Money Life with Chuck Jaffe

Paul Christopher, head of global market strategy at the Wells Fargo Investment Institute, says that the economic recovery pace in the United States is ahead of most foreign countries and is likely to stay that way for a year or more, but his long-term thinking suggests that changing globalization will use more robotics and artificial intelligence and more to localize production and make it that di...

Steve Rick, chief economist at CUNA Mutual Group, says that Coivd-19 and its variants remain the biggest issue facing the global economy right now  because it has slowed the U.S. economy more than expected and it continues to drive expectations lower, at a time when rising inflation is a concern that could put a further damper on growth. Despite the uncertainty, Rick remains largely positive on th...

David Trainer, president of New Constructs, says that new research from the firm shows that three-quarters of the Standard and Poor's 500 stocks have misstated earnings, and that 215 of those companies have overstated their profits by more than 10 percent. He cites Fortive Corp., which shows reported earnings of $4.62 per share, but with core earnings of 99 cents per share; as a result, Trainer sa...

Niladri Mukherjee, head of portfolio strategy at Merrill Lynch Bank of America Private Bank, thinks that equities will grind higher from current levels, but that progress will be based on a 'different playbook' driven by rising corporate earnings and narrower moves that force investors to dig into the numbers -- to 'get micro' looking at valuation opportunities -- rather than relying on the rising...

Rob Isbitts, chief investment strategist at Sungarden Investment Publishing, says that with the yield on the Standard and Poor's 500 is as low as it has been in years, investors trying to find good buys on dividend stocks are looking for the proverbial needle in a haystack. Isbitts, who has developed a new investment factor he calls YARP -- for 'yield at a reasonable price' -- says that yield-orie...

Noland Langford, chief executive at Left Brain Investment Research, says that investors must adjust and deal with the current impact of inflation and continuing low rates, noting that '5 is the new 8,' and that investors may struggle to find good ways to generate a 5 percent yield. To meet that standard, Langord says he has gotten both more aggressive and more selective in using high-yield corpora...

Jan van Eck, chief executive officer at VanEck, says that government policy 'determines the weather' for markets and policy has been 'insanely supportive' of markets and while that is changing slowly he would suggest that investors have no reason to feel nervous while the Federal Reserve continues to support the market. van Eck talks about three multi-year investable trends, starting with the cont...

It's a wide-ranging show today with author Alec Ross, discussing 'The Raging 2020s: Companies, Countries, People - and the Fight for Our Future,' and whether the times ahead look more like a Star Trek universe or the landscape of Mad Max. In the Danger Zone, David Trainer of New Constructs sees through the popularity of the Warby Parker IPO to discuss how the stock may be worth no more than 20 per...

Michael Kahn, senior market analyst at Lowry Research Corp., says that technical analysis shows that the market at record highs is hiding the fact that parts of the market are not working, and that a number of indexes and indicators -- with the notable exception of the Standard and Poor's 500 -- are flat or struggling. 'I don't see that the rising tide is raising all boats,' Kahn says. 'I don't th...

Michael Mullaney, director of global markets research at Boston Partners says that we're seeing 'the best financial conditions that we've seen in decades right now, and earnings are off the charts,' and while he sees some potential for change due to inflation and interest rate pressures, he says that investors should be listening to the stock market  and taking advantage of the good conditions whi...

Joe Kalish, chief macro strategist at Ned Davis Research, says that the global markets are positioned well for the future provided that they can avoid significant trauma caused by inflation, and he is worried that the pressures causing current inflation may be more persistent than policymakers expect. If pricing pressures linger and are not transitory -- and Kalish uses shelter costs as a possible...

Scott Helfstein, executive director of thematic investing at ProShares, says that the economic re-opening from the pandemic is not some sort of rewind, and that to move forward investors should give up on what he described as five fallacies, including the long-held debate about the growth versus value styles of investing. Helfstein also says that investors should recognize that investors should no...

