Money Life with Chuck Jaffe

Ben Ashby, head of investments at Rayliant Global Advisors, says that the U.S. stock market may be better positioned than the rest of the world right now, that's mostly because the outlook for almost all global markets right now is grim. He's anticipating trouble -- and sparse to no growth for the U.S. market and economy -- with little reason for optimism expected until the end of next year. Meanw...

Paul Gruenwald, chief economist at S and P Global Ratings, sees trouble ahead for the economy early in 2023, as it moves through a recession and adjusts to slowing growth that is likely to be negative early on before picking up in May or June. Even with those gains, he expects the year to be flat on growth overall until 2024. Also on the show, Chris Oberbeck, chairman and chief executive at Sarato...

Michael Kelly, portfolio manager and global head of multi-asset at PineBridge Investments, says that investors should expect volatile choppy markets -- moving sideways at best -- while the economy pivots away from the rising inflation and interest rate trend, but that investors shouldn't expect much good news until at least May of 2023. Kelly says that he expects China to pivot on some of its poli...

Alan McKnight, chief investment officer at Regions Asset Management, says that fallout from the current global supply-chain crisis will be a worldwide shift to there is going to "near-sourcing," the ability to have suppliers closer to home, which will lead to Corporate American spending money to make it happen, which should benefit industrial companies and energy stocks moving forward. Those secto...

Glory Liu, author of "Adam Smith's America: How a Scottish Philosopher Became an Icon of American Capitalism," says that people evoking the famous economist's memory to support their thinking are typically wrong about his teachings, noting that the patron saint of capitalism had a lot of ideas that have mostly been forgotten by leaders and politicians trying to appropriate his fame and use it as a...

Eric Boughton, portfolio manager/chief analyst at Matisse Capital -- which runs mutual funds that invest in closed-end funds -- says that investors can find attractive discounts in a few sectors right now, notably in municipal bonds, high-yield and bank-loan funds are worth investigating in fixed income, with foreign stocks and MLP funds (investing in master limited partnerships) leading the oppor...

It's Black Friday, ahead of Cyber Monday and the start of the home stretch for holiday shopping, but it's not just about what's happening with retailers. John Cole Scott, chief investment officer at Closed-End Fund Advisors sorts through the big discounts in the closed-end fund world right now and comes up with four issues -- two in stocks and two in fixed-income -- that would be sound additions t...

Colin McWey, portfolio manager at Heartland Advisors, says that current market conditions are setting up well for value-oriented investors, because it is clear that many companies e market is building a scenario where a lot of companies will be worth much more in three to five years, although a number of stocks that were overpriced in 2020 and '21 will never re-attain past highs. The wash-out of c...

John Kosar, chief market strategist at Asbury Research, says that the market has reached a key point, and he believes the lows the market made in June and retouched in October -- in the 3,500 range for the standard & Poor's 500 -- will stick, and last several quarters. He remains positive on the market for now, noting that his key indicators remain green, but notes he won't be surprised if the mar...

Brian Overby, senior markets strategist at Ally, says that the market is in a good place to have a Santa Claus rally into the end of the year, boosted by the strong consumer, but he noted that good news could carry into 2023 with an economy that could actually pull off a soft landing so long as employment, inflation and spending numbers stay where expected and continue current trends. Overby noted...

Jacob Channel, senior economist at LendingTree, says that while everyone is counting on the Federal Reserve to beat back inflation and tackle the economic problems facing the nation, 'the reality is that some of the issues we are facing aren't the kind of issues that the Fed has the ability to fix." He warns that if global supply chains struggle, prices will remain high no matter what happens with...

Barry Metzger, managing director of trading and education at Charles Schwab, says that the firm's latest trader sentiment survey shows that nearly 60% of traders feel like the United States is already in a recession or will be in one by the end of the year, with nearly that entire group believing that the economic slowdown will last less than one year. These traders -- investors who make 80 or mor...

Jeff Spiegel, U.S. head of iShares megatrend and international ETFs at BlackRock, says that high inflation is not a megatrend that will last decades, but it has created an environment in which investors will want to be more selective, looking for compelling reasons for long-0term growth. Specifically, he identified infrastructure and clean energy plays, health-care innovation and cybersecurity and...

