Money Life With Chuck Jaffe Daily Podcast

Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management Co., says that history shows that when inflation has peaked, the stock market has bottomed, and he believes inflation peaked in June, which along with other conditions means that the bottom is in. Still, he notes that the market will be "discomfortable" as the economy moves back and forth from inflation to recession. He does believe that a mild recession is still coming, but that things will look and feel a lot better when these conditions pass more completely. His take on the market bottoming draws some agreement from Leo Leydon, president of Financial Focus Advisory Services, who examines the market's technicals and says that there is the potential for the market to set a bottom and start a climb from here, though he believes the market will likely be sideways and volatile through the end of the year.  Also on the show, Kyle Brown, president and chief investment officer at Trinity Capital, explains how double-digit yields are p

Jack Ablin, chief investment officer at Cresset Capital Management, says that he believes current inflation-rate statistics are over-stating the problem, caused in part by backward-looking data mixed with the human nature of forward-looking investors. He expects a step-back in inflation measures, though it may be 2023 before that happens. Meanwhile, Ablin says that the market's reaction to Tuesday's Consumer Price Index news was overdone, but he expects the market to trend lower and while he's still investing in equities, he's keeping some money on the sidelines waiting for conditions to improve. And speaking of the sidelines, Ablin talks about how some of that money was moved into gold, which did not function as expected as a hedge against inflation, but which he expects to improve in that role heading into 2023.  Also on the show, Matt Hougan, chief investment officer at Bitwise Asset Management discusses the "Ethereum merge," and how it represents a significant change and upgrade in certain key cryptocurre

Jose Torres, senior economist at Interactive Brokers, says economic risks right now are "skewed to the upside," noting that gas prices could reverse course in the fall; with the market showing Tuesday that it can't handle service prices rising even as oil prices fall, Torres says that the picture could get ugly if gas prices rise and other prices keep going up too, increasing the need for the Federal Reserve to act and the likelihood of a recession next year. Also on the show, author Gary Weiss discusses his latest book, "Retail Gangster: The Inside Real-Life Story of Crazy Eddie," Greg McBride, Bankrate.com's chief financial analyst, covers bank fees -- one of the few areas where prices are mostly coming down right now -- and Kevin Rendino, portfolio manager/chief executive officer for 180 Degree Capital, discusses "value turnaround investing" in the Market Call.

Carly Garner, senior commodity strategist at DeCarley Trading says that "despite all the scary fundamental stories and headlines we read," the cache of money that investors have now will be put to work in stocks to bonds, creating enough momentum to overcome the emotion and volatility she expects for the market in the next year. She also believes that gold and silver -- which have heretofore been ineffectual hedges for inflation -- could be sleeper sectors poised to wake up, especially if the dollar is -- as she expects -- at or near its high for this cycle. The Book Interview features the return of David Rubenstein to the show; the co-founder of The Carlyle Group has a new book out today. "How to Invest: Masters in the Craft" covers expertise from a wide range of investment gurus, and Rubenstein discusses who he wishes he could have added to the list, why he included cryptocurrency in the book despite having mixed emotions on it, and why he didn't just write a book filled with his own investment insights, an

Money Life wraps up its interviews fro FinCon 2022 in Orlando with eight different talks today, finishing with Joe Saul-Sehy of the Stacking Benjamins podcast, who notes that in his years attending the meeting of bloggers, podcasters and content creators he has seen a change in the Financial Independence, Retire Early crowd, where many people enjoy the concepts and are practicing elements of the discipline without going to extremes. Also sitting down with Chuck at FinCon for today's show: options trader Jason Brown of The Brown Report, Anthony Weaver of the About That Wallet podcast, financial educator Rachel Murphy on raising money-confident children, Ashley Patrick of Budgets Made Easy on how inflation has impacted the budget-making process, financial planner Walter Russell, James Gaudino of the10minutetrader.com, and FIRE practitioners Allison Tom and Dylin Redling of Retireby45.com.

Cheryl Pate, senior portfolio manager for the Angel Oak Financial Strategies Income Term Trust, says that community banks stand out as a part of the financial sector that is poised to benefit into 2023, as banks will likely see the bulk of continuing rate hikes fall directly to the bottom line. Still, she favors bonds to stocks in the sector. When that interview for The NAVigator is finished, the action moves to FinCon22 in Orlando, where Chuck interviews Robert Farrington of The College Investor, financial educator Stacy Mastrolia -- "Prof Stacy" -- Lee Huffman of We Travel There, Asma Alsalmeh of the Latte Money podcast, and financial coach Kim Hunter-Borst.

Chuck heads to Orlando for FinCon '22, the annual conference of content creators, financial coaches, educators and more, and he samples some of the expertise speaking with Doug Nordman of MilitaryFinancialIntelligence.com about whether veterans have been treated any differently by the market in this downturn, Monica Scudieri of GrabYourSlice.com, Jason Parker of RetirementBudgetCalculator.com, and Emily Guy Birken, who recently started YourOneGoodThing.com. Plus, Tom Lydon goes nuclear with his "ETF of the Week."

