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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IBKR's Sosnick expects stock market's win streak to end in 2026
12/24/2025
IBKR's Sosnick expects stock market's win streak to end in 2026
, chief market strategist at , is a market veteran who wasn't allowed to make annual forecasts until this year, and he's starting with an outlier, calling for the Standard & Poor's 500 to lose about 7% in 2026. Sosnick says a key issue for the market is investor expectations which are now so high that "it's hard to outpace that." Sosnick doesn't think the market is going in the tank, but he says that if investors see it struggle and lose some of their "buy-the-dips" nerve, it will create headwinds that will be hard to overcome. Travis Prentice, chief investment officer at , brings his stylized investment methodology — which tries to find the stocks that are outperforming, but that also represent businesses that are improving — to the Market Call, and talks about where he is "finding the mo" now. Todd Rosenbluth, head of research at , reviews the year in exchange-traded funds, from the growth in the industry and the action in new funds to the emergence — thanks to new rules — of ETF share classes for established funds, a change that could be the defining story in the industry in 2026.
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Long-time technician Peroni says the bull 'won't expire' in 2026
12/23/2025
Long-time technician Peroni says the bull 'won't expire' in 2026
Gene Peroni, founder and president at , expects a "broad-based, well-balanced market advance" with a number of sectors and themes doing well in 2026. Peroni expects the small- and mid-cap advance that we have seen late this year to become full-blown leadership in the new year, but he's not down on large-caps either, putting a target of 53,000 on the Dow Jones Industrial Average for the year, which would represent roughly a 10 percent gain. He is concerned about heightened volatility, but does not see any oversized drawdowns in the offing. Bob Doll, chief investment officer at , returns to the show to put up to scrutiny. In a long career on Wall Street, Doll has become known for making 10 annual predictions — and he will unveil his forecasts for 2026 on the first show of the new year — and it looked in the middle of 2025 that his picks were all going to be on the money. The end of the year put a wrench into those plans, but he explains why and where things turned. Allison Hadley discusses a study done for based on a search that has been rising dramatically in popularity on Google, about "Is college worth it?” The survey found that holders of computer science degrees overwhelmingly felt that college was worth the expense, but a , with many noting that artificial intelligence reduces the need for formal education.
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Annex Wealth's Jacobsen: Yes, the market can rise from here, but not by much
12/22/2025
Annex Wealth's Jacobsen: Yes, the market can rise from here, but not by much
Brian Jacobsen, chief economic strategist at , says 2026 will be a year in which valuations and fundamentals really matter, as the broad market will see more volatility and will have less momentum. After three straight years of gains around 20% annually, Jacobsen says investors will need to curb their enthusiasm and settle for gains that, at best, he thinks will only get to high single-digit levels. He says that valuations in large-cap stocks "have created too many vulnerabilities for us to really sleep well at night," which is why he favors international, small- and mid-cap stocks and value stocks for the year ahead. David Trainer, founder and president at , puts the focus squarely on stock pickers in this week's Danger Zone, discussing the benefits — or more importantly the drawbacks, behind active management. Plus, in "The Week That Is," , chief investment officer at , tells the tale of two tech stocks — one living through the best of times, another the worst of times — covers the evolving battle for content creators and distributors, and offers a holiday wish and suggestion for investors.
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Northwestern Mutual's Schutte: Investors should go back to basics to ride out '26
12/19/2025
Northwestern Mutual's Schutte: Investors should go back to basics to ride out '26
Brent Schutte, Chief Investment Officer at , sees "a lot of different parts of the U.S. economy that aren't working," and while the market and economy have overcome those concerns to this point — and may have the strength to keep that up — he is concerned about the potential for a fall and says investors need to be diversified properly to ride out the year ahead. "Diversification doesn't pay all the time," Schutte says, "but it often times makes up for all the costs that it has in periods where whatever you want to concentrate in actually doesn't work. And that's where I think diversification going forward is not only a risk management tool, but it's also a return enhancer." Schutte sees the market broadening out but delivering only modest gains, and says he is more concerned about recession than most experts, because many analysts and investors are so focused on the upside that they have missed warning signs. Alessandro Valentini, fundamental portfolio manager at , says that the gains in foreign stock markets this year were not just about currency fluctuations and he believes there is more potential for growth in 2026 as concerns over tariffs continue to diminish, the dollar produces a smaller tailwind — or at least no resistance — and low valuations create more potential for upside. Richard Stone, chief executive officer for — the British equivalent to the — discusses differences in the activist investor cultures in the United States and Great Britain, including how "venture capital trusts" — the British equivalent of business-development companies — have tax advantages that make private credit investing much more palatable, but also why interval funds (known in England as "long-term asset funds") are a model that has stirred some controversy with investors.
