Money Life with Chuck Jaffe

Brett Ewing, chief market strategist at First Franklin Financial Services, says that while he expects large-cap stocks -- led by the Magnificent Seven names -- to have a positive year that could potentially see returns in the 8 to 9 percent range, the market has set up for smaller companies to really pay off. He says that small-and mid-cap stocks are trading at reasonable levels, giving them the potential to gain 15 to 25 percent in 2024. Meanwhile, Todd Rosenbluth is looking to stick with large-cap stocks -- but finding a cheaper way to own them while favoring value stocks -- as he picks a new large-cap index-based fund from Goldman Sachs as his ETF of the Week. Michael Young, director of education and outreach at the Sustainable Investment Forum, gives his outlook for ESG investing -- and for the controversies and politicization of funds with environmental, social and governance agendas -- in the year ahead, before Todd Jones, chief investment officer at Gratus Capital makes his debut in the Market Call talking stocks.

Kevin Mahn, president and chief investment officer at Hennion & Walsh, says that he expects interest rates, yields and inflation to all be lower over the next three years, and that the economy will start growing more robustly once the rate cuts start. That is setting up a strong three-year run for stocks and bonds, one that Mahn thinks most investors should intuitively be expecting and be comfortable with. Stanford University professor Anat Admati, co-author of "The Bankers' New Clothes: What's Wrong with Banking and What to Do about It," discusses how the collapse of Silicon Valley Bank and other troubles that occurred in 2023 are not really over, and why the system that has immunized banks from most troubles has also ensured that troubles will keep happening. Plus, in the Market Call, Craig Sarembock, wealth adviser at Bartlett Wealth Management, talks about finding growth stocks at reasonable prices.

Jeff Weniger, head of equity strategy at WisdomTree Asset Management, says that the "rip-roaring rally" that started in late October on account of declining interest rates, and it slowed in January but now "Boom, suddenly you're back off to the races" with the stock market at new highs and the Standard & Poor's 500 now eyeing 5000. Weniger notes that there are plenty of concerns for the rally, and he notes that a downturn could test the classic 60-40 portfolio, where he thinks investors may be disappointed with how fixed income does its job of providing portfolio protection. Talking technicals, Lawrence McMillan of McMillan Analysis says he is staying bullish, but he is on alert for changes because the current rally feels similar to January 2018 or 2020, both years that had solid starts only to turn ugly in February and March. Plus, Ronan McMahon discusses a study from International Living Magazine showing what countries people want to move to for their retirement years and what the most popular destinations have in common, and Jay Kaplan, portfolio manager of the Royce Small Cap Value fund, talks in the Market Call about being a business-valuation investor.

Bryan Shipley, co-chief executive/chief investment officer at Arnerich Massena, says that yields are more attractive overseas and there is the emergence of growth internationally, but domestic markets have deserved their higher valuation. Still, when he sees a struggle between domestic and international markets, it's usually a sign of leadership changing, which is one reason why he's keeping clients in foreign investments; it's part of a strategy where he recommends investors "choose their own reality," deciding where they want to participate among many opportunities and stories around the market. Ted Rossman, senior industry analyst at Bankrate.com, discusses the site's latest survey, which shows that 56 million credit cardholders have been revolving their debt on plastic for at least a year. David Trainer, founder and president at New Constructs revisits one of the original meme stocks and discusses why he thinks its picture is growing very dark, and hedge fund manager Steven Grey of Grey Value Management talks about "valuation investing" in the Market Call.

Zach Jonson, chief investment officer at Stack Financial Management, says that the top-heavy nature of the stock market -- with so few stocks driving the bulk of returns in 2023 -- is going to make it hard for the standard & Poor's 500 index to gain much ground this year, though he notes that as investors have been chasing the same small group of stocks in a few sectors, other "high quality parts of the market have become notably more attractive." He compared it to the tech bubble of the late 1990s -- "the last time you had concentration anywhere close to what you have now" -- where certain sectors that lagged while the bubble was inflating became bargains. As a result, Jonson suggested investors invest in the defensive areas that the market has left behind over the last year. Also on the show, Cheryl Pate, manager of the Angel Oak Financial Strategies Income Term Trust, gives her outlook for the banking sector this year and talks about the importance of focusing on credit quality as the rate cycle progresses, veteran financial journalist Allan Sloan discusses the lasting investment lessons from Charlie Munger -- Warren Buffett's right-hand man -- and Paul Daneshrad talks about his new book, "Money & Morons: How To Build Wealth And Protect Yourself From The Great Conflux."

Corin Frost, managing director at Helios Quantitative Research, says that while economic indicators are largely strong and positive, the stock market is not as connected to wave, largely because the Magnificent Seven stocks have driven so much performance that their ability to continue with good relative performance will go a long way to determining the year in the market, regardless of economic growth numbers. Todd Rosenbluth, director of research at VettaFi, picks his favorite of the brand new spot Bitcoin funds as the ETF of the Week and explains why his pick stands out from the crowd of new funds. Plus, Chuck answers a listener's question about Cathie Wood and the ARK Funds and discusses the feast-and-famine nature of their performance, and Josh West, portfolio manager at Buffalo Mid Cap, talks growth investing in the Market Call.

