Money Life with Chuck Jaffe

Buck Klintworth, portfolio manager at Chase Investment Counsel, says that technicals show that the market's early October rise is no fluke and should have the ability to keep going, though if it moves the Standard and Poor's 500 Index to 3,600 it will have reached his expected level for year-end and will likely chop around and be volatile but mostly sideways into 2021. Also on the show, Kathy Bostjancic of Oxford Economics USA gives her take on how the economy can recover from the pandemic and how close the nation is to a long-lasting problem if economic stimulus is not offered to help the country get through troubled election and holiday seasons, and Allan Sloan of the Washington Post -- a legendary business journalist -- discusses President Trump's financial history and what it suggests he will do as he faces debt and tax issues that have made headlines in recent weeks.

A new survey of 401(k) participants done by Charles Schwab and Co. shows that baby boomers now believe they need a $1.6 million nestegg to retire comfortably, with millennials saying they must amass $2 million. Catherine Golladay of Schwab joins Chuck to discuss how and why retirement savers think reaching their goals is harder and requires more money. Also on the show, Doug Nordman discusses his new book, 'Raising Your Money-Savvy Family for Next Generation Financial Independence,' David Tainer of New Constructs warns of the dangers of ignoring footnotes in corporate filings, and we rebroadcast a recent Market Call interview with Eric Heyman of Olstein Strategic Opportunities.

Four very different experts join Chuck on today's show, and while they each maintain a different investment approach, they all agree that they like the looks of the market right now and they expect things to improve with the resolution of the election. Dan Zanger of ChartPattern.com talks technical analysis and notes that he is nearly fully invested, Ron Sanchez of Fiduciary Trust Co. International examines the fundamentals and notes that he is constructive over the long haul, and expects the market to grind higher through choppy, volatile times for the rest of the year. Peter Vanderlee of ClearBridge Investments and the closed-end LMP Capital and Income fund discusses the importance -- and good value -- of dividend stocks to income generation now, and quantitative manager Robert Zuccaro of Target QR Strategies discusses his growth-driven stock approach in the Market Call.

Ed Clissold, chief US strategist for Ned Davis Research, says that the market has a good chance of 'getting pretty deep into 2021' in a bull market, but that to get there stocks must first get past the uncertainty of the election and the pandemic; he notes that once the market feels good about calling a winner in the presidential election, it is likely to get a boost regardless of which candidate earns the consensus, if only because knowing the outcome provides more solid footing that wondering who will win and whether the results will go through. Also on the show, author Ashley Whillans discusses her new book 'Time Smart' -- out this week -- and how people can reclaim the time they are losing to get more done and be happier and less stressed, Tom Lydon of ETFTrends.com makes a hot, trending home-building fund his 'ETF of the Week,' and Chuck discusses his plans for a Covid-safe cash-or-candy Halloween.

Thomas Winmill, manager of the Midas Fund, says that 27 percent gains over the last 12 months haven't taken the shine off of gold stocks, which are 'trading at very attractive multiples in terms of price to free cash flow.' Winmill notes that despite low inflation -- which reduces gold's efficiency as a hedge against rising prices -- and lower-for-longer interest rates, precious metals remain attractive during uncertain times, which is why gold prices have held up against the coronavirus pandemic and have seemed impervious to election news. Also on the show, Noland Langford of Left Brain Investment Research highlights some 'Covid stocks' that come from industries and businesses that most people don't think have futures tied to the pandemic, Ryan Sweet of Moody's Analytics discusses the latest National Association for Business Economics outlook survey, and Rob Isbitts of Sungarden Investment Management and thehedgedinvestor.com covers exchange-traded funds in the Market Call.

David Goerz, chief investment officer at Strategic Frontier Management says that while the current momentum is with large-cap growth stocks, he expects small-cap stocks and the value style of investing to be the right call for longer-term investors, noting that he would be gravitating his asset allocation towards sectors filled with value-oriented issues -- like financials, industrials and real estate -- while avoiding areas like consumer staples and health care. Jay Kaplan, manager of the Royce Small Cap Value and Royce Total Return funds echoed many of those sentiments in the Market Call; both money managers disliked the energy sector. Also on the show, Jeffrey Bierman, chief market technician at TheoTrade.com, says that while the market has been rising, thin volume suggests that the current rally is not well supported and could turn on a dime, while Meredith Stoddard, vice president of life event planning at Fidelity Investments discusses the firm's 'Moving Forward' survey released today, looking at how investors attitudes about their financial futures have been changed by the coronavirus pandemic.

Greg Valliere, chief U.S. policy strategist for AGF Investments, says he believes the 2021 economy will be okay and show signs of life, but that political unrest between the election and any further coronavirus stimulus is likely to make the remainder of 2020 volatile and lackluster. Also on the show, David Goodsell of the Natixis Investment Managers' Center for Investor Insight talks about the mixed market outlook expressed by the professional strategists consulted in a recent survey, David Trainer of New Constructs highlights an accounting-rules change that is making it harder for investors to uncover bad news and a true picture of certain stocks, and Rob Reilly of PRW Wealth Advisors taks mutual funds and ETFs in the Market Call.

Sam Hendel, president of Levin Easterly Capital, says in the Market Call that the market being near record highs hasn't made it significantly harder to find value stocks poised for strong performance, especially if you are willing to be somewhat contrarian. Also on the show, Terry Gallagher from UMB Fund Services talks about developments in closed-end funds, most notably the evolution of tender-offer funds, Matt Zajechowski of Digital Third Coast discusses a recent survey on the impact of Covid-19 on prices consumers are paying at the supermarket and elsewhere, and author Jame DiBiasio, chats about his book 'Cowries to Crypto: A History of Money, Currency and Wealth.'

Two Big Interview guests today raise questions about the long-term recovery of the economy from the coronavirus pandemic. Lale Topcuoglu of J.O. Hambro Capital Management says that the market assumes that the economy will recover quickly, butworries that a slower rebound and lower growth rates than expected could lead to deterioration in the fixed-income and credit markets, while Nigam Arora of The Aurora Report discusses how the market and economy will respond to additional stimulus and how the expansion of the national debt will eventually turn into a problem. Also on the show, Tom Lydon of ETFTrends.com makes a fund that seeks out cash cows his 'ETF of the Week,' and Rebecca Gramuglia of TopCashback.com discusses how consumers can get more out of their holiday shopping budget if they start planning now.

Michael Falk of Focus Consulting Group returns to Money Life for an update not only on his struggles with Lou Gehrig's Disease, but also on how changes to the market and economy should have all investors asking one key question that should determine what they do next. The show adds a new regular to the lineup with the debut of Left Brain Thinking; Noland Langford of Left Brain Investment research discusses 'election-proof stocks.' Also on the show, Sarah Ketterer of Causeway Capital Management talks international value investing and more, and Vivian Tsai of the College Savings Foundation covers how Covid is changing the way parents and students are thinking about college.