Money Life With Chuck Jaffe Daily Podcast

Brian Levitt, global market strategist for Invesco, says he expects a rally in small-caps and value stocks as the new economic cycle starts, but he believes those sectors will receive as new growth takes over. Long-term, he believes it will be the solid growth companies -- the ones that have real solutions and that can bring that ingenuity to the market -- that will lead the way forward to a recovery. Also on the show, author Philip Coggan talks about globalization and the development of the worldwide economy, Sarah Berger of MagnifyMoney.com discusses a survey showing on how confused Americans are around fees on their financial accounts, and Chuck answers audience questions about credit reports.

Brent Schutte of Northwestern Mutual Wealth Management says that the viral economy is, effectively, a four-step process that we are half-way through, with re-opening the economy and creating a vaccine for coronavirus the next steps. Meanwhile, he notes that upcoming bad economic news is easy to overlook because 'we cause the economic data to be bad,' but it will be watched carefully -- and be important to investors -- as Americans go back to work and the long-lasting impacts of the shutdown are realized. In the Market Call, Mark Yusko of Morgan Creek Asset Management says that 'The world is very delicate right now, and patience will be rewarded for investors,' noting that he is looking tactically at gold, cash, master limited partnerships and more as buying opportunities. Also on the show, JJ Kinahan of TD Ameritrade talks about his firm's Investor Movement Index, which shows that individuals have mostly done the right thing in this slowdown by not throwing away long-held strategies to avoid short-term pain.

Howard Steven Friedman, author of "Ultimate Price: The Value We Place on Life," says that society and government are wrestling with a balance and trade-off that comes with no hard-and-fast rules or math when it decides on the value of life versus the benefits of re-opening the economy. He discusses his book, the pandemic and how governments have traditionally made decisions on the value of lives. Also on the show, Jill Gonzalez of WalletHub talks about a survey showing that 58 million Americans are spending more money shopping while in quarantine than they did before they sheltered at home, David Trainer of New Constructs highlights two troubled stocks that he thinks are headed for a rebound and, in the Market Call, Jonathan Smucker of Marietta Investment Partners explains why he will be riding out the pandemic mostly in big, boring, brand-name stocks.

Terri Spath, chief investment officer at the Sierra Mutual Funds, says that the stimulus actions of the Federal Reserve Bank helped to set a floor on the market, which means that the 'lows are in for the year.' That doesn't mean the market can't go down from here, but rather that she doesn't expect it to fall past the lows set in the March downturn; with that limited downside, Spath says that remaining patient in long-term investments when volatility is up over the summer will be investors' biggest challenge. Also on the show, Bill Meyers of Nuveen discusses how kleverage works in closed-end funds, Leonard Wright of AICPA talks about Americans; waning personal financial satisfaction, and Stan Haithcock -- "Stan the Annuity Man" -- looks at annuity sales pitches and what consumers should listen to and the deals they should avoid.

Tom McIntyre of McIntyre, Freedman and Flynn in Orleans, Mass. -- the first-ever Market Call guest -- returns to the show as Money Life celebrates its eighth anniversary to discuss the ways he factors news and events into investment decisions, and notes that processing the virus economy and evaluating changing corporate guidance makes for confusing times for investors. He said that with oil prices in the headlines, he expects to see a 'shocking rebound in oil, coming somewhere in the next cycle when the economy is recovering.' Also on the show, tom Lydon of ETFTrends.com makes a genomics fund his pick for ETF of the Week, Brian Krawez of Scharf Investments talks markets, and Jean Statler of the Alliance for Lifetime Income discusses survey data showing that investors may not control the timing of their retirement nearly as much as they expect to.

Sarah Ketterer, chief executive officer at Causeway Capital Management, says that the most cyclical stocks -- the ones at the 'epicenter of pain for the coronavirus -- are relatively low-risk bargains for opportunistic investors. She notes that airlines, travel companies, tourism businesses and hospitality and hotel firms -- with stocks down 40 to 60 percents and yet to have any real bounce-back from the March decline -- are worthy of consideration while the blood keeps running in the streets if the balance sheet is strong, noting that if businesses like cruise lines can 'make it another 18 months without a penny of revenue, that's really interesting.' Also on the show, Christine Benz, director of personal finance at Morningstar gives her take on what investors should be doing to get through the pandemic, Jeff Lipton of Oppenheimer and Co. discusses how the potential for states' bankruptcies would change and could impact the muuni bond market, and Matt Schulz of CompareCards.com covers a survey on Americans'

Zach Jonson, chief investment officer at Stack Financial management, says that investors should be looking for stocks that they can expect to recover over 18 months to two years, but despite the market's decline and potential rough times through the current economic downturn, he warned that any market troubles may not represent easy buying opportunities for investors, noting that it won't be as simple as just buying into dips to trigger a fast portfolio recovery. Also on the show, Dmitriy Katsnelson of Wealthspire Advisors discusses what he is telling clients right now, Dr. Billy Hensley of the National Endowment for Financial Education discusses a survey revealing alarmingly high levels of stress among American savers and investors, and Eric Clark of the Rational Dynamic Brands fund talks stocks in the Market Call.

