Money Life with Chuck Jaffe
Veteran financial journalist Chuck Jaffe taps into the big thinkers, power brokers and market movers on what's happening with the market and economy, with an eye toward where, how and why to invest. Plus personal finance content to cut through the clutter and improve your life.
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Merrill's Quinlan: Market's 'heck of a ride' will keep going 'up and to the right'
11/18/2025
Merrill's Quinlan: Market's 'heck of a ride' will keep going 'up and to the right'
Joe Quinlan, head of market strategy for and , says that the U.S. consumer higher-income households "are in great shape heading into 2026," and so long as the Boomers continue spending, the economy and stock market can roll along. Quinlan says that the economy can avoid a recession if the Federal Reserve can avoid policy mistakes, if the U.S. stays out of a difficult trade war and if the extraneous factors mostly stay at bay. Given what the market has weathered in 2025, Quinlan says there is reason to believe the rally can continue, even if results are muted a bit compared to the equity returns of the last three years. Chris Vermeulen, chief market strategist at , says that investors should not be fighting current trends, but they should be getting cautious in a market where there's not a lot of upside left this year. He expects January to be a telling month for whether the rally can carry deep into 2026, and says that investors looking for bigger gains can still get in on the gold rally, which Vermeulen says still has 25 to 30 percent upside from current levels. Sandra Block, contributing editor at talks about what she learned about as she made her own transition toward retirement earlier this year, and the choices consumers face as they weigh Medicare options. And Mark Hamrick discusses a recent survey which found that about , but more than three-quarters of that working population worries that their promised benefits won't be paid when they reach retirement age.
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BlackRock's Chaudhuri: It's not a market downturn, just 'a regular cleaning period'
11/17/2025
BlackRock's Chaudhuri: It's not a market downturn, just 'a regular cleaning period'
Gargi Chaudhuri, chief investment and portfolio strategist for the Americas at , says the market's recent action represents "a fairly healthy pullback," the kind of periodic "cleansing" that markets go through, and that the recent action is less based on whether earnings can continue to drive valuations higher than it is on nervousness over the Federal Reserve's next move. Chaudhuri says that the current focus on whether the Fed will cut rates again in December is misplaced, because continued earnings growth, gross domestic product numbers and the fundamentals of the stock and bond markets will do more to determine how long the bull market lasts. That long view also coincides with BlackRock's latest "," which Chaudhuri noted showed that staying invested long-term and riding out markets rewards investors more than trying to time markets. David Trainer, founder/president at , says that agentive artificial intelligence has advanced to where it can provide investors with a real edge when it comes to choosing superior stocks and funds, and he warns that people who don't adopt AI for at least a part of their portfolio will be dooming themselves to below-average returns. He also explains how these forms of AI are different from the ones that are known for giving bad answers to personal-finance questions, which Chuck discussed on the show last week with Robert Farrington of . Plus, Peter Krull, director of sustainable investing at , returns to the show after his recent appearance in the Market Call to discuss his new book, "" Krull discusses past, current and future forms of "responsible investing."
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Chase Investment's Klintworth sees small correction/buying opp ahead
11/14/2025
Chase Investment's Klintworth sees small correction/buying opp ahead
Buck Klintworth, senior vice president and portfolio manager at , says the market isn't looking like it will make dramatic moves before the end of the year, but he does expect a "small correction." Because he believes that the underpinnings for the economy are solid and forces like the artificial intelligence boom are backstopping the market, he expects that correction to be a buying opportunity for investors. Tani Fukui, senior director for global economic and market strategy for , says she expects the Federal Reserve to follow through with rate cuts — even as the market seemed to waver in its confidence in cuts on Thursday — and that the move and the coming rate-cut cycle will help the U.S. economy avoid a recession. Josh Duitz, global head of income for — manager of the — talks about where he is finding success in generating elevated income at a time when rate cuts are making it harder for investors to earn easy yields. Duitz discusses international investing and whether the rally overseas can continue in the face of reduced currency impacts, where high-flyers like the Magnificent Seven stocks fit in with his portfolio (or don't), and which sectors he is finding most attractive right now. , financial planning columnist at , discusses her recent piece on . Pinsker notes that the bracket changes will change the math, especially for people who were on the fence about whether a conversion could be worthwhile.
