Money Life with Chuck Jaffe

Jeffrey Kleintop, chief global market strategist at Charles Schwab and Co., says that the cardboard box recession of the last year -- which affected manufacturing and trade sectors, effectively 'everything that goes in a cardboard box' -- has allowed the economy and market to push forward despite potential troubles, but now he sees difficult conditions hitting some of the service sectors which could lead to worse economic conditions. While he is not expecting a hard landing -- although he notes that the weather could be a surprising economic factor -- Kleintop expects volatility and conditions that favor international investments, particularly in Japan and India. Meanwhile, Kendall Dilley of Vineyard Global Advisors says that the market's technicals are pointing to a downturn, but showing enough strength that any correction should be a buying opportunity. Plus, Robbie Burns -- 'The Naked Trader' discusses 'The Naked Trader's Book of Trading Strategies', and forensic accountant Tracy Coenen talks about whether finding the money actually leads to recovering it and getting a payoff in the latest edition of 'Find Me The Money.'

Veteran money manager Bob Doll, chief investment officer at Crossmark Global Investments, has gotten famous making 10 predictions every year, and he sits down to revisit what he was saying at the start of the year and how it has been turning out. Thus far, it has been a mixed bag, but Doll notes that the market has been more optimistic than anyone expected for 2023, and now that investors are feeling fat and happy, they are likely to live through a recession. Also on the show, Christian Mitchell discusses the latest details from the 2023 Planning and Progress Study from Northwestern Mutual, showing that 35 percent of Americans say they're close to or at their highest-ever level of personal debt, Mitchell Morrison, creator of the Eyeballs app, talks about whether consumers will trust artificial intelligence and services like ChatGPT to do their financial planning, and Kyle Guske, of New Constructs puts a popular brand-name stock in the Danger Zone, noting that it could easily shed $100 per share from current price levels.

Jim Welsh, author of the 'Macro Tides' and 'Weekly Technical Review' newsletters, says that the leading economic indicators that had everyone expecting a recession a year ago have fooled investors by softening recently. While many experts now are predicting a soft landing and the potential for no recession, Welsh says key indicators -- like the inverted yield curve -- often take a year or more to pan out and they will come to roost in the next three to six months, reinforcing the possibility of a 5 to 7 percent market pullback before the year ends. Also on the show, Jon Baranko, chief investment officer for fundamental investments at Allspring Global Investments, discusses how the strong start to 2023 impacted the firm's mid-year outlook, which is looking ahead and seeing broader participation and strong times for small-cap stocks ahead. In The NAVigator, it's Josh Duitz of the Aberdeen Global Infrastructure Income Fund, explains why the timing is good for infrastructure investing but notes that the public companies in the sector are a particularly good value right now. In the Market Call, Bernie Horn of the Polaris Global Value fund talks stocks.

Long-time bond fund manager Dan Fuss, vice chairman at Loomis Sayles and Co., says that the current economic environment 'rhymes with what we had in the 1970s, but the geopolitics and the climate are new things, and they are actually more important right now than what the Fed is up to.' Fuss says he does not expect short-term interest rates to start trending downward quickly, noting that he expects the yield curve to flatten but not to return to its normal slope soon. Also on the show, Tom Lydon, vice chairman at VettaFi, turns to regional banking -- a sector that has been troubled and which may not be through those rough times this week -- for his ETF of the Week, and author Michael Robbins discusses the impact artificial intelligence is having on investment thinking as he discusses his book 'Quantitative Asset Management: Factor Investing and Machine Learning for Institutional Investing.'

Brian Price, head of investment management at Commonwealth Financial Network, says it's hard to make a case for risk assets like stocks to move much in either direction and the mixed signals extend to the economy, which he believes will avoid the extreme moves in either direction. As a result, he discounts the potential for an economic hard landing -- despite expecting below-average economic growth -- despite expecting lackluster performance as current conditions play out into next year. Similar sentiments were expressed by Thomas Winmill, manager of the Midas Fund, who notes that gold has been a better hedge for inflation of late than it was at the start of the interest rate-hike cycle, but who notes that the real potential in precious metals moving forward will be more about total return of the asset compared to stocks. Winmill, who also manages Dividend and Income Fund, says he expects a coming downturn to strengthen the many buys he currently sees for investors willing to look past the few stocks that have led the current rally. Also on the show, Jill Gonzalez discusses WalletHub's analysis that a small Federal Reserve rate hike will directly cost Americans billions of dollars in extra interest charges, Lester Jones talks the latest business conditions survey out this week from the National Association for Business Economics -- which shows surprising optimism among economists -- and Chuck answers a listener's question about investing for income.

