Money Life With Chuck Jaffe Daily Podcast

Joseph Brusuelas, chief economist at RCM, notes that tensions in the Middle East and how they affect the oil industry and the economy are worth watching, but says that the economy is different from the oil tensions of the 1970s, and is better prepared to deal with the turmoil than in the past. He expects moderate economic growth in 2020, although he notes that Boeing is the most important manufacturing company to the economy and that its recent problems will shave significant growth off the economy in the short term. Also on the show, Russel Kinnel of Morningstar discusses the latest 'Mind the Gap' study showing that investors are doing better relative to the performance of their funds than in the past, Howard Silverblatt discusses dividend results for the Standard and Poor's 500 in 2019, and we revisit a recent chat with David Bahnsen of HighTower Advisors on the intersection of politics and personal finance.

Bob Doll, chief equity strategist at Nuveen, releases his annual list of 10 forecasts for the coming year, noting that he expects economic growth to continue but that it won't be enough to keep stocks humming along. He expects domestic markets to struggle to reach single-digit gains, he prefers the outlook for international stocks, and he believes President Trump will win re-election among his expectations for 2020. Also on the show, two other interviews about expectations, with David Goodsell of Natixis Investment Managers discussing his firm's recent survey of institutional investors about their outlook for the year ahead, plus Greg McBride, chief financial analyst at Bankrate.com gives his forecast for rate levels in the coming year. All that, plus Patrick Healey of Caliber Financial Partners talking stocks in the Market Call. 

Bob Doll chief equity strategist at Nuveen will release his 10 forecasts for the New Year on Tuesday, but first he stops by Money Life to talk with Chuck about his calls from last year and how they turned out in 2019. Meanwhile, Paul Golden of the National Endowment for Financial Education discusses the New Year's resolutions that investors made fort 2020, and Chuck answers an audience question, kind of, in telling us precisely why he won't make a definitive forecast for the stock market in the year ahead. Plus, we revisit a recent conversation with Jim O'Shaughnessy of O'Shaughnessy Asset Management. 

Will in Philadelphia writes Chuck asking for help setting real, meaningful retirement-savings targets as he tries to make sure his New Year's goals and resolutions will make real progress toward a secure future, and Chuck describes four ways to measure retirement preparedness. Also on the show, John Cole Scott of Closed-End Fund Advisors discusses three decades of research on the industry and what it tells him to expect for the future, and we revisit a recent, extended chat with Rob Arnott of Research Affiliates.

Scott Wren, senior global market strategist at the Wells Fargo Investment Institute, said that the Standard and Poor's 500 closed 2019 so strongly that it nearly eclipsed his firm's forecast for where it would be in 2020, squarely in the middle of the 3,200 to 3,300 forecast range. Wren warned that the investment consensus is more optimistic than he and Wells Fargo are, but is expectation is for a relatively flat year with some heightened volatility as the market sorts out pressures from interest rates, politics and more. Also ont he show, Tom Lydon of ETFTrends.com makes a big, classic index fund his 'ETF of the Week," Chuck throws dirt on some funds that died in 2019, and we revisit a recent chat with David Kotok of Cumberland Advisors.

Brad Lamensdorf, editor of the Lamensdorf Market Timing Report and manager of the Ranger Equity Bear ETF, said that market sentiment is completely reversed from a year ago and has risen to dangerous levels where investors are likely to be disappointed in the new year. He expects at least 'extreme volatility' for 2020, likely paired with a 'cleansing pullback' that he said was necessary before the market could move up from its current record levels. Also on the show, Brian Graff of the American Retirement Association discusses the SECURE ACT that goes into law on New Year's Day, the gang from HighTower Advisors revisits questions to ask planners and counselors at the start of the year, and Chuck talks about goal setting for the new year and the next decade.

Chuck -- who spent more than a decade as a guest commentator on Nightly Business Report -- talks about the longest-running business television show, which ran for the final time last Friday, and also finally reveals just what happened when he took his car in for repairs -- and subsequently tried to pay for those repairs and more on the retailer's credit card -- that has had him upset for weeks. We also revisit a recent chat with Sam Stovall, chief market strategist for CFRA Research.