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Google AI gets about 40% of personal finance questions wrong
11/13/2025
Google AI gets about 40% of personal finance questions wrong
Robert Farrington, founder of , , and while that sounds horrible, it actually represents an improvement of six percentage points over the results Farrington got making the same queries a year ago. Farrington notes that the outcomes are only as good as the inputs, meaning that consumers who don't know the right questions to ask will be more poorly served by artificial intelligence than those who know enough to ask solid questions. Catherine Collinson, president of the , discusses "" which showed that U.S. adults earning between $50,000 and $199,999 annually are struggling to stay afloat and get ahead when it comes to retirement planning. Todd Rosenbluth, head of research at looks to mid-cap stocks with momentum as he makes an offering from Invesco his ETF of the Week. Plus, Chuck tackles the subject of 50-year mortgages and how the real problem with the idea may be more on how it addresses housing affordability — or not — rather than the massive amounts of extra interest paid over the life of the ultra-long loans.
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Robinhood's Guild: 'Things are fully discounted at the S&P level'
11/12/2025
Robinhood's Guild: 'Things are fully discounted at the S&P level'
Stephanie Guild, chief investment officer at , says that the stock market has ridden earnings growth to the record highs it has set this year, but she is worried that with valuations at high levels, earnings growth can't sustain higher price-earnings multiple to push the market up further. Guild notes that Robinhood's customers have changed some of their investment habits as market conditions have evolved in the post-Covid market; they're still buying dips, but more on a single-name basis rather than buying broad markets and riding indexes. Further, Guild says she will be watching investor buying behavior during dips to see if there is a fatigue point where their nerves about possible downturns make it that each decline no longer appears to clients like a buying opportunity. Chip Lupo discusses 2025 Household Debt Survey, which showed that high , where more than two in five respondents expect household debt levels to increase in the next 12 months. Plus, Mike Dickson, head of research and quantitative strategies at , brings his stock-evaluation system to the Market Call.
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Schaeffer's Timpane: Bears' 'lost opportunity' should let the market grind higher
11/11/2025
Schaeffer's Timpane: Bears' 'lost opportunity' should let the market grind higher
Matthew Timpane, senior market strategist at , says the stock market is entering "the most bullish season of the year," and the bears missed the chance for a big pullback once the market got past mid-October. Now he expects the market to grind higher for the rest of the year, but he notes that things may change once the holiday buzz changes and 2026 moves forward. Stuart Katz, chief investment officer at , says that rate cuts will make cash less attractive, which will push a lot of money that has been on the sidelines up the risk spectrum, and he discusses the areas of the bond market that he thinks are poised to benefit from that moving money, as well as the market sectors that he thinks will have leadership in a market that will be up against slowing economic activity. In the Market Call, Peter Krull, director of sustainable investing, for — author of the new book, ": Responsible, Impactful, and Values-Driven Investing Strategies and Practices for Financial Professionals" — talks about investing within one's values ad how he decides which stocks make that cut for him
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Teucrium's Gilbertie says tariffs create commodity buying opportunities
11/10/2025
Teucrium's Gilbertie says tariffs create commodity buying opportunities
Sal Gilbertie, chief executive officer at — which runs several commodity specific ETFs, like the Teucrium Soybean fund — says that while tariffs are being blamed for high prices for goods like coffee, cocoa, beef and more, it's actually the weather and long droughts in certain key growing areas that have steadily increased prices over several years. Still, Gilberties says tariffs have had an undeniable impact, some of it negative — with trading partners losing trust in the United States — some of it positive, because commodities are still moving around world markets. He says that investors who can stomach the volatility should be leaning into the headlines for opportunities, rather than fearing bad news impacts. David Trainer, president of , says that tech giants are using mountains of cash to develop and build opportunities in artificial intelligence, but he notes that such huge spending can't go on forever while waiting for the payoff, and he identifies Amazon, Meta and Oracle as three of the big players who may not have the capital to win what he calls "the A.I. arms race." In the Market Call, Mark Travis, president and chief executive officer at , talks about how he looks "for businesses that people need" — like beer, shoes and underwear — but at the right price and discounted cash flow to be consistent, long-term gainers.
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Does the Hindenburg Omen mean the market is due to blow up?
11/07/2025
Does the Hindenburg Omen mean the market is due to blow up?