Technical analyst Michael Sincere of Michael Sincere's Long-Term Trader sees the market as being ready to struggle in 2024, but he notes that trends in earnings will do the most to determine how it turns out, and if any of the Magnificent Seven stocks -- which spearheaded the market's dramatic gains in 2023 -- should stumble, he forecasts a major market decline. Chuck Mitchell of The Conference Board discusses the group's "C-Suite Outlook for 2024," which showed that top executives both domestically and abroad are scared of inflation and a potential recession, but most say they have not prepared for those potential outcomes yet. Plus, financial adviser Christopher Manske discusses his new book, "Outsmart the Money Magicians: Maximize Your Net Worth by Seeing Through the Most Powerful Illusions Performed by Wall Street and The IRS" and, in the Market Call, Kevin Rendino, chief executive officer at 180 Degree Capital, discusses value investing and activist management in small- and micro-cap investing.

Mark Fleming, chief economist at First American, expects the housing market to be better in 2024, and while it won't be as hot as it was during the pandemic nor as cold as it was after that run, "it's not quite right yet either, just better." He says the Federal Reserve's actions -- and he expects three or four rate cuts this year -- will determine just how strong the economy and the housing market are this year. Still, he thinks a downturn for the broad economy could actually help the real estate market. Bryan Armour, director of passive strategies research at Morningstar, discusses last week's Securities and Exchange Commission approval of spot bitcoin ETFs, and how investors should size up the resulting boom of new cryptocurrency funds. In the Market Call, Michael Campagna, senior investment analyst at Moerus Capital Management talks about global deep-value investing.

Joseph Brusuelas, chief economist at RSM, says that the market "is a bit out over its skis" in terms of when the Federal Reserve will start cutting interest rates and how many cuts will happen in 2024, but that may create volatility and determine whether there is another rally in the current cycle. Brusuelas says the economy is in the middle of a soft landing and keeps looking strong, which should mute or limit just how much slowing happens moving forward. Jeffrey Bierman, founder of The QuantGuy.com and chief market technician at TheoTrade.com, says the market is overextended and due for a "garden variety 10 percent correction," but there is room for investors to hunt and peck for opportunities. Also on the show, Aaron Filbeck of the Chartered Alternative Investment Analyst Association says that it's naive for investors to lump a wide range of mainstream investment options under the label of "alternative." Plus, Justin Carbonneau of Validea.com talks about the expert methodologies that are working the best in current conditions and how to build the ideas of money-management legends into your portfolio.

Bob Doll, chief investment officer at Crossmark Global Investments, returns with his annual forecasts for the stock market, the economy, the financial industry and more in the year ahead. He notes that the consensus for 2024 is a soft landing, but he thinks the lagged impact of everything that cause recessions -- massively higher interest rates, retail inventory levels rising, savings rates coming down and more -- will finally lead to a mild recession in the middle of this year. Doll also thinks that stocks could finish the year in the red. Also on the show, Tom Lydon of Vettafi turns to an actively managed short-term bond fund for his ETF of the Week, and Mike Bailey, director of research at FBB Capital Partners, talks "beat and raise investing" in the Market Call.

Lindsey Bell, chief strategist at 248 Ventures -- formerly chief markets strategist at Ally Invest -- is optimistic that the stock market can avoid big troubles in 2024, and is looking for a "return to normal,' in terms of the market's breadth of movers and returns. still, she includes technology stocks -- typically considered an aggressive play -- as part of the defensive plans that investors should be making for the year ahead. She also talks about the norms she expects to see maintained in international investing and more. Greg McBride, chief financial analyst at BankRate.com talks about his forecast for all types of interest rates in 2024, and while the rate picture is different from the market situation, he too is looking for more of a return to traditional expectations. In the Market Call, Leah Bennett, president of Westwood Wealth Management, talks stocks.

Veteran technical analyst Martin Pring of Pring Research is "very optimistic over the next 12 months" because the stock market's bounce since October "looks like the beginning of a bull market," with expanding breadth and economic indicators turning up to where indicators are bullish for stocks and bonds now. Pring makes an educated guess that the market could run up to 5,400 on the Standard & Poor's 500, but notes that if the indicators change -- which he would expect after the election next fall -- the bull market could end quickly. In The Big Interview, Alex McGrath, chief investment officer at NorthEnd Private Wealth, says that while the market has been rebounding, it hasn't ecaped concerns about a recession and about the future financial health of the consumer, so he's rotating into defensive positions and looking to be opportunistic in 2024. Also on the show, Howard Silverblatt, senior index analyst for S&P Dow Jones Indices discusses how companies got more cautious late in 2023 about committing to dividend increases. Plus, Nancy Prial of Essex Investment Management and the 1290 Essex Small Cap Growth Fund talks small-cap stocks in the Market Call.