Jeffrey Bierman, founder of The QuantGuy.com and chief market technician at TheoTrade.com, says that the market is overheated and overbought, but it very well could rise from here and re-touch record highs before a likely correction ahead. Bierman says technology and leisure are the areas that have made the market frothy and are overdue for a correction of 30 percent or more, and while oil and financials will help the overall market cushion the fall, Bierman believes utilities and pharmaceutical stocks will be areas to outperform while the market goes through 'unavoidable' pain. Brian Payne, chief strategist for private markets and alternatives at BCA Research talks about the wide-ranging opportunities in the private credit markets, and how senior loans and other private credit varieties can goose a portfolio's yield. Plus, forensic accountant Tracy Coenen identifies three common red flags pointing to signs of financial fraud in the latest installment of 'Find Me The Money,' and Eric Boughton, chief analyst at Matisse Capital, talks about closed-end funds, wide discounts and current buying opportunities in the Market Call.

Retail industry analyst Dana Telsey, chief executive at Telsey Advisory Group, says that inflation has forced consumers to become more discerning with their spending, using more on essentials and trying to keep powder dry, and while it's not enough of a pullback to tank the economy, the longer inflation persists at high levels, the harder it will be for the consumer to keep propping up the economy. Meanwhile, bullish investor sentiment -- the expectation that the stock market will gain ground in the next six months -- reached "unusually high" levels in the latest American Association of Individual Investors survey, with Charles Rotblut -- who runs the survey for AAII -- noting that extreme sentiment levels often are a precursor to the market changing directions. Plus, Kyle Guske of New Constructs says puts Tesla and Netflix back into the Danger Zone, noting valuations after recent earnings reports have them poised for a setback and, in the Market Call, Tobias Carlisle of the Acquirers Funds puts his take on value investing in current conditions.

Avi Gilburt, founder of the ElliottWave Trader continues to see the market rallying to new highs but then setting off on a years-long bear market, but in his other role as founder of Safer Banking Research, he notes that the economic downturn will include much more pain for banks, noting that the bank collapses from earlier in 2023 are just the tip of the iceberg, and investors who flee the market for the safety of banks may soon be worrying about just being able to get their money back. Also on the show, Mark Asaro of Noble Wealth Management discusses how investors should not replace individual bonds with traditional bond funds, and Ted Rossman of Bankrate.com talks about the financial costs of travel problems that consumers have been facing this year. Plus Ryan Kirlin of Alpha Architect and the U.S. Quantitative Value and U.S. Quantitative Momentum ETFs talks systematic investing in the Market Call.

Geoff Dailey, head of U.S. equities at BNP Paribas, says he expects the economy to go through a recession, but not one that is particularly deep or long, provided that the Federal Reserve's moves work toward reducing inflation. Dailey expects the market to be particularly volatile around news events like inflation and unemployment reports, but says that volatility will remove much of the building pressure for something bigger and more painful; his worry is that if inflation doesn't cool, the Fed could keep pushing until the economy craters, causing the worst-case scenario of a deep downturn. Also on the show, Mark Yusko of Morgan Creek Capital Management talks about the 'FANGMAN' stocks -- which he considers highly overvalued despite leading the market this year -- as well as funds and ETFs in the Market Call, Sam Huisache discusses a recent Clever Real Estate survey showing Americans don't feel that marriage is much of a factor when it comes to home buying, and Tom Lydon of VettaFi makes a consumer-centric fund his ETF of the Week.

Cheryl Smith, economist and portfolio manager at Trillium Asset Management, says she expects a recession and the bad news of that economic downturn will be contagious, with the recession hitting employment, rising unemployment will impact income levels, which hurts spending, and declines in spending injures corporate profits. That cycle could lead to a relatively long sideways period, especially if the Federal Reserve takes its time before changing its rate outlook. Also on the shot, MIT professor Yossi Sheffi discusses his latest book, "The Magic Conveyor Belt: Supply Chains, A.I. and the Future of Work," and in the Market Call, Steven Grey of Grey Value Management talks about how even a diehard stock jockey like himself should be considering bank deposits as a possible alternative during the rough times he sees dead ahead.