Jim Golan, co-portfolio manager at William Blair Large-Cap Growth Fund, said that investors looking to be opportunistic now need to use a long lens and look for companies that will be in a better position than they are today, noting that the interim period -- as stocks and the market finish processing the hibernation economy and return to something more normal -- will be volatile and make it difficult to judge just how strong investment picks are, but that strong balance sheets and good fundamentals will pay off for investor who can buy them for now and hold onto them long enough. Also on the show, Ted Rossman of Creditcards.com discusses how lenders are closing unused credit cards and lines of credit and how consumers can protect themselves, David Trainer of NewConstructs.com highlights a stock that he finds attractive in these market conditions, and Jorden Waldrep of TrueMark Investments talks stocks in the Market Call. 

Steven Durlauf, economics professor at the University of Chicago, says the perceived trade-offs between re-starting the economy and continuing quarantine is, in the short run, illusory. Lack of shelter-in-place, Durlauf says, creates such bad consequences for the health system -- and a re-started economy won't recover until everyone leaves home and participates fully -- that the choice between the two sides is not a true trade-off. Durlauf says that the current radical uncertainty would leave him surprised if the economy recovers in less than 18 to 36  months. In a 'Technical Difficulties' interview, Avi Gilburt of Elliott Wave Trader says that the current 2,700 to 2,900 range on the Standard and Poor's 500 is a 'battle zone,' and that if the market falls below 2,690, it could drop to the 2,060 range, while if it rallies and breaks through the 2,900 resistance, it could return to the 3,100 level in the next few weeks. Also on the show, Adam McCabe of Aberdeen Standard Investments talks about emerging markets

FeiFei Li, head of equities at Research Affiliates says the COVID-19 outbreak was a catalyst that turned questionable market conditions worse, but that the root causes for concern are still in place. Li, however, is bullish long-term even if she sees the market as being likely to take a big leg down from current levels; she says that the bear market of February was too quick and shallow, but it left the market at more attractive levels than at the end of 2019 or in February before the economic shutdown. Also on the show, Tom Lydon of ETFTrends.com with the ETF of the Week, Ken Tumin of DepositAccounts.com talking online savings rates, and Josh Pearl, author of "The Little Book of Investing Like the Pros: 5 Steps for Picking Stocks."

Andrew Beer of the iM DBi Hedge Strategy and the iM DBI Managed Futures Strategy ETFs, says that the long-lasting impacts from the global coronavirus shutdown will hit different areas, sectors, industries and countries in very different ways as recovery begins. While investors are right to be expecting trouble, Beer says that the fallout -- particularly if resources get scarce and fights for them become acute -- could create 'an enormous amount of volatility,' which also will create tremendous opportunities. Also on the show, Steve Resch of Finance of America Reverse discusses reverse mortgages and how they could become an increasingly important tool for retirees and near-retirees during any prolonged downturn, Health Silverman of Stessa.com who  covers his site's survey of real estate investment trends, and Greg Hammer of Hammer Financial Group, who gives a quick take on the tax-law changes created during the crisis and what consumers should know about them.

Eddy Vataru, portfolio manager for the Osterweis Total Return Fund, says that the pandemic economy has put such a big wrench in the markets and life that it forces investors to rethink what makes a prudent investment now. He notes that investors have to cast a cautious eye to fixed income and be wary of chasing yields by extending bond duration. Also on the show, John Divine of US News and World Report says that the stock market's current value seems to ignore long-term concerns that have not even begun to play out, Bill Harmon of Voya Financial discusses a survey showing whether Americans' are changing their long-term investments plans, and Lamar Villere of the Villere Funds finds growth at a reasonable price in the Market Call.

Ken Applegate, portfolio manager at Wasatch International Growth, says that Japan -- and particularly small-cap companies there -- will be an area that investors should see leading the way as global markets recover from the coronavirus pandemic shutdown. Applegate says that economies that were struggling before the pandemic -- including most of Europe with low or negative interest rates -- are likely to struggle more to recover because they will have a tough time getting money flowing again. In another Big Itnerview, Toby Loftin of the Hennessy Funds talks about energy and midstream stocks, noting that investors will have to change the way they see these issuers -- and react to potential dividend cuts -- to buy low now and ride the long, slow path to recovery. Also on the show, Greg McBride of Bankrate.comKyle Guske of New Constructs avoids adding to shelter-at-home miseries by singling out a stock headed for trouble in the Danger Zone and, instead, talks about an issue that has become particularly attractive

David Goerz of Strategic Frontier Management, says that the market overshot the negative at the start of the COVID-19 pandemic and that as clarity develops about re-opening the economy he expects the market to climb the wall of worry through to the end of the year. While he says the second quarter of 2020 will be 'a throw-away,' he expects the Standard and Poor's 500 to finish the year near 3,000, up more than 10 percent from current levels and representing a loss of just 5 percent on the year. Also on the show, Nicole Eisenberger of Ernst and Young on valuation issues inside of business-development companies, Francesca Ortegren of Clever Real Estate talks about survey results showing how Americans are struggling financially right now, and Brian Andrew of Johnson Financial Group discusses funds and ETFs in the Market Call. 