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3Edge's Folts: At these prices, stock investors should wonder what 'fair value' is
12/18/2025
3Edge's Folts: At these prices, stock investors should wonder what 'fair value' is
Fritz Folts, Chief Investment Strategist at Asset Management, says valuations are at levels reminiscent of bubble days in 1999 and the crash era of 1929, but that's not scaring him out of a mix of domestic and foreign stocks, because economic conditions can support further growth. He does worry about a policy mistake or other event which could trigger a downturn, but so long as it stays mild and doesn't "lurch" to where it's a 40% drop, he thinks investors should be comfortable riding it out. Todd Rosenbluth, head of research at makes an actively managed small-cap fund — the sister to an international fund he highlighted earlier this year — his ETF of the Week. Plus, Thomas Cole, Co-Founder, and the Distillate US Fundamental Stability Value ETF, brings his unique take on value investing to the Market Call.
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BNP Paribas' Morris expects a decent year, hopes it's not 'too good'
12/17/2025
BNP Paribas' Morris expects a decent year, hopes it's not 'too good'
Daniel Morris, chief investment strategist at , is expecting the economy and the stock market to continue to roll forward in 2026 but says he would like to see "not such a great year," because his primary worry for the year ahead is "too much of a good thing" that leads the economy to overheat. If that occurs, Morris said, higher inflation and consumers' response to it could change conditions quickly. Morris thinks growth can be solid without going too far, delivering modest growth with volatility due more to conditions like geopolitics than market sentiment. Jason Browne, president of and manager of the — a fund-of-funds that invests in exchange-traded funds — discusses why his style favors momentum investing and gives his outlook on international stocks, gold, mega-caps and more in the Market Call. Erika Rasure, chief financial wellness advisor for discusses the site's 2025 holiday survey which found that nearly two-thirds of Americans feel cultural pressure to overspend, even as they face more financial challenges. That has left that same cohort of the country unsure of just how much it is "safe" to spend during the holiday season.
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Allspring's Bory: Inflation's not 'sticky,' it's 'stuck'
12/16/2025
Allspring's Bory: Inflation's not 'sticky,' it's 'stuck'
George Bory, chief investment strategist for fixed income at , says inflation is "stuck" at around 3% despite efforts to shrink it, leaving the Federal Reserve struggling with policy decisions as the Trump Administration positions current levels as acceptable. He's expecting the Fed to cut rates once in 2026, toward the middle of the year, and says the market seems accepting, or resigned, to that. As a result, however, he says this is not a time for "set it and forget it" investment styles in fixed income, noting that the opportunities are changing with the shape of the yield curve today. Jeffrey Bierman, chief strategist at and chief market technician for , says the market has already seen its Santa Claus rally, from the end of Thanksgiving to the end of last week, leaving little room for upside into the end of the year and into 2026. For the new year, Bierman sees a protracted period of sideways markets before things turn positive for the end of the year, but he says that leaves plenty of valuation-driven opportunities for patient investors now. In the Market Call, Brian Bollinger, president of , talks long-term dividend and income investing.
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CFRA's Stovall says this bull market is partying, not getting scared
12/15/2025
CFRA's Stovall says this bull market is partying, not getting scared
Sam Stovall, chief investment strategist at , says that "Bull markets don't die of old age, they die of fright, and what they are most afraid of is recession." But he says the current bull market not only doesn't need to be too worried about recession yet, he says that after celebrating its third birthday, it has gotten into the rarified air of a market that can keep running and producing positive results for longer. While he is not expecting a big, double-digit year in 2026 for the stock market, he says modest gains — tempered by heightened volatility and a downturn or two to overcome — are likely. In "The Danger Zone," David Trainer, president at , revisits three past picks that outperformed as shorts but which then got the actual benefits of "stupid money risk" — something he discusses nearly every week on the show — as they were bought out by private equity firms in deals that bailed out some shareholders, but which says will not be enough to save bad businesses. Plus, , chief investment officer at , is back with "The Week That Is," digging further into the Warner Brothers Discovery buyout, discussing whether a selloff last week might be a sign that investors are getting weary and may bail out before Santa Claus comes for a rally, and looks at the potential for a SpaceX initial public offering in 2026, which might be the biggest IPO in history.