Nanette Abuhoff Jacobson, global investments strategist at the Hartford Funds, says risk markets are pricing in the likelihood that the Federal Reserve can orchestrate and navigate the economy to a soft landing, and yet her base case is for a recession and history shows these conditions typically end up in a rougher landing. That's how she sees things playing out, despite the current emotions of the market. Forensic accountant Tracy Coenen talks about the importance of digging into tax returns when coming up with equitable settlements in divorce cases in the latest episode of 'Find Me The Money.' Meredith Lepore discusses a Credello survey on how parents are contributing to their kids' student loan payments and how it is stressing their ability to save for retirement and more, plus Michael Loukas, chief executive officer at TrueMark Investments -- which runs the TrueShares ETFs -- talks winner-take-all stock investing in the Market Call.

Scott Knapp, chief market strategist at TruStage, says that while there has been rolling softness in the economy, he believes the Federal Reserve sees inflation as being worse than unemployment, which makes the central bank so determined to curb inflation that it hikes rates and/or delays rate cuts until the jobless rate rises enough to trigger a recession. And while Knapp acknowledges that the Fed could thread the needle perfectly, he notes that he doesn't think a soft landing is the probable outcome. Also on the show, Kyle Guske of New Constructs puts a mutual fund in the Danger Zone for performance that he says has been much less than management's investment style should have produced, Olivia Newport covers a Choice Mutual survey showing that inflation has impacted Americans' funeral preferences, and author Michael Thomsen discusses his latest book, 'Cage Kings: How an Unlikely Group of Moguls, Champions, and Hustlers Transformed the UFC into a $10 Billion Industry.'

Ryan Detrick, chief market strategist at Carson Group, says the first-half upside surprise from the stock market and economy has positioned the market for a big second half of the year. Detrick says that when the market posts double-digit gains in the first half of the year, historically it has added another 10 percent in the second half; he's forecasting for this year to continue the trend, with the Standard and Poor's 500 projected to gain 21 to 25 percent for the year, a prediction that's way up from the 12 to 15 percent gains he was calling for '23 when he made his annual forecast at the end of last year. Detrick's bullish view was echoed -- albeit for different and more technical reasons -- by Jeff Bishop, chief executive at RagingBull.com, who says the market is no longer range-bound, having broken out to the upside and with most technical indicators suggesting it could get all the way up to all-time high levels before the year is done. Also on the show, securities attorney Kenneth Burdon of Skadden Arps says that rules proposed by the Securities and Exchange Commission would dramatically change liquidity requirements on traditional mutual funds, resulting in a boom for interval funds, and Vern Sumnicht of iSectors.com talks ETFs in the Market Call.

Kristina Hooper, chief global market strategist at Invesco, says that she expects the stock market to remain range-bound for a few months, with the potential for a small pullback before it starts its next upward move at the end of the year. Hooper says she expects that we're less likely to see a serious economic downturn that she was earlier this year, noting that the Federal Reserve "is enjoying being in a more normal rate environment and wants to hold onto that for as long as it can." She also talked up the opportunities in fixed income, while downplaying concerns about the inverted yield curve, noting that investors need to start looking to lengthen maturities now to take advantage of the changing rate conditions. Also on the show, Dave Gilreath, chief investment officer at Innovative Portfolios discusses stocks -- and particularly the 'Bulls of the Dow' strategy, Tom Lydon of VettaFi makes a pioneering mutual fund that created its own niche and now dominates the asset class his pick as ETF of the Week, and Ted Rossman discusses a CreditCards.com study showing which states have the highest and lowest debt burdens relative to the incomes average people earn there.

Jerry Paul, senior vice president of fixed income at ICON Advisers, says that inflation is going to remain stubbornly high, which leads him to expect two more rate hikes and to doubt anyone expecting the Federal Reserve to start reducing interest rates. He believes it will be 2024 before rate cuts become a remote possibility. Meanwhile, Paul says there are plenty of fixed-income opportunities, though they aren't nearly so attractive in traditional areas like junk-bonds as they are in areas like banking paper or closed-end bond funds. Also on the show, University of Connecticut professor Richard Langlois discusses his recent book, 'The Corporation and the Twentieth Century,' and how 'managerialism' has changed not just the working world but maybe how investors decide which stocks are worth buying. Plus, in the Market Call, Jeff Auxier of the Auxier Focus Fund talks stocks for the long run.

