Money Life with Chuck Jaffe
Veteran financial journalist Chuck Jaffe talks with the big thinkers, the power brokers and the market movers to keep you up to date on the market and the 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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Mariner's Krumpelman: Market will fly through 'clear-air turbulence' to 6600 this year
07/18/2025
Mariner's Krumpelman: Market will fly through 'clear-air turbulence' to 6600 this year
Jeff Krumpelman, chief investment strategist at , likens current markets to "clear-air turbulence," when a plane flying through blue skies winds up being buffeted by high winds and conditions that are hard to see. Weathering that wild ride, travelers can reach their destination, and Krumpelman thinks the Standard & Poor's 500 is headed to 6,600 — the same level he was forecasting at the start of the year — with 7,000 a possible high-water mark. Krumpelman says that trusting the data showing a strong economy should make investors confident that the market will overcome headline noise and turn any downturns into buying opportunities. In The NAVigator segment, Rob Shaker — portfolio manager of — discusses "discount-capture investing," and how the market's wild moves around tariff announcements this year made the strategy particularly sensitive to the emotional changes of investors. Shaker says that discount fallout from tariff news was particularly big and fast, but conditions normalized quickly, rewarding patience and risk-taking. Plus, in the Market Call, Eric Marshall, president and portfolio manager at , talks about bottoms-up investing and finding management with solid long-term stories that can weather current headline risk.
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Fed-watcher Roberts says Powell, like high rates, isn't going away soon
07/17/2025
Fed-watcher Roberts says Powell, like high rates, isn't going away soon
Doug Roberts, chief investment strategist at the — author of Follow the Fed to Investment Success — says he does not believe that President Trump will fire Federal Reserve chairman Jerome Powell, and that he also thinks Powell will continue to ignore the president's pressure to cut rates. Given recent numbers, Roberts thinks Powell and the Fed can wait longer before making any rate cuts, potentially holding off through both the July and September meetings before making a move. Meanwhile, he says that large-cap stocks will continue to be the play, with small-caps needing a rate cut to get out of the doldrums. In the Market Call, Bill Davis of and the Hennessy Sustainable ETF, talks about how current economic uncertainty is hurting the market, even as it has returned to record-high levels. Plus Todd Rosenbluth, head of research at , picks a new, actively managed "dynamic value" fund as his "ETF of the Week."
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Hartford Funds' Jacobson: Amid uncertainty, foreign markets look better than the U.S.
07/16/2025
Hartford Funds' Jacobson: Amid uncertainty, foreign markets look better than the U.S.
Nanette Abuhoff Jacobson, global investments strategist for the , says that uncertainty, by itself, hasn't derailed global markets and slowed growth, but that it could be starting to happen now with signs that there has been a lag time impacting tariff impacts and that core prices are starting to rise. Jacobson says that U.S. investors have become "complacent and they're pricing in a bit of a Goldilocks scenario;" she is still positive on equities, but she is underweight U.S. stocks and overweight emerging markets, Europe and Japan.Michael Gayed, portfolio manager of the new — as well as the — discusses how deregulation policies will benefit certain industries and businesses and how reduced compliance and other regulatory costs will result in bigger profits and more capital expenditures, and will particularly benefit small-cap stocks. Plus, Jesse Abercrombie discusses — conducted at the height of April's post-tariff announcement market volatility — which showed that nearly three-quarters of Americans are optimistic about their ability to live a "financially fulfilled life" despite current, ongoing volatility concerns.
