Money Life With Chuck Jaffe Daily Podcast

David Giroux, chief investment officer at T. Rowe Price — named Morningstar's Outstanding Portfolio Manager for 2025 for his work at T. Rowe Price Capital Appreciation — says his allocation fund is holding near its highest levels ever of bonds, specifically intermediate fixed-income, largely because he thinks stocks are overvalued and real growth will remain hard to find. Giroux — who has beaten the average peer in his Morningstar asset class for 17 consecutive years, the longest streak in the entire fund industry — has long disdained investing in foreign stocks and says the rally that 2025 has produced overseas is an anomaly and that no one "should ever feel a need to own an inferior index just for diversification purposes." In the wide-ranging interview, Giroux says that the Magnificent Seven stocks have actually been the Mag 6, plus Tesla, saying that the car maker has no business being in the portfolio of leading securities. David Trainer, president of New Constructs, put Klarna in The Danger Zone in Apri