Barry Ritholtz, chief investment officer at Ritholtz Wealth Management, says the Federal Reserve has done a good job reducing inflation, but he worries that chairman Jerome Powell could over-tighten the economy into a recession, largely because the central bank is tied to models from the 1970s and following an outdated gameplan from that era that could make inflation worse today. In a wide-ranging conversation, Ritzholtz expresses a largely optimistic view predicated on the Fed's strategy not making difficult conditions worse than they need to be. Also on the show, Chris Vermeulen, chief market strategist for The Technical Traders, says that the big indexes have 'hit a wall,' and that the market needs to gather itself with a sideways move or slight step-back before it can break out of its current range. Plus, in the latest edition of 'Find Me The Money,' forensic accountant Tracy Coenen talks about the spending and money-movement patterns that are telltale signs that family money is being diverted, noting that there aren't many ways a spouse can hide money once their partner knows where to look.

Greg Valliere, chief U.S. policy strategist at AGF Investments, says there's a pleasant surprise coming in that the Federal Reserve will not have to be too aggressive to get inflation under better control, noting that he expects a slowdown in the second half -- fueled by labor issues including a potential strike at UPS -- but that the downturn stops short of being a recession. Also on the show, Kevin Crain discusses a Bank of America study showing that the average 401() account balance for men exceeds that of women by 50 percent, David Trainer of New Constructs puts a stock in the Danger Zone that he expects to have one of the biggest earnings misses when quarterly earnings start rolling out in the next few weeks plus, in the Market Call, Manny Weintraub of Spears Abacus talks stocks that produce and compound income.

Paul Gruenwald, chief economist for S&P Global Ratings, says that the economy must land but the question is 'Can it land in a reasonably smooth way or do we have a sharp correction downward' that triggers a recession. Gruenwald says the Federal Reserve has been surprising the market with its determination to reach its goals, and that while it puts off rate cuts for the next six to 12 months the market will adjust in ways that result in a slowdown and some profit-taking. Also on the show, Kimberly Flynn of XA Investments discusses the rapid growth in interval funds holding alternative investments, noting that the industry is in the 'second inning' of a dramatic growth cycle. And in the Market Call, David Barse of Xout Capital discusses the ins and outs of a system that seeks to invest in the best of the stock market's top companies.

David Hay, co-chief investment officer at Evergreen Gavekal -- the author of the Haymaker newsletter -- says the economy has been throwing 'a huge head fake right now' that has convinced a lot of pundits that the Federal Reserve can pull off a soft- or no-landing scenario. That's not what he's expecting, however, noting that there are plenty of indicators to suggest that troubles are mounting. Also on the show, Tom Lydon of VettaFi turns to an income fund for his ETF of the Week, Catherine Collinson of the Transamerica Center for Retirement Studies discusses the changing outlook that different generations have for their retirements, and William Smead of the Smead Value fund taks stocks -- and holding unpopular positions for a long time -- in the Market Call.

Zachary Karabell, president of RiverTwice Capital and founder of The Progress Network, says that investors who are looking to past economic patterns to predict what's next could be off base because, among other things, they are looking for a recession instead of trying to gauge whether we are already in one. He notes that the wide variability of potential outcomes from here shouldn't scare investors much, because the mid- and long-range outlooks generally appear to be positive, despite concerns like inflation, the inverted yield curve and more. Plus, Cassandra Rupp, financial advisor at the Vanguard Group discusses the firm's study on 'Higher Education Perspectives and The State of Saving,' which showed that an alarming number of Americans don't know much about the best and most popular vehicles to use for saving for college. In the Market Call, Andy Braun, portfolio manager for the Impax Large Cap fund talks brand-name stocks bought and sold today with a social/ESG mindset.

With surveys showing that most young adults feel they won't be able to afford to buy a home if they don't win a lottery, Chuck talks with Ajaie Albert, communications director at Lotto N Crowd -- a site that tries to mix financial literacy with lottery insights and the ability to join ticket pools -- about whether there is much anyone can do to meaningfully impact their chances of winning. Speaking of the struggles to buy a home, Emily Thornton discusses a study showing that homeowners are struggling too, with nearly 4 in 10 postponing repairs due to the effects of inflation. Plus forensic accountant Tracy Coenen talks about getting tax documents from reluctant spouses and their accountants, and then discusses red flags that show up in credit-card transactions in the latest episode of 'Find Me The Money,' and Scott Davies, chief investment officer at CDAM, talks stocks in the Market Call.