Tom McClellan, editor of , says that market flirting with record highs has masked how many companies are actually reaching new lows, but that condition — when new lows outnumber new highs — is a key part of an indicator called the "Hindenburg Omen," a sign that historically shows up in the charts at market tops. It's been seen on the market four times in the last week, along with a similar indicator called the "Titanic Syndrome." Those are warning signs, McClellan says, but even if the rally continues for a while longer, he's expecting struggles in 2026 before a rebound in 2027. Sam Tombs, chief U.S. economist at , discusses the struggles he sees for the economy right now, noting that many of the numbers that purport to show strength are not as clear or powerful as they seem. As a result, he thinks "we're in a slow-growth phase for the economy, and that's likely to persist at least for the next six months." Plus, in the NAVigator segment, Seth Brufsky, chief executive officer for the , talks about how the start of rate cuts and a falling interest rate environment impacts high-yield bonds, leveraged loans and collateralized loan obligations, noting that rate-cut times are where active managers can show their mettle by making moves that outperform passive strategies in delivering high current income levels.
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Wells Fargo's Wren: Setbacks are buying opps on the road to 7,500 in '26
11/06/2025
Wells Fargo's Wren: Setbacks are buying opps on the road to 7,500 in '26
Scott Wren, senior global market strategist at the , says he wouldn't mind a small market setback or breather to calm the nerves, especially because he's used those kinds of moments this year to add to his equity positions, noting that his target for the Standard & Poor's 500 is 7,500 at the end of 2026, a modest but steady gain for next year. Wren favors financials currently for technical reasons, likes industrials for as long as the next decade, and . Todd Rosenbluth, head of research at changes things up with the ETF of the Week. Rather than focusing on one fund, he looks at ETF in-flows, which have surpassed a big landmark and will break records for the year. He looks at where all of that money has been flowing, which categories and funds have been the most popular and emerging and more. Tobias Carlisle of the — who was on the show last week doing the Market Call — returns to discuss his new book, "," which in some ways equates deep-value investing to fighting a battle, but which also helps to explain why the investment style resonates with many individual investors.
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Johnson Financial's Ceci: Rally is ride-or-die on earnings growth
11/05/2025
Johnson Financial's Ceci: Rally is ride-or-die on earnings growth
Dominic Ceci, chief investment officer at , says "people are only going to pay so much for this market," which means that something besides price will have to attract continued investment. That source will be earnings, as Ceci says that strong earnings growth has powered the market this year and will carry it for as long as they stay strong. Ceci says the economy and market will get a boost moving forward from tax policies, the rate-cutting cycle, continued AI capital spending and more, which is keeping the risk of recession low for the next year. Wayne Park, chief executive officer at Manulife John Hancock Retirement, discusses the firm's inaugural Longevity Preparedness Index (done in conjunction with MIT AgeLab), a new benchmark for measuring the readiness of American consumers to live well in older age. The measure looks beyond finances, which is why higher incomes don't improve some overall scores for issues like personal care. In all, the index found that , landing a D grade with an average score of 60. Plus, Ardal Loh-Gronager of returns to the show after last week's appearance in the Market Call to discuss his recent book, "The Perceptive Investor: The Art, Science and Temperament of Successful Value Investing."
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Westwood's Helfert: Not your father's market, but the rally's not done yet
11/04/2025
Westwood's Helfert: Not your father's market, but the rally's not done yet
Adrian Helfert, chief investment officer for alternative and multi-asset investments at , says that a stock market that has averaged a 17% annualized gain for well over a decade "is not the equity environment that my dad knew," but while over-sized gains make investors worry that trouble must lie ahead, he thinks the market will roll on for as long as earnings continue to grow. Helfert says there's about a 30 percent chance of a recession in the next 12 months, enough to worry about -- and to prompt investors to diversify -- but not enough to head to the sidelines. With the stock market keeps flirting with record highs, Mark Hulbert, editor of the , talks about a column he wrote recently for MarketWatch in which he noted that . , financial planning columnist at MarketWatch, details the hard dynamics and impossible decisions she faced when she became financial caretaker for her mom. Pinsker's book, "My Mother's Money: A Guide to Financial Caretaking," is out today and it contains lessons not only for those who will take over affairs for parents, but for seniors who don't want to leave a burden to their children. (Bonus: You will learn the importance of making sure your financial accounts have a "trusted contact.")
