Money Life With Chuck Jaffe Daily Podcast

A day after the stock market suffered its worst loss of the year and the Dow Jones Industrial Average fell by 800 points, Chuck hosts Chris Zaccarelli of Independent Advisors Alliance and David Goerz of Strategic Frontier Management for two extended Big Interview sessions. While the pair disagreed on how and whether to use the current decline as a buying opportunity -- with Zaccarelli saying he will buy secondary dips, but not this one and Goerz looking for mispricings to take advantage of -- both expect the market to rebound and be above current levels by year's end. Also on the show, Tom Lydon of ETFTrends.com looks to Europe with his ETF of the Week.

Scott Wren, senior global equity strategist at the Wells Fargo Investment Institute, said that with large-cap stocks near fair value, he doesn't think there is much room for stocks to run over the rest of the year, though he does think they will finish the 2019 up from current levels. With that in mind, Wren suggested that investor play the range-bound market, buying when the Standard and Poor's 500 goes below 2,800 and looking to take profits when the market again reaches new highs and maintains 3,000. Also on the show, Collective Wisdom from HighTower Advisors, Todd Grossman of TalkWalker USA discusses social media marketing campaigns, and Dan Brady of TrendRating.com talks stocks in the Market Call.

Rusty Vanneman, president at CLS Investments, said that despite an outlook for heightened volatility, the stock market looks poised for a 'nice move into year end,' and he warned nervous investors that heading to the sidelines means missing out on the fun. Vanneman noted that while investors are right to be concerned about trade and tariff wars, those situations typically end with a positive resolution, making most of the interim movements little more than market noise. Also on the show, Chuck answers an audience member's question about physical-gold funds, Gina Pogol of AmOne.com talks about consumers' summer spending habits and money needs, and there is a rebroadcast of a July chat with Chris Davis of the Davis Funds.

David Trainer, president of New Constructs, put Netflix stock back in the Danger Zone, noting that the company has overcome troubling analysis that has called for a big decline for a long time, but he said that the stock's underlying circumstances have grown worse as it the share price has defied gravity, and he expects a crash to Earth soon, spurred in part by heightened competition and worrisome spending. Also on the show, Jason Reposa of MyBankTracker.com discusses the billions of dollars Americans are wasting on bank fees, author Carl Frey talks 'The Technology Trap' and changes in the labor market in the modern age of automation, and Mark Travis of Intrepid Capital Management is all about value investing and beaten-up small-cap stocks in the Market Call.

Les Nanberg of Cornerstone Wealth Management in Boston said he sees big slowdowns in economic activity around the world, including the United States, and ntoed that itnerest rate cuts will not do much to stem weakness, especially with a trade war making growth and recovery more difficult. He expects to see a recession start before the year is up, and has had clients go 10 percent lighter than normal on equities as they play defense; he is also mostly in Treasuries on the bond side, noting that he fears weakness in rates too. While Nanberg's analysis was based on fundamentals, D.R. Barton jr. of 10MinuteMillionaire.com talked technicals and he believes the market will actually go higher over the rest of the year, and Charles Rotblut of AAII.com discussed his group's investor sentiment survey, which showed a lot of bearishness that he suggested might represent a buying opportunity. Amid all of those market disagreements, Chuck also chatted with Kimberly Clausing, author of 'Open: The Progressive Case for Free T

Gary Bradshaw of the Hodges Fund discusses how the changing interest-rate environment and growing nervousness about the stock market is making blue-chip, dividend-paying stocks like Verizon and Coca-Cola ideal defensive positions, providing safe, rising yields at times when income is harder to generate. Also on the show, Tom Lydon of ETFTrends.com makes a high-yielding municipal-bond fund his 'ETF of the Week,' Odeta Kushi, deputy chief economist at First American, talks the real estate market in a declining-rate environment, and Richard Barrington of MoneyRates.com discusses the best cities to downsize and retire in.