Ed Clissold, chief U.S. strategist for Ned Davis Research, says that the economic, earnings, Federal Reserve and presidential cycles will be the driving and determining forces to the kind of year 2020 can be and on what happens post-election. For now, those cycles continue to favor growth, but Clissold warns of changes that could be ahead down the line. Also on the show, John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance talks about how closed-end funds went from scaring investors a year ago to posting one of their best years in history and discloses what he sees coming in the year ahead, Ande Frazier of myWorth talks about setting new-decade resolutions makes sense this year, and we revisit a recent chat with Mary Ellen Stanek, president of the Baird Funds.

Andrew Slimmon, senior portfolio manager at Morgan Stanley Investment Management, says that while he is optimistic for the new year, he is worried about how much the economy may accelerate, noting that if it picks up speed in the second half of 2020 it will create stress come 2021. It's an environment that he says is good for politics -- which is why he's worried about it during a presidential election year -- but not great for long-term investors who will feel the aftermath. Also on the show, David Kotok of Cumberland Advisors says investors should expect single-digit returns in 2020 with performance charts that don't look anything like what they have seen in 2019. Danielle Shay of SimplerTrading covers the market's technical side between those two Big Interviews and we revisit a recent ETF of the Week chat with Tom Lydon of ETFTrends.com.

Legendary bond fund manager Dan Fuss of Loomis Sayles Bond Fund turns his attention to the year ahead in the second part of his chat with Chuck Jaffe, and he believes the fixed-income market will be benign in 2020, not quite as buoyant as the current year, and he talks about how the Federal Reserve's changing policies about how they disclose information has made the bond market significantly more stable. Also on the show, Matt Harris of HighTower Wealth Management talks technical analysis and how he sees the market showing signs that growth is coming in the new year, Sarah Asebedo of Texas Tech University chats about her research showing that personality traits affect retirement spending, and Eric Marshall of the Hodges Funds covers stocks in the Market Call.

Dan Fuss, legendary long-time manager of the Loomis Sayles Bond Fund, joins Chuck for the first of a two-day Big Interview that starts by looking at what happened to make the bond market remarkably strong during 2019 in the face of rate uncertainty and much more. Also on the show, David Trainer of New Constructs puts two stocks into the Danger Zone, Chuck answers a question about year-end portfolio moves and David Miller of the Catalyst Mutual Funds discusses insider buying and selling as a worthwhile buy-sell signal for stocks in the Market Call.

Crit Thomas, global market strategist at Touchstone Investments, says that while returns may slow down from the high and unexpected levels achieved in 2019, he expects the domestic stock market to have another positive run in the New Year, even if it is muted by recent standards. Thomas said investors need to be picky and selective in investing in developed Europe and emerging markets, where some great bargains could be hidden among bigger trends that have the potential to drag down the markets as a whole. Also on the show, Jeff Lipton of Oppenheimer and Co. talks the municipal-bond market and its spectacular results in 2019, Russell Robinson of Capital Institutional Services talks about trading illiquid and lesser-known closed-end funds and how the market remains stable and solvent, and Leo Leydon of Financial Focyus Advisory Services gives his technical outlook for 2020, and it's a good one. 

Mark Fleming, chief economist at First American Corp., says that the fact that interest rates are likely stuck at current low levels is likely to reduce any impetus for homeowners to consider moving, which will slow down the economy, even with housing affordability at historically low levels despite an inventory shortage created in part by established homeowners opting to stay put. Also on the show, Tom Lydon of ETFTrends.com makes a retailing fund his 'ETF of the Week,' Ted Rossman of CreditCards.com discusses holiday tipping practices, and Chris Retzler, portfolio manager of the red-hot Needham Small Cap Growth Fund -- currently up more than 50 percent this year -- discusses his portfolio and the broader market in the Market Call.

Wayne Wicker, chief investment officer for VantagePoint Investment Advisors, says that despite the headline risks and concerns, he believes the stock market is poised to deliver another double-digit gain in the new year, noting that the economic underpinnings are solid and momentum remains strong. Also on the show, Nick DiUlio of insuranceQuotes.com discusses holiday hazards from porch pirates to winter driving, we revisit a chat with Steve Tresnan and Jeremiah Reithmiller of HighTower Advisors discussing how fixed income can properly hedge stocks these days, and Matt Hanna of Summit Global Investments talks low-volatility investing in the Market Call. 

