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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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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Bear-fund manager expects a 'wide, sloppy range-bound market' for years
06/04/2025
Bear-fund manager expects a 'wide, sloppy range-bound market' for years
Veteran market-timer Brad Lamensdorf, manager of the and of a new market-neutral hedge fund, says that the market's outsized gain of the last few years has set it up for a long period of sideways and heavy volatility while high valuations settle into something more reasonable. He's not calling for a recession — and he thinks there will be plenty of opportunities for savvy stock-picking — but he says the market will be much less comfortable for investors than it has been over the last few years. Jordan Rizzuto, managing partner at — which assesses market and economic strength to determine broad asset allocations — explains how the firm came into 2025 with all of its measures being bullish, only to see those indicators start to turn so that by mid-March its key measures were negative; that had only happened four times before, each pre-saging significant market downturns. After the stock market recouped the tariff tantrum losses, one measure has turned positive, and Rizzuto notes that times of mixed indicators are when the changes are most tenuous. As a result, Rizzuto says current conditions should make investors cautious and defensive as they watch current economic and market headlines play out. Plus Chuck goes off the news to discuss the "Credit Card Competition Act," which has been tucked into some other legislation winding through Washington, and which could dramatically impact the future availability of loyalty and cash-back programs.
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Regions' McKnight: Domestic markets will outperform the rest of the year
06/03/2025
Regions' McKnight: Domestic markets will outperform the rest of the year
Alan McKnight, chief investment officer at , says that there is opportunity for investors to "eek out a mid-single-digit type of return this year," provided that they can stomach high levels of volatility along the way. Specifically, McKnight says that he expects domestic stock markets to be the leader in the second half of the year, most notably in comparison to international developed markets, which have been a bright spot thus far in 2025. McKnight expects the performance of foreign stocks to fade, while mid-cap domestic stocks pick up sharply. McKnight also expects the Federal Reserve to cut rates two or three times late in the year, noting that "there's really not a need to initiate more cuts right now," which will make the move more effective as the economy slows while it digests trade policies and more. Kathy Kristof, founder and editor at , discusses how people can get the most from side jobs, noting that they can be a gateway to second careers, semi-retirement life changes or a means to achieving a specific financial goal, but how the best way to achieve those ends involves some detailed advance planning and thought on how to make the most of your skills and assets. Plus, the Weird Financial News returns, and digs into some of the financial issues behind a few recent news stories where the money angle was largely ignored by the mainstream media.
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Economist says new tariff uncertainty builds confidence that recession is avoidable
06/02/2025
Economist says new tariff uncertainty builds confidence that recession is avoidable
Brian Jacobsen, chief economist at , says that for all of the concerns that tariffs have created for the economy, the situation playing out in the courts now has put a cap on how much can be done that reduces the chance of recession. Jacobsen says that the bond market is signalling potential concerns now while the stock market is suggesting that "everything is fine," and he notes that both messages can be correct amid uncertainty around inflation, government debt levels and more. Jacobsen also discusses the sentiment numbers, which suggest that consumers are miserable, but he says that Americans aren't yet reflecting that attitude with their spending habits. Yetin a Survey Said interview to open the show, Chip Lupo analyzes the latest , which showed that consumer optimism is plummeting and that it is starting to impact those spending decisions. Plus David Trainer, president at , introduces the concept of "fake dividend stocks" in the Danger Zone this week, noting that a popular real estate trust focused on data centers has a decent dividend but is so overpriced that investors will wind up losing more money holding the stock than they earn from the dividends that the stock pays out. He says this is part of a trend — which he plans to cover in the Danger Zone — of "false dividends, fake dividends and dividend traps."
