Money Life with Chuck Jaffe

Barry Ritholtz, chairman of Ritholtz Wealth Management, says that the coronavirus pandemic and the current re-opening have economic parallels to what the United States experienced after World War II, noting that key industries and economic conditions will be changed forever. He believes that current concerns about inflation are overblown when viewed through a long-term lens, and expects economic stimulus -- funded at historically low rates for Treasury yields -- to continue to stoke expansion and recovery. Also on the show, Tom Lydon of ETFTrends looks at a new, actively managed fund for his ETF of the Week and Chuck Self, chief investment officer at iSectors, talks commodities ETFs and more in the Market Call.

Mark Travis, president of Intrepid Capital Management, says in the Market Call that there will be a battle going forward between the Federal Reserve and the marketplace and Treasury yields -- where various economic pressures will meet -- but that the brewing fight over rates and inflation have yet to negatively impact the stock market. It does have him looking at some securities and favoring their bonds over the stocks as he looks for 'compounders' that can grow in this environment. Also on the show, Jan Eeckhout, author of 'The Profit Paradox: How Thriving Firms Threaten the Future of Work,' Ken Tumin of DeositAccounts.com on a survey of how people are putting record amounts into bank accounts despite payouts that amount to nothing, and Chuck takes an audience member's question on what to do with checks that she neglected to deposit in a timely fashion.

Dec Mullarkey, head of investment strategy at SLC Management, says that while inflation is rising, he doesn't expect it to reach the kinds of dangerous levels that could crash the stock market. He notes that, historically, markets do well when inflation is under 4 percent, provided that spikes are avoided, which he believes the central banks globally will control. Still, he has tempered expectations for the future, noting that he expects stocks to return 5 to 7 percent in 2022. Also on the show, Washington Post columnist Michelle Singletary discusses her new book, 'What to Do With Your Money When Crisis Hits,,' and Peter Donisanu, president/chief financial strategist for Franklin Madison Advisors talks exchange-traded funds in the Market Call.

Jason Thomas, chief economist at AssetMark, says that individual investors are focusing too much on near-term risk management at the expense of their long-term goals, noting that anyone with time frames of five years or more can be confident that current concerns about inflation, rising interest rates and more will not cause long-run economic scarring. He believes that domestic markets will remain stronger than international markets, he suggests that governments and central banks are prepared to prop up economies against deep recessions and notes that America is well positioned for the future due to technology being such a key cornerstone to future growth. Also on the show, Kimberly Flynn of XA Investments discusses how financial firms should be developing new products overseas that will ultimately find an audience in the US, Vivian Tsai of the College Savings Foundation discusses research on how the pandemic has changed attitudes and savings/spending plans for future college students, and Scott Klimo of Saturna Capital and the Amana Fund talks stocks in the Market Call.

Terri Spath, founder and chief investment officer at Zuma Wealth, says the market seems to be in the middle of a correction now, with a choppy trend that is challenging investors' patience and judgment. She says investors are having a tough time determining if inflationary pressures are transient and temporary or if they represent real trouble, and she says that story will play out in the currency and cryptocurrency markets as well as in the bond market later this year. Also on the show, Tom Lydon of ETFTrends.com picks a core fund that takes a leveraged approach as his ETF of the Week, and Garvin Jabusch, chief investment officer for Green Alpha Advisors, talks about 'Next Economy Investing' in the Market Call.

Sam Stovall, chief investment strategist at CFRA Research says that there are plenty of reasons for investors to be concerned about the stock market now, though he notes that since World War II the market has mostly avoided significant downturns in the month of June. He is not opposed to turning defensive and rotating into health care and consumer staples -- rather than retreating from potential troubles -- but he relies on stock market history as 'virtual valium,' a calming agent that reminds him that investors who get out of the market historically tend to do worse than investors who ride out the troubles. 'It is typically better to buy than bail,' he says, and he suggests that investors should be looking for things to be buying next, as the market gets volatile as the economy adjusts to reopening from the pandemic. Also on the show, Brian Dress of Left Brain Investment Research talks about how the changing market has the firm looking for more growth-at-a-reasonable-price picks,and that Salesforce.com looks great when evaluated that way now, and Chris Retzler of the Needham Small Cap Growth Fund talks small companies in the Market Call.

Axel Merk of Merk Investments says that the stock market is due for a correction, but not necessarily a bear market, noting that the economic recovery has gone far and that the reopening will fight some of the downward pressures. Merk says that while the market is seen as being 'different' right now, the traditional 'sell in May and go away' thinking might be in place, at least through Labor Day; he's been protecting profits and taking chips off the table but noted that he would not be going short the market now. Also on the show, Simon Zhen of MyBankTracker.com talks about just how much change Americans will stop to pick up, Chuck takes a question about travel insurance now, and David Barse of XOut Capital talks about stocks and enhancing indexes in the Market Call.

Market forecaster Harry S. Dent Jr. says the next stock market crash -- which he thinks could hit as early as the next six weeks -- will be a 50 percent decline in two to three months, but he says that the decline is a re-set needed to pass a bubble and that the carnage will be over by late in 2022 or 2023. 'The upside is limited, the downside is somewhere between 65 and 80 percent on stocks,' he says in an extended Big Interview. Dent says that Bitcoin has been 'the best leading indicator of the market,' and he notes that if Bitcoin's mid-April peak holds up -- and the crypto is down about 50 percent since then -- then the market would be due to start its significant fall by the end of June. Also on the show, David Trainer of New Constructs discusses a new and different way that some companies are hiding some troubling numbers from investors, and Chuck talks about the various forms of risk and how investors -- even nervous ones -- want exposure to all of them.

Economist Lacy Hunt of Hoisington Investment Management says that the economic rebound and recovery is peaking now, in terms of growth rates, and he believes that later in the year economic growth will be well below the pre-pandemic levels of 2019. He believes that the stimulus efforts will prove to be temporary help, but will leave behind debt that will lead the economy to 'death by slow strangulation.' Also on the show, Mark Asaro of Noble Wealth Management talks about how closed-end funds can be used to build a paycheck-replacement system for investors, and Eric Boughton of Matisse Capital Management discusses closed-end funds, master-limited partnerships and more in the Market Call.

Meir Statman, professor at Santa Clara University and one of the world's leading experts on behavioral finance, talks about the approach he took when looking into making a major donation of his own money, and the decision-making that prompted him to give generously 'with a warm hand,' rather than waiting until his death. He also discusses why he doesn't rebalance his portfolio, or stick to a common asset allocation for a man his age, how he has given up on using money-market funds and replaced them with short-term bond funds -- despite the cost of occasional fluctuations -- and more. Also on the show, Tom Lydon of ETFTrends.com puts a new fund based on an index that is built to achieve consistent performance into the ETF of the Week spotlight, and Craig Copeland of the Employee Benefits Research Institute covers the group's most recent retirement-confidence survey.