Legendary investor and noted philanthropist David Rubenstein of The Carlyle Group says that today's inflation feels like the 1970s, a time that taught investors that it is hard to get inflation out of the system. That has left the economy "treading water," trying to get comfortable with how the situation will play out before it can move forward; in the interim he expects low econnimc growth stopping short of recession, inflation that heads down but not all the way to the Fed's 2 percent, target, with war in Ukraine being a significant economic wildcard. In a wide-ranging interview, Rubenstein talks about whether politics now creates economic headwinds and how the money in politics is furthering the divides, about modern philanthropy and the satisfaction of giving, about happily speeding up in retirement, and more. Gwen Merz, the blogger behind FieryMillennials.com talks about her changing financial journey, one which saw her start as a hardcore member of the Financial Independence, Retire Early (FIRE) crowd,

Christine Benz, director of personal finance and retirement planning for Morningstar Inc., says that recession-proofing your portfolio and making it inflation-resistant requires different actions, but the biggest similarity to both processes is that investors need a plan that they can ride out until conditions improve. She notes that flip-flopping on strategy -- more than following flawed strategies -- leads investors astray. Also on the show,  Greg McBride, chief financial analyst at BankRate.com, talks about how the mortgage market and banking industry are responding to rising interest rates, noting that mortgage refinancing applications have hit their lowest level in more than two decades, and that savings yields have improved in the financial sector's response to the rising-rate, high-inflation environment. And in the Market Call, Francisco Bido, senior portfolio manager at F/m Acceleration, talks about his firm's quant-active strategy and how he mixes the art and science to deal with a market that has li

Joe Quinlan, head of CIO market strategy for Merrill and Private Bank at Bank of America, expects heightened volatility with the market mostly flat until the point when the market anticipates that the Federal Reserve's tightening cycle is about to end, at which point "markets will swing back toward the green. ... The sooner Jay Powell gets it done, the better for the markets and the better for equities." Looking at the market's technical's, Matt Harris -- chief investment officer for The Hausberg Group -- agrees that volatility "is here to stay" until there is some signal that the market trend is changing. Harris says he will not be surprised if the market crashes through two support levels to retest the June lows, though he expects it will be a decline that occurs slowly and with a lot of volatility/movement in the interim. Also on the show, Josh Duitz of the Abrdn Global Infrastructure Income says that the macro drivers for infrastructure -- globalization, upgrades and repairs, urbanization and increased de

Joe Terranova -- widely known on Wall Street as 'Joe T.' -- chief market strategist at Virtus Investment Partners, says that the stock market and economy are not going through the kind of short, sharp downturn-recovery pattern investors have grown used to this century, but that time will resolve the issues making it so that investors with the time to ride it out -- and favoring companies with strong fundamentals -- will be rewarded for their patience. For the second week in a row, Tom Lydon, vice chairman at VettaFi, picks a core growth-oriented fund as his ETF of the Week, noting that the times call for a focus on the core investment positions right now. And in the Market Call, James Abate, manager of the Centre American Select Equity and Centre Global Infrastructure Fund -- which sit atop their Morningstar peer groups for year-to-date performance -- says that "Flat is the new up," and discusses how he has stayed ahead of the market.

Alan Gayle, president at Via Nova Investment Management, says that while he is optimistic that Europe and other global markets will see a strong recovery in the future, until that happens -- likely sometime next year -- he prefers to be invested in the United States, despite the struggles of markets here. In a wide-ranging Big Interview, Gayle calls the current environment "exceptionally complicated," noting that recessionary forces are held at bay by a strong job market and flush consumers, and he expects those forces to make it so that a downturn or decline won't turn into "a full-blown recession." Also on the show, Ira Rothberg, portfolio manager of the Hennessy Focus Fund, discusses the benefits and challenges of concentrating portfolio decisions in volatile market conditions, Craig Lazzara of S&P Dow Jones Indices discusses Tuesday's release of the latest S&P CoreLogic Case-Shiller Indices and how it shows that home prices nationally remain way up from last year even as they have started to pull

David Jilek, chief investment strategist at Gateway Investment Advisers, says that the market is likely to continue along a volatile path as it looks for resolution from today's headline risks, and he notes that investors need to mitigate risks and position themselves less to profit now than for the future point when the market comes out of the doldrums and starts its next real climb to a bull market. Jilek noted that the relationship between asset classes -- most notably stocks and bonds which moved alarmingly downward in lockstep at the beginning of the year -- may be changed for the foreseeable future, forcing investors to reconsider their allocations even while they are treading water waiting for better times ahead. In the Talking Technicals segment, Michael Kahn, senior market analyst at Lowry Research Corp., says investors have to "play everything light," not sitting on the sidelines but not running the full playbook, noting that he thinks investors will be happy a year from now but may have to go throu

Moe Ansari, chief investment officer at Compak Asset Management and the long-time host of "Market Wrap with Moe," joins Chuck for the most unusual Market Call interview in the history of Money Life, calling out the culture of stock picks and the way audiences use them. In The Danger Zone segment, Kyle Guske, investment analyst at New Constructs, talks about why pet-food retailer Chewy is a barking dog of a stock, burning through its cash to where bankruptcy could be on the horizon within two years. Plus, Matt Zajechowski discusses a recent survey showing that consumers want to travel but don't like what they are facing as they hit the road, and Chuck answers an audience member's question about "actively passive" investing.