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Fundstrat's Newton expects the market to melt up another 5% by year's end
07/15/2025
Fundstrat's Newton expects the market to melt up another 5% by year's end
Mark Newton, global head of technical strategy at , says he is optimistic for the rest of 2025, though he expects choppiness as the Standard & Poor's 500 moves toward a year-end target of 6,650. Newton says the economy and that the market is in a "Goldilocks state because the Fed is certainly going to cut three times between now and next summer, earnings are coming in good and yet there's still a wall of worry," making for "a very favorable path for investing in the second half of this year." Economist and New York University professor says that the economy is entering "literally uncharted territory" when it comes to tariffs, with free international trade being upended by current government policies. Yaruss is worried that the economic impacts of tariffs haven't truly hit yet, but he says the lag is about to end and that means the numbers will start to get ugly and could push the U.S. economy into recession and/or stagflation. In the Market Call, Hank Smith, head of investment strategy at , talks about investing in companies with growing dividends, noting that the growth of the payout is more important to him than a simple high yield number.
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Housing economist makes case for cutting a home out of the American Dream
07/14/2025
Housing economist makes case for cutting a home out of the American Dream
Brad Case, chief economist at , says that while Americans have been complaining about the housing market and available home stock, the market is not far off from historic norms. That said, he also discussed some recent research he did showing that Americans would be better off renting a home — and investing the savings they get on various aspects of ownership — than they are by tying up the biggest chunk of their monies in a home, which he considers to be an asset that puts up comparatively small gains over long periods of time. David Trainer, president of , comes through with an attractive stock selection, picking Halliburton as a company that is likely to benefit from beating earnings soon. The pick follows up on the Danger Zone segment from last week, when Trainer singled out Caesars Entertainment as a stock likely to miss projected earnings and to be punished by the market as a result. Charles Rotblut, vice president for the American Association of Individual Investors, says investors have moved from being highly pessimistic when tariffs were first announced and the market was tanking in April into more of an equilibrium. With the market reaching near record levels, Rotblut says it is a good sign that optimism hasn't completely surged; that said, he noted that investor sentiment is rising, and discussed how is now using sentiment as more of determinant on trading when it moves in ways that might signal a potential market reversal.
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ViewRight's Randazzo: Market signals 'point to strength' that can roll on long-term
07/11/2025
ViewRight's Randazzo: Market signals 'point to strength' that can roll on long-term
Vincent Randazzo, founder and chief market strategist at , says that while the stock market appears overbought in the short-term — and may need some time to get through it — the longer-term indicators are bullish, and suggest that the rally that has been in place for three years now can continue. Randazzo says that indicators are showing that the market appears to be broadening out, and that improving market participation and improving investor confidence should help power the market through headline risks. In The NAVigator, John Cole Scott, president of — chairman of the — says he expects three first-half laggards in municipal bonds, senior loans and master limited partnerships to become leaders for the rest of 2025, and suggests attractive options for riding those trends. In the Market Call, Garvin Jabusch, co-founder and chief investment officer at discusses his efforts to find companies that are truly innovative and driving long-term change rather than riding the coattails of a hot industry or sector.
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Looking at the future of the energy sector, bitcoin mining, 'Trump accounts' and more
07/10/2025
Looking at the future of the energy sector, bitcoin mining, 'Trump accounts' and more
It's a wide-ranging show today, with Ben Cook, portfolio manager for the , giving his latest take on the energy sector, noting that the industry is well-positioned to at least not be hurt while tariff policies play out, even as the U.S. has become the world's largest oil-producing nation and the OPEC nations are looking to improve their fortunes. Todd Rosenbluth, head of research at , revisits the CoinShares Valkyrie Bitcoin Miners ETF — which he featured as ETF of the Week at the beginning of March and which gained 78 percent during the second quarter of 2025 — noting that miners and spot crypto funds serve different purposes in a portfolio, but that both are poised for more growth now. Melissa Stephenson discusses her research for that looked at the theme parks that provide good value for your money while keeping lines short enough that complaints are few, and Chuck does a deep dive on the so-called "Trump accounts" that were created within the budget bill that was signed into law last week. These accounts give $1,000 to every baby born in the country to U.S. citizens between 2025 through 2028 — including the grandchild Chuck's daughter is expecting in August — and he talks about the benefits of the program (beyond the cash infusion) and compares it to other savings vehicles.