Rob Arnott, founding chairman at Research Affiliates, says in a wide-ranging interview that value investing not only isn't dead, but he notes that value stocks currently trade at one-eighth the price of growth stocks, the second-lowest level ever and a strong indicator that bargain stocks are due for a resurgence if investors can remain patient with them. O'Shaughnessy -- the author of 'What Works on Wall Street' and the head of O'Shaughnessy Asset Management -- talks about factor investing, and how investors can set limits on their portfolios without letting emotions ruin their portfolios and returns. Also on the show, Matt Schulz of CompareCards.com discusses the surprisingly large percentage of Americans who cried over their finances and money in 2019. 

Doug Ramsey, chief investment officer at The Leuthold Group, discusses current market valuation risks and how his firm is responding to the market's mixed signals, including the inverted yield curve signal the market flashed months ago, increases in volatility and uncertainty and more. He also discusses research based on fishing charts and solar-lunar calendars showing that investors do better -- and should trade more -- at times with a full moon. Also on the show, John Boroff of Fidelity Investments discusses the firm's annual study on New Year's resolutions, Chuck answers an audience question about portfolio rebalancing, and David Trainer puts an equity fund with a history of topping the performance charts every few years into the Danger Zone.

Sam Stovall, chief investment strategist at CFRA Research, expects the market to stay strong in 2020 noting that be believes politicians can go beyond settling the trade dispute with China to give stocks a boost. Stovall says he would not be surprised to see tax cut measures -- proposed if not enacted -- that get investors excited that the bull market can keep running into 2021 or 2022. Also on the show, Buck Klintworth of Chase Investment Counsel talks optimistically about the market's technicals, Jeremy Goff of Tortoise Advisors discusses interval funds and the benefits of using them as opposed to traditional closed-end fund investments, and Stephen Dodson of the Bretton Fund talks value investing in the Market Call. 

Charles Rotblut, editor of AAII Journal, says that the biggest winners for the next decade on the Standard and Poor's 500 Index may not even be big enough to be on the banchmark now. In a recent study of the last decade, Rotblut found that the big winners were not necessarily the names anyone might have expected to be big gainers 10 years ago. Also on the show, Tom Lydon of ETFTrends.com makes a biotech and pharmaceutical fund his ETF of the Week, Alia Dudum of Lending Club talks about how many people engage in 'YOLO spending' because 'you only live once' but wind up paying off those purchases for years. Also, we rebroadcast a recent chat with Alan Gayle of Via Nova Investment Management.

Mary Ellen Stanek of Baird Funds notes that in the 11th year of an economic expansion, investors should be cautious, but she says the excesses that typically come late in an economic cycle are not there, so investors should keep their seatbelts on, should make sure they are being paid to take on risk and are otherwise moving forward cautiously into 2020 and beyond. Also on the show, Chuck chats with David Molnar from HighTower San Diego about how investors should properly evaluate an adviser's performance, discusses the ways in which President Trump's tweets have been moving the market with Francesca Ortegren of Clever Real Estate, and we revisit a recent Market Call chat with Charlie Bobrinskoy of Ariel Investments.

Brian Nick, chief investment officer at Nuveen, says that the stock market enters the next decade with high valuations and other conditions that do not seup up well for great investment returns, and he warns investors that they may need to move away from the tradition 60-40 stocks-to-bonds allocation in favor of something that carries more alternatives in order to continue to deliver anything close to recent results. But Nick's cautious notes are a contrast to comments from Gene Peroni of Peroni Portfolio Advisors, a renowned technical analyst who said there are "no telltale signs of a serious market top" currently on the horizon, and who suggested that dips will remain buying opportunities for the foreseeable future. Also on the show, Lior Rachmany of Dumbo Moving and Storage discusses the financial benefits of moving during the winter, and Odysseas Papadimitrou of WalletHub chats about deferred interest on retail cards and how he believes the practice should be outlawed.