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'The Vixologist' says the market is still 'fussing around' with uncertainty
11/03/2025
'The Vixologist' says the market is still 'fussing around' with uncertainty
Jim Carroll, senior wealth advisor and portfolio manager at — known as the "Vixologist" on X — says that the Trump Administration is living up to the idea that it can "Make Volatility Great Again," as seen by record stock markets, but notes that the actions have raised uncertainty and made investors nervous. He says the stock market and economy are still "fussing around" with tariffs and other geo-political risks that could send the market for a loop, and says investors should be protecting themselves against a correction, though he notes that movement could be a steep decline in prices or a long period of sideways. David Trainer, president of puts another electric-vehicle maker in the Danger Zone, noting that while he dislikes a lot of the metrics for the industry, this company has been a stinker before and is poised to crater again, even as it has rebounded from huge past losses to gain more than 66 percent this year. Charlie Bobrinskoy, vice chairman and head of investment group at — manager of the Ariel Focus Fund — brings his focused value investing style to the Market Call. Plus, Chuck discusses the results of his annual Halloween "Cash or Candy, Trade or Treat" experience with the kids, where he gave away two big jackpots and a lot of candy, but double-disappointed a few of the trick-or-treaters.
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BondBloxx' Bianco says the Fed could be done after one more cut
10/31/2025
BondBloxx' Bianco says the Fed could be done after one more cut
JoAnne Bianco, senior investment strategist at , says that she doesn't expect there to be a need for a protracted cycle of rate cuts and makes the case that the Federal Reserve and the economy might be best served by stopping after one more cut, even if it waits through December to do it. Bianco says that markets -- particularly equity markets — want rate cuts — want rate cuts but could be overly optimistic about the impact that reductions would have when it comes to promoting spending, helping the labor market and more. Kendall Dilley, portfolio manager, says "It's a really healthy bull market right now" with the potential for the Standard & Poor's 500 to top 7,000 by year's end. Dilley added that the charts aren't showing the kind of big tops that suggest that momentum is starting to wane, so while valuations are elevated and "the market has priced in a lot of good news," he still thinks declines should be viewed as buying opportunities. Ravi Chintapalli, portfolio manager on the , says that he has never seen a high-yield market that has been higher quality than what he is seeing now. That helps to explain tight spreads, and suggests investors shouldn't shy away from high-yield because they're being compensated for "the true level of default risk in the market." In the Market Call, Tobias Carlisle, founder of the , talks deep-value investing and how it works in a market dominated by a few big names. Carlisle recently wrote a book comparing the value investing tactics of Warren Buffett with "The Art of War" tactics of Sun Tzu.
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TCW's Whalen: Recession odds down, but volatility rising
10/30/2025
TCW's Whalen: Recession odds down, but volatility rising
Bryan Whalen, chief investment officer and head of fixed income at says he's now putting the odds of a recession at 60 percent, down from 80 percent at the start of the year, but he suggests that even in a no-landing scenario, investors can expect dramatically higher volatility as stock and bond markets head into 2026. Whalen pointed out that with rate cuts starting to take hold, investors may want to keep some powder dry for the opportunities he sees ahead as the market responds to how the Fed plays out the cycle. In the Market Call, Ardal Loh-Gronager, founder of — the author of "The Perceptive Investor: The Art, Science and Temperament of Successful Value Investing" — discusses his take on value investing, which is a mix of classic Warren Buffett style with a bit more trading and a broad industry-based focus as a starting point. Plus, as investors deal with the latest interest-rate cuts, Todd Rosenbluth, head of research at , picks an actively managed municipal bond fund as his "ETF of the Week."
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Research Affiliates' Arnott: Investors lose billions to bad indexing
10/29/2025
Research Affiliates' Arnott: Investors lose billions to bad indexing
Rob Arnott, founding chairman at , says that classic index instruction has investors buying stocks after they get hot, dropping stocks after losses have occurred and missing out on several percentage points of return in the process. Arnott says the largest stocks earn their place in the index, but that the stocks that move into or out of an index — a process that is actively managed with the most-famous indexes — is where the trouble happens. As for the personal indexes that are arising these days, Arnott says that, in general, you'd be better off letting a cat pick the stocks for you. Olivia Valdes, senior researcher at the , discusses their research which shows that consumers and investors are vulnerable to fraud because more than half of them . Plus, Chuck talks about how to calculate the expected value of a bet after a listener raises questions about the lottery option on his Halloween cash-or-candy game, and whether giving kids a second chance — the new twist Chuck is adding this year — doubles the odds of winning.