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KraneShares' Ahern on the impact of a 'likely' U.S.-China trade deal
07/09/2025
KraneShares' Ahern on the impact of a 'likely' U.S.-China trade deal
Brendan Ahern, chief investment officer at and the author of the , says that the government of China is "doing the things that Trump wants them to be doing" for domestic policy purposes, which is why he sees the signs of a U.S.-China trade deal in the works. He says in The Big Interview that neither side can win in a trade war, but that both sides can move forward sharply and strongly with agreement, even if tariff levels remain high and in place indefinitely. Ahern says that "the worst is behind us" on dollar weakness, noting that he doesn't expect the Federal Reserve to cut rates until later in the year, allowing the dollar to stabilize in the interim while tariff policies are being finalized. Bob Powell, retirement columnist at discusses government projections showing that in 2026, and will likely be subjected to higher-than-expected increases potentially for the next decade. Plus, Allison Hadley, an analyst at , discusses research on and how it is changing their search results, how they shop, find advice, access news and more.
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Sage's Williams: Worst case is off the table, but the market has potholes ahead
07/08/2025
Sage's Williams: Worst case is off the table, but the market has potholes ahead
Rob Williams, chief investment strategist at , says the economy and market have moved off of potential worst-case scenarios into "this manageable camp," where it must get through potholes and uncertainty as the economy "flirts with stall speed" in growth. Still, Williams sees some powerful tailwinds that could drive the market higher in the second half of the year, but the concerns make it that investors should remember that "yield is your friend." "Be fully invested in equities," Williams says, "but don't be stealing from fixed income yet to overload on the equity side. You will want that yield if things get bumpy." , author of "Detach: Ditch Your Baggage to Live a More Fulfilling Life" discusses how to break away from uncertainty — which he says is a constant in life, and not just present in times like today — to be happy and productive even when conditions make that hard. Plus Chip Lupo discusses a survey showing that the tariff uncertainty has made consumers — anticipating price hikes — more interested in earning credit card rewards, and .
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Ritholtz's Maggiulli on the problem with fast recoveries, diversification and more
07/07/2025
Ritholtz's Maggiulli on the problem with fast recoveries, diversification and more
Nick Maggiulli, chief operating officer at — the author of the "" blog — says that while recoveries can happen faster now than in the past due to advances in technology and information, investors who always expect the market to bounce back quickly from any setback have learned the wrong lesson. While he is not calling for a protracted downturn, he is suggesting investors want to protect themselves; to that end, he discusses how proper diversification practically forces individuals to buy and hold something that will lose money, even when everything else is doing well. That makes it hard to do, even if it's the best path. Maggiulli also discusses achieving financial independence — and the mindset to enjoy it — and more. David Trainer, founder and president at , resurrects some of the firm's research looking at which stocks are most in jeopardy of an earnings miss when second-quarter numbers are released in the coming weeks, and singles out one well-known gaming stock that he says is due for a miss and a big fall. And in the Market Call, Christopher Zook, president of , mixes growth-at-a-reasonable price investing with his long-term thematic approach to the markets.
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Economist Torres expects rate cuts, tariff clarity and more to power a bull run
07/03/2025
Economist Torres expects rate cuts, tariff clarity and more to power a bull run
Jose Torres, senior economist for , says that the economy is about to get past tariffs — "the huge negative of the Trump policy mix" — and move to lighter taxation, milder regulations, subdued energy costs, rising factory production and, hopefully, rising employment as well," which creates a bullish outlook for the economy and the stock market into 2026. Torres says he expects the Federal Reserve to begin cutting rates this month and says the central bank has plenty of ammunition to fend off any recessionary pressures left while inflation gets through the initial tariff impacts. Torres noted that IBKR's suggests 25 percent odds that the Fed will trim this month, but he believes that's low and that the Fed has been too tight. Kyle Brown, chief executive officer at , says government policies have been paying off for business-development companies as the private credit markets have seen a spike in demand as a result of the capital expenditures that American businesses are undertaking in order to achieve the government's near-shoring mandates. He says that private credit providers are well-positioned in the current rate environment, but also could benefit from rate cuts reducing costs. Plus Todd Rosenbluth, head of research at , turns to a "dividend dogs" fund as his "ETF of the Week."
