Money Life With Chuck Jaffe Daily Podcast

Jeffrey Hirsch, editor of the Stock Trader's Almanac, says the stock market's seemingly ho-hum reaction to election news has been because the result remains a toss-up, but now that the conventions have passed and the election process is entering the home stretch, he expects a more significant response as market forces decide what kind of impact to expect from either an incumbent victory or a regime change. He notes that the market generally responds positively to a re-election and struggles more when an incumbent is defeated. Also on the show, Jerremy Newsome of  Real Life Trading says the market is headed for trouble ahead -- a decline of 8 to 10 percent -- because it has overheated and become too optimistic. Still, after that kind of pullback, he expects the market to resume its climb and says 20 percent higher a year from now would not be surprising at all. Larry Swedroe, author of 'The Incredible Shrinking Alpha: How to be a Successful Investor Without Picking Winners" discusses his book and Matt Zajechow

Famed value investor Joel Greenblatt, co-chief investment officer at Gotham Asset Management, explains how the market's changes haven't affected what he looks at in stocks, but stresses that value investors who insist on traditional measures like price-to-earnings or price-to-book ratios will not see the real bargains available now, even as the market returns to record-high levels. He explains how Amazon.com is a value stock now despite a massive 4-digit price tag, noting he thinks it could nearly double from here. Also on the show, David Trainer of New Constructs puts Carvana in the Danger Zone, saying the stock has all the earmarks of an imminent disaster, and Nancy Tengler of Laffer Tengler Wealth Management discusses stocks and her definition of value now in the Market Call.

JJ Kinahan, chief market strategist at TD Ameritrade, says that the virus and the election will dominate the market action for the remainder of the year and until they are settled, but he says that the election results may not shake things up much on the whole, instead hitting specific sectors hard. He notes that what happens in the House and Senate -- particularly if control of the latter shifts -- will have particular impact on the health-care and energy sectors. Also on the show, Bryan McGannon of US SIF discusses a controversial rules proposal that could limit or reduce investors' access to social investment funds in their retirement plans, Ted Rossman of CreditCards.com talks about the financial impacts -- and pitfalls -- from event cancellations, and Brian Bollinger of Simply Safe Dividends discusses the impact of dividend freezes cuts and suspensions on dividend-investing strategies in the current environment.

Jack Ablin, chief investment officer, says while market conditions are positive, investors need to be choosy because the current rally is not broad. To that end, he suggests that investors 'are better served by some individual selection,' both in stocks and bonds; he notes that the pandemic has highlighted the need for critical thinking, with stocks like Netflix and Disney that once were considered competitors on mostly equal footing now showing their big differences as the economy struggles to reopen. Also on the show, Tom Lydon of ETFTrends.com looks at the Standard & Poor's 500 in two ways as he picks two similar-but-different funds as 'ETF of the Week,' Laura Adams of Coverage.com talks about the stunningly high cost of adding teenagers to family auto insurance policies, and Eric Boughton of Matisse Capital says in the Market Call that most closed-end funds remain compelling values, allowing investors to buy valuable assets on the cheap..

Willie Delwiche, investment analyst at Baird, says that the market's technicals are sending a clear message that the market is in an uptrend that is likely to keep rolling, so that 'Getting really negative about the market right now doesn't make any sense.' In the Big Interview, Steve Rick, chief economist at CUNA Mutual group, notes that while he expected a recession in 2020, it was not for pandemic reasons, but the struggling economy actually addressed his concerns and so the weakness he anticipated won't stand in the way of a recovery from here.Also, Ismat Mangla of MagnifyMoney.com discusses their research into the dividend history -- freeze, cut, hold or increase -- of companies that furloughed workers or reduced payrolls during the coronavirus pandemic, and Noland Langford of Left Brain Investment Research talks stocks in the Market Call.

Avi Gilburt, founder of the Elliott Wave Trader, says he expects the Standard and Poor's 500 Index to hit 5,000 by 2022, and while he believes there will be a pullback before that rally starts, he believes there will be a 'global melt-up' that will dramatically lift global markets in 2021, allowing them to reach his long-term target the following year. Also on the show, Marc Chaikin: of Chaikin Analytics says that the market is only disconnected from the economy 'if you go by the old rules,' noting that unique times call for different guidelines and benchmarks. Chaikin says he will not fight either the Fed or the trend, notig that both are pushing the market higher and likely will keep it going that way into 2021 and beyond. Kasara Barto of Squaremouth.com joins Chuck to discuss about how travel insurance is working during the pandemic and who is actually using it now, and Jane Edmondson of EQM Indexes talks rules-based stock investing in the Market Call.