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AssetMark's Chan: Markets will stay 'favorable' well into 2026
10/28/2025
AssetMark's Chan: Markets will stay 'favorable' well into 2026
Christian Chan, chief investment officer, at , says that markets should remain favorable , but he notes that the artificial-intelligence boom is helping to ensure that's the outcome, putting a floor under how much damage can be suffered in any financial storms. Chan says he expects those storms to stop short of a recession and he's not as sure as some observers that the market itself is in a bubble; he expects the Federal Reserve to cut rates, but notes that they won't go too low for too long, which should help the economy move forward without hurting the fixed-income markets. Behavioral finance expert , a professor at the Haas School of Business at the University of California-Berkeley, discusses what investors do wrong when they are staring down bubbly conditions and how they ought to behave when markets are frothy and the experts are concerned about what the end of a rally will look like. Kathryn Berkenpas, managing director of corporate growth for the discusses the biggest financial regrets from Generation X, whose oldest members are turning 60 this year. A CFP Board of Standards survey of Gen-Xers, showed that nearly half felt they in what they could have saved simply by pursuing better money behaviors.
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IAA's Cofrancesco: Fed will cut, but questions if they'll be felt on Main Street
10/27/2025
IAA's Cofrancesco: Fed will cut, but questions if they'll be felt on Main Street
Ed Cofrancesco, chief executive officer at , says there is a disconnect between Wall Street and Main Street, where the economy has been great for stocks but consumers have been feeling the pain. He is hoping to see rate cuts from the Federal Reserve, with the impacts trickling down to Main Street in ways that might perk up some of the soft data and consumer sentiment, and that could help people avoid falling into the trap of spiraling debt. Stefan Sharkansky, creator of , discusses his research, which shows that the classic "4% Rule" — where retirees expect to be set for life financially if they can live by spending no more than 4 percent of their retirement nestegg annually — has two bad potential outcomes, either premature depletion of their portfolio or unnecessary underspending. He dials in on how savers can better view their savings to make more efficient use of their nestegg. Kyle Guske, investment analyst at , revisits Warby Parker in The Danger Zone, noting that the eyeglass maker and retailer is popular but that brand-recognition alone isn't enough to make a good stock, particularly if it leads to greater sales without any signs of profits. New Constructus first put Warby Parker in the Danger Zone when it was going through its IPO in 2021. Plus Lester Jones, chief economist for the , discusses the latest Business Conditions Survey released today by the National Association for Business Economics, which showed that economists believe the likelihood of a recession is shrinking, at least for now.
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Rosenberg says the economy is softening and the bubble is in place
10/24/2025
Rosenberg says the economy is softening and the bubble is in place
Economist Dave Rosenberg, president of , says that his preferred indicators on economic growth are showing a slowing economy, where "the recession may already be starting." He acknowledges that the stock market "hasn't figured this out," but he says — based on the way Treasuries are trading — that the bond market has already figured it out. Rosenberg says that the market has "been in a bubble environment for many, many months," but that it can continue to inflate without popping for a while. "You're investing in an environment where the wind is in your face," he says, "it's not at your back." For a decade now, Chuck has offered the trick-or-treaters in his neighborhood a chance to pick cash or candy, and the opportunity to make a trade to try to get a bigger treat. It's his way of teaching basic financial decision-making, where children must consider if the financial prize is worth more to them because it's different and more useful than candy. The game changes in small ways each year, and Chuck is unveiling a new "second chance" option that actually would be a really bad choice for the children. Chuck also talks about how you can do your own scaled-down version of cash-or-candy in your home. Discount-capture investor Rob Shaker, portfolio manager at , says that he's "not seeing anything in the closed-end fund space that would point to any type of bubble conditions," but instead sees generic, seasonal discount-widening caused by the start of year-end tax selling. Still, he says investors should make sure they are comfortable that they can weather those flurries "and readjust to the better things that are on sale and then double-collect on the way up." Plus Jon Stubbs, analyst at talks about the housing market as , which have shown that homes are now on the market for longer than during the summer, with median home values up slightly but median sale prices up more, suggesting that investors are paying a premium to make a deal now.
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3EDGE's Cucchiaro: 'Market melt-up' will lead to an avalanche in stock prices
10/23/2025
3EDGE's Cucchiaro: 'Market melt-up' will lead to an avalanche in stock prices
Steve Cucchiaro, chief investment officer at 3, says we're in a "market melt-up," the last phase of a rally or bubble that creates a buying climax, but that typically ends with trouble. Cucchiaro says valuations are in one of the three greatest periods of overvaluation they have seen in the last century, making them more dangerous than investors expect. As a result, he is holding more in international stocks than domestic issues and is ramping up gold holdings to 10 to 15 percent of the typical client's portfolio. David Ellison, portfolio manager and financial services specialist for the , says he worries that "The market is becoming the economy," where a big decline in markets could drag the broader economy into a deep recession. Ellison likes the positioning of the financial services industry, but he questions both the popularity and impact of rate cuts, noting that from current levels rate reductions might not be good or healthy for the economy. In honor of Halloween, Todd Rosenbluth, head of research at , makes a scary fund — a leveraged bullish daily play on a specific sector — his ETF of the Week, noting that these kinds of specialized funds really only work for investors who will oversee their portfolio constantly to make sure that they don't get burned by the "hot sauce" they're adding to their holdings.