With volatility returning to the market and many investors expecting a downturn, Tim Clift, chief investment strategist at Envestnet, said investors should look to rebalance portfolios to protect gains, be opportunistic buyers on dips but to mostly expect the market's volatility to amount to a flat ride through to the end of the year. That would leave 2019 as a double-digit gainer, he noted, so while flat doesn't sound good, holding onto current gains likely will keep investors satisfied, and it leaves room for the market to grow as it heads into the election year. Also on the show, Jimmy Hausberg and Michael Policar of HighTower Advisor discuss alternative investment types and diversifying from traditional allocations, with Hausberg favoring defined-outcome funds while Policar likes core private real estate. Leonard Wright of the American Institute of CPAs discussed investors' current levels of pleasure and pain, and Sandy Villere III of the Villere Funds talked stocks and concentrated portfolios in the Mark

In a wide-ranging show, Chuck discusses the world of meat substitutes and the investment potential of the developing market with Arun Daniel, senior fund manager at J.O. Hambro, and he talks about the the potential to make serious money -- and which demographic is doing it -- from the side-gig economy with Kathy Kristof, founder of SideHusl.com. Also on the show, author Chris Dumont talks about how you can 'Kick Some Financial Ass,' while David Goodsell of the Natixis Investment Managers' Center for Investor Insight talks about how market volatility confuses investors.

Wall Street veteran Bob Doll, chief equity strategist at Nuveen Asset Management, said that ths strength of the American consumer means that the economy can hold off a recession until 2021, but he noted that he expects choppy and frustrating markets without recession, and said he worries abut the yield curve if the Federal Reserve has to cut three times and can't make the curve much steeper. Doll -- who also reviewed his forecasts for 2019 on the show -- said investors should be looking to buy the dips but also to trim during the rallies. Also on the show, Jeffrey Cleveland, chief economist at Payden and Rygel, was a bit more optimistic about the economy, though he agreed with Doll about a recession being at least two years off. David Trainer of New Constructs put GoDaddy and Dropbox in the Danger Zone.

Fritz Folts, chief investment strategist at 3Edge Asset management, said the domestic stock market is as overvalued now as it was before the Internet bubble burst in the late 1990s, which is why he has turned defensive in his investment strategy, going near minimum levels on equity allocations and underweight the US in equities -- with his bond allocations heavy on Treasuries but shying away from the credit markets -- as he anticipates an economic slowdown ahead that Federal Reserve rate cuts won't stop. Also on the show, Ben Jones of BMO Global Asset Management talks a change in IRS rules allowing employers to offer lump-sum payouts in exchange for pension liabilities and discusses what factors pensioners should consider before accepting an offer, and Dana D'Auria, portfolio manager at Symmetry Partners talks ETFs and traditional funds as she makes her Money Life debut in an extended Market Call.

Alan McKnight, chief investment officer at Regions Asset Management, said that the economic data shows a slowing economy that needs to respond from Wednesday's Federal Reserve rate cut by showing signs of revenue growth in order for the market rally to continue. Despite danger signs he sees in the market, McKnight noted that America remains the best place to invest, with emerging markets also looknig relatively attractive while Europe and Japan are likely to struggle for the foreseeable future. Also on the show, Tom Lydon of ETFTrends.com made an agricultural-commodity product his ETF of the Week, Catherine Collinson of the Transamerica Center for Retirement Studies discussed the readiness of self-employed workers, and George Putnam III of the Turnaround Letter covered value investing and stocks in the Market Call.

Michael Gayed of the Lead-Lag Report said that the market's reaction to today's anticipated Federal Reserve rate cut could show how long the bull market can continue. He noted that if the Fed steps in but there is no steepening of the yield curve, it's a problem because central-bank actions -- both domestically and abroad -- are not going to normalize long-term bond yields. That's a sign that the bull market is not healthy, Gayed said. Likewise, in the Market Call, Mark Yusko of Morgan Creek Capital Management noted that he is looking to get into the few market areas that are on sale and unloved, and he noted in 'Hold It or Fold It' that he would be leaving momentum in favor of a bear-market fund because of his concerns for the market's health. Also on the show, Michael Policar and Jimmy Hausberg of HighTower Advisors discuss a case of a consumer looking to make an allocation change because the market's health makes them nervous, and Jill Gonzalez of WalletHub talks about how consumers should react to the Cap

Joseph Brusuelas, chief economist at RSM, said that the domestic economy is far from falling into a recession, but he noted that the manufacturing sector in the U.S. is nearing a recession and manufacturing globally is already there. 'It seems silly to me,' Bruselas said, 'to think that what is happening in the global economy won't happen in the United States,' which is why expects extended Fed rate cuts to help stave off sowing global conditions through at least the end of next year. Also on the show, Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management, said he hopes the Fed will take a bigger-tna-expected step this week because it's necesary to hold off building inflationary pressures. Plus, Chuck has the Weird Financial News and we revisit a recent chat with Ted Rossman of CreditCards.com.

