Money Life with Chuck Jaffe

Rob Berger, author of 'Retire Before Mom and Dad' says that while investors want to make things complicated, maintaining a simple, straightforward portfolio, relying on the power of compounding and setting aside more money than average are the real keys to long-term financial success, noting that investors need to demystify the savings process and simply recognize the long-term value of money they spend wastefully today that could truly change their lives if they considered its potential value in the future. Also on the show, John Cole Scott of the Active Investment Company Alliance tackles audience questions in The NAVigator, Francesca Ortegren of Clever Real Estate talks about her analysis of financial literacy data, and Kathy Boyle of Chapin Hill Advisors covers mutual funds and ETFs in the Market Call.

Jim Welsh of Smart Portfolios said that with market sentiment on the rise and most observers thinking things are good, it's time to be guarded. Welsh said that the market's technicals look to him like a small rally to reach a market top before a 5 to 7 percent pullback that he does not think will scare investors. After that, he expects the market to recapture its highs, top out and then a correction early in 2020 that could shave as much as 750 points off the Standard and Poor's 500. Also on the show, Tom Lydon of ETFTrends.com has the ETF of the Week, Oliver Pursche, chief investment strategist at Bruderman Brothers Asset Management checks in from the EY Strategic Growth Conference, and James Abate of Centre Asset Management talks stocks in the Market Call.

Andy Morse, senior partner at Morse, Towey and White Group in New York, says that while investors often want to leave politics out of their financial picture, it's actually earnings and public policy that drive the markets, and he gives reasons why that will drive the market -- especially as trade concerns are resolved -- even if his expectations remain modest. Also on the show, Chuck answers another audience question, author Lane Martinsen talks about holistic retirement planning, and Jason Browne of Alexis Investment Partners overs funds and ETFs in the Market Call.

Nick Raich of The Earnings Scout returned to the Market Call to discuss his unique brand of stock analysis which focuses on earnings forecasts -- rather than past results -- looking for the best changes in earnings estimates, and he noted that while his models are starting to like developed international markets over the U.S., he still likes defensive sectors like health care, consumer staples, real estate and utilities, while being concerned and nervous about industrials, communications services and energy stocks. Also on the show, Chuck answers a listener's question about tax-loss selling, author Adam Minter discusses his book 'Secondhand: Travels in the New Global Garage Sale,' and Chris Gatz of CreditWise at Capital One discussed consumer stresses over debts and finances.

Jae Yoon, chief investment officer at New York Life Investment Management, said that the issues of the current trade war are not going away and will slow economic activity until they are resolved, yet he noted that they are not killing the current economic cycle, which he thinks can run for 12 to 18 months or more. Yoon said he is beginning to look at reducing allocations ahead of a cycle whose end could coincide with the presidential election, but noted that investors should not be full-on defensive just yet. Also on the show, Matt Schulz of Creditcards.com talks about retail store cards, author Stephen Martin discusses 'Messengers' and how we decide who to listen to and trust in today's society, and Kyle Guske of New Constructs puts a stock with over-blown earnings numbers into the Danger Zone.

Craig Callahan, founder and president at the ICON Funds says that the domestic stock market -- despite being at or near record-high levels -- is actually 16 percent below its fair value, and he expects the market to gain more ground over the next year or so as it works to have stocks reach fair-value levels. Callahan adds that he believes the current bull market has a ways to go, potentially five or more years, and says he would stick with top-performing sectors like consumer-disctretionary stocks, technology and financial companies. Also on the show, legendary activist investor Phillip Goldstein from Bulldog Investors talks about the dark potential future he sees for activists in closed-end funds, Leonard Wright discusses AICPA's recent survey showing that children's allowances are up, but their savings rate on that money is alarmingly low, and Todd Rosenbluth of CFRA Research talks ETFs in the Market Call.

It's part standard show, part roadshow today, as Chuck starts with Tom Lydon of ETFTrends.com with the 'ETF of the Week,' and Brent Schutte of Northwestern Mutual Wealth Management in the Big Interview before airing interviews taped at Wednesday's Active Investment Company Alliance Boot Camp and Conference in New York City, covering a wide range of closed-end investing topics with Bill Meyers of Nuveen, Rob Shaker of Shaker Financial, and Eric Boughton of Matisse Capital.

Axel Merk, president and chief investment officer at the Merk Funds, says the market is telling investors that everything is fine, and that he sees that being true, noting that investors should expect an upside surprise more than trouble over the next few months. Also on the show, Jeff Ptak of Morningstar explains changes announced Tuesday to the firm's mutual fund analyst ratings, Steven Cress of Seeking Alpha brings a quantitative approach to the Market Call and we revisit a recent interview with Jake Falcon and Joseph Klein from Hightower Advisors.

Kirshna Memani, vice chairman of investments at Invesco, says that the market is setting up for a good year in 2020 based on three key factors, namely the recent Fed rate cuts and the central bank's indication that it won't reverse course soon, the likely resolution of international trade issues, and a re-acceleration of global economic growth. If those events happen as expected, Memani -- who believes the economy can go several more years without a recession -- said 2020 has strong potential for both domestic and international markets. Also on the show, Chris Oberbeck of Saratoga Investment Corp. discusses business-development companies, a unique type of closed-end fund investment, Ted Rossman of CreditCards.com chats about the dangers of using retailers' store cards, and author Keisha Blair discusses 'Holistic Wealth' and how people can change their approach to money to reduce stress, improve their finances and be happier.

Brad Evans of the Heartland Value Plus fund says in the Big Interview that Corporate American has levered itself to levels never seen before, which leaves stocks vulnerable to being whipsawed by news events and headlines in ways investors haven't previously experienced. Also on the show, Liz Pagel of TransUnion discusses the how well -- and sometimes how poorly -- debt consolidation really works, Sam McBride of New Constructs puts a big-name stock in the Danger Zone, and Peter Tuz of Chase Investment COunsel talks growth stocks in the Market Call.