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Sanjac Alpha's Wells: This can't go on forever, but ride carefully for now
10/22/2025
Sanjac Alpha's Wells: This can't go on forever, but ride carefully for now
Andy Wells, chief investment officer at , says the market is in uncharted territory, but that's not just about record highs, but also because the Federal Reserve is in a position where it will be cutting rates with the market at highs and with the underlying conditions suggesting that a cut isn't warranted or necessary. Making cuts will appease the market, but it may lead to a steeper yield curve, which has Wells concentrating on the short end of the curve to minimize duration risk. Wells says that nervous investors are right to think that the market can't rise forever, but it can keep going up for years, so the fear of missing out is as real as the concerns that the markets are topping and investors need to find a balance between the two. Brian Potts, founder of Goods Unite Us and the creator of the Democratic Large Cap Core ETF — — brings his take on "politically responsible investing" to the Market Call, a day after Hal Lambert of the Maga ETF was on the show. He'll talk about his fund's methodology -- and how the research could allow him to create a Republican counterpart to his current fund — and his take on some stocks will include some surprising agreement (and not surprising disagreements) with Lambert on a few names. Plus, Chuck answers a listener's question about dividend investing and why the benefits of regular payouts don't always translate to superior performance when compared to stocks that don't pay dividends.
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Economist Imas: Consumers and investors are hard-wired to make mistakes
10/21/2025
Economist Imas: Consumers and investors are hard-wired to make mistakes
Economist and University of Chicago professor Alex Imas discusses "" which he co-authored with Nobel Prize winning economist Richard Thaler, and talks about the common curses impacting consumers and investors. Imas covers loss aversion and how it drives investors to make bad decisions, how the "endowment effect" explains our cluttered basements and much more. In the first of two Market Call interviews this week that involve funds tied to political views, Hal Lambert, chief executive officer at — — discusses the intersection of politics, investment philosophy and portfolio management and how he believes investors can participate in "politically responsible investing." Chip Lupo discusses 2025 Credit Card Debt Survey, which found that , and roughly the same number say they can’t handle more credit card debt, which could be setting them up for a less-pleasant holiday shopping season.
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Commodities trader on the wild action in coffee, gold and other prices
10/20/2025
Commodities trader on the wild action in coffee, gold and other prices
, chief executive officer at , discusses how the worst drought in Brazil in the last century has coffee stockpiles at their lowest levels in over a decade, driving up costs for every consumer who needs their caffeine fix before they start work in the morning. Cordier, a long-time commodity trader, says that supply-and-demand imbalances are impacting a number of commodities — but most notably coffee and cocoa now — and says it is the commodity issues rather than tariffs that have driven most of the price hikes. At the same time, Cordier says that central bankers around the world have been buying gold at a frantic pace, pushing the price to record levels but leaving plenty of room for it to go significantly higher from here. Harvard University professor , co-author of "," discusses how the financial system benefits the wealthy and financially savvy while setting up ordinary consumers to make costly mistakes. The book looks at everything from credit and insurance to student loans and retirement products, and Campbell talks about what it will take for more people to get a fair shake from the financial services industry. Kyle Guske, investment analyst at , dips into the mutual fund pool for this week's Danger Zone pick, singling out a mid-cap fund that has a decent track record based on past returns, but whose future may not be so bright. The problem, Guske says, is that the fund has loaded up on low-quality stocks, amping up the risk and the potential for an alarming turnaround.
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Valuation investor says his stock picks right now are 'cash' and time
10/17/2025
Valuation investor says his stock picks right now are 'cash' and time
Steven Grey, chief investment officer at , says that inflated valuations have him making cash his favorite investment choice right now, noting that they can gain interest income while avoiding significant market risk while waiting for stock prices to blow off. The cash, Grey notes, not only will increase an investor's sleep factor, but it gives them the option to be buying when the rest of the market is selling. Grey says in the Market Call that his thinking also extends to the stocks he prefers right now, noting that he expects Berkshire Hathaway — notably holding a mountain of cash — to be a financial fortress that turns into a big positive when the money gets put to work when the market turns. — the chairman of the — discusses the changing landscape of business-development companies and the details he gleaned from attending the recent Eversheds BDC Roundtable, which focused on legislative and other issues that are creating challenges and opportunities for the industry. Ted Rossman, senior industry analyst at , talks about his , taking some of the shine off the perks and making it more important that consumers know the rules to get great value from their rewards cards.