Dec Mullarkey, head of investment strategy at SLC Investments, says that the market's recovery has been largely bifurcated, with the FANG stocks benefitting from and fueling the run back to record highs while the rest of the Standard and Poor's 500 and the rest of the Standard and Poor's 500 has been struggling to recapture pre-pandemic prosperity. Mullarkey says that the market has reached the point where technology stocks have maximized their values and he expects a handoff from growth to value; the key for investors will be getting the transition right, thereby avoiding value traps. Mullarkey says that any market stalls or pullbacks could create buying opportunities. Also on the show, Greg Daco of Oxford Economics US discusses the latest National Association for Business Economics Outlook Survey -- out today -- which shows economists thinking the recovery will be long and slow and likely unfinished for at least two more years, Kyle Guske of New Constructs says that one of the stock market's biggest darling

The stock market may be back to record high levels, but Jeff Auxier of the Auxier Focus Fund notes that the rally has been narrow with just 6 percent of stocks at or near their peaks. Auxier believes the coronavirus pandemic has left many stocks in buying territory because it amounts to a 'fixable temporary problem,' the kind of thing that knocks down a stock price without impairing it permanently. Also on the show, Lawrence Holzenthaler of Symphony Nuveen discusses high-yield investing in a low-rate environment, and the disconnect between the how the equity and credit markets are thinking right now, Scott Kimball of BMO TCH Core Plus Bond Fund talks the broad fixed-income picture and Ted Rossman of Bankrate.com talks about the site's latest survey on how schooling decisions being made now are having a financial impact on the families dealing with them.

Eddy Augusten, investment committee chair at Concurrent Advisors, says that while the market looks stretched and risky -- with stocks and bonds both being expensive by some conventional metrics -- the economy is strong and showing signs that it can push the market higher. Augusten stressed the importance of looking beyond the standard numbers during times when numbers are uncertain and confusing. Also on the show, Tom Lydon of ETFTrends.com makes a new small-cap biotechnology fund his 'ETF of the Week,' Scott Thoma of Edward Jones discusses the changing ways Americans are viewing retirement, and Chuck answers three questions submitted by audience members.

Talley Leger, senior investment strategist at Invesco, says that while the stock market has been gaining speed and heading to new highs, it also has building headwinds that must be overcome -- but that can be conquered -- before the market can continue its recent rally. Leger suggested that investors will need to move away from defensive sectors and be ready to be more aggressive if the market can overcome its current obstacles. Also on the show, William Quinn, co-author of '"Boom and Bust: A Global History of Financial Bubbles' compares the current economic situation to historic market bubbles, and Stephen Dodson, manager of the Bretton Fund, talks about value investing in current market conditions and the need to stay focused on the long run in the Market Call.

Gene Peroni of Peroni Portfolio Advisors says that the market is signalling now that the worst of the coronavirus has played out and that there is something significantly more optimistic ahead of us. 'Indicators we are looking at see the market at substantially higher levels,' Peroni says, ultimately noting that the Dow Jones Industrial Average is likely to hit 36,000 before the end of the current market cycle, which he notes could last a few years. Hitting a contrasting note to that technical outlook is Markus Schomer, chief economist at Pinebridge Investments, who says that interpretation of current economic numbers is upside down. He notes that countries that had the worst second-quarter GDP numbers were those that shut down against Covid-19 most comprehensively, which means they can reopen with greater confidence, as opposed to countries -- like the United States -- that struggled to keep GDP numbers up but that did poorly against the virus meaning that its effects will linger on. Also on the show, Chuck

Tendayi Kapfidze, chief economist at LendingTree, says that a looming eviction crisis will have a dramatic impact on the economy, even if the number of actual evictions is held ni check by lawmakers. Kapfidze noted that the economic troubles hidden in renters unable to make payments and landlords unable to collect rents will make it that the economy can;t recover to pre-coronavirus levels soon. While the decline itself may not be deep and traumatic, Kapfidze notes that 'A 10 percent sustained decline in the economy is a significant thing and will do a lot of damage to the economy as a whole.' Also on the show, Jean Young of Vanguard discusses how few of the firm's investors showed signs of panic during the market downturn in February and March, and that those who did exit for the safety of cash mostly would have been better off sticking with stocks, David Trainer of New Constructs says Wayfair may be popular but the stock is headed for trouble, and Kathy Boyle of Chapin Hill Advisors talks funds and ETFs in t

Martin Pring of Pring research says that investors may intuitively feel that the stock market has rebounded too quickly from March lows and might be expecting a downturn, but notes that the indicators he relies on are showing that stocks are oversold. As a result, Pring suggests going with the head -- and the mathematics of technical analysis -- and pay attention to numbers showing that the market has a lot of upside momentum that could extend the current rally by at least 10 percent and that could make it last several more years. Also on the show, veteran financial journalist John Waggoner talks about why the media overlooks closed-end funds, author Frank Stricker discusses unemployment from a past, present and future perspective, and Mike Bailey of FBB Capital Partners talks stocks in the Market Call.