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Veteran journalist Greenberg on a stock scam and 'the golden age of grift'
07/02/2025
Veteran journalist Greenberg on a stock scam and 'the golden age of grift'
Herb Greenberg, editor of , tells the that most recently centered on Ostin Technology, a Chinese company traded on the Nasdaq that recently popped to over $9 per share before losing 95 percent of its value in a single day. While the company is a cautionary tale for investors, Greenberg's bigger warning involves similar frauds that spring up around other companies overnight — that are fueled by investor greed and AI-powered fakery — which he describes as nearly impossible to stop or end in what he calls "the golden age of grift." Financial adviser Anthony Holds discusses the latest release from Northwestern Mutual's 2025 Planning & Progress Study, which showed that . Plus, in the Market Call, Dryden Pence, chief investment officer at , talks about finding stocks that benefit from being at the chokepoints in the supply chain for the next big thing.
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Global X's Helfstein leans into defense tech and cybersecurity for back half of '25
07/01/2025
Global X's Helfstein leans into defense tech and cybersecurity for back half of '25
Scott Helfstein, head of investment strategy for says the fundamentals are strong enough that the market and economy should be in better shape by year's end, provided the wildcards of tariffs and geopolitics don't interfere. Discussing his , Helfstein expects different leadership, noting that he favors low-beta strategies, plus the defense technology and cyber-security sectors. Helfstein says that growth stocks are "more profitable than they have ever been," and says that investors who missed out on the artificial-intelligence boom can get in now at valuations that are reasonable because the industry had a recovery since April that was more sluggish than the rest of the market. Susan Fahy discusses the for May, which showed an increase in early-stage delinquencies, including in mortgages, and whether it's a sign that consumers are starting to struggle. Plus Matt Kaufman, head of ETFs for , discusses the firm's new "," and how it represents less of a step in the evolution of options-based strategies than a "new asset class" for investors looking for high levels of income.
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U.S. Bank's Haworth has a 'glass half-full view' on earnings, economy and markets
06/30/2025
U.S. Bank's Haworth has a 'glass half-full view' on earnings, economy and markets
Rob Haworth, senior investment strategist at , says that the volatility and headline risks of the first half of 2025 haven't changed the outlook for the market and economy, which can grind through the rest of the year and into 2026 with modest gains. Haworth acknowledges "a lot of questions still to be answered," but he says that most of the answers will be within degrees of expectations, and a lack of surprises should allow the market to grind higher. That said, Haworth said investors will want to be properly diversified to protect themselves against the volatility and the news risks. David Trainer of puts Carvana back in The Danger Zone, noting that the stock — which he first singled out in April of 2019 — has roared back from a low of $4 per share in December 22 to gain more than 50 percent year-to-date and nearly 150 percent in the last year, rising to a stock valuation "that implies that Carvana will sell as many vehicles as General Motors." Plus Greg McBride, chief financial analyst at , on their latest survey research, which showed that , and half of Americans don’t have enough emergency savings to cover three months’ expenses.
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Mackenzie's Reid expects a jumbo cut from the Fed in September
06/27/2025
Mackenzie's Reid expects a jumbo cut from the Fed in September
Dustin Reid, chief strategist for fixed income at , says he expects the Federal Reserve to hold off on rate cuts in July, but to be moved into making a double cut — half a percent — in September, and worries that the central bank may be waiting too long to act, as the labor market is starting to show some cracks. Reid said a bigger cut might be taken as a positive by the market if inflation hasn't spiked, labor markets are slow but steady and the action suggests that the Fed is trying to stay ahead of the action. That action and uncertainty has Reid favoring intermediate bonds now, with two- to five-year maturities. John Kosar, chief market strategist at , says he is risk-on right now, being fully invested and continuing to ride the wave that started churning after the stock market bottomed out in April. Kosar acknowledges that the market's rebound has been fast and big, and so he's expecting a reversion to the mean that would push him to a risk-off position, ahead of what he considers a foreseeable market tumble. Plus, in The NAVigator segment, Mike Schueller — co-manager of the — says he foresees a "muddle-through economy," which is actually a good environment for high-yield bonds, which face little default risk at a point where recession has "receded into the background."