Wei Li, global chief investment strategist at BlackRock, makes it clear that she doesn't feel her firm's outlook for 2024 is "optimistic." Amid significant macroeconomic risks, Li says there are selective opportunities for investors who are willing to take the chance to put money to work, particularly in parts of the market that remain reasonable values -- notably artificial intelligence and big tenchology, which she expects to continue their strong performance from 2023 -- while avoiding parts of the market that are "priced for perfection" after the market's rally late in 2023. Also on the show, David Trainer at New Constructs puts Carvana back in "The Danger Zone," noting that the company remains a "zombie stock" -- one he expects could go to zero -- despite a strong bounceback in performance in 2023. In the Market Call, Simon Lack, managing partner at SL Advisors -- which oversees the American Energy Independence Index -- talks energy stocks, particularly midstream energy infrastructure stocks and the chance they represent to generate consistent gains now.

Veteran Wall Street observer Bob Doll, chief investment officer at Crossmark Global Investments, has been making 10 forecasts for the New Year for decades, but 2023 was one of the most difficult times he has ever had reading the tea leaves for the market and economy. He explains why as he looks back at his forecasts from a year ago and reviews what he got right and wrong and how conditions have changed; he will return to the show next week with his forecasts and predictions for 2024. Meanwhile, John Cole Scott, president of Closed-End Fund Advisors, is looking forward, doing his annual forecast for the year ahead in closed-end funds, highlighted by his expectation that closed-end funds to outperform the general equity markets,In the Market Call, Raymond Bridges of the Bridges Capital Tactical ETF talks about being "aggressively cautious" in today's market conditions.

Rob Arnott, chairman and chief executive officer at Research Affiliates sees a recession as likely for late 2024, but expects the entire year to be dominated by domestic and geopolitics that create significant "left tail risk," the most extreme potential downside performance. It will be, he says, "a year of living dangerously," but he views current conditions "as a wonderful opportunity" to lean into value investing strategies. Also on the show, Tom Lydon, vice chairman at VettaFi makes a call on currencies and Japan with his ETF of the Week, and Mark Yusko, chief investment officer at Morgan Creek Capital Management, talks about ETF investment strategies in the Market Call.

John Barr, portfolio manager for the Needham Growth and Needham Aggressive Growth funds, says that despite the market's recent rally, there are plenty of smaller growth companies that represent good values with strong growth companies, though he also suggests that some of the large companies -- particularly in economy-driving industries like artificial intelligence and data storage -- have room to run too, which is why he's "not worried" about what the market will dish up this year. Also on the show, Manny Weintraub, principal at Cannell & Spears, discusses "super great stocks that are not going to kill you" in the Market Call, and Chuck reveals the 2023 results for his long-running "change experiment," where he saves everything under a $10 bill that comes his way in cash.

Bob Fraser, co-founder and chief financial officer at Aspen Funds, says the market has gotten excited and ahead of itself, so that it could spend the early part of the year mostly at a standstill, but he also doesn't see much downside risk, with neither a recession nor a crash in the offing. Ultimately, Fraser thinks the market will end the year up, though not as much as it gained in the year we just completed. Also on the show, subscription expert Robbie Kellman Baxter talks about how companies take steps to get consumers hooked and to make it hard for them to wriggle off of the regular payment cycle, and she offers tips for protecting yourself from subscription overload, plus Chuck makes his market and economic forecasts for the year ahead.

Long-time technical analyst Gene Peroni of Peroni Portfolio Advisors and Advisors Asset Management says that -- while many people look at the market's returns in January and expect them to dictate the year -- he believes the current rally is setting the stage for 2024, showing the market's resilience. He is re-setting support levels to the market's July summer highs, and he thinks that it will keep bouncing back, making the market outlook for the year ahead pretty solid. Also on the show, John Cole Scott, president of Closed-End Fund Advisors, looks back at how the closed-end fund industry bounced back from the challenges of a terrible year in 2022, and how his forecasts from a year ago -- including his five funds for 2023 -- have played out. Plus, Chuck goes over his financial to-do list for the new year, 15 items that all savers, consumers and investors could take on to gain better control of their finances and to make more of their money.

Veteran money-manager Louis Navellier, president of Navellier & Associates, says he hasn't seen "a real blow-out year since '99; I think we're overdue for one of those kind of years." He says that the market currently is grossly undervalued relative to interest rates and he says that small cap stocks could go up "100 percent or more," but he is also calling for a strong year for big stocks, oil and energy companies and he says the Magnificent Seven stocks are likely to keep rolling. Also on the show, Tom Lydon of VettaFi turns to small-cap -- but a specialized small-company fund that focuses on dividend payers while trying to mute volatility -- as his ETF of the Week, and James Royal discusses a recent Bankrate.com survey showing that more than half of Americans sought out financial advice in 2023, though they didn't all turn to good sources to get it.

Kristina Hooper, chief global market strategist at Invesco, says there will be some damage to the economy -- worse than a soft landing -- but she thinks the economy can put off recession until at least 2025. Hooper says the new year should be an improving year for consumers with real wage growth rising as the disinflationary process continues; she thinks that improvement will cause an increase in spending, with the trigger being interest-rate cuts which she expects to start in the second quarter. Also on the show, Dan Griffith, director of wealth strategy at Huntington Private Bank, taks about the "tax sunset" and how investors and consumers want to start thinking now about rules that are changing at the end of 2024, because there will be a segment of the population -- particularly the wealthy -- who will pay a penalty if they are caught unaware of how rules will revert to past standards barring action from Congress. Plus Chuck talks about the systems he has used for setting annual goals and how it is better to set goals than make resolutions if you want to make real change in your life in the year ahead.