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Sit Invest's Doty expects 'complete mess' - and big opportunity - in Fed transition
12/12/2025
Sit Invest's Doty expects 'complete mess' - and big opportunity - in Fed transition
Bryce Doty, senior portfolio manager at , says that history has shown that nearly every new Federal Reserve chairman does "something dumb" when they first get the job. With Jerome Powell soon to be out as Fed chair, Doty says the central bank is in a tricky place, where it could make a cut before the change and have the next chairman come in anxious to cut further, making a policy mistake that hurts the market, but creates buying opportunities for investors willing to ride it out. He's not the only one on today's show fearful of a Fed mistake, as that is the nightmare scenario for Dustin Reid, chief investment strategist at , who says in the Big Interview that the economy has gotten to a point where further moves forward may have some negative impacts, hurting credit markets, raising more potential for a downturn and recession and, generally, not providing the classic economic boosts that frequently drive the markets higher. In the "Talking Technicals" interview, Gregory Harmon, president at , says he is expecting a small-cap rally to lead the market higher into year-end, and he says that the large-cap stocks — as measured by the Standard & Poor's 500 — will follow suit, and that the question will be whether the tech-heavy Nasdaq Composite comes along for the ride. "Technicals are all pointing higher, earnings are doing fantastic," Harmon says, noting that it would take "an unexpected crisis" to derail the underlying trends pointing "strongly to the upside" right now. Plus, Chuck discusses a visit to the bank to grab some cash that was met with an unusual question from a teller, a query that he says is a reason why consumers may want to have more face-to-face relationships with financial advisers of all stripes, rather than doing everything online.
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Loomis legend Fuss says geo-politics are the economy's biggest threat now
12/11/2025
Loomis legend Fuss says geo-politics are the economy's biggest threat now
Dan Fuss, vice chairman at , now 92 years old and having cemented a track record as one of the best bond fund managers ever, says he's not concerned about a recession because the economy is strong, and in some ways stronger than its ever been during his investing lifetime, but he also compares current times to the late 1930s, a period when geopolitics were dominating the global scene building up to World War II, and says that he is more concerned with those macro-level worries than he has been in his career. Fuss notes that the global scene is more important to what happens next with the U.S. economy than even what the Federal Reserve does, and he quells concerns over pressure on the Fed to cut rates by noting that "every president" wants the central bank to lower interest rates. Todd Rosenbluth, head of research at , makes the Victory Shares Free Cash Flow Growth ETF his "ETF of the Week," noting that it's a relatively new fund focused on quality that has outperformed the market since its debut in 2024. Rosenbluth said the quality focus should give investors some calm if they continue to pursue growth in a market that he thinks will be facing increased volatility in 2026. Plus, with the Federal Reserve cutting interest rates on Wednesday, Chuck weighs in on what he thinks might happen next and why he worries that interest rate cuts not only won't impact the market as they have in the past but have some potential to hurt the economy at least as much as they could help it if rate reductions continue in the future.
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IDX's McMillan eyes $10K gold prices and higher long-term inflation
12/10/2025
IDX's McMillan eyes $10K gold prices and higher long-term inflation
Ben McMillan, chief investment officer at , says that "gold's run is not over," and while he thinks it could easily reach $5,000 an ounce in the short order, he says "It's not inconceivable that within the next half-decade, gold could be sitting at $10,000 an ounce." (Gold is currently trading at roughly $4,225 an ounce.) He also says he expects the Federal Reserve to reach a point in the next 12 to 24 months where it lives "with a new normal of inflation" and resets its target inflation rate to reflect different thinking, which will mean consumers and investors have to adjust to inflation rates running at 3 percent or higher for the foreseeable future. Amanda Agati, chief investment officer at discusses the company's Christmas Price Index, which looks at the ." Thanks to higher prices with gold -- and the five golden rings -- it's no surprise that the rate of inflation shown in the company's 42nd annual holiday index is higher than inflation generally. Plus, in a market that has been driven to near record levels on the strength of corporate earnings, Nick Raich, chief executive officer of , returns to the show for the first time since 2020, talking about his earnings-centric methodology and his expectations for continued earnings growth for the market.