Brian Levitt, global market strategist for Invesco, said that investors need to overcome their fears to stay invested as the market continues to climb the proverbial wall of worry to new heights. Levitt noted the cycles 'end the same way, with the federal Reserve killing them with interest rate hikes.' With the Fed about to cut rates, Levitt noted that the current cycle could go on 'a lot longer than people expect.' Also on the show, Sara Rutledge of the National Association for Business Economics discusses her group's quarterly survey - released this morning - while Sam McBride puts a popular stock in the 'Danger Zone' and Richard Peterson of MarketPsych Data discusses how investors are feeling and thinking in current market conditions.

Chuck chats with Jim Garnett of the Institute of Consumer Financial Education about the biggest money mistakes ordinary consumer routinely make, covering credit, savings and other issues. Also on the show, Les Masterson, managing editor of Insurance.com discusses how consumers could save money -- or see insurance premiums rise -- based on some common and also some unusual behaviors, and David Blanchflower of Dartmouth College discusses his book 'Not Working: Where Have All the Good Jobs Gone," plus we revisit a recent interview with Martin Pring of Pring Research discussing the market's technical outlook.  

Kathy Bostjancic, chief US financial economist, for Oxford Economics USA, said 'It's an unusual and tenuous time for all central banks,' as they look to cut interest rates at a time when there is not much room for cutting and there is still economic growth. Bostjancic expects the Federal Reserve to cut rates three times by January, and still sees plenty of strength in the economy, which she believes is likely to overcome current challenges to stay strong. Also on the show, Tom Lydon of ETFTrends.com talks about a new, specialized real estate ETF in the 'ETF of the Week,' William Delwiche -- investment strategist at Baird -- talks technical analysis, and author Finn Brunton discusses the 'unknown history' of the last century that has led to the evolution in cryptocurrencies. Don't miss his explanation of how some of the most powerful figures in the crypto revolution now leave cryptocurrencies with links to frozen heads!

Laura Geritz, founder and president at Rondure Global Advisors, said the market and the economy are acting in unusual ways, noting that the disconnect between growth and value is oversized, citing concerns about the actions of central banks in lowering rates even as economic activity seems to be growing and more, but she noted that the market is likely to continue pushing higher because investors seem willing to ignore most concerning trends, at least for now. Also on the show, Jimmy Hausberg and Michael Policar of HighTower Advisors discuss risk tolerance and asset allocation changes in current markets, Paula Fleming of the Better Business Bureaus discusses a new scam centered on travel site Expedia.com, and author Agustin Lebron talks about 'The Laws of Trading."

Brad McMillan, chief investment officer at Commonwealth Financial Network, said that while there is the potential for the market to slow down and a recession to happen, the trouble signs he expects to see before those issues have not come up yet, noting that consumer confidence and job growth both remain strong. Also on the show, Thomas Winmill of the Midas Fund said that foreign central-bank purchases of precious metals have helped to make gold particularly attractive right now. Ted Rossman of CreditCards.com discusses the most popular forms of credit-card rewards, and Chuck tells you when or if you might be getting any money from Equifax over the proposed settlement of its 2017 big data breach.

Paul Eitelman, senior multi-asset investment strategist at Russell Investments, said that investors should gravitate towards value stocks while holding tight to their growth names because the market is at an intriguing point, one where the economy is slowing and CEOs have stopped investing but where there is no meltdown because Federal Reserve and Chinese policymakers are injecting stimulus into the market. If that stimulus is damaged by a protracted, deep trade war, however, Eitelman said the market and economy could turn for the worse quickly. Also on the show, David Trainer puts a highly ranked fund in the Danger Zone, Roger Conrad of Conrad's Utility Investor discusses energy, utility and income stocks, and Chuck takes a listener's questions about credit cards and credit scores.

Niladri Mukherjee, head of portfolio strategy, Merrill Lynch and Bank of America Private Bank, said that fund flows -- rather than investor-sentiment measures -- are showing that individuals are too pessimistic right now, pulling billions from equity funds and moving all that money and more into bond funds at a time when the stock market still has room to run and doesn't have imminent signs of impending trouble. Also on the show, Brian Carberry of Apartment Guide discusses the lengths some workers will go -- or not go -- when it comes to mixing their job and their home life, and Brock Moseley of Miracle Mile Advisors talks ETFs and tactical investing in the Market Call.