Mary Ellen Stanek, co-chief investment officer at Baird Advisors -- a firm known best for bond investing -- says the Federal Reserve has delivered better than expected results, and while there is plenty of expectation of a reasonably soft landing, buckle up and protect your portfolio because volatility won't be going away even as the economy and the market revert to their long-term historical trends for key indicators like growth, inflation and more. With just days left on the 2023 calendar, Kelly Lannan discusses Fidelity's annual resolution survey, which shows that struggles with inflation have more people looking at setting financial goals this year, although many may have lowered their sights in picking targets for the year ahead. Plus, hedge-fund manager Lukasz Tomicki of LRT Capital Management talks stocks in the Market Call.

Avi Gilburt, founder of the Elliott Wave Trader, expects the stock market to reach new highs, but thinks the current rally will carry to those record levels by no later than the second quarter of 2024, after which he says "a bear market is going to be in our future." Additionally, he says there will be a banking crisis that is part of the bear market, notig that systemic issues with the banking system will create trouble that "will likely be worse than what we saw in 2008," when troubles in the financials sector were cornerstone to the Great Financial Crisis. Brenda Langenfeld, portfolio manager for Nuveen, says that banking environment will actually create opportunities for investors in preferred securities, noting that heightened banking regulatory oversight will be favorable for credit investors, that positive fundamentals suggest stability and growth and that valuations are at levels "that present a capital appreciation opportunity over the next year." Also on the show: Charles Rotblut discusses the latest sentiment survey from the American Association of Individual Investors, which shows levels of bullishness at their highest levels in more than two and a half years, and portfolio manager Francisco Bido of F/m Acceleration brings his quant-active investment style to the Market Call.

Legendary bond fund manager Dan Fuss -- the vice chairman at Loomis Sayles & Co. -- says that while the Federal Reserve was "caught and delayed" in responding to inflation, he gives them "a whole lot of credit" for pulling the economy out of the doldrums while avoiding a crash, noting that this central bank's performance is among the most impressive for any central bank he has watched in his 60-plus year career. Fuss says the market is "fund, it is one of the most impressive accomplishments he has seen from the central bankers. Fuss expects the yield curve the return to normal, but he says long rates will not come down as much as investors might expect. He remains positive on U.S. markets, though he says stocks look pricy and the bond market is fundamentally solid, albeit thinner than it has been due to higher rates, a situation he expects to change once the Fed begins cutting rates in 2024. Also on the show, Chuck answers a listener's question on the state of 60-40 portfolios today; it's a follow-up question from an answer Chuck gave the same listener in April of 2021, at a point when investors were giving up on balanced portfolios ahead of changes int he rate cycle that have snice made the fixed-income portion of a mixed portfolio look much better. In the Market Call, Brian James, director of investments at Ullmann Wealth Partners, makes his debut talking funds and ETFs

Garry Evans, chief asset allocation strategist at BCA Research, expects a recession in 2024 but says that the Federal Reserve has eased conditions enough that it will happen later in the year and likely will be mild. Still, he says the risk is that inflation is not really dead, and what happens if it starts to re-ignite. As a result, he is hedging against inflation and while he would like to use gold to do it -- although he notes it is "a hedge against central banks turning too dovish," and not a hedge on gold -- he is suggesting that the high price of precious metals makes it that he favors TIPs [Treasury inflation-protected securities]. Catherine Collinson, president of the Transamerica Center for Retirement Studies discusses recent research on the retirement outlook for women. The Center's latest report shows more than half of the 3,000 women surveyed feel they don't have enough income to save for retirement, and less than one in five are very confident that they will be able to fully retire with a comfortable lifestyle. In the Market Call, Hank Smith, head of investment strategy at The Haverford Trust Co., talks big-name, mega-cap brand-name stocks and how a focus on quality keeps "blue chips from turning into cow chips."

Jon Wolfenbarger, founder and chief executive officer at BullAndBearProfits.com says he foresees a market downturn of 60 percent in the next year or two, and that it could be down 50 percent from current levels a decade from now. Wolfenbarger bases that forecast on valuation levels "that are the highest they have been in history, higher than they were in 1929" or at the peak of the tech bubble. Wolfenbarger says a recession is coming soon if it hasn't already started, and that economic conditions will deteriorate from here based on indicators that are showing that trouble is about to hit home. Also on the show, Jason Callan, portfolio manager at Columbia Threadneedle Investments -- manager of the Columbia Strategic Income Fund -- says in the Big Interview that the economy still has some consequences to pay for the protracted inversion in the yield curve and how to position portfolios now that the Federal Reserve has indicated that it is likely to stop hiking rates but hasn't given more than mild ints about when it will begin cutting them. Plus, Rebecca Edwards discusses a Safewise study showing that Americans are worried about porch piracy for real reasons, notably that they will lose billions of dollars to thefts made at their doors -- and Chuck answers a listener's question about his take for the year ahead.