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Scott Brown of Brown Insights: 'Something seems to have changed here'
12/09/2025
Scott Brown of Brown Insights: 'Something seems to have changed here'
Scott Brown, Chief Strategist at , is wondering "if the market is sniffing out something," because he has seen a change in the last month on the sectors that are now leading the way forward, and it's not the same things that were leading just a few months ago. Brown notes that banks, transportation, global materials, steel and copper stocks are among the areas that now have taken market leadership, and he says that "there's real upside" to where they can drive the market close to a level of 7,000 on the Standard & Poor's 500 by year's end. A day after discussing the market broadly, Jeffrey Hirsch, editor of the , returns to the show to discuss the Almanac itself for 2026, noting how the old technology of an almanac still has a place in helping to shape forecasts and expectations because it is built on decades of data that remains relevant, even in a world seemingly dominated by the changing technologies of artificial intelligence. David Rosenstrock, director of investments and financial planning at , discusses his approach to mutual funds and ETFs in the Market Call.
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Stock Traders' Almanac's Hirsch on AI masking troubles but spurring a boom
12/08/2025
Stock Traders' Almanac's Hirsch on AI masking troubles but spurring a boom
Jeffrey Hirsch, editor of the , says that artificial intelligence is creating a "super boom," because it's a "culturally-enabling, paradigm-shifting technology," which he says can drive the Dow Jones Industrial Average to 62,000 — up about 30% from current levels — in just a few years. Hirsch, also the chief executive of Hirsch Holdings, also discusses calendar and seasonal impacts on the market and how he expects a Santa Claus rally this year, but what it means if the market misses out. , chief investment officer at , debuts as Money Life's newest regular in a segment called "The Week That Is," which provides one takeway from the market and economic news of the week just finished, the thing to watch out for in the week ahead and one take looking further forward. This week, Vijay focuses on the Netflix-Warner Brothers Discovery deal, how precious metals will respond to a rate cut and move forward and what parents should consider about the new Trump Accounts saving for children. David Trainer, president at , circles back on Lyft Inc., the rideshare company that he first singled out as it was in its IPO phase in 2019. The stock is up more than 70 percent year-to-date, but it has lost more than three-quarters of its value since it was launched. Trainer says this year's gains are simply setting up the next fall for a company that is burning cash and that carries a negative economic book value. Rachel Perez discusses the results of a survey done for , which showed that , but also stresses their budget, with the average American overspending their plan by $261.
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Regions' Thurber isn't expecting big troubles for the market in '26
12/05/2025
Regions' Thurber isn't expecting big troubles for the market in '26
Brandon Thurber, chief market strategist at , says climbing the proverbial wall of worry has "supercharged the market," making it hard “to find reasons to be anything less than positive and constructive for 2026.” While he worries that the message could be that “The only thing you have to fear is fear itself” — and he describes in The Big Interview the real fears that he feels could blossom into problems — he doesn’t expect conditions to change much from 2025, and is mostly encouraged about domestic and international markets. Ken Berman, strategist at , says that he'd be foolish to say that now is a great time to buy after three strong years, but he believes the path of least resistance for the market is to go higher, and that's what he thinks will carry the current rally well into the new year. Like Thurber, Berman says he wouldn't want to get in the way of the market right now, and makes it clear that while there are reasons to be nervous he "wouldn't want to be short here." John Cole Scott, president of , looks at tax-loss selling season and whether it has started yet, noting that a few asset classes have largely been able to avoid situations where there will be widespread harvesting this year, while others — most notably business-development companies — may be poised for a lot of tax-driven reshuffling before year's end. Scott also answers some questions on the value of tax-loss harvesting if it means selling a fund you like, and how he recognizes yield traps and spots big discounts that are poor buying opportunities.