Kevin Mahn, chief investment officer at Hennion and Walsh, says that stock market valuations have again risen to where they should make investors nervous, based on where they stand compared to price/earnings ratios for the market. As a result, Mahn says investors will need to be more selective for the rest of this year and all the way through 2022. Mahn is turning to preferred securities for the income side of portfolios, and looking in biotech, e-commerce and technology for stocks, favoring small- and mid-cap issues which he says are better values. Also ont he show, Tom Lydon of ETFTrends.com makes a homebuilders' specialty fund his ETF of the Week, Ted Rossman of CreditCards.com discusses the growing number of consumers worried about missing credit-card payments in the pandemic, and Sandy Villere talks growth stocks at reasonable prices in the Market Call.

Adrian Helfert, portfolio manager for the Westwood Income Opportunity Fund, says that while investors might be nervous about the economy and the potential for a downturn, they should go along with the market's trends and not fight the central bankers who have been fueling the rebound action since the start of the coronavirus pandemic. He says investors should look beyond the big names that have been driving the recovery to see what opportunities look best next, and suggested that following the central bankers' should include looking for opportunities in Europe and beyond. Also on the show, Jim Tankersley of the New York Times discusses his new book 'The Riches of This Land' about America's middle class, and Chuck answers several questions from audience members.

Mike Larson, senior editor at Weiss Ratings and editor of Weiss' Safe Money Report, says in the Market Call that investors right now seem to be stopping to catch their breath after the market's Covid-19 recovery, waiting to see if there is more than just massive government stimulus propping up the market or is there another leg down ahead. Larson has been advocating sectors that do well in a 'ZIRP Forever' -- zero interest rate policy forever  -- environment, meaning yield-oriented investments, precious metals and consumer staples companies. Also on the show, Stephen Kalayjian of Ticker Tocker takes a look at the current technicals, Linda Zhang of SoFi discusses the trend that is seeing so many young and new investors become stock traders during the pandemic, and author Paul Starobin talks about 'A Most Wicked Conspiracy,' his true tale of a nearly forgotten financial swindle from America's gold rush.

Giles Coghlan, chief currency strategist for HYCM, says that the economy will struggle to move forward without a coronavirus vaccine or treatment, but even without the economic boost that will come from solutions, he expects uncertainty and low real interest rates to drive gold significantly higher this year. He suggests investors should avoid buying gold at peaks and should look for pullbacks, which he says will be happening in the midst of gold's climb. Also on the show, Simon Lack of SL Advisors says in the Market Call that the energy sector is really cheap, paying big dividends for investors looking to generate cash flow on the cheap, Kyle Guske of New Constructs talks about a brand-name stock that looks attractive, and Mike Brown of LendEDU discusses consumer complaint levels during pandemic times.

Paul Christopher, head of global market strategy for the Wells Fargo Investment Institute, says that the stock market may be waiting until after a Democratic vice presidential candidate is named before starting to factor current polls into current prices, but he cautioned that even as the market starts to reconnect to the potential voting outcome, investors should be waiting until they see more from candidates before altering portfolios. Instead, he suggests waiting until you know more about taxes, infrastructure spending plans, health care reform and more before altering a portfolio, noting that the likely changes will involve adding to health care and infrastructure plays while backing away from energy and financials. Also on the show, Tom Roseen of Lipper Refinitiv talks about the closed-end fund resurgence since the dismal showing they posted during the February downturn, Giulia Prati of Opinium discusses changing consumer shopping habits and how the impact of the pandemic may liner long after a vaccine i

Neil Hennessy, chairman and chief executive at Hennessy Advisors and the Hennessy Funds, says that the stock market has withstood the global pandemic largely because of the underlying strength in corporate balance sheets and the overall economy. Those underpinnings should help ensure that the market doesn't fall too far on bad news and can shake off most events, unlike past crisis times where weak economics exacerbated societal problems and elevated investors' pain levels. Also on the show, Tom Lydon of ETFTrends.com makes a new health-care fund that highlights the technologies brought forth in the pandemic his 'ETF of the Week,' Matthew Schulz of CompareCards.com discusses how credit-card issuers are cutting back on untapped credit limits and old unused accounts as they tighten up in the pandemic, and James Abate of the Centre Funds talks investing defensively in stocks in the Market Call.

Alan McKnight, chief investment officer at Regions Asset Management, anticipates a sluggish, uneven economy and stock market as the country gets through the coronavirus pandemic into 2021, noting that the big technology names will flatten out a bit and small-cap names will slowly come to the fore as the market rotates into the next growth environment..In a second Big Interview, David Wright, lead portfolio manager for the Sierra Mutual Funds, says he has adopted BCOT -- 'Be careful out there' -- as his mantra for both the pandemic and the current market, and says he is using stops on every position to make sure the market's potential for volatility doesn't take away hard-earned gains made during the rebound. Also, Maggie Craddock, author of 'Lifeboat: Navigating Unexpected Career Change and Disruption' talks about how workers whose jobs have been displaced by the pandemic can turn that disappointment into a new start.