Doug Ramsey, chief investment officer for The Leuthold Group, says the stock market's recent rally most likely pushes the economic cycle out by a month or two, but he says that the amount of tightening that is already in place and the impacts of the inverted yield curve hitting the economy will finally come to roost in economic fallout that "down the road is going to be severe." Ramsey expects a recession in the first half of 2024, and has a lot of economic data that he suggests support that conclusion. Also on the show, David Trainer, founder/president of New Constructs, heads to "The Danger Zone" for one final time in 2023, noting that investors who think the market rally has removed all pressure from stocks are wrong. In The Market Call, Tom Hancock of GMO -- manager of the new GMO U.S. Quality ETF -- talks about what makes a quality stock and how to use those issues in a portfolio.

Bryan Cannon, chief portfolio strategist at Cannon Advisors, says we're in a secular bull market right now, but he notes that a secular bear -- usually not recognizable until it's in the rearview mirror -- could be close, because "you've never had inflation without a secular bear market." Cannon expects the current rally to continue into the new year, but he notes the charts and the trends could change along with the calendar, making it hard to read 2024. Also on the show, Sarah Foster discusses the latest Bankrate.com survey showing that some 60 percent of Americans say that their income has not kept pace with inflation. In The NAVigator segment, Adam Sparkman -- part of the team running the Thornburg Income Builder Opportunity Trust -- says "it's a different menu within fixed income entering 2024 than it was a couple of years ago," which has him increasing credit quality, taking less risk and lengthening maturity as we start seeing how potential rate cuts take shape. Plus Daniel Kern, chief investment officer at Nixon Peabody Trust Co., talks stocks and funds/ETFs in the Market Call.

Darrell Cronk, chief investment officer at Wells Fargo Wealth & Investment Management -- president of the Wells Fargo Investment Institute -- says the market's current rally has it ahead of where it should be, and he expects a slowdown both for the economy and the stock market early in 2024, lasting until the Federal Reserve cuts interest rates and stimulates the economy, kicking off a strong second half of the year. In discussing Wells Fargo's outlook for 2024, Cronk recommends that investors keep some dry powder waiting for that inflection point. Tom Lydon, vice chairman at VettaFi looks to a genomics fund that has been a bit out of favor for his ETF of the Week, noting that he thinks the fund and the area it invests in are ready for a takeoff. Plus, Glenn Tompkins, senior global market strategist at VectorVest makes his debut in the Market Call, and Chuck has a surprise extra segment based on the day's headlines.

Matt Hougan, chief investment officer at Bitwise Asset Management -- the nation's largest crypto index fund manager -- says that cryptocurrency has historically moved in four-year cycles, with a big move upwards followed by a big reset. Last year, when crypto suffered losses bigger than the down market, was the setback; now crypto assets are in the recovery phase -- which he says most investors aren't paying attention to -- setting up "a significant and sustained bull run in crypto." Also on the show, Brendan Ahern, chief investment officer, KraneShares -- the editor of ChinaLastNight.com -- says that a four-year losing streak in China has positioned the market there as a global value play, noting that he thinks many investors are lost in the headlines over trade concerns and focusing portfolios on the "very crowded trade" of U.S. markets rather than eyeing the potential for an economic turnaround/comeback in China. In the Market Call, portfolio manager Brian Mulberry of Zacks Investment Management, talks about the firm's earnings-consistency purview in picking stocks.

Jurrien Timmer, director of global macro at Fidelity Investments, says that at surface levels it looks "like the Fed will stick the soft landing," but he notes that the markets "are primed and priced for that," and if the central bank falls short on its goals and inflation is more persistent than expected, that could be where trouble shows up for the stock market. Timmer says that part of his outlook on the Federal Reserve is that many of the conditions that lead to recession have played out, but have happened in fits and starts, allowing the economy to get through trouble without, on the whole, falling into a full recession. He expects that to continue -- at least delaying any recession if not postponing it indefinitely -- as the economy works through its remaining trouble spots. Also on the show, Toni Turner, president of TrendStar Group, says she expects the market to challenge new highs during a Santa Claus rally, though she does expect the market "to pull into a rest stop soon." Plus, David Snowball, founder of MutualFundObserver.com, talks mutual funds and ETFs in the Market Call.

Michael Rosen, chief investment officer at Angeles Investments, says that while he believes the Federal Reserve is done increasing interest rates, it's not yet close to cutting them, and investors will want to lock in good returns for the longer term, so he is starting to lengthen maturities now to protect against reinvestment risk. Rosen notes that he does not currently expect a severe economic downturn in 2024, because he doesn't see the major imbalances or problems that typically cause a recession. Also on the show, Ted Rossman discusses a new Bankrate.com study which shows that holiday tipping -- annual gifts to service workers people see regularly rather than the kind of tipping that happens in restaurants -- is on the rise this season, despite economic conditions which would seem to motivate pullbacks, David Trainer of New Constructs weighs in on energy -- the top sector for stocks right now -- and real estate (the worst) in The Danger Zone, and Peter Tuz, president of Chase Investment Counsel, talks about "growth at a reasonable price" investing in the Market Call.