Jeff Krumpelman, chief investment strategist at Mariner Wealth Advisors, says the economy looks like it can avoid a hard landing, and that should be enough to keep the stock market performing above investors' expectations. turning any downturn into a buying opportunity in conditions that he says should take the Standard and Poor's 500 up to about 4,800 over the next six to 12 months. Also on the show, John Cole Scott, president of Closed-End Fund Advisors, discusses four funds that have earned his interest -- and big chunks of his clients' money -- during the first half of 2023, Megan Sanctorum discusses a Bonus.com survey showing that nearly 40 percent of Americans are using credit-card rewards and cash-back offers to manage their day-to-day finances, and 'Turtle Trader' Jerry Parker of Chesapeake Capital Corp. talks about momentum and trend-following in the Market Call.

Phillip Wool, head of research at Rayliant Global Advisors, says that equities aren't really pricing in even the possibility of recession, which is setting up a correction "when the economy starts to visibly roll over," when "earnings forecasts and analyst revisions get more negative." He expects that correction in the next six to 12 months, noting that the current rally has been a false indicator because it has been so narrow, with two handfuls of stock driving the index. Tom Lydon of VettaFi talks about small-company cash cows as a diversifier for the narrow market in his ETF of the Week, Jenn Tracy discusses an IPX1031 study showing that more than 60 percent of Americans wish that shopping malls would make a comeback, noting that nearly 70 percent of the populace lives within an hour of a dead or abandoned shopping mall. In the Market Call, Justin Carbonneau of Validea.com talks about the investing methods of the masters, and applies them to the stock market to find the buying signals today.

Andy McCormick, head of global fixed income/chief investment officer at T. Rowe Price, says that investors are 'cyclically underinvested in fixed income for a long time,' due to the low yields that were available, and they are also under-represented in foreign bonds -- which are not facing the inverted yield curve that's happening here -- and so diversifying into safe domestic and foreign bonds makes sense as a way to ride out current volatility. Julie Ramhold of DealNews.com sets us up for the coming Amazon Prime Days, and what investors should expect to save big on and how Amazon's competitors will also offer good deals to watch for, Matt Brannon discusses a recent survey by Clever Real Estate which showed that nearly 60 percent of millennials are spending more than 30 percent of their income on housing, and that many members of that generation don't think they will ever be able to afford a home. And in the Market Call, Simon Lack of SL Advisros and the American Energy Independence Index talks midstream and energy companies.

Brett Wander, chief investment officer for fixed income strategies at Schwab Asset Management, says that if yields start to fall in money markets -- which will happen whenever interest rates get cut -- he would expect investors to turn to credit to get better returns. With that in mind, he thinks investors should be looking at investment-grade and high-yield credit now. He also suggests that investors go out the yield curve now -- even though it seems like they're not being paid for the risk -- to lock in the long-term rates and reduce reinvestment risk. Michael Sincere -- author of Michael Sincere's Long-Term Trader -- says the technical conditions suggest that the market is likely to keep drifting higher through the summer before taking a hit in the fall when current worries take root. Plus, forensic accountant Tracy Coenen talks about finding the treasure map to uncover where a spouse might be hiding money, and Joe Rinaldi of Quantum Financial Advisors talks stocks and ETFs int he Market Call.

Lyle Fitterer, senior portfolio manager at Baird, says investors should not jump the gun expecting rate cuts just because the Federal Reserve has paused its hiking cycle and some pundits think the next move could be down. Fitterer thinks the Fed will at least keep rates higher for longer, possibly hiking some more later this year, with the economy likely to slow down into a soft landing or mild recession. Greg McBride, chief financial analyst at BankRate.com discussed the site's recent survey showing that a majority of Americans are uncomfortable with their level of emergency savings, with fewer than half having saved three months worth of expenses to guard against job loss or other personal catastrophe. And David Trainer, president of New Constructs, reaffirms three recent Danger Zone picks -- Cava, Warby Parker and Lucid Group -- for very different reasons; CAVA had a big pop off its IPO, WRBY hit New Constructs' targets as a short but have enough room to run lower that Trainer is sticking with it as a downer, and Lucid recently hit a new low despite a big influx of cash that took it off the firm's list of Zombie stocks but only forestalled the trouble that Trainer feels lies ahead.