Tim Clift, chief investment strategist at Envestnet, says that even the current downturn -- as big as it has been and could grow to -- ultimately will become a blip on an investor's radar, which is why it's important to hold fast to financial plans and not make nervous moves that alter asset allocation, typically at just the wrong time. Empirically, Clift says he has not seen individual investors getting panicky, though he notes that a prolonged slowdown and a market drop could change behaviors for the worse. Also on the show, Tom Lydon of ETFTrends.com makes a new ETF with an unusual strategy his 'ETF of the Week,' Ande Frazier of myWorth talks financial priorities when money gets tight, and Art Amador of the AI Powered Equity ETF talks investments selected using artificial intelligence in the Market Call 

Howard Silverblatt of SP Dow Jones Indexes says that after a record first quarter for dividend payouts -- in which $127 billion in distributions were made -- income-producing stocks have seen a dramatically changed landscape as the COVID-19 pandemic took hold. As precautions ramped up, 13 companies cut or suspended dividend payments that would have totaled roughly $14 billion in March. That trend of dividend reductions and shutdowns is just beginning, Silverblatt says, noting that investors should expect reduced payouts and that stock buybacks will be rare for the foreseeable future. Also on the show, author Gerald Posner talks about the pharmaceuticals industry and its changing future when the viral economy subsides, former SEC director Norm Champ talks about how individuals can better ride out the chaos of the crumbling economy, and Chuck answers an audience member's question about a popular fund whose manager was recently on the show as a guest.

Warren Pierson, deputy chief investment officer at the Baird Funds, said that while the worst dislocation of the viral economy is now starting to wind down, the uncertainty ahead will shape and potentially surprise the bond market, as credit downgrades, low interest rates and more play out for at least the rest of the year as a recovery struggles to to gain a foothold. Also on the show, Preston Caldwell from Morningstar Inc. discusses the firm's best, worst and current forecasts for the economic outcomes from the COVID-19 pandemic, Chuck answers an audience question about deciding which securities to sell in order to raise cash now, and Don Rich from the Esoterica NextG Economy ETF talks stocks in the Market Call.

Rusty Vanneman, chiefinvestment officer at Orion Advisor Technology, says that if your asset allocation and investment plan were appropriate prior to the global pandemic, they remain appropriate and proper today, meaning that most investors should not be changing their holdings much in the middle of current troubles, even as they look for opportunities going forward. Vanneman believes that there will be superior economic growth when the viral economy ends, which should lead to value stocks and small-cap stocks -- two areas that were lagging the market pre-crisis -- becoming leaders. Also on the show, Ken Simonson discusses results from the latest National Association of Business Economics survey, where wide-ranging results show how hard the current situation is to analyze, Phil Haslett of EquityZen discusses the initial-public offering and pre-IPO markets, and David Trainer of New Constructs says that certain research efforts are undermined by the economic shut-down, creating problem areas for investors who r

Angus Deaton of Princeton University -- winner of the 2015 Nobel Prize for Economics -- discusses rising trends in 'deaths of despair' -- from suicide, overdose and addiction -- and how capitalism must change to stem the tide, but also how the health care system must change coming out of the viral economy to face new and different challenges ahead. Also on the show, Andrew Foster of Seafarer Capital discusses emerging markets and whether coming out of the virus cycle early will create any advantages for them, Jerremy Newsom of Real Life Trading discusses the market's technical indicators, and John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance chats about discounts and offers several attractive options for bargain hunters to consider now. 

Darrell Cronk, chief investment officer at Wells Fargo Wealth and Investment Management, said that while the stock market is struggling and not yet showing compelling values, he is confident that a rebound is coming globally and that the United states -- and specifically domestic large-cap growth stocks -- will lead the way for investors looking to climb out of the hole put in their portfolio by the market's recent draw down. Also on the show, Jason Brady, chief executive officer at Thornburg Investment Management , suggests that income and dividend investors will need to be cautious during the recovery because income investments will be changed by and reflect current market conditions for the foreseeable future. Also on the show, Tom Lydon of ETFTrends.com makes an intermediate muni-bond fundtime his ETF of the Week, and Mike Brown of LendEDU.com is back to give an update on his site's survey of consumers' financial reaction to the COVID-19.