Axel Merk, president and chief investment officer of the Merk Funds and Merk Investments, says that "higher for longer is not a strategy," which means that the Federal Reserve is setting up investors for a longer-lasting fallout than investors expect now. As a result, Merk says that the downside risk of the market right now is much greater than the upside potential now. Jeff Bishop of Raging Bull and Bullseye Trades sees the market as taking a small setback before the start of a Santa Claus rally that carries into the New Year, portending a strong year ahead for the market in 2024. Plus, Mike Taggart, closed-end fund specialist at Aberdeen, says that discounts in closed-end funds are "overplayed," and that investors who focus instead on income will likely be happier with the long-term outcome from their investments, and Patrick Healey, president of Caliber Financial Partners, talks stocks in the Market Call.

Jay Jacobs, U.S. Head of Thematic and Active Equity ETFs at BlackRock, says in The Big Interview that artificial intelligence will move from the early stage where people are investing because they love the concept into its commercialization phase where investors are attracted by the profits as they see new technologies emerge and start to take hold in 2024. Among his other investment themes for the year ahead, medical innovation, which he also expects to be helped along by the use of AI. Also on the show, Tom Lydon, vice chairman at VettaFi looks at what's glittering now with his ETF of the Week, Will Hansen of the Plan Sponsor Council of America discusses the group's 66th Annual Survey of Profit Sharing and 401(k) Plans, which shows that Americans' have cut back on savings with the end of pandemic-driven stimulus dollars, and Amber Fairbanks of Impax Asset Management -- co-manager of the firm's new Global Social Leaders fund -- talks stocks in the Market Call.

Alan McKnight, chief investment officer at Regions Asset Management, sees a series of rolling recession hitting certain sectors and industries in 2024, but does not see a broad-based, classic and deep recession akin to one triggered by the Great Financial Crisis of 2008. He's not alone in suggesting the economy can escape next year without a recession, as Charlie Bobrinskoy, vice chairman at Ariel Investments says in the Market Call that he believes the stock market and economy are strong enough to put off a widespread and meaningful downturn for another year. Plus, the show starts with Jamila Soufrant, discussing her new book "Your Journey to Financial Freedom: A Step-by-Step Guide to Achieving Wealth and Happiness" and she offers some advice for listeners, no matter where they are on their own journey toward financial independence.

John Petrides, portfolio manager at Tocqueville Asset Management, says that both stocks and bonds are relatively cheap right now, noting that if you back out the companies that have led the market this year -- the so-called "Magnificent Seven" -- stocks are trading at about 14 times earnings, which is a discount to where the market has been since the 1950s. Petrides says the biggest issues for 2024 will be whether the Federal Reserve can stick the landing without throwing the economy into recession and the outcome of the presidential election, but he doesn't think either of those will necessarily derail the market, with trouble more likely to arrive later in the year. Also on the show, Robin Saks Frankel discusses a recent USA Today Blueprint study showing that parents are supporting adult children to the tune of $718, on average, per month, long-time options trader Tony Saliba of Liquid Mercury makes his debut on the show talking technical analysis, and Todd Rosenbluth, head of research at VettaFi, talks ETFs in the Market Call.

Liz Ann Sonders, chief investment strategist at Charles Schwab & Co., says the best situation for the economy and market is 'a continuation of the roll through,' where rolling recessions allow some sectors to rebound while current weakness plays out. Sonders notes that while others include the presidential election cycle into their thinking, she doesn't put much emphasis on the election especially when there are constraints -- like debt, deficit and interest costs -- that make it hard for politicians to make any needle-moving actions. In The Danger Zone, David Trainer looks at understated profits, and offers up a stock where investors are at risk of missing out on a strong buying opportunity. In the Market Call, Andrew Graham, founder / portfolio manager at Jackson Square Capital, talks stocks.

Quincy Krosby, chief global strategist at LPL Financial, says that rolling recessions haven't eliminated the possibility of a true, classic recession but she doesn't think there will be anything more than a shallow downturn in 2024 as the economy continues slowing to resolve inflation and other headline issues. She expects stocks to deliver "a comfortable return" in 2024, but with volatility and a "healthy" move toward equilibrium. Don Vandenbord, chief investment officer at Revere Asset Management, makes his debut on the show talking technicals and notes that short-term trends are all strong and that the market's recent run shows that performance is broadening out, which is a bullish sign. He sees mostly positives, although the longest-term indicators he follows have not yet turned fully green. Axel Merk of the ASA Gold and Precious Metals, says that gold prices are most tightly correlated to "the confidence the market has in the central bank to manage inflation over time," so gold's rally over the last six weeks -- as well as its path forward -- is "favorable because we might be entering a recession, most notably a recession that is more severe than is currently priced into the market." Plus Brian Bollinger of Simply Safe Dividends talks quality income-producing stocks in the Market Call.