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Veteran strategist says market will set new records soon, and hold them for years
05/30/2025
Veteran strategist says market will set new records soon, and hold them for years
Jim Thorne, economist and chief market strategist at , says the target he was setting for the stock market entering 2025 holds, and that means 7,000 on the Standard & Poor's 500 "is doable this year, and I think we will rally nicely into the mid-term elections." Thorne believes the economy can avoid a recession, which will slowly help to turn the soft data as consumers and investors regain confidence, which — coupled with interest rate cuts which he says are overdue — will keep the United States markets not only moving up but the best place to invest in the world. John Cole Scott, president of , looks at two mainstream media articles that named "the best closed-end funds" and to compare those picks to his own — made on previous appearances on The NAVigator — to see how well the one-size-fits-all advice actually suits investors. It's a lesson in evaluating funds, but also on sizing up the sources of investment recommendations. Plus, Mark Hamrick, senior economic analyst at discusses the site’s , which not only showed that Americans are struggling in many cases to buy homes, but they often regret how much they paid and the costs of maintenance once they get one.
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Leader Capital's Lekas: 'I'm just not buying into the gloom and doom'
05/29/2025
Leader Capital's Lekas: 'I'm just not buying into the gloom and doom'
John Lekas, president and senior portfolio manager at Leader , says that focusing on the numbers rather than the headlines shows a market that has the potential to gain 5 to 10 percent before year's end, with solid gains in the bond market as well, particularly in collateralized mortgage obligations. Lekas says he's not worried about inflation remaining sticky because stocks often perform well during inflationary times; he thinks the dollar will get 10 percent weaker over the course of the year — and notes that the dollar is his primary worry — but he notes that the dollar's change is not convincing him to invest internationally. He's still sold on the domestic market, and says the currency volatility makes the international picture murkier and less attractive. Kelley Wright, editor at , discusses value stocks for the long haul in the Market Call, and Todd Rosenbluth, head of research at , leans into the changing market conditions by picking an active thematic rotation fund for his ETF of the Week.
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Economist Kotlikoff: Recession is coming, cut back hard on the equities
05/28/2025
Economist Kotlikoff: Recession is coming, cut back hard on the equities
, professor of economics at Boston University and the founder of — which helps investors bring economics into their financial planning decisions — says investors who have spent decades thinking the stock market rebounds from every dip and decline could be in for a different story with a coming recession, and he thinks they should be trying to lock in their standard of living rather than focusing on historic rates of return. To that end, he says he has cut his personal equity exposure from 60 percent of the portfolio to 20-25 percent. "I do see only downside risk from what's going on," Kotlikoff says. "Even if there is nothing changed on average, the uncertainty itself is enough to produce a recession and a big drop in the stock market." Ted Rossman discusses a recent survey which showed that like travel, dining out and live entertainment, but he also notes how plans to limit spending often fail to translate into action and reality. Plus, Chuck answers a listener's question about how to turn the portfolio of his younger self into something more age appropriate and mature.
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Tocqueville's Petrides: Amid murky market situation, buy a little of everything
05/27/2025
Tocqueville's Petrides: Amid murky market situation, buy a little of everything
John Petrides, portfolio manager at , says that today's heightened volatility should have investors spreading their bets, "because the world is so unsettled right now that it's hard to have conviction to lean into one position, one asset class or one investment all on one side of the boat at one time." He says the market has ridden out a storm but isn't settled, and investors will want to extend their international investments to get good values, but will want to capitalize on premiums currently available in bonds, will want to diversify geopolitical risk with gold and will want to be selective on domestic stocks as they watch the tariff and economic situations play out. Plus journalist Sara Bongiorni, who wrote a book in 2007 called “,” which chronicled her efforts to simply avoid goods made in China for 12 months, discusses how hard she thinks it will be for Americans to minimize the impact of tariff policies, noting that certain industries — from shoes to lamps to the materials needed to celebrate July 4 — are virtually impossible to buy from any place but China, and she notes that the efforts it takes to avoid Chinese goods also can be extreme, leaving consumers with no easy alternatives.