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Altimetry's Litman: 'We think this market is still a screaming bull'
12/04/2025
Altimetry's Litman: 'We think this market is still a screaming bull'
Joel Litman, founder/chief investment officer at Research, says that investor worries about valuations are overblown because "good data" shows that current conditions are more like the mid-1990s — the middle of a bull market — than 2000 when the Internet bubble burst. He says in the Market Call that with real core earnings growing for a lot of companies, valuations are still reasonable, which is why he says current conditions make for a screaming bull market with several years where it can keep running before investors should get worried and nervous. Brad Neuman, senior vice president/director of market strategy for , says in The Big Interview that if technology spending in artificial intelligence had been removed, the economy would have gone through a recession in the first half of the year, but that also means that a lot of the pressures from a downturn have passed. With the AI boom in "the very early innings," he sees the economy strengthening next year bringing the stock market to higher levels with it. Todd Rosenbluth, head of research at , makes a tactical play with a new, actively managed corporate bond fund from a brand-name money manager as his ETF of the Week.
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Trustage's Rick sees inflation at 3.2%+, but no recession in '26
12/03/2025
Trustage's Rick sees inflation at 3.2%+, but no recession in '26
Steve Rick, chief economist at , says he expects inflation to rise to roughly 3.2 percent early in 2026, and says that increase — a long-awaited after-effect of tariffs — to mute the impact of interest rate cuts and other policies. Still, he stopped short of calling for a recession, noting that he thinks the market can overcome extremely high valuations to move forward modestly. He does think the economy may be moving into a period where it supports flat or slow growth for several years, but said it can avoid a crash or a bubble popping if it can avoid nightmare scenarios that he says currently look more hypothetical than threatening. Kerry Pechter, editor and publisher at , discusses his recent piece on what he calls "," which looks at how the growing popularity of private-credit investments could be setting up a future fall akin to the subprime mortgage situation that presaged the Great Financial Crisis. Pechter is concerned that insurance companies — buying private credit to generate higher returns on annuities — will wind up holding the bag on bad paper if there is a breakdown in private-credit markets, and he believes that private credit markets will keep expanding and experiencing more demand up until the point "when something breaks." Vicken Yegparian, executive vice president at , discusses the upcoming auction of an 1804 coin — considered to be "the king of the dollars" — that stunned coin collectors because it involves the 16th version of a coin where only 15 copies were known to exist. He explains how the coin was authenticated and why it may draw more than $5 million on the auction block.
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FTSE Russell's De sees the biggest opportunities overseas in 2026
12/02/2025
FTSE Russell's De sees the biggest opportunities overseas in 2026
Indrani De, head of global investment research at , says that there are tailwinds in place — from currency fluctuations, valuations and geopolitical changes — that make developed markets outside of the United States look particularly promising for next year. She says in The Big Interview that correlations between domestic and international markets have been greatly reduced in the last two years, which raises the benefits of diversification, and she suggests that spreading money around will pay off in both returns and in lowering portfolio risk, particularly if spending and investing in artificial intelligence slows and stops masking other market weakness. David Blanchett, head of retirement research at , discusses the firm's 2025 Global Retirement Pulse Survey, which showed that , but that — perhaps because of their wealth — they haven't actually taken action to ensure that they're properly prepared. This lack of preparation means they haven't secured dependable income for life, nor have they adequately protected their nest eggs against downturns and market changes. That study shows that many investors could use a financial blueprint, and today's show covers that idea too, with , author of "Your Future Is Now: Your Blueprint for Solving Your Retirement Puzzle." In the Book Interview, he discusses how investors who have amassed money without a plan can implement one around and with the investments they have made, and that planning does not require a complete overhaul. But even as they start to plan, Panik says every investor needs to take a "Financial Life Inventory," which goes beyond calculating net worth to take a complete picture of a person's financial situation.
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After 2025 struggles, Americans expect a bounce-back in ‘26
12/01/2025
After 2025 struggles, Americans expect a bounce-back in ‘26
Sonia Fraher, head of cash management at says that while nearly three-quarters of Americans say they will fall short of their saving and spending resolutions for this year, . Vanguard’s survey research showed that 84 percent of Americans expect to make a financial resolution for 2026, with building the emergency fund being the most common goal. In honor of the holidays, David Trainer of revisits the Damger Zone pick he is most thankful for this year, due to its success as a short pick. Rob Williams, managing director of financial planning for , discusses the firm’s research showing that like stocks and bonds to further diversify and succeed in today’s market. More than 40 percent think the classic 60/40 portfolio is outdated. Plus, Jake Cousineau, author of “,” discusses how Americans grow up surrounded by money misconceptions that they must overcome to reach their goals.
