Money Life with Chuck Jaffe

Mike Foss, former partner at Brown Advisory and former manager of the Brown Advisory Equity Income fund, says he expects a slowdown, but high inflation and low unemployment leave us without the makings for a strong recession. Meanwhile, he believes interest rates will remain 'higher for longer than bond market investors actually think.' Also on the show, Tom Lydon of VettaFi makes his ETF of the Week pick an issue that builds its portfolio around stocks that are popular among hedge funds, Claire Martin-Tellis discusses a survey showing that people living in higher-income areas are much more likely to be targeted by scammers, plus we revisit a recent Market Call interview with absolute-value investor Brian Frank of the Frank Funds.

Scott Wren, senior global market strategist for the Wells Fargo Investment Institute, says that he is expecting economic contraction for the last half of the year and into 2024, but notes that the market looks ahead and tends to get optimistic about half way through a recession. He's not expecting the economic slowdown to bring a major market meltdown, but by the middle of the downturn he expects signals to turn to where opportunistic investors with multi-year time horizons will want to use the pullback as a chance to buy on the cheap. Also on the show, Greg McBride of Bankrate.com discusses research showing that about one-in -four investors has moved money this year out of stocks and to fixed income or savings accounts, Chuck answers a listener's question about the process for becoming an accredited investor -- the kind who can invest in hedge funds, private-equity deals and equity crowdfunding -- and Francisco Bido, senior portfolio manager at F/m Acceleration talks stocks in the Market Call.

Alan McKnight, chief investment officer at Regions Asset Management, says that the market is being buffeted by a lot of forces, but is mostly climbing the wall of worry, making it a time to be neutral between stocks and a recovering bond market, staying more domestic over international in both fixed income and equity due to international risks and despite good valuations overseas, while waiting for the market and economy to negotiate a soft landing and possible brief recession. Likewise, D.R. Barton Jr., chief investment strategist at Finiac, says that technical analysis supports the current range-bound market staying within its range for a while longer, thoug he notes that if the market can break out of the range to the upside -- which it is close to right now -- it could pick up 10 percent by year's end. Plus, Julie Ramhold of DealNews.com discusses what to shop for in Memorial Day sales and what to leave for later in the summer, and forensic accountant Tracy Coenen talks about proving your case and using the results to get money back in the latest episode of 'Find Me The Money.'

Pulitzer Prize-winning journalist Gretchen Morgensen, co-author of 'These Are the Plunderers: How Private Equity Runs—and Wrecks—America,' discusses the wide-ranging impacts that private equity firms are having in America, running a large percentage of nursing homes of private equity and hospital emergency departments, media companies and much more. She notes that leveraging companies in order to purchase them and re-sell them at a profit is detrimental to the business, while enriching the wheeler-dealers, leaving a 'circle of pain' after private equity takeovers. Also on the show, Laura Geritz of Rondure Global Advisors says that the entire world is dealing with the inflation problem, but that it impacts smaller companies less, meaning there are good buys among small firms around the globe. She notes that she particularly likes the Mexico market now, dislikes Korea and is working through the complexities of China. Plus, David Trainer of New Constructs revisits an old Danger Zone pick -- a zombie stock that he says is headed to zero -- after a recent earnings surprise made the market consider whether the troubled company remains viable.

Ed Moya, senior market analyst at OANDA, sees the stock market as being stuck in its current range for months, possibly testing October lows while it waits to get more clarity on the Federal Reserve's position on ending the rate-hike cycle and starting cuts. Declines and weakness are buying opportunities, Moya says, because 'this market is looking for a big move,' with money on the sidelines looking for a breakout that will happen only once investors are confident with where inflation and rates are heading. In The Big Interview, Barry Martin of the Shelton Equity Income Fund discusses defensive investing and covered-call strategies and how they are working in the current period of volatility without much direction. Also, in The NAVigator segment, Matt Freund, co-chief investment officer/head of fixed-income strategies at Calamos Investments, says he expects interest rates to settle in and remain stable for quite a while before trending down, though he expects heightened volatility in longer-term bonds; and in the Market Call, Brian Huckstep, chief investment officer at Advyzon Investment Management, talks the macro picture and the exchange-traded funds best suited for his current outlook.

George Bory, chief investment strategist for fixed income at Allspring Global Investments, says that investors should lean into the currently inverted yield curve and buy bonds for f longer maturities so that they can lock down. High current interest rates before the Federal Reserve decides to cut rates. Bory also notes that he expects the federal government to avoid a true default but explains that a downgrade from ratings agencies won't be the big deal most authorities expect. Plus Tom Lydon, vice chairman at VettaFi turns to a small-cap co weed-call fund for his 'ETFof the Week,' and Raymond Bridges, portfolio manager of the recently opened Bridges Capital Tactical ETF talks stylized stock investing in the Market Call

John Porter, chief investment officer at Newton Investment Management, says the market has traded in a tight range for almost 10 months and he expects it to stay in that range while the economy sorts out its unknowns until a clear picture emerges, which he thinks will take another six to nine months. Meanwhile, to produce reasonable results in a choppy market, he says money managers will need to increase their turnover and trade more, taking advantage of the short, tight fluctuations even as the market has no bigger trend. Also on the show, Jill Gonzalez discusses the new study from WalletHub.com showing that U.S. households now have $17 trillion in household debt, more than $140,000 per household, Carter Malloy of AcreTrader.com discusses the benefits and expected returns to investing in farmland and timberlands, and Chuck celebrates what would have been the 70th birthday of his brother by talking about the delicate balance between making money and enjoying life.

John Blank, chief equity strategist/chief economist at Zacks Investment Research, says the range-bound market is going to stick around unchanged until the Federal Reserve changes its policies. Once inflation comes down, Blank says 'the market is going to rally like you've never seen.' But even now, Blank says the economy is having its soft landing -- and has been in one for some time -- no matter how much most economists protest that there hasn't been any landing yet. Also on the show, Scott Fulford, author of 'The Pandemic Paradox: How the COVID Crisis Made Americans More Financially Secure,' survey researcher Jenn Tracy on a study showing about how Americans are -- or aren't -- pampering themselves during tough economic times, and, in the 'Find Me The Money' segment, forensic accountant Tracy Coenen talks about the documents and paper trail that you need and how to follow them to find the proof of financial infidelity.

John Jennings, author of 'The Uncertainty Solution: How to Invest with Confidence in the Face of the Unknown,' says that investors have proven throughout times by their actions that less is more effective during times when every move looks sketchy. Getting over your compulsion to do something, he notes, will help your portfolio thrive in times when the market isn't doing so well. Also on the show, Megan Moncrief, chief executive officer at the travel-insurance platform Squaremouth, discusses the high prices travelers are facing, paying and insuring for their summer vacations, David Trainer of New Constructs puts a popular stock name back in 'The Danger Zone,' noting that popularity can't save it, and Chuck takes a listener's question on how to deal financially with adult children returning home to live.

Quincy Krosby, chief global strategist at LPL Financial, says that the market is suggesting the possibility of a rate cut coming from the Federal Reserve by September, and that won't happen if conditions are fine. With a solid labor market and low unemployment, Krosby says the market is still range-bound and struggling to sort things out, but the futures market is signalling that trouble must be afoot. Also on the show, Jim Baker, co-head of energy infrastructure at Kayne Anderson Capital Advisors, talks about the strong opportunity in the sector over the next few years, despite recession concerns, and Wade Pfau returns to the show to discuss the new edition of his 'Retirement Planning Guidebook.'