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Veteran journalist Greenberg on how 'abnormal is the new normal'
10/16/2025
Veteran journalist Greenberg on how 'abnormal is the new normal'
Long-time financial journalist and markets observer , editor of Herb Greenberg's Red Flag Alerts, says that investor expectations have changed, based on markets where rapid gains seem easy. While he suggests that this mindset is not new — and notes that Wall Street always feeds the quacking ducks by giving them new ideas for how to capitalize on current events and trends — he says it is becoming harder for average investors to remember that a normal market is one that goes up slowly over time. He agrees with assessments that the market is in a bubble, but says investors should know to ride along but protect themselves. Todd Rosenbluth, head of research at makes the rare move of revisiting a past ETF of the Week pick, singling out a T. Rowe Price actively managed bond fund for proving the point he was making about it roughly a year ago, when he previously selected it for attention. Plus Jeremy Keil, retirement planner at , discusses his new book, "Retire Today: Create Your Retirement Master Plan In 5 Simple Steps," noting that achieving a comfortable retirement is less about the money and more about setting expectations and planning for them.
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Simplify's Green sees 'a bubble on top of a bubble' for A.I. and recession ahead
10/15/2025
Simplify's Green sees 'a bubble on top of a bubble' for A.I. and recession ahead
, chief strategist at , says the stock market is inflating a bubble, but that it's really "a bubble on top of a bubble" in the artificial intelligence arena, where the stocks in the industry — but also those adjacent to the technology are booming even though many have yet to prove a real ability to generate profits. Green is worried about slowing economic conditions and expects a recession to hit, barring some significant efforts by the government and/or central bankers -- in 2026. He says investors are overlooking opportunities in fixed income broadly and high-yield specifically, and he favors those areas over rushing into whatever has been popular for a while now. Jacob Ayres-Thomson, chief executive of which is working with financial-services firms and index providers to bring artificial intelligence-driven new approaches to the market discusses how new technologies are changing the old ways of investing, but without eliminating them. He says that no AI-driven bot will ever replace the genius of a Warren Buffett, but it will help make ordinary market actions easier to forecast and, potentially, capture in an investment. Michael Scordo, wealth management adviser at , discusses the latest data released from the Northwestern Mutual 2025 Planning and Progress Study, which showed that Generation X — the middle child of the generations with its oldest members turning 60 this year — is . Many are going through sandwich-generation problems — still raising kids while aging parents now require care — and more than half think they won’t be financially prepared for retirement when the time comes.
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Economists lower recession odds and raise growth projections
10/14/2025
Economists lower recession odds and raise growth projections
Kathy Bostjancic, chief economist at and the chair of the Outlook Survey for the , says the latest survey, released Monday, showed higher expectations for economic growth for the rest of the year and into 2026, with GDP growth -- which had been pegged at roughly 1.3% -- now expected to grow by 1.8%. Bostjancic cautioned that the improved growth forecasts don't make for a frothy economy, but rather seem to reduce the chances of recession. She says that economists improved their outlook, largely because they were too pessimistic earlier this year as they forecast the impacts of tariffs and expected more of a drag on growth than we have seen in the last six months. In the Market Call, hedge fund manager Nitin Sacheti of discusses his long/short approach to stocks, and how he hunts out "special situations" that he believes are poised for above-average growth. Sacheti is a "Tiger Cub," a disciple of Julian Robertson, a legendary hedge fund manager. Plus, Chuck answers a question from a listener who, like himself, has a new grandchild, but who has very different concerns because that baby has been diagnosed with Down Syndrome. Rich Yam, director of wealth strategy/wealth and tax planning at , helps Chuck examine the various considerations that a special-needs family should have, and how grandparents can provide real help for a lifetime.