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Investors lower expectations from 'outrageous' to 'almost reasonable'
06/26/2025
Investors lower expectations from 'outrageous' to 'almost reasonable'
David Goodsell, executive director of the , discusses the firm's , which shows that investors were so satisfied with the 20-plus percent gains of 2023 and '24 that they are expecting less this year, but they have only dropped their expectations from roughly 17 percent down to about 12 percent, and Goodsell notes that financial advisers sugest those numbers aren't realistic or responsible. Goodsell says he believes the market is heading towards "a new age of diminished expectations." Sociologist and author Juliet Schor discusses her latest book, ", leaning into whether the business community and the government could ever adopt a massive workplace change on a broad scale. Todd Rosenbluth, head of research at , leans into current events to examine an advocacy fund with his ETF of the Week, and Chuck answers a listener's question about the "Buy, borrow and die" strategy a financial adviser is pitching to his friend's elderly, wealthy mother.
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BNP Paribas' Morris says 'neutral' may be the best bet for this market
06/25/2025
BNP Paribas' Morris says 'neutral' may be the best bet for this market
Daniel Morris, chief market strategist at , says he sees continued expansion in the United States and a slowing in Europe and other international markets, which contributes to why he is mostly neutral on allocations, as tariff plays and international stimulus efforts and more creates positive potential around the globe. Morris says a neutral stance makes sense because there is so much uncertainty right now that it is hard to have strong convictions about what the market can do next. Indrani De, global head of investment research for discusses the ongoing Russell Reconstitution — the exercise of changing benchmark indexes to reflect corporate evolutions and avoid surprises — and what the current effort (which becomes final on Friday) reveals about the stock market and the breadth of growth now. Plus Mark Hamrick, senior economic analyst/Washington bureau chief at , discusses current levels of consumer sentiment which show that
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PGIM's Mintz says bargain hunters should look to emerging markets
06/24/2025
PGIM's Mintz says bargain hunters should look to emerging markets
Stacie Mintz, head of quantitative equity for , says that equity valuations in emerging markets are at their most attractive level relative to U.S. stocks in decades. That's not a surprise, as emerging markets have underperformed domestic markets for the last 13 years, but Mintz says the time has come for diversification to pay off. While the headline risks of tariffs, trade wars and geopolitics loom large,she said current values are compelling enough that investors should be comfortable waiting for a payoff when the news cycle calms down. Jasmine Escalera discusses a survey done by which showed that "ghost job postings" — listings for phantom jobs that don't exist — . Plus Richard Howe, editor of the , returns to the Market Call, talking about what can make spin-offs attractive, compares the roll-out of subsidiaries to the initial public offering process and discusses howlong spin-off effects linger.
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Veteran manager Shill sees a complacent market facing big downside risks
06/23/2025
Veteran manager Shill sees a complacent market facing big downside risks
Ed Shill, managing partner at the , says he sees the market either continuing to climb the proverbial wall of worry or getting complacent, and he fears that it's the latter after the sharp rebound from April's decline. "Right now the market is overbought," Shill says in the Market Call, where he recommends "putting airbags on," using stops to lock in profits and being prepared to step back from markets until conditions improve. In The Big Interview, Sam Millette, senior investment strategist at , says that the Federal Reserve faces a challenge getting the market to understand its motivation for any rate cuts it makes later this year. He expects a rate cut later this year, likely in September, but he says the reaction of the market — whether it gives the classic bullish response or if it reacts as it did in 2024 when cuts had less impact than expected, particularly on bond markets — will depend on what the market thinks is the Fed's motivation for a cut. Plus, Anthony Holds of Holds Wealth Advisors discusses the latest results from Northwestern Mutual's 2025 Planning & Progress Study, in which .