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We're Black Friday 'shopping' for stocks, closed-end funds and more!
11/28/2025
We're Black Friday 'shopping' for stocks, closed-end funds and more!
It's a day for talking smart holiday shopping, and the show takes that focus to the investment world. John Cole Scott, president of — the chairman of the — is back on Black Friday for the fourth straight year looking for big discounts among closed-end fund, and he's got several names that might work for investors looking to make portfolio changes before year's end. He offers up two ideas for municipal-bond funds, two business-development companies and two direct offerings that the market has put on sale and that investors might want to consider wrapping up for their portfolios. Sarah Foster, economic analyst at , discusses the site's , which found that more than 75% of holiday staples have gotten more expensive since September 2024, which may mean that what is coming home for the holidays this year is inflation. Erik Beguin, founder, , discusses how consumers who think they are protected by one-time codes and changing passwords are still vulnerable to thieves, and he discusses how high-security savings accounts can shore up the defenses without taking much away from yields. Plus, Chuck helps you complete the holiday shopping for the kids without going to the mall, by talking about how you can use small amounts of money to buy fractional shares of your favorite stocks to create a portfolio that will have a long-lasting impact rather than the fleeting adrenaline rush that comes from opening a present. He discusses how he set up portfolios for his children decades ago and how he is arranging portfolios for his baby grandson and for two great nephews.
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Argent Trust's Stringfellow sees market/economy 'maintaining,' not breaking
11/26/2025
Argent Trust's Stringfellow sees market/economy 'maintaining,' not breaking
Tom Stringfellow, chief investment strategist at , says that he expects stock market volatility to increase, especially as the Federal Reserve makes fewer cuts than observers are hoping for, but he doesn't see "a worrisome correction, I just see market testing.” Those tests will break some trends in sectors and industries, but shouldn't break the market's ability to post modest gains. In honor of the Thanksgiving holiday being the real start of the holiday shopping season, Todd Rosenbluth, head of research at , picks a retail-themed fund as his "ETF of the Week." Sara Enright, senior director of safety and sustainability at , discusses CR's recently proposed , and points out some of the basics that consumers should know -- but typically don't -- about their policies that insurers often don't disclose because rules don't force them to speak up. Plus, Chuck talks about some things he is thankful for this Thanksgiving, noting that he has had a change in his own attitudes about money, driven by his age, experience, the deaths this year of two people he talked money with and more.
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Empower's Norton: The market's not bubbly but the economy is facing trouble in '26
11/25/2025
Empower's Norton: The market's not bubbly but the economy is facing trouble in '26
Marta Norton, chief investment strategist at , says the stock market has high valuations, but notes that it lacks the excessive economic risk-taking and the fear-of-missing-out sentiment that are necessary to create true bubble conditions. But she notes that avoiding a bubble doesn;t mean it's smooth sailing ahead, as she says in that she expects anemic job growth to be a primary economic story. That jobs picture puts the Federal Reserve "between a rock and a hard place and maybe a third hard place," with the labor market making it tough for the central bank to cut rates. As a result, she's suggesting that investors rebalance portfolios, downplay their expectations and anticipate heightened volatility. Julius de Kempenaer, senior technical analyst at , says that the market currently is going through a rotation to where “Right now, defense is the play,” with money moving to health care, utilities and consumer staples, all defensive sectors. He is expecting the next six to eight weeks to be frothy and to determine whether the recent move away from highs is a blip or a real correction, but he warns that the upside for the Standard and Poor's 500 is "littered with resistance," and "the ease of movement seems to be to the downside." Plus, in the market Call, Dom Rizzo, portfolio manager for the talks about how he looks for linchpin technologies in growth markets, with improving fundamentals and, hopefully, reasonable valuations, and just how he determines who makes that grade now.
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Hartford Funds' Reganti: There's a risk that rate cuts could spur more inflation
11/24/2025
Hartford Funds' Reganti: There's a risk that rate cuts could spur more inflation
Amar Reganti, fixed income strategist at the , says "The uncertainty is real," over the potential not only for what the Federal Reserve could do but how the market and economy will respond to whatever decision gets made. Reganti says investors are facing the prospect of rate cuts spurring higher inflation, but a lack of action resulting in a tougher employment market and that both outcomes could make things a lot scarier and nerve-wracking than they are now. Rachel Perez discusses a BestMoney.com survey David Trainer, president at , puts meals-delivery company DoorDash back into the Danger Zone, noting that recent strong results and a big bounce in the price are masking the real trouble that still exists in the balance sheet and that will eventually result in a much lower share price for the stock. In the Market Call, Martin Leclerc, chief investment officer and portfolio manager at , explains why he puts much of his focus and emphasis on companies that can "Show me the cash."