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Natixis' Janasiewicz: It's a range-bound market, and we're near the top
05/23/2025
Natixis' Janasiewicz: It's a range-bound market, and we're near the top
Jack Janasiewicz, senior vice president and portfolio strategist at , says the market is in the middle of "one big range trade, and we're probably a lot closer to being at the top of the range rather than the bottom," which means there is more likely room to move down from here rather than to post big gains. Janasiewicz says the the slowing economy needs more time to work through the hard data, which will take time, and will likely lead to a volatile market within the current range. Janasiewicz says the market must also deal with short-term concerns over the weakening dollar, but says he think those worries are overblown when it comes to their long-term impact; like most analysts right now, he likes gold as a dollar diversifier to help ride out the issues. Brian Griggs, head of portfolio strategy and solutions at , says that investors have long had too much dependence on large-cap domestic stocks and an over-reliance on duration in fixed-income allocations, which is leading to painful portfolio moves caused by today's stressed stock and bond markets. He talks about making small-but-appropriate portfolio tweaks to lower portfolio volatility and diversify portfolios to improve their investment return and comfort level. Plus we revisit a recent question that Chuck answered from a listener who must decide which investments they will sell in order to raise some cash to pay for one-time additional expenses.
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BKR's Sosnick: The market's climbing a mountain of worry, and could fall off
05/22/2025
BKR's Sosnick: The market's climbing a mountain of worry, and could fall off
, chief strategist at , says that investors appear divorced from fundamentals, buying dips, chasing rallies and generally hoping for a lot of things to go right as the market climbs "a huge wall of worry" and mostly ignores that earnings growth forecasts of 12 percent entering the year are now being predicted at about 7 percent. Sosnick expects interest rate cuts later this year, but notes that they will be made from a position of economic weakness, and he also thinks the stock market is much more likely to re-test its April lows — right after tariff policies were announced — than to set new record highs, noting that just the conditions that are clear and aren't muddled by uncertainty should make investors think "Buckle in for volatility." Just over a month after making an actively managed commodities fund the ETF of the Week, Todd Rosenbluth head of research at , turns his focus back to commodities, this time highlighting an index-based option from Aberdeen Investments. Plus Chuck answers a listener's question about investing in private credit and why he has repeatedly questioned experts about the potential for trouble in that emerging investment arena, which those money managers routinely have downplayed in their answers.
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Northlight's Zaccarelli: 'Tectonic shifts' are happening, but don't overreact
05/21/2025
Northlight's Zaccarelli: 'Tectonic shifts' are happening, but don't overreact
Chris Zaccarelli, chief investment officer at , says that investors watching headlines about the economy, the weakening dollar and more need to realize that policy shifts and global changes play out over long stretches of time, so that investors should react in small, modest ways. For Zaccarelli, that has included adding gold to the portfolio as a dollar diversifier and reducing risk while waiting to see how the economy unfolds and creates chances to be opportunistic buyers in areas like small-cap stocks and more. Rachel Perez discusses a survey done by which looks at Americans' obsession with tracking their data — from hours sleeping to weight to all things financial — which found that 70 percent of the Americans who track their spending (and nearly two-thirds of those who track savings) say that . Plus retired economics teacher David Mayer discusses his new book, "Economics in Plain English," and why in challenging times there seems to be trouble coming up with standard definitions for common terms like "tariff."
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Cerity's Mills: Don't discount the resilience of markets
05/20/2025
Cerity's Mills: Don't discount the resilience of markets
Karl Mills, partner at , says investors have survived all kinds of events that seem as bad or worse than anything they are facing now, which is a reason to "stay along for the ride," even if that means moving to the slow lane — where he is positioned now — and being moderately defensive. Mills says he looks at current events "like friction," in that the "don't prevent things from happen, but they make it harder for things to happen" by slowing growth, raising prices and cutting into sales, which will dampen market results while they play out. Mills notes that domestic market valuations remain high, international markets are priced more attractively and also benefit from the low expectations investors have of how foreign investments will turn out amid ongoing tariff questions.George Bory, chief investment strategist for fixed income at , discusses the potential short- and long-term outcomes resulting from last Friday's downgrade of the United States' credit rating by Moody's. While the downgrade implies that the U.S. is a bigger credit risk than it seemed — which could make some investors expect higher interest payments to buy government bonds — Bory notes that this move was largely expected and is more a warning of potential future problems than a concern for current fixed-income investors. Plus, Tim Koller, co-author, discusses how current conditions — much like Covid times — are changing long-term business-valuation prospects for companies.
