Money Life with Chuck Jaffe

Jeff Muhlenkamp, portfolio manager for the Muhlenkamp Fund , says in today's Money Life Market Call that one of his big fears right now is in order to deal with government debt, authorities will de-value the dollar, so he has been adding gold and precious metals names to the portfolio to hedge against that potential. He is also looking at deregulation as a possible driver for future as well, and w...

Mark Luschini, chief investment strategist for Janney Montgomery Scott , says that with no one talking about recession these days, he says "it is the one thing the market is at risk of having happen right now" because the market isn't pricing in any potential downturn. Recession is not his base case, but he says there is an economic soft patch to get through that will take the economy to the edge...

Michael Kelly, portfolio manager and global head of multi-asset at PineBridge Investments , says that the evolution boom in artificial intelligence is the kind of generational market event that only happens "once every 20 or 30 years." He says it will be "very meaningful and we believe very good not only for the economy but for the markets." He is optimistic that the increased productivity created...

Amanda Agati, chief investment officer at PNC Asset Management Group , says that with the purple haze of fiscal policy uncertainty and tariffs having lifted, the "pace of natural advancement" doesn't have a lot of room left in 2025, but after a slower grind into the end of the year, she thinks that 2026 "is shaping up to be an acceleration type of a year."  She expects broader stock market partici...

Craig Callahan, chief executive officer at ICON Advisers , says that his calculations on the stock market show that despite being near record-high levels, the market is "slightly underpriced relative to fair value," meaning it has room to move higher from here. Callahan says that a small-cap rally and market changes that started to surface a year ago were disrupted by the tariff tantrum but should...

Jurrien Timmer, director of global macro at Fidelity Investments , says that the market has been dealing with "cross-currents," where concerns about tariffs increasing inflation have been offset by declining oil prices, and where a lack of rate cuts has been countered by record corporate profits. It all combines to create a market that Timmer says can get past the concerns to deliver modest gains...

Darrell Cronk, chief investment officer at Wells Fargo Wealth and Investment Management , says he expects both the stock market and the economy to face a "soft patch" that will increase volatility and mute returns for the rest of the year, but he believes conditions are strong enough that there will be no recession and that those year-end doldrums will lead to improvement and gains in 2026. Cronk,...

Nick Sargen , consultant and senior economic advisor at Fort Washington Investment Advisors , says that investors haven't really seen the economic impact of tariffs and other policies that experts were warning the public about, but they are seeing those issues now. "Fasten your seatbelts," Sargen warns, "you're just beginning to see the impacts." While not calling for a recession, Sargen says he s...

Thomas Winmill, manager of the Midas Discovery Fund and the Bexil Investment Trust , says that while the rally in gold is long in the tooth — at record highs having lasted twice as long as the standard rally — but he makes the case that it still has plenty of room to run, boosted by purchases made by central banks around the world. Winmill says that a rising dollar might end the rally, but that's...

Scott Ladner, chief investment officer at Horizon Investments , says he's "not super comfortable right now because everyone else is."While he doesn't see anything specific that could derail the markets, he notes that times when investors throw caution to the wind typically end badly, and that August historically has been a month for market surprises. Ladner says that earnings have been good enough...

Paul Gruenwald, chief economist at S&P Global Ratings , says he expects a jump in consumer prices to 3.5 percent by the end of the year, and — while he thinks the move will be temporary or a one-time response to resolution of tariff uncertainty — he expects that to make the Federal Reserve more cautious about cutting rates. That's especially true because he expects economic growth to slow from abo...

Frank Holmes, chief investment officer at U.S. Global Investors — also the executive chairman at Hive Blockchain — says that investors should adjust to market conditions that are "sunny but … windy," with more volatility and changing conditions but generally pleasant and not hard to navigate through "because we're in a secular bull market." Holmes discusses the recent strength in the gold market —...

Matt Harris, chief investment officer at The Hausberg Group , says that he expects a correction in the not-too-distant future, but he says that it is more likely to be about time — where the market trades sideways and lets the fundamentals catch up to recent price activity  than it is about stock prices. In fact, Harris is not exceptionally worried about the current rally ending, because while the...