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Stack Financial's Jonson sees a bubble with 'a trifecta of bear-market risks'
11/21/2025
Stack Financial's Jonson sees a bubble with 'a trifecta of bear-market risks'
Zach Jonson, senior portfolio manager at , says the stock market is facing a trifecta of bear-market risks that could lead to "one of the great bear markets of our lifetime," with losses surpassing 40 percent and lasting for as long as 18 months when it finally bursts. Despite that, he says there are ways to "invest through it," and that's precisely what he is doing, because despite bubble conditions, there are pockets of value and there could still be a lot of market upside until the inevitable pop of this balloon. But the talk starts today with an interview recorded at Wednesday's Fall Round Table in New York City, with David Tepper of Tepper Capital Management revisiting past selections of some classic funds he has held for years and their prospects for the future, plus his outlook on the potential dangers of private credit, what he is worried about if the economy turns and more. Charles Rotblut, vice president of the A, discusses the latest , which showed that bearish sentiment was actually decreasing as the market pulled back from record highs, and how high levels of bearish sentiment — which the market has seen for the last year — are part of what lets Wall Street climb the proverbial "Wall of Worry." In the Market Call, Daniel Dusina, director of investments at , talks about how he goes about finding "unappreciated quality" at a time when the market itself has appreciated to near record levels.
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Seafarer's Foster: We're still in 'the bottom of the first' on tariff impacts
11/20/2025
Seafarer's Foster: We're still in 'the bottom of the first' on tariff impacts
Andrew Foster, founder and chief investment officer at — manager of the Seafarer Growth and Income Fund — says that it's the "bottom of the first or, maybe, bottom of the second inning with respect to how tariffs will play out," but he notes that emerging markets companies have pushed higher prices back on U.S. consumers, which means the story has a lot of twists and turns left to navigate. Foster also says that domestic investors want to use emerging markets -- and foreign currencies -- to diversify portfolios against what lies ahead, noting that over-exposure to the dollar may lead to greater volatility and risk ahead. Todd Rosenbluth, head of research at , heads to the utilities sector and a long-time established fund for his ETF of the Week. The second half of today's show is interviews from Wednesday's Fall Round Table for the A, which Chuck attended and spoke at in New York City. The conversation starts with Ryan Paylor, portfolio manager at , which recently converted a closed-end fund from a focus on companies located in the Caribbean Basin — it was ticker Symbol CUBA — to one focused on collateralized loan obligations. Paylor explains the thinking behind the move and how shareholders reacted to such a drastic makeover. Then, long-time activist investor Phil Goldstein of discusses the state of shareholder activism and why there seems to be so much less of it than there was just a few years back. Some of the change is good news for consumers — better fund management — while other reasons make it harder for activist moves to succeed.
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TradeStation's Russell: A.I. boom has masked emerging economic weakness
11/19/2025
TradeStation's Russell: A.I. boom has masked emerging economic weakness
David Russell, global head of market strategy at , says that as artificial intelligence become less of an economic focus, the market will wake up to potential weakness on Main Street, where "recessionary patterns" are already visible. He is expecting "one of the weaker holiday seasons in a while," and says that a lot of signs that have been viewed as bullish have become much more questionable. He would not be surprised to see the market test October lows — roughly 6,550 on the Standard & Poor's 500 — before year's end. Nate Miles, head of retirement at , discusses the firm's 2025 Retirement Study, which showed that o. The study also showed that investors — who have embraced target-date funds and life-cycle funds as a primary savings option — are looking for more personally tailored investment and retirement-spending solutions. In the Market Call, absolute-value manager Brian Frank of the — who has a history of holding cash when the stock market is highly valued — says that a market flirting with record highs is not discouraging him, as he is fully invested, noting that he is not struggling to find individual stocks that are underpriced and that have a likely catalyst to unlock growth.
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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.
/episode/index/show/moneylifeshow/id/39077735
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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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