Victoria Fernandez, chief market strategist at Crossmark Global Investments, says that while there are real positives to take away from recent market activity, the lag effect from Federal Reserve actions will slow growth, earnings and profit margins sufficiently to create a small recession in the spring or summer of 2023. She recommends selectively managing portfolios to add balance, but warns aga...

Amber Fairbanks, portfolio manager at Mirova on the firm's global sustainable equity strategy, says that she thinks a recession is coming, likely early next year and while she expects it to be mild, investors and experts are mostly guessing at that because there is no real precedent for the kind of high inflation, rising rate environment we are seeing today. Fairbanks, speaking in the Market Call...

Bill Stone, chief investment officer at Glenview Trust, says that buying smart in the stock market requires making investments when they feel bad, which despite this week's rally is still the case today. He foresees some recessionary troubles for 2023, but thinks the recovery from a bear market will be "normal" and likely accomplished within two years. Thus, even while he warns that earnings and c...

Thomas Winmill, manager of the Midas Fund and the Dividend and Income Fund, says that investors have to adjust their psychology to recognize that it is a preserve of value, and while it has struggled this year in its traditional role as a hedge against inflation, it will hold up well against bonds, where investors have been lured by higher yields that look good but can't keep pace with inflation....

Joe Kalish, chief macro strategist at Ned Davis Research, says that the Federal Reserve will begin scaling back its rate hikes by March, creating a good environment for bonds and cash to generate a real return with minimal risk. But first, he says the stock market will likely rally down the final stretch of 2022, but that because the  stock market has never bottomed ahead of the start of a recessi...

Jeffrey Cleveland, chief economist at Payden & Rygel, says that inflation could begin dropping next year while unemployment remains low, conditions which run counter to the traditional recessionary playbook. He says that the reasons for inflation over the last few years could be unique to the Covid era -- fiscal stimulus, unusual supply chains, a shift in how people spend money moving from service...

Adam Ballantyne, senior analyst at Cambiar Investors, says the Federal Reserve needs to keep talking as if inflation is far from over because their job is to dare us into a recession or near recession to cure the economy's problems, but he notes that "The reality is we might be peaking right here." Half of the inInflation is driven by housing, energy and medicare costs, and Ballantyne says those i...

Shep Perkins, chief investment officer for equities at Putnam Investments, says that once the Federal Reserve sees an uptick in unemployment and the economy slowing and cuts back on rate increases, the stock market will find a bottom and begin a sharp recovery once the all-clear is sounded. While investors will need to be patient waiting for that rebound to start, Perkins says there are plenty of...

George Bory, chief investment strategist for fixed income at Allspring Global Investments, says that the Federal Reserve's forth jumbo rate hike of the year -- announced yesterday -- is not likely to trigger a deep inflation, but the central bank did leave consumers wondering just how effective the rate hikes will be at slowing and ending inflation. - hiking activity will end or, at least slow, th...

Scott Wren, senior global market strategist for the Wells Fargo Investment Institute, says the stock market is in for some dicey moments heading into 2023 and through the first few months of the year, but he is calling for the Standard & Poor's 500 to hit 4,400 -- roughly 15 percent higher than it is today -- by the end of next year, a recovery that is set up by solid economic underpinnings that h...

Greg Valliere, chief U.S. policy strategist for AGF Investments, says that while there is no sugar-coating the problems of the economy -- inflation, rising interest rates, a rough housing market and more -- the likely recession that lies ahead will be shallow, and will have a reasonable recovery once the Federal Reserve proves that the bitter medicine it is providing to quash inflation won't go ov...

Quincy Krosby, chief global strategist at LPL Financial, says that the stock market has been signaling a coming recession -- albeit not likely to be "a deep scary one" -- but the key will be the speed of recovery, and that may hinge on how and when the Federal Reserve eases up on or reverses interest-rate hikes. Crosby notes that one thing that will help the recovery is that the dollar should weak...