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Invesco's Levitt: Expect lower earnings, higher volatility and modest market gains
06/20/2025
Invesco's Levitt: Expect lower earnings, higher volatility and modest market gains
Brian Levitt, global market strategist at , says that he came into the year expecting that the growth and inflation backdrop would support reasonable corporate earnings that could push the market higher. He still believes that -- despite expecting a slowdown, struggles with increased market volatility and higher inflation as a result of tariff impacts -- and said that . Levitt made the case for expanded international investments, but said he would lean into quality as a factor, noting that high-grade companies will give the most shelter if the storm clouds deliver more trouble than Levitt and Invesco are currently forecasting. Certified financial therapist Nate Astle discusses a study which showed the , suggesting that money isn't just a numbers game but a mental-health issue. Plus John Cole Scott, president of , answers listener questions about closed-end funds and whether premiums and returns of capital are as bad for investors as they are cracked up to be, whether interval funds are worth the illiquidity risk and more.
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NY Life's Hermann: 'We have a lot of risk and almost none of that is priced in'
06/18/2025
NY Life's Hermann: 'We have a lot of risk and almost none of that is priced in'
Julia Hermann, global market strategist at , says she is concerned about market volatility for the remainder of the year, especially as tariff impacts work their way further into the economy and as we see some resolution on their status. While tariffs pose the risk of creating an exogenous shock — precisely what Hermann worried about triggering a recession when she last visited the show in February — she says that recession risk now is actually lower than it was when trade policies were made public in early April. She also discusses , which looks at global debt investing, talking about how deficit spending and other concerns will impact credit markets over the next decade. Greg McBride, chief financial analyst at , checks in ahead of today's Fed meeting and announcement on what he expects from central bankers for the remainder of the year and whether cuts — whenever they start — will have the classic result investors are clamoring for. Plus Todd Rosenbluth, head of research at , makes a play on the market's recent momentum with his pick for the "ETF of the Week."
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Wells Fargo's Christopher expects market, economic pullbacks through the end of '25
06/17/2025
Wells Fargo's Christopher expects market, economic pullbacks through the end of '25
It's a tale of two forecasts on today's edition of Money Life, as two experts come to very different conclusions of how 2025 will play out. In The Big Interview, Paul Christopher, head of global investment strategy for the says he expects the market to drop "5 to 10 percent easily" as tariffs, accompanying inflation and a slowing economy take hold during the third quarter and stick around for at least six months. Christopher notes that surprises could push the market down even further, back to or past April lows, but he noted that he'd be buying there, because he believes the United States was oversold early this year and will represent a particularly good value once it digests the expected downturn. In the Talking Technicals interview, however, Matt Fox, president of , sets a 7000 target for the Standard & Poor's 500, up about 20 percent from current levels in the next 12 months. Fox says the sell-off in April did a lot of the "technical damage" necessary to set up a rally, and has us now at a point where "the path of least resistance is higher." Fox's forecast, however, also is based on solid fundamentals, which he believes can overcome the current headline risks that are dominating the landscape now. Plus Drake Shadwell discusses the latest research from showing the current trends on and what that means for the strength or weakness of the economy.
