Money Life with Chuck Jaffe

Frank Holmes, chief investment officer at US Global Investors, says that investors heading for cash are being too conservative because the market is creating opportunities in areas that are troubled, like airlines, but he is also expecting the economic stimulus efforts to generate inflationary pressure that will make gold particularly attractive during volatile market times head. Also0 on the show, John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance compares closed-end funds with non-listed interval funds, Matt Zajechowski of Digital Third Coast discusses how Americans' grocery-shopping habits have changed during the quarantine, and Leon Wilfan of Lahardan Financial talks stocks in the Market Call.

Wall Street veteran Bob Doll, chief equity strategist at Nuveen Asset Management, came back to Money Life revising the forecasts he made for 2020 because coronavirus circumstances changed so much about the market and economy. Revisiting, altering or renewing his predictions for the remainder of the year, he says the market should ultimately establish its bottom in April or May, with the short recession ending in time for the market to start a long recovery by year's end. Doll said that earnings, which have cratered and will continue collapsing through the second quarter, will 'rise smartly' by the fourth quarter. Also on the show, Tom Lydon of ETFTrends.com makes a brand-name core index fund his 'ETF of the Week,' and Chris Cordaro, chief investment officer at Regent Atlantic, discusses what he has been telling clients to help them navigate the crisis.

Brian Levitt, global market strategist for Invesco, says he expects a rally in small-caps and value stocks as the new economic cycle starts, but he believes those sectors will receive as new growth takes over. Long-term, he believes it will be the solid growth companies -- the ones that have real solutions and that can bring that ingenuity to the market -- that will lead the way forward to a recovery. Also on the show, author Philip Coggan talks about globalization and the development of the worldwide economy, Sarah Berger of MagnifyMoney.com discusses a survey showing on how confused Americans are around fees on their financial accounts, and Chuck answers audience questions about credit reports.

Brent Schutte of Northwestern Mutual Wealth Management says that the viral economy is, effectively, a four-step process that we are half-way through, with re-opening the economy and creating a vaccine for coronavirus the next steps. Meanwhile, he notes that upcoming bad economic news is easy to overlook because 'we cause the economic data to be bad,' but it will be watched carefully -- and be important to investors -- as Americans go back to work and the long-lasting impacts of the shutdown are realized. In the Market Call, Mark Yusko of Morgan Creek Asset Management says that 'The world is very delicate right now, and patience will be rewarded for investors,' noting that he is looking tactically at gold, cash, master limited partnerships and more as buying opportunities. Also on the show, JJ Kinahan of TD Ameritrade talks about his firm's Investor Movement Index, which shows that individuals have mostly done the right thing in this slowdown by not throwing away long-held strategies to avoid short-term pain.

Howard Steven Friedman, author of "Ultimate Price: The Value We Place on Life," says that society and government are wrestling with a balance and trade-off that comes with no hard-and-fast rules or math when it decides on the value of life versus the benefits of re-opening the economy. He discusses his book, the pandemic and how governments have traditionally made decisions on the value of lives. Also on the show, Jill Gonzalez of WalletHub talks about a survey showing that 58 million Americans are spending more money shopping while in quarantine than they did before they sheltered at home, David Trainer of New Constructs highlights two troubled stocks that he thinks are headed for a rebound and, in the Market Call, Jonathan Smucker of Marietta Investment Partners explains why he will be riding out the pandemic mostly in big, boring, brand-name stocks.

Terri Spath, chief investment officer at the Sierra Mutual Funds, says that the stimulus actions of the Federal Reserve Bank helped to set a floor on the market, which means that the 'lows are in for the year.' That doesn't mean the market can't go down from here, but rather that she doesn't expect it to fall past the lows set in the March downturn; with that limited downside, Spath says that remaining patient in long-term investments when volatility is up over the summer will be investors' biggest challenge. Also on the show, Bill Meyers of Nuveen discusses how kleverage works in closed-end funds, Leonard Wright of AICPA talks about Americans; waning personal financial satisfaction, and Stan Haithcock -- "Stan the Annuity Man" -- looks at annuity sales pitches and what consumers should listen to and the deals they should avoid.

Tom McIntyre of McIntyre, Freedman and Flynn in Orleans, Mass. -- the first-ever Market Call guest -- returns to the show as Money Life celebrates its eighth anniversary to discuss the ways he factors news and events into investment decisions, and notes that processing the virus economy and evaluating changing corporate guidance makes for confusing times for investors. He said that with oil prices in the headlines, he expects to see a 'shocking rebound in oil, coming somewhere in the next cycle when the economy is recovering.' Also on the show, tom Lydon of ETFTrends.com makes a genomics fund his pick for ETF of the Week, Brian Krawez of Scharf Investments talks markets, and Jean Statler of the Alliance for Lifetime Income discusses survey data showing that investors may not control the timing of their retirement nearly as much as they expect to.

Sarah Ketterer, chief executive officer at Causeway Capital Management, says that the most cyclical stocks -- the ones at the 'epicenter of pain for the coronavirus -- are relatively low-risk bargains for opportunistic investors. She notes that airlines, travel companies, tourism businesses and hospitality and hotel firms -- with stocks down 40 to 60 percents and yet to have any real bounce-back from the March decline -- are worthy of consideration while the blood keeps running in the streets if the balance sheet is strong, noting that if businesses like cruise lines can 'make it another 18 months without a penny of revenue, that's really interesting.' Also on the show, Christine Benz, director of personal finance at Morningstar gives her take on what investors should be doing to get through the pandemic, Jeff Lipton of Oppenheimer and Co. discusses how the potential for states' bankruptcies would change and could impact the muuni bond market, and Matt Schulz of CompareCards.com covers a survey on Americans' household credit status.

Zach Jonson, chief investment officer at Stack Financial management, says that investors should be looking for stocks that they can expect to recover over 18 months to two years, but despite the market's decline and potential rough times through the current economic downturn, he warned that any market troubles may not represent easy buying opportunities for investors, noting that it won't be as simple as just buying into dips to trigger a fast portfolio recovery. Also on the show, Dmitriy Katsnelson of Wealthspire Advisors discusses what he is telling clients right now, Dr. Billy Hensley of the National Endowment for Financial Education discusses a survey revealing alarmingly high levels of stress among American savers and investors, and Eric Clark of the Rational Dynamic Brands fund talks stocks in the Market Call.

Jim Golan, co-portfolio manager at William Blair Large-Cap Growth Fund, said that investors looking to be opportunistic now need to use a long lens and look for companies that will be in a better position than they are today, noting that the interim period -- as stocks and the market finish processing the hibernation economy and return to something more normal -- will be volatile and make it difficult to judge just how strong investment picks are, but that strong balance sheets and good fundamentals will pay off for investor who can buy them for now and hold onto them long enough. Also on the show, Ted Rossman of Creditcards.com discusses how lenders are closing unused credit cards and lines of credit and how consumers can protect themselves, David Trainer of NewConstructs.com highlights a stock that he finds attractive in these market conditions, and Jorden Waldrep of TrueMark Investments talks stocks in the Market Call.