Money Life with Chuck Jaffe

In a recent column, Chuck said that financial advisers who accepted PPP loans during the coronavirus pandemic were lacking in character. Barry Ritholtz, a leading financial adviser whose $1.3 billion wealth-management firm accepted PPP loans, is 'on the other side' from Chuck and gives his reasoning for taking the loans as he and Chuck cover the issues buried behind the paperwork in the government...

Julia Carlson, chief executive officer at the Financial Freedom Wealth Management Group, says that investors should be riding the wave of renewed optimism and the stock market that has recovered from March lows, but she says there will be a longer-term price to pay, and that investors should be preparing for the long-term fallout from current stimulus efforts,which could be higher taxes and rising...

Alan Gayle of Via Nova Investment Management says that while investors should be pleased with pleased with the market's rally from March lows, he expects trouble ahead, noting that the rally may be early given the prospects for real economic growth as the economy reopens from the coronavirus shutdown. 'We need to fell better,' he says in explaining why his cash holdings are up, 'but I don't think...

Ken McAtamney, portfolio manager for the William Blair Global Leaders Fund, says that the resumption of activity and the unlocking of businesses means that, sequentially, the economy will pick up speed quarter after quarter. While the economy will resume a low-growth trajectory, the market can move forward and he says he expects it to do that while avoiding a major meltdown over the next few years...

Chris Huemmer, senior investment strategist at Flexshares, and the FlexShares Quality Dividend Index, says that dividend income streams may become disconnected with stock prices, and that investors shouldn't chase yield but also need to evaluate dividend cuts and suspensions to see if the moves are temporary or caused by real financial difficulties. Also on the show, author Chip Munn talks 'The Re...

Jeffrey Bierman, chief market technician at TheoTrade.com, says that the stock market is completing a cycle and working its way toward a top, but that investors should be prepared for what happens next, which could be a 'garden-variety' pullback of about 20 percent, an extreme decline that re-tests recent lows or a move toward a 'zombie economy' and protracted, extended market trouble. While nothi...

Jason Browne, president of Alexis Investment Partners, says that investors should be tactical given current market conditions, which means having more exposure to stocks now -- at a point when economic woes will be revealed as the business world reopens -- than they did as the market was going through troubles at the start of pandemic conditions. Also on the show, Ken Tumin of DepositAccounts.com...

Bill Stone of Stone Investment Partners says that as the economy starts to crank up again, the market is likely to respond positively, even as investors know that the growth numbers will look good only because they're being compared against economic stoppage. Eventually, however, Stone says the market will want to see good numbers; because those numbers could be elusive, he says investors will wan...

Tony Tanner, portfolio manager with the Aquila Group of Funds, says that the troubled economy and lower interest rates will hit the bond market and should convince investors to diversify their fixed-income holdings; unlike many bond-industry watchers, Tanner notes that he is not expecting a big wave of defaults, though he said credit-quality will  be challenged. Also on the show, Tom Lydon of ETFT...

Joe Quinlan, head of CIO market strategy for Merrill Lynch and Bank of America Private Bank, says that global public spending on health care has been stagnant for the last two decades, and the pandemic has highlighted infrastructures and governments that were not prepared to protect their people and deal with a crisis. While Wall Street has largely ignored the issues, he says there is a clear link...

Laura Geritz, chief executive officer at Rondure Global Advisors, says that the U.S. and China are holding up the world economy with their spending during the coronavirus pandemic, but she cautions that if those economies falter -- and they have little room to expand spending --  it will be hard to find stocks to buy there. She prefers countries with no reserve currency now, nations where she find...

Jason Thomas, chief economist at AssetMark, says that the structural and societal changes and advancements that have allowed the economy to not be in more-significant trouble thanks to the coronavirus pandemic are also laying the base for an economy that ultimately will emerge strong, with stocks providing the best chance to come out ahead several years down the line. He notes that the United Stat...

Bryce Doty, senior portfolio manager at Sit Fixed Income Advisors, says that the bond market is particularly difficult right now but that domestic issues remain stronger than the rest of the world, and could be buoyed by rates that rise slightly sooner than many people expect. He notes that with the Federal Reserve committed to keeping interest rates in positive territory, rates really only have o...

Simeon Hyman, global investment strategist at ProShares, says that the backdrop of economic challenges has made dividend income more important than ever for investors, but the market concerns also have companies suspending and cutting distributions. He discusses dealing with the stocks that have trimmed dividends as well as the sectors that he expects to lead the pack going forward. Also on the sh...

Greg Valliere, chief U.S. policy strategist at AGF Investments, says that the markets have good reason to be optimistic long-term, despite the economic issues that are surfacing now, noting that 'This is not going to be a long depression, it's going to be a really ugly brief recession.' Also on the show, Tom Florence, chief executive officer at 361 Capital, covers the role that alternative investm...

David Trainer, president of New Constructs, said that insurance giant Allstate Corp. is an attractive stock despite a significant recent decline resulting mostly from the market's reaction to the coronavirus pandemic. Trainer -- who normally warns investors away from securities in the Danger Zone segment -- made Allstate one of his attractive stocks, noting that the company is significantly overva...

Pamela Woo, head of U.S. equities at BNP Paribas Asset Management, says that investors need to trust their allocations and plans while also looking for stocks that will come through the current recession positioned for a strong future. She expects to see a recovery that gets off to a hot start as the economy reawakens, but that won't recapture previous levels for e foreseeable future when the pand...

Mike Lippert, portfolio manager at Baron Opportunity, says that investors can still find opportunities in a troubled market that tends to have investors clustering in a few areas, including cloud computing and other technologies that are helping people shelter at home currently but which stand to benefit from a more-permanent, long-term shift to independent work spaces. Tom Lydon of ETFTrends.com...

Matt Lloyd, chief investment strategist at Advisors Asset Management, says that trying to find clarity in the current economic situation is 'like trying to put in eye drops while you're surfing,' but he says that he doesn't expect to see the much-discussed U- or V-shaped bottom to any troubles, saying instead that there will be a square-root sign shape, meaning volatile drops and recoveries before...

David Tice, chief investment officer at the Ranger Active Bear Fund, says that the market will re-test its lows and break through them as it goes through a long, volatile decline. He says investors should not expect a 'standard, garden-variety recession,' but instead will see a depression, though he does not expect a market crash to be part of that problem, noting that the market will grind down a...

Jeffrey Cleveland, chief economist for Payden and Rygel Investment Management, reacts to Friday's massive unemployment numbers by noting that the good news in the report -- that 78 percent of the jobless say their personal trouble is temporary -- may be a bit too optimistic, with the reality being that 40 to 50 percent of the lost jobs may be permanent or longer than anticipated, which would slow...

Frank Holmes, chief investment officer at US Global Investors, says that investors heading for cash are being too conservative because the market is creating opportunities in areas that are troubled, like airlines, but he is also expecting the economic stimulus efforts to generate inflationary pressure that will make gold particularly attractive during volatile market times head. Also0 on the show...

Wall Street veteran Bob Doll, chief equity strategist at Nuveen Asset Management, came back to Money Life revising the forecasts he made for 2020 because coronavirus circumstances changed so much about the market and economy. Revisiting, altering or renewing his predictions for the remainder of the year, he says the market should ultimately establish its bottom in April or May, with the short rece...

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 recov...

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 impo...