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Northwestern Mutual's Schutte: Markets won't be 'straight up and to the right'
06/16/2025
Northwestern Mutual's Schutte: Markets won't be 'straight up and to the right'
Brent Schutte, chief investment officer at , says that "Asset classes don't die, they just go to sleep for awhile," and they wake up when there are changes to the macroeconomic backdrop. He says that domestic strategies about trade, tariffs and global defense represent that background change, which is why he's recommending diversification, and considering commodities, international stocks and more. Schutte says he's expecting rate cuts late in the year and thinks the economy can avoid recession, but not a slowdown. David Trainer, founder and president at New Constructs, finishes the firm's three-week look at troubling dividend trends, this week focusing on "dividend traps," companies where the current price is so high that a big decline would mean that the dividend isn't worth sticking around for. Previously, featured "fake dividend stocks" and "false dividend stocks" in The Danger Zone. Plus economist Brian Lewandowski of the University of Colorado Boulder looks at the June from the National Association for Business Economics, out today, which showed that economists expect sluggish economic growth and persistent, higher inflation into 2026; on average, the economists felt those conditions were not likely to create a recession.
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LPL's Turnquist: 'You want to be buying dips and not selling rips right now'
06/13/2025
LPL's Turnquist: 'You want to be buying dips and not selling rips right now'
Adam Turnquist, chief technical strategist at says he expects the market has enough momentum to break through to new record highs, and soon. Led by tech stocks, Turnquist expects the move off the April lows to continue, though he acknowledges that the macro backdrop "is extremely messy." If the market can overcome trade uncertainties, Turnquist says that when new highs are achieved three months apart, it is typically a good sign that a volatile market can continue overcome bad news and continue upward trends. The NAVigator segment features an interviewed taped in New York at the Active Investment Company Alliance BDC Forum with Tonnie Wybensinger, head of government relations for the , an industry advocacy group who discusses current legislation that would give BDC investors a tax break and how legislation on esoteric subjects like business-development companies gets passed. Natalie Iannello, discusses a survey which showed that , which is a problem when you consider that other research shows the average American salary at about $66,000. Plus, it's Chuck birthday, and he shares a birthday wish for his financial situation, and yours.
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Oppenheimer's Penn is watching how credit losses weigh on BDCs
06/12/2025
Oppenheimer's Penn is watching how credit losses weigh on BDCs
Mitchel Penn, managing director at — interviewed at the Active Investment Company Alliance BDC Forum in New York on Wednesday — says that credit losses for business development companies during the first quarter of 2025 were more than double the level they have been at for the last few years. He says some of that increase could be attributed to the market's reaction to government policies, but that it also could be that interest rates have stayed higher for so long now that they are starting to create credit-quality issues. He said BDCs can still deliver returns in the range of 9% moving forward, though he warned that an increasing number of business-development companies may struggle to earn their dividends, making it important for investors to be avoid simply chasing a high yield. Also from the BDC Forum, Bob Marcotte, president at , discussed how government policies are encouraging business investment and capital expenditures which should create outstanding conditions for private credit, and therefore BDCs, to shine. Plus, Todd Rosenbluth, head of research at , checks in with a short-duration Treasury fund that uses options to goose its yield as his ETF of the Week, and Chuck discusses the growing threat to investors and the economy from breakdowns and cuts impacting the way the country's economic statistics are tracked and maintained.
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Merrill's Quinlan: Market will still hit '25 targets while avoiding recession
06/11/2025
Merrill's Quinlan: Market will still hit '25 targets while avoiding recession
Joe Quinlan, head of CIO market strategy for and , says the market "got wrong-footed coming into January," expecting a pro-business administration but stumbling instead due to the tariffs, but he says that as the economy starts to get to the other side and have some clarity, he still sees the Standard & Poor's 500 hitting the same goals his team set for it at the beginning of the year at 6,600. While he would like to see the market make and hold new highs to prove that the rebound from April lows can hold, he says that there will not be a recession this year or next without some man-made event like the Federal Reserve making a mistake by moving rates too much or too soon. While Quinlan is confident that there won't be a recession, most Americans disagree; Emily Fanous discusses a survey done for Howdy.com which showed that — within the next year — and that many are starting to change financial habits to prepare for that downturn now. Plus, veteran international fund manager Bernie Horn of talks stocks in the Market Call.