Barry Bannister, chief equity strategist at Stifel, says that the stock market "is a couple of hundred points ahead of where we should be," which means there's not a lot of upside here, but he does expect the factors driving the market to keep shifting away from growth and more towards value stocks. He says value and international stocks move together, and he expects them to turn positive now as value, international and small-cap stocks have been oversold. In the ETF of the Week, Tom Lydon of VettaFi says there is no place like home, and no sector like home builders. And in the Market Callm Jonathan Smucker of Marietta Investment Partners talks about using macro factors to guide asset-allocation decisions before applying fundamentals and a bottoms-up approach to pick actual investments.

Steven Dover, chief market strategist at Franklin Templeton and head of the Franklin Templeton Investment Institute -- says the stock market currently is priced for perfection that is unlikely to happen, noting that there has never been a time when the economy has slowed down but earnings have increased, but with consensus earnings growth estimates running in double digits, something appears to be off-kilter now. That makes Dover cautious on stocks, though he acknowledges that dividend-paying stocks and slow-and-steady stocks should be solid performers. Also on the show, Amanda Agati, chief investment officer at PNC Asset Management Group, discusses the firm's 40th annual Christmas Price Index, comparing inflation in the broad economy to the price hikes that someone faces if they try to buy all the gifts in "The 12 Days of Christmas." And in the Market Call, Roger Conrad of Conrad's Utility Investor talks about income-producers in utility and energy companies, REITs and more.

Two different analysts -- looking at the economy and market from varying viewpoints -- agree on today's show that there is trouble ahead for the stock market and economy in 2024, and that the election cycle -- which historically holds that presidential election years are good times for the market -- isn't going to be able to keep trouble at bay until 2025. Erik Weisman, chief economist and portfolio manager at MFS Investments, says that the Federal Reserve's actions have postponed recession and a reasonably soft landing into 2024, but notes that he is looking for safe havens in bonds -- where he is looking longer term despite the inverted yield curve -- to ride out troubles. Meanwhile, Tom McClellan, editor of The McClellan Market Report, says that he expects a few more months of solid markets, particularly in large-cap stocks, before things turn and start a widespread decline that should start late in 2024 and that could last into 2026. Also on the show, Chuck answers a listener's question about finding ways to save more.

It's Cyber Monday and Chuck offers an alternative to the usual gift-buying pattern by talking about how savers and investors can now give gifts of stock easily and efficiently, teaching children and young adults like-long lessons about saving and investing. Moreover, Ted Rossman of Bankrate.com stops by and discusses gifts from the past that haven't worked out so well, based on the site's research showing that Americans routinely have gift cards they have not used. Plus, Jeffrey Hirsch of Hirsch Holdings returns to the show to discuss the latest edition of the Stock Trader's Almanac, and we revisit a recent conversation with Brad Lamensdorf of The Lamensdorf Market Timing Report.

Clyde McGregor, portfolio manager for the Oakmark Equity and Income fund -- who is retiring at the end of the year -- returns to Money life noting that one of his former partners liked to say that "The hardest time to invest is always right now." That's how he feels today, with stocks feeling expensive and with so much money piled into the top stocks in the big indexes -- because past times when there was that concentration have played out poorly for the broad market -- but he notes that his fund is moving out of growthier companies he bought on sale last year to stocks that have done poorly this year but which are positioned for good returns moving forward. Celebrating Black Friday the Money Life way, Chuck goes discount shopping in closed-end funds with John Cole Scott, president of Closed-End Fund Advisors -- chairman of the Active Investment Company Alliance -- examining three funds to determine whether big current discounts represent a real deal, an average play or a fake-out. Plus, Maya Corbic, author of "From Piggy Banks to Stocks: The Ultimate Guide for a Young Investor" discusses the need and the right way to teach children about money.

Jeffrey Hirsch, editor of the Stock Trader's Almanac, says that the stock market is right on track with expected calendar effects, which he sees as continuing through a Santa Claus rally and a positive January Barometer -- which portends a good year ahead for 2024. Further, citing the history of election-year market patterns, Hirsch says he expects the market to stay strong during 2024, holding off a recession and a bear market until 2025. That would be in keeping with classic election-cycle patterns. Also on the show, Tom Lydon, vice chairman at VettaFi, looks toward international small caps -- an area that has recovered to where the trend is turning positive -- for his ETF of the Week, and Adam Rozencwajg of Goehring and Rozencwajg talks natural resources and commodities investing in an extended Big Interview.

Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Co., says a recession is likely for 2024, which will create some market pain as it extinguishes "the final embers of inflation which aren't burned out yet, namely wage growth." Schutte expects the market to struggle but notes that conditions are great for fixed income, though he warns against investors hiding in the short-end of the yield curve because rates will start to change next year, and investors who are focused on making the highest yield now will wind up facing reinvestment risk once the yield curve flattens or reverses its current inversion. Meanwhile, talking technicals, Brad Lamensdorf of the Lamensdorf Market-Timing Report and the Ranger Equity Bear ETF says the market is due for "a scary moment" likely in the spring or the summer of 2024, when there is a value reset. Lamensdorf notes that "We don't need a recession to have a 20 or 25 percent correction and I think one of those probably is due next year at some point, after we get out of this seasonably-favorable period." Plus, Benjamin Bailey of the Praxis Impact Bond fund gives his take on the fixed-income market, and sustainable bond investing.