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3Edge's Folts: Investors are in 'a very tough, tough spot' right now
05/19/2025
3Edge's Folts: Investors are in 'a very tough, tough spot' right now
Fritz Folts, chief investment strategist at . says the uncertainty about tariff policy — which has pushed uncertainty over interest-rate and monetary policies nearly out of sight — has made it particularly hard for investors to decide where to go with their money now. While the hard economic data is good, Folts notes that the concern is how quickly it may change once tariff chaos hits consumer prices; the result is that he's splitting his equity assets 50-50 between domestic and international stocks, and is looking at short-duration bonds and gold to hedge the stock exposure. Selma Hepp, chief economist at Cotality, discusses the latest , released today, which shows that economists' share Folts' concern about the coming months, with 75 percent of the survey respondents putting the probability of a recession in the next year at 25 percent. Just 15 percent of economists were that strong on recession chances in January. Plus David Trainer, president of , puts a digital payment technology company in the Danger Zone for the third time, and Daryl Fairweather, chief economist at Redfin, discusses her new book,
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Ocean Park's St. Aubin: In tariff 'No-Man's Land,' there are reasons for optimism
05/16/2025
Ocean Park's St. Aubin: In tariff 'No-Man's Land,' there are reasons for optimism
James St. Aubin, chief investment officer at Ocean Park Asset Management, says the stock market is pricing solid corporate earnings and generally strong economic growth momentum, but those gains haven't ended the uncertainty around tariff policies. While the market seems to think the impacts will be muted, St. Aubin says we are in a waiting period to see how consumers, markets and economies are truly impacted by tariffs, and the generally positive view leaves more potential downside risk that investors should guard against. Mark Gatto, co-chief executive officer at , discusses how private markets have been reacting to the policy turmoil and how they have been steadier and less volatile than public markets amid the broad market swings caused by current events. Plus , a founder of MedMen — one of the earliest public entrants into the marijuana business — discusses his book
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Seafarer's Foster: Emerging markets odds 'are tilted in your favor' now
05/15/2025
Seafarer's Foster: Emerging markets odds 'are tilted in your favor' now
Andrew Foster, chief investment officer at — manager of the Seafarer Overseas Growth Fund — says emerging markets are poised to thrive in an environment where the dollar is weakening against not only foreign currencies but gold, Bitcoin and "a bag of Doritos." Foster says that the fundamentals are improving for emerging markets, which are showing the potential for a second consecutive year of 12 percent growth in earnings despite tariff and trade concerns. He says stronger stock profits combined with currencies getting stronger against the dollar is "a good setup" for investors looking to diversify a portfolio. Todd Rosenbluth, head of research at , also talks international investing, going abroad — though to developed markets rather than emerging markets — with his pick for the ETF of the Week. Plus, Chuck talks about how investors might want to adjust portfolio fits — and follow the advice from recent guests — now that the market has bounced back and crossed into positive territory for the year, reversing the big drops that occurred when tariff policies were first announced.
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State Street's gold strategist says gold has a new floor and a higher ceiling
05/14/2025
State Street's gold strategist says gold has a new floor and a higher ceiling
, chief gold strategist at , says he expects gold to trade between $3,100 and $3,500 for the remainder of the year, but is making the bullish case for new record price levels as high as $3,900 an ounce, noting that he believes the new bottom level for gold is $3,000 an ounce, up by $1,000 in the last year. Milling-Stanley says gold has been working well as a geo-political hedge, providing ballast to portfolios that have been whipsawed by current economic policies, but he acknowledges that gold has not done a great job in its traditional role as a counter-weight to inflation, because inflation levels have not been high enough for long enough for gold to deliver in that role. Kristy Akullian, head of investment strategy for the Americas at , says that Tuesday's consumer price index numbers didn't show the impact of tariff-related price increases, but those could impact the numbers as soon as next month; meanwhile, the current CPI print should encourage the Federal Reserve to stand pat on interest rates and might encourage investors to make a small move up the risk spectrum, focusing on quality and low-volatility investment factors rather than simply looking to minimize volatility. Plus Kerry Sette discusses the latest consumer research out from , which showed that more than one in three working Americans say that the current economic uncertainty and the potential for higher prices caused by tariff policies is .
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