new book, “Money on Your Mind” The Unconsciou

Daniel McCormack, head of research for Macquarie Asset Management, says that heightened volatility in 2025 should make investors want to stay nimble and flexible, but he expects reasonable growth and a healthy environment. Sharing his outlook for 2025, McCormack says he expects China to begin "exporting inflation again," which could the U.S. back above a 3 percent inflation rate, which might slow down the pace of rate cuts, but it won't throw the economy into a recession. Larry Holzenthaler, portfolio manager for First Eagle Alternative Credit, gave his outlook for credit markets in 2025, noting that after avoiding default troubles when rates were rising, the picture is better now, particularly in private credit. Jennifer White discusses a J.D. Power study showing that consumers don’t think their bank will help them out in an emergency, and how banks might be more helpful than customers expect, and Chuck answers a listener question about sequence-of-return risk.

Bob Elliott, chief investment officer for the Unlimited Funds, says investors entered 2025 with "euphoric expectations," but at a time when the market was going through a tightening, which is a set-up for the market to be flat or down for a few months. He says investors should curb their enthusiasm if they expect the market to perform as well as it has in the last two years, though he makes it clear that there are still good times to be had, just at the levels of 2023 and '24. Author Paul Podolsky discusses “The Uncomfortable Truth About Money," which is his latest book, focused on "living with uncertainty and [thinking] for yourself." Todd Rosenbluth, head of research at VettaFi, looks to the banking sector for his ETF of the Week.

Ryan Detrick, chief market strategist for the Carson Group, says growing earnings and profit margins are creating a dual tailwind for the stock market, and while he cites plenty of reasons for concern — including the potential for a double-digit market decline in the first half of 2025 — he's "not scared that the bull market is over." In both his 2025 outlook — released Tuesday — and in today's Big Interview, Detrick called for double-digit market gains, inflation that comes under control and allows the Federal Reserve to cut interest rates later in the year, and a change in market leadership that has him leaning into rebalancing and diversifying portfolios, with particular attention paid to  financial, cyclical and industrial companies. Chip Lupo discusses a WalletHub survey which showed that more than 1 in 10 Americans blew up their credit card debt over the holiday season, and that more people are carrying debt without any plan on how to pay it off. In the Market Call, it's discount shopping in the closed-

Scott Helfstein, head of investment strategy for Global X ETFs says "Investors had better be ready for some chop" in 2024, but he thinks fundamentals are good and expanding and the market will broaden so that the economy and market pick up in areas that have not done well of late. Those conditions may create a volatile market but should help fight off a slowing pace of interest rate cuts. Helfstein sees several themes leading the way, most notably artificial intelligence — both the providers and the AI infrastructure — but also power companies, and then infrastructure investing. His take on infrastructure — particularly in the power business — aligns with that of Rob Thummel,  portfolio manager of the Tortoise Energy Infrastructure Corp. (TYG) Fund, who lays out his case for the sector in the Market Call. Plus, Willie Delwiche of Hi Mount Research makes a technical case for the market to take a breather before it can get re-achieve record highs, and Chuck Bell of Consumer Reports discusses a recent federal pr

Dec Mullarkey, head of investment strategy at SLC Investments, says that when there is a lot of uncertainty and geopolitical risk, the United States economy and markets benefit from the situation, even if the unrest is partially caused by the U.S. As a result, while many observers worry about what might change under the new Trump Administration, Mullarkey expects economic stability, noting that "given all the headwinds we all can think of, [the U.S.) is better fortified than any other economy right now to sustain continuous growth this year. ... The rest of the world is more at risk." David Trainer, founder and president of New Constructs, revisits Sweetgreen, which he put into the Danger Zone in 2021 and subsequently named a "zombie stock," which has bounced back significantly this year, setting it up for another fall. Plus, John Dorfman, chairman of Dorfman Value Investments brings his classic value style to the Market Call.

Liz Ann Sonders, chief investment strategist at Charles Schwab & Co., says that while the stock market has done well at the index level — where a few big names carried the benchmarks to big years — the fuller story has been told at a lower level, where the market has had more struggles and there have been rolling recessions in various areas of the economy without triggering a full-blown, broad-based downturn. She says those conditions will persist for at least the first half of 2025, with the market continuing to roll on if earnings remain strong; to that end, she noted that the market's current expectations — calling for 14 percent earnings growth — seem high, which should make investors cautious at least until they see forward-looking estimates. Mark Gatto, co-founder and co-chief executive officer at CION Investment Group, says that global infrastructure spending estimated at as much as $3 trillion annually worldwide is creating an asset class that can overcome political challenges and that has signifi

Rob Arnott, chairman and founder of Research Affiliates, says that current markets resemble the dot-com markets in the narrative that everything is about to change   due to technological advancements, but he notes that the dominant tech players from the year 2000 failed to beat the Standard & Poor's 500 index over the long-term future. He says that could happen again today with the artificial intelligence stocks, with the technology changing the world but the stocks having a less clear path forward. Arnott notes that the narratives have made the mega caps overvalued and the comparison to the dot-com era could continue with a market downturn, but he sees plenty of opportunities for investors who are willing to pursue deep value and small-cap strategies, as well as liquid alternatives and non-U.S. stocks to "have a decent shot at high single-digit returns" this year. Todd Rosenbluth, head of research at VettaFi, makes the exchange-traded version of a classic Fidelity fund his ETF of the Week, and Rob Lutts,