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Cambria's Faber: U.S. market is the world's most expensive, and that story ends ugly
10/13/2025
Cambria's Faber: U.S. market is the world's most expensive, and that story ends ugly
chief investment officer at the , says that "extremely high valuations are a weight that's hard to overcome," and that the United States is currently "the most expensive country across the board." He notes that when a country ends the year with a price/earnings ratio above 40, the average future 10-year returns are zero. As a result, Faber is suggesting that investors diversify internationally, consider gold — which her describes as being "like your crazy cousin Eddie" coming to the family holiday party — and more. David Trainer, founder and president at , says that companies can manipulate earnings numbers in ways that keep investors interested, but which make future earnings misses most likely, and he puts those stocks that are likely to miss earnings in "The Danger Zone." Trainer says that 72 members of the Standard & Poor's 500 are currently overstating earnings by 10 percent or more. Trainer singled out NRG Energy, which has street estimates of 35 cents per share, but which he says is more likely to generate 6 cents per share in profits. Chip Lupo discusses the 2025 Early Holiday Shopping Survey from , which showed that , but rather they will begin this month (if they haven't started already).
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Key Advisors' Ghabour: Bubbling market could inflate another 30% before bursting
10/10/2025
Key Advisors' Ghabour: Bubbling market could inflate another 30% before bursting
Eddie Ghabour, chief executive officer at , says "the worst is behind us from the economic slowdown," and he expects growth to accelerate at the end of the year and into the first quarter. Combined with rate cuts, it will add fuel to a market that he says is clearly inflating a bubble, with that performance boosted as well by the longer a government shutdown rolls. He says investors should not fear the bubble, because the market will telegraph the bursting. "You can make the most money in bubbles," he says. "The key to bubbles is riding it up but making sure you are not all in when that bubble pops." Ghabour is not the only one talking about the market being in a bubble, as David Lundgren, chief market strategist and portfolio manager at , says the technicals show a market clearly in bubble territory, but in the long upward phase of that cycle. That's why he is fully invested, for now, despite expecting an ugly downturn that he thinks could begin next year. Drake Hicks, head of impact investing at , discusses the unusual intersection of closed-end funds with impact investing, which goes beyond ESG (environmental, social and government principles) to invest in projects which have a purpose beyond just a profit margin. The firm runs the Variant Impact Fund, a high-yield closed-end interval fund whose assets are aligned with the United Nations' sustainable development goals, and Hicks talks about how shareholders benefit from the interval structure.
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Valens' Spivey: Earnings momentum is solid, and will keep this market rolling
10/09/2025
Valens' Spivey: Earnings momentum is solid, and will keep this market rolling
Rob Spivey, director of research at , says many investors believe the current stock market run to record levels has been about price momentum, but he says that earnings momentum has shown growth that is strong enough that it should calm the nerves of investors who think the artificial intelligence business is inflating a market bubble. Valens' research revolves around "uniform accounting," and Spivey discusses proposals that would change how often public companies must report earnings, and talks about why he believes it would not have as much impact on the market as many observers expect. Todd Rosenbluth, head of research at makes the newest fund created by Vanguard — an emerging markets fund that excludes China — his pick for "ETF of the Week," noting that the ETF is a solid passive adjunct to actively managed emerging-markets strategies. Excluding China, Rosenbluth noted, is a strategic choice that may depend on an investor's gut feeling over the potential for a trade war or bigger tariff problems in the future. Financial adviser Dan Dorval of discusses 'Financial Success for the Rest of Us: Quality of Life Planning for Mainstream America," the book he wrote 20-plus years ago and just revised. He discusses how planning has changed but how developing investor discipline has remained one of the key factors of whether a person will achieve financial prosperity.
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Trillium's Smith sees a distant 'dark storm cloud, a tornado' that is 'going to hit us'
10/08/2025
Trillium's Smith sees a distant 'dark storm cloud, a tornado' that is 'going to hit us'
Cheryl Smith, economist and portfolio manager at , says the equity market is "very excited, very ecstatic and continuing to move up," but she warns that stock valuations are extended and she says the market is setting up a fall. Smith says two phrases -- "The Emperor is wearing no clothes" and "The band played on" -- tell the story of this market, but she expects that when the investing public wakes up to see damaging impacts of tariffs and other policies, the market will fall hard. She's not expecting that turn soon, but she says it's unavoidable if current policies are followed through to their economic conclusion. Vijay Marolia, chief investment officer at , brings his "five-lens approach" to stock research to the Market Call. He warns that investors should be worrying about euphoria over recent market results, noting that if your bartender or barber is giving you stock advice, it's a sign that the market is overbought and investors should be patient. Natalie Iannello discusses a study done for IPX1031.com which showed that , with 42% shifting to safer investments and 36% adding new income streams. Reducing debt is a key priority, but Iannello says an alarming number of Americans have tapped their emergency assets or sold investments to get by in current conditions.
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