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AAII's Rotblut on what investors are saying and doing with their money now
06/10/2025
AAII's Rotblut on what investors are saying and doing with their money now
Charles Rotblut, vice president for the — the keeper of the group's sentiment and asset-allocation surveys — discusses how investors are becoming increasingly but increasingly aggressive in their investment plans. Neutral sentiment — the expectation that the market will remain flat over the next six months — has been on the rise, as Americans feel better about the market without necessarily being optimistic; meanwhile, their asset allocations are taking on more stocks. Mostly, however, Rotblut notes that most investors should keep their emotions in check and let the headlines play out, mostly riding out the storm with a long-term investment plan in place. Veteran investment adviser Stephen Akin, founder of , mixes technical analysis with fundamental stock details in the Money Life Market Call, and Chuck answers a listener's question about retirement-savings basics, which tax-advantaged accounts to use and how to prioritize your savings.
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Veteran manager says bond market sees no recession, few rate cuts, controlled inflation
06/09/2025
Veteran manager says bond market sees no recession, few rate cuts, controlled inflation
Dan Carter, senior portfolio manager at , says that the bond market "is pricing in a very benign outcome for everything that has been going on and all of the risks that are out there," and the stock market mostly seems to be agreeing with that assessment. While Carter's forecast calls for slow growth, he thinks the chances are that it stops short of a recession, and that any downturn is likely to be short-lived as the market and economy digest the headlines and move on. Kyle Guske, investment analyst at , puts "fake dividend stocks" in The Danger Zone, building on the idea of "false dividend stocks" that David Trainer, the company's president, highlighted a week ago. Pamela Ladd discusses an survey which found that , and Chuck goes off the news on how the Labor Department recently changed its guidance concerning cryptocurrencies in retirement plans, and whether that will result in more unsophisticated investors loading up their 401k plans with Bitcoin.
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Veteran strategist says market needs a breakout to prove this is no bear-market rally
06/06/2025
Veteran strategist says market needs a breakout to prove this is no bear-market rally
Technical analyst Willie Delwiche, the founder of , says that "New highs are the most bullish thing that stocks can do," and he says investors need to see a return to record-high levels for proof that the current rebound is more than just a bear-market rally. He expects the market to be held hostage by headlines and range-bound — bouncing between the market's February peak and the April post-tariff-announcement lows — until there is some clarity on tariffs, interest rates and more. He expects large-cap growth stocks to keep leading the way domestically, and says that the international rally has room to continue because money has been rotating away from U.S. assets toward more global positions. Michael Grant, co-chief investment officer at — co-manager of the Calamos Long/Short Equity & Dynamic Income Trust — says that current market conditions have made it that bonds are no longer a natural working hedge for market downturns, with downside risk that can be worse than what stocks are facing. Eric Lutton, co-chief investment officer at — manager of the — talks business-development companies, real estate investment trusts and more in the Market Call.
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Sanjac Alpha's Wells says investors need to reduce their expectations
06/05/2025
Sanjac Alpha's Wells says investors need to reduce their expectations
Andy Wells, chief investment officer at , says that investors might want to put a collar on their enthusiasm, whether that involves a hunger for interest rate cuts or double-digit stock market returns. In a wide-ranging Big Interview, he says that he doesn't expect the Federal Reserve to make rate cuts, notes that he thinks international stocks have profited from turmoil but are less promising for the future, and says that the domestic market — helped by a strong economy — should be able to hold marginal, single-digit gains for this year and have small gains moving forward for the next few years. Meanwhile, he says investors should lean into the money they can earn from bonds, while being cautious about long-duration paper. Todd Rosenbluth, head of research at , leans into the strong international markets, picking an actively-managed Fidelity fund as his ETF of the Week. Plus Ted Rossman discusses a survey showing and how they are fighting back against what they perceive as increased pressure to leave tips, and Chuck answers a listener's question about picking a spot bitcoin ETF.
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