Jeanette Garretty, chief economist at Robertson Stephens Wealth Management, says that the economy has entered an economic expansion phase, and notes that these growth phases tend to last a while. She expects this expansion to run for years, driven by fiscal policy and helped along by changes in the workplace, productivity and inventories that have eliminated some of the classic economic impediment...

Catherine Stienstra, head of municipal bond investments at Columbia Threadneedle, says that the muni market has had a good summer, but got a bit softer in August and is likely to stay that way while waiting to see how government infrastructure plans and any potential tax increases play out. Tom Lydon of ETFTrends.com -- for the second week in a row -- makes a classic fund that now is available as...

Andrew Foster, chief investment officer at Seafarer Capital Partners, says that forecasts for China to become the world's largest economy -- surpassing the United States -- are based on overblown economic assumptions. He says China is revising numbers, which will put 'a substantial dampener on growth;' instead of growth rates projected at 6 percent, Foster says to expect economic deceleration that...

Steven Dover, chief market strategist at Franklin Templeton, and the head of the Franklin Templeton Investment Institute, says that the current math makes it hard for the market to double again the way it has in the last year, so he is expecting it to take another eight or nine years to see the next market double. That means investors should expect single-digit gains, which Dover thinks is reasona...

Mark Luschini, chief investment strategist for Janney Montgomery Scott, says that the stock market is likely to follow the growth of corporate profits, which bodes well for heady gains over the next year or two, despite inflation and other concerns that will increase volatility and potentially cause setbacks. Luschini says that since grizzly and protracted bear markets rarely occur outside of a re...

Kristina Hooper, chief global market strategist at Invesco, expects reasonable growth for the economy and the stock market into next year, but notes that depends on the Federal Reserve successfully managing interest rates, and Covid variants not re-igniting the pandemic to where consumers shut down even if the economy remains open. She expects secular growth and defensive stocks to be the outperfo...

Scott Kimball, head of US fixed income at BMO Global Asset Management says investors need to recognize that the Federal Reserve is taking away emergency provisions, which should not threaten risk markets the way they feel threatened right now. With the Fed remaining cautious, Kimball says that inflation is likely to remain elevated, but not get to the runaway level. As a result, he expects that 20...

Jae Yoon, chief investment officer at New York Life Investment Management, says that he is worried about how much higher the market can go from here with valuations at or near record highs, but he believes investors can be confident about investing globally and adding emerging markets and developed Europe for growth. Yoon believes the 10-year Treasury bond will be in the 1.5 to 2 percent range by...

Victoria Fernandez, chief market strategist at Crossmark Global Investments, says the recovery has created a solid foundation for the market to do well, despite increased choppiness that may be fueled in part by the shifting numbers and the strained year-over-year comparisons. With the heightened volatility, Fernandez says investors need to double down on their diligence, becoming more particular...

Broan Bollinger, president of Simply Safe Dividends, says that the stock market's rise to record highs has created challenging valuations for income-oriented stocks, but he maintains that there are issues that are steady, boring names that have missed out on much of the rise and remain reasonable values today. In the Market Call, Bollinger discusses the importance of dividend safety and the relati...

Marc Lichtenfeld, chief income strategist at The Oxford Club, says that lower-for-longer interest rates and bond yields that have had investors turning to dividend-paying stocks have helped push valuations to where investors are having a tough time getting good payouts, and that they might want to cast a jaundiced eye to investments where the yield is out of line with the market right now because...

Thomas Winmill, manager of the Midas Fund, says that gold is where investors go to preserve capital when they think inflation is coming, and the underperformance of gold would suggest that investors think that rising consumer prices are temporary. Winmill notes that there has been inflation in housing and health care and in other key areas, as well as in commodities like aluminum, copper and cobal...

Michael Power, strategist at NinetyOne, says that stock market valuations are stretched and bond yields are unsatisfying, but investors have no place else to go but the domestic markets. He expects a sell-off and downturn, but to end quickly. Ultimately, he believes investors will like the progress made over the next year, even though they will have to suffer through heightened volatility to reach...