Clyde McGregor, long-time manager of the Oakmark Equity and Income fund, says he is "suspicious" of the market's recent rally after valuations didn't get low enough during the bear market to sound the all-clear on trouble. That is one key issue to investing now, McGregor says, with the bigger concern being that current conditions are different than in the past, most notably with changes in the relationship between interest rates and inflation; while certain elements rhyme with various times in the past, McGregor says the current conditions make it hard to make sense of the market now. Talking technicals, Julius de Kempenaer, senior technical analyst for StockCharts.com, says he thinks the bear-market rally has ended and the market has started a new leg down. Also on the show, Kenneth Burdon, an attorney with Skadden Arps, talks about a recent Delaware law change that's designed to protect investors in closed-end funds and Gabriela Herculano, chief executive officer, iClima Earth talks stocks and ESG investing

Eddy Vataru, chief investment officer for total return at Osterweis Capital Management, says that investors are thinking wishfully that the Federal Reserve can play with interest rates and inflation to engineer a soft landing for the economy, but he believes any scenario where the Fed is not hiking rates until inflation drops to their target of 2 percent is too rosy. He says the Fed will be as hawkish as possible, trying to set market expectations about rising rates while hoping to engineer a soft landing, but notes that such a smooth outcome is unlikely, and that inflation woes will not end quickly. Also on the show, Anu Ganti, senior director of index investment strategy for S&P Global, discusses the sectors that currently are adding to portfolio diversification -- and playing defense -- and those that are just adding to portfolio volatility, Tom Lydon of VettaFi makes a classic, core growth-oriented fund his ETF of the Week, and Boston Globe staff writer Rob Weisman discusses his recent trip to the Net

Arjun Jayaraman, portfolio manager at Causeway Capital Management says that emerging markets investors are trying to decide if the next 10 years will be as flat and troubled as the last decade, and he says that despite prominent, key headline risks, China and emerging markets have plenty of promise now, and should turn out to be better over the next 10 years than they were over the last 10. Jayaraman says if forced to invest in just one emerging market country, his pick would be South Korea, but he thinks that China and others are well-positioned to make progress once the global inflation crisis eases. Daniel Strachman, managing partner at A&C Advisors and the author of "Julian Robertson: A Tiger in the Land of Bulls and Bears," discusses the legendary hedge fund manager and what made him one of the most influential and unique forces ever in money management; Robertson passed away Tuesday at age 90. Ted Rossman, senior industry analyst at  CreditCards.com; @tedrossman; @creditcardscom

David Kelly, chief global strategist at J.P. Morgan Asset Management, says inflation has started to roll over, and once the Federal Reserve pivots away from tough talk about fighting inflation he expects the market to move higher. Kelly says that opportunity is coming in "months or quarters rather than years," meaning that opportunity is around the corner and making this a good time to put money to work. Kelly says he is overweight "the bottom 490" of the Standard & Poor's 500, value stocks and international investing, with an emphasis on Europe. Talking technical analysis, Tom McClellan of The McClellan Market Report, says he expects a weak market through the mid-term election and while he notes that 2023 is poised to be a better year -- as it is the third year in a presidential election cycle, historically a good one -- he's short the market now, expecting a "better bottom" in December once the market digests the election results. Also on the show, Greg Daco, chief economist at EY, discusses the latest

David Trainer, president of New Constructs, says that while Robinhood Markets is down about 80 percent from its 52-week high and that it has room to go a lot lower, having burned through $3.5 billion in cash in the last 12 months, with just more than that amount left in cash on the books. Trainer put the company back into The Danger Zone, saying "We're really not sure what is going to prop this zombie stock up much longer ... '' even as "it is priced as if it is going to go to the moon." Also on the show, Mark Fleming, chief economist at First American Financial Corp., discusses the state of the housing market, noting that homeowners with fixed-rate mortgages aren't feeling the pinch of inflation, while homebuyers are being squeezed hard by it and home-sellers are watching markets change rapidly. Fleming thinks mortgage rates have "mostly found their new normal," noting that current levels of between 5 and 6 percent are in line with historic norms even if they are dramatically higher than consumers have been

Jeff Bishop, chief executive officer at RagingBull.com, says he that the market has rallied to a point where he is looking to take money off the table on the upside and starting to get short anticipating that areas like technology that have rallied the most off the lows are due for a fall as the current bear market rally starts to falter. Bishop acknowledges that he might be early, but he'd rather be ahead of the rally ending than riding it down. Also on the show, Roxanna Islam, associate director of research at VettaFi, discusses the construction of indexes of closed-end funds and the benefits to using them over individual issues, Milind Mehere, chief executive officer at Yieldstreet, discusses the current state of the U.S. housing market, and Juan Pablo Villamarin, senior investment analyst at Intercontinental Wealth Advisors, talks stocks in the Market Call.