George Kinder, president of The Kinder Institute of Life Planning and one of the leading lights in the financial planning industry, talks about his new initiative, "Fiduciary in All Things," which seeks to apply a fiduciary standard to more than just money relationships. While most stripes of financial adviser have an obligation to act as a fiduciary -- meaning they put the client's interest ahead of their own -- Kinder believes a straightforward golden-rule like standard cold help restore civility in politics and society, would make consumers happy and would make politicians more interested in serving their voters than being reelected by them. Also on the show, Lily Vittayarukskul, chief executive officer at Waterlily -- which won the FinTech competition at the recent FinCon conference -- discusses the real costs of long-term care and how families making care decisions need to think beyond insurance to do a thorough analysis, plus Ed Slott of IRAhelp.com returns to the show to answer another question from a listener.

Financial journalist Allan Sloan, a seven-time winner of the Loeb Award -- business journalism's highest honor -- discusses his recent Fast Company column sizing up just how much money Elon Musk and his investors have lost in his dalliance with Twitter, and while the huge losses won't impact Musk's net worth, how bad deals like this do impact real people and ordinary investors who fall for the hype of a successful entrepreneur. Bryce Doty, senior portfolio manager at Sit Investments, returns to the show discussing closed-end funds and the massive discounts on muni funds -- currently at roughly 13.5 percent, compared to a historic average of about 4 percent -- and what has to happen for investors to profit from those discounts narrowing. Also returning to the show, Nancy Tengler, chief investment officer at Laffer Tengler Investments, who today discusses "The Women's Guide to Successful Investing," which she recently updated with a second edition. Plus, Ed Slott of IRAhelp.com is back to answer another question from a Money Life listener.

Dec Mullarkey, head of investment strategy and asset allocation at SLC Investments, says rate volatility has driven most market activity this year, and now the stock market is pricing in interest rate cuts toward the end of 2024. He thinks that timing is about right, but he notes that the market's fortunes for next year will rest almost entirely on the Federal Reserve, with the market understanding that the central bank has "reserved the right to be tougher here. Also on the show, Tom Lydon, vice chairman at VettaFi has his ETF of the Week, and the VCR he's discussing is not the one gathering dust in your basement, economist Lawrence Marsh discusses his book "Money Flow in a Dynamic Economy," and how changes in the way money is moving have altered the picture for both the country and the world -- and how further changes could solve many of those problems -- plus Stan Haithcock "Stan the Annuity Man" returns to answer a personal question from Chuck about whether to take a lump-sum buyout offer on an old pension or to stick with the structured payout plan.

T. Rowe Price issued its outlook for 2024 on Tuesday and Blerina Uruci, the firm's chief US economist, says that while she expects slower growth, "but I am not seeing a red flag here that indicates a recession is in the cards." She notes that forecasting has become harder in the post-COVID environment, making the margin for error higher, especially with the Federal Reserve still having work to do to bring inflation down, which "will keep uncertainty elevated for 2024." Uruci expects respectable growth, job growth and a low unemployment rate to create "a benign environment" for stocks and bonds. Also on the show, Len Estabrooks, owner of West Bridgewater Coin and Jewelry -- who Chuck and Gail went to when they sold some old jewelry and coins in September -- talks about the nuances of the cash-for-gold business, there's a Book Interview with Patrick Fisher, co-author of "The Compound Code: An Expert Guide to Trading Stocks and Options," and Ed Slott of IRAhelp.com is back to answer questions from the Money Life audience.

David Ellison, portfolio manager for the Hennessy Large-Cap and Small-Cap Financial Funds, says the struggle for banks will be "what's going to happen on the credit side as these loans re-price with the higher rates." Ellison says the economy's current strength is a function of what has happened over the last three decades, which has made the economy "stronger than people believe it is," which is why indicators like the inverted yield curve may not be accurate and functional now. Also on the show, Jennifer Burns, author of "Milton Friedman: The Last Conservative," discusses the legendary economist and his lasting impact on how today's leaders view the world, Stan Haithcock -- Stan the Annuity Man -- talks about how annuities perform and how attractive they should be to investors and savers in a higher-rate economy, and Chuck answers a listener's question about the efficacy of 60-40 portfolios, and how to allocate money around a core of target-date investments..

Ed Clissold, chief US strategist at Ned Davis Research, says he expects a choppy market through the first half of 2024, but says the market won't uncork an ugly bear market without a significant recession, which he does not currently expect. That said, the volatility and the economic conditions should help the "SHUT stocks" -- staples, health care, utilities and telecom -- which are defensive, dividend-oriented plays, currently "the most oversold they have ever been." If interest rates drop and dividend payers get a boost from investors seeking yield, Clissold believes defensive plays will have a strong rebound. Also on the show, Ed Slott of IRAhelp.com discusses the year-end tax considerations investors should be thinking about now, David Trainer of New Constructs comes up with a Thanksgiving turkey, revisiting a Danger Zone pick that has gone all the way to zero and another pick that seems headed for bankruptcy, and Sam Huisache discusses a Clever Real Estate study showing that housing prices in states that have legalized recreational cannabis use are higher and rising faster than property values in states in which marijuana remains illegal.