Money Life with Chuck Jaffe

Brad Lamensdorf, editor of the Lamensdorf Market Timing Report and manager of the Ranger Equity Bear ETF, said that market sentiment is completely reversed from a year ago and has risen to dangerous levels where investors are likely to be disappointed in the new year. He expects at least 'extreme volatility' for 2020, likely paired with a 'cleansing pullback' that he said was necessary before the market could move up from its current record levels. Also on the show, Brian Graff of the American Retirement Association discusses the SECURE ACT that goes into law on New Year's Day, the gang from HighTower Advisors revisits questions to ask planners and counselors at the start of the year, and Chuck talks about goal setting for the new year and the next decade.

Chuck -- who spent more than a decade as a guest commentator on Nightly Business Report -- talks about the longest-running business television show, which ran for the final time last Friday, and also finally reveals just what happened when he took his car in for repairs -- and subsequently tried to pay for those repairs and more on the retailer's credit card -- that has had him upset for weeks. We also revisit a recent chat with Sam Stovall, chief market strategist for CFRA Research.

Ed Clissold, chief U.S. strategist for Ned Davis Research, says that the economic, earnings, Federal Reserve and presidential cycles will be the driving and determining forces to the kind of year 2020 can be and on what happens post-election. For now, those cycles continue to favor growth, but Clissold warns of changes that could be ahead down the line. Also on the show, John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance talks about how closed-end funds went from scaring investors a year ago to posting one of their best years in history and discloses what he sees coming in the year ahead, Ande Frazier of myWorth talks about setting new-decade resolutions makes sense this year, and we revisit a recent chat with Mary Ellen Stanek, president of the Baird Funds.

Andrew Slimmon, senior portfolio manager at Morgan Stanley Investment Management, says that while he is optimistic for the new year, he is worried about how much the economy may accelerate, noting that if it picks up speed in the second half of 2020 it will create stress come 2021. It's an environment that he says is good for politics -- which is why he's worried about it during a presidential election year -- but not great for long-term investors who will feel the aftermath. Also on the show, David Kotok of Cumberland Advisors says investors should expect single-digit returns in 2020 with performance charts that don't look anything like what they have seen in 2019. Danielle Shay of SimplerTrading covers the market's technical side between those two Big Interviews and we revisit a recent ETF of the Week chat with Tom Lydon of ETFTrends.com.

Legendary bond fund manager Dan Fuss of Loomis Sayles Bond Fund turns his attention to the year ahead in the second part of his chat with Chuck Jaffe, and he believes the fixed-income market will be benign in 2020, not quite as buoyant as the current year, and he talks about how the Federal Reserve's changing policies about how they disclose information has made the bond market significantly more stable. Also on the show, Matt Harris of HighTower Wealth Management talks technical analysis and how he sees the market showing signs that growth is coming in the new year, Sarah Asebedo of Texas Tech University chats about her research showing that personality traits affect retirement spending, and Eric Marshall of the Hodges Funds covers stocks in the Market Call.

Dan Fuss, legendary long-time manager of the Loomis Sayles Bond Fund, joins Chuck for the first of a two-day Big Interview that starts by looking at what happened to make the bond market remarkably strong during 2019 in the face of rate uncertainty and much more. Also on the show, David Trainer of New Constructs puts two stocks into the Danger Zone, Chuck answers a question about year-end portfolio moves and David Miller of the Catalyst Mutual Funds discusses insider buying and selling as a worthwhile buy-sell signal for stocks in the Market Call.

Crit Thomas, global market strategist at Touchstone Investments, says that while returns may slow down from the high and unexpected levels achieved in 2019, he expects the domestic stock market to have another positive run in the New Year, even if it is muted by recent standards. Thomas said investors need to be picky and selective in investing in developed Europe and emerging markets, where some great bargains could be hidden among bigger trends that have the potential to drag down the markets as a whole. Also on the show, Jeff Lipton of Oppenheimer and Co. talks the municipal-bond market and its spectacular results in 2019, Russell Robinson of Capital Institutional Services talks about trading illiquid and lesser-known closed-end funds and how the market remains stable and solvent, and Leo Leydon of Financial Focyus Advisory Services gives his technical outlook for 2020, and it's a good one.

Mark Fleming, chief economist at First American Corp., says that the fact that interest rates are likely stuck at current low levels is likely to reduce any impetus for homeowners to consider moving, which will slow down the economy, even with housing affordability at historically low levels despite an inventory shortage created in part by established homeowners opting to stay put. Also on the show, Tom Lydon of ETFTrends.com makes a retailing fund his 'ETF of the Week,' Ted Rossman of CreditCards.com discusses holiday tipping practices, and Chris Retzler, portfolio manager of the red-hot Needham Small Cap Growth Fund -- currently up more than 50 percent this year -- discusses his portfolio and the broader market in the Market Call.

Wayne Wicker, chief investment officer for VantagePoint Investment Advisors, says that despite the headline risks and concerns, he believes the stock market is poised to deliver another double-digit gain in the new year, noting that the economic underpinnings are solid and momentum remains strong. Also on the show, Nick DiUlio of insuranceQuotes.com discusses holiday hazards from porch pirates to winter driving, we revisit a chat with Steve Tresnan and Jeremiah Reithmiller of HighTower Advisors discussing how fixed income can properly hedge stocks these days, and Matt Hanna of Summit Global Investments talks low-volatility investing in the Market Call.

Rob Arnott, founding chairman at Research Affiliates, says in a wide-ranging interview that value investing not only isn't dead, but he notes that value stocks currently trade at one-eighth the price of growth stocks, the second-lowest level ever and a strong indicator that bargain stocks are due for a resurgence if investors can remain patient with them. O'Shaughnessy -- the author of 'What Works on Wall Street' and the head of O'Shaughnessy Asset Management -- talks about factor investing, and how investors can set limits on their portfolios without letting emotions ruin their portfolios and returns. Also on the show, Matt Schulz of CompareCards.com discusses the surprisingly large percentage of Americans who cried over their finances and money in 2019.