Lyle Fitterer, senior portfolio manager for the Baird Funds — manager of the Baird Municipal Bond and Baird Strategic Muni Bond funds — says that absolute yields on fixed income looks pretty attractive, but that muni bonds have lagging some other bond types through the beginning of the year, but are poised now for better results in the second half of the year. Selma Hepp, chief economist at Cotali...

Brett Ewing, chief market strategist at First Franklin Financial Services , says he's expecting "green lights from here" for the market with a lot of policy moves by the Trump Administration getting to where they are sorted out and where they will impact the market later in the year, including de-regulation efforts which he believes will be an active investment play. Ewing noted that the stock mar...

John Silvia , chief executive officer, at Dynamic Economic Strategy, says that anticipated price hikes caused by tariffs haven't happened because the business community didn't want to increase prices until it had some certainty on the taxation levels. Now that the market is approaching clarity, he expects a raft of price increases, and for the economic impacts of the tariffs to hit home, making th...

Matt Miskin, co-chief investment strategist at Manulife John Hancock Investments , knows that it's hard to get investors focused on fixed income when the stock market is flirting with record highs, but he says that equities are poised to experience slower gains moving forward at a point where bonds are delivering solid, steady income. He's not backing away from stocks, but with the forward price/e...

Veteran Wall Street observer Bob Doll, chief investment officer at Crossmark Global Investments , returns to the show to review how his annual predictions for the year ahead are turning out midway into 2025, and despite the headlines and the volatility and uncertainty surrounding the market, Doll appears to be on pace for his best year ever, with at least nine of his forecasts looking like they mi...

Joe Kalish, chief macro strategist at Ned Davis Research, says that the uncertainty over tariffs, geo-politics, inflation and more has "kind of melted away," allowing themarkets to perform well and recapture record highs. Kalish says that while he likes the looks of global markets and wants a more balanced approach with increased exposure to Europe, Japan and other economies, he hasn't given up on...

Jeff Krumpelman, chief investment strategist at Mariner Wealth Advisors , likens current markets to "clear-air turbulence," when a plane flying through blue skies winds up being buffeted by high winds and conditions that are hard to see. Weathering that wild ride, travelers can reach their destination, and Krumpelman thinks the Standard & Poor's 500 is headed to 6,600 — the same level he was forec...

Doug Roberts, chief investment strategist at the Channel Capital Research Institute — author of Follow the Fed to Investment Success — says he does not believe that President Trump will fire Federal Reserve chairman Jerome Powell, and that he also thinks Powell will continue to ignore the president's pressure to cut rates. Given recent numbers, Roberts thinks Powell and the Fed can wait longer bef...

Nanette Abuhoff Jacobson, global investments strategist for the Hartford Funds , says that uncertainty, by itself, hasn't derailed global markets and slowed growth, but that it could be starting to happen now with signs that there has been a lag time impacting tariff impacts and that core prices are starting to rise. Jacobson says that U.S. investors have become "complacent and they're pricing in...

Mark Newton, global head of technical strategy at Fundstrat Global Advisors , says he is optimistic for the rest of 2025, though he expects choppiness as the Standard & Poor's 500 moves toward a year-end target of 6,650. Newton says the economy has been resilient through the headline risks and that the market is in a "Goldilocks state because the Fed is certainly going to cut three times between n...

Brad Case, chief economist at Middleburg Communities , says that while Americans have been complaining about the housing market and available home stock, the market is not far off from historic norms. That said, he also discussed some recent research he did showing that Americans would be better off renting a home — and investing the savings they get on various aspects of ownership — than they are...

Vincent Randazzo, founder and chief market strategist at ViewRight Advisors , says that while the stock market appears overbought in the short-term — and may need some time to get through it — the longer-term indicators are bullish, and suggest that the rally that has been in place for three years now can continue. Randazzo says that indicators are showing that the market appears to be broadening...