Rob Williams, managing director of financial planning for Charles Schwab, discusses the firm's 2023 Modern Wealth Survey, which showed that Americans feel they need $2.2 million to actually 'be wealthy,' but just $560,000 to 'feel wealthy,' noting that the difference involves lifestyle, health and happiness considerations. Clearly, however, the old standard goal of being a millionaire is insufficient, and Williams said it has been outdated for years. Also on the show, Mickey Schleien managing director of equity research at Ladenburg Thalmann and Co. discusses how business-development companies have been impacted by rising interest rates and tighter monetary policy, Aaron Collett discusses the private-credit market -- which he says hasn't had a down year in more than three decades -- but also the benefits of accessing it by using cryptocurrency and, in the Market Call, Kevin Rendino of 180 Degree Capital covers Graham-Dodd style value investing in small- and micro-cap stocks.

Aditi Javeri Gokhale, chief strategy officer at Northwestern Mutual, says that the average American expects to retire two years later than they did just a year ago, one of several key findings in the latest data release from the firm's 2023 Planning & Progress Study out today. She notes that Americans expect to need $1.27 million to retire, and that most have less than 10 percent of that amount saved. Tom Lydon, vice chairman at VettaFi, makes a brand new fund from PIMCO, that launches today, his ETF of the Week. Plus Alyssa Stankiewicz, research analyst at Morningstar discusses anti-ESG investing and Sam Burns, chief strategist at Mill Street Research, brings his quantitative approach to stocks in the Market Call.

Duke University professor Campbell Harvey, senior advisor at Research Affiliates, says that the yield-curve inversion the U.S. economy is facing is the worst, most-dangerous kind of inverted conditions, and that the Federal Reserve is steering us increasingly toward a hard landing. Harvey is the researcher whose work pointed out the correlation between inverted yield curves and recessions, and he does not think the current economy has any hope of bucking the trend, particularly if high rates put stress on more banks. Also on the show, Chuck Bell, advocacy program director for Consumer Reports, discusses how much money Americans are really losing to hidden and junk fees that President Biden and Congress are currently trying to get under better control. Plus, Katherine Roy of Edward Jones discusses the firm's recent study showing how many Americans have faced cannonball events – major challenges that can derail a financial plan -- or curveballs, relatively minor occurrences that cause setbacks, and how they have recovered frmo those challenges.

Charlie Ripley, senior investment strategist at Allianz Investment Management says that the stock market is still reacting as if the Federal Reserve will begin cutting interest rates before the end of this year, ignoring the likelihood that the central bank instead follows the data and pushes to get rates to 6 percent before holding steady for longer. He sees a soft landing and mild recession ahead for the economy. Indrani De, global head of investment research at FTSE Russell discusses the 'Russell Reconstitution' process of updating the firm's indexes -- which is being completed this week -- and what the benchmark's changes say about the market and economy at this time. Plus, Marty Fridson discusses 'The Little Book of Picking Top Stocks,' which encourages pursuing big winners in addition to maintaining a balanced, traditional investment approach, and in the latest episode of 'Find Me The Money,' forensic accountant Tracy Coenen talks about how it's not gender but instead an imbalance of power and knowledge that is at the root of most couples' money problems.

Chris Marangi, co-chief investment officer for value at the Gabelli Funds, says the market is starting to focus on growth and the Federal Reserve's ability to delay and minimize recession, and he believes the central bank will get the job done. Marangi says in The NAVigator segment that 'the new normal' is one where inflation is higher than the Federal Reserve's target of 2 percent and growth is below trend, which he expects will create opportunities far beyond the handful of stocks that have driven market gains this year. Eric Gerster of AlphaCore Wealth Advisory says in the Talking Technicals segment that the range-bound market has been moving the range higher, and is likely to keep headed that way for the remainder of the year, Masa Takeda of the Hennessy Japan Fund discusses the expanding growth opportunities in the world's third-largest economy in The Big interview, and John Barr of the Needham Funds talks growth investing in the Market Call.

Michael Lowenberg, portfolio manager for the Modern Capital Tactical Opportunities fund, says that years pf interest rates being held artificially low has created opportunities for investors looking for income now, at a point where cash can be a more tactical investment choice and closed-end funds offer good opportunities to buy income streams at a discount. He's in for the Market Call today, but Bryan Shipley of Arnerich Massena discusses behavioral economics and just how hard it is for investors to buy into financial assets at times when they are on sale. Plus, Tom Lydon of VettaFi looks to a famous brand-name index fund -- but one that's not the standard measure of the market these days -- for his ETF of the Week, and retirement columnist Brett Arends of MarketWatch discusses how seniors are more worried about running out of money than they are about death.

Ben Inker, co-head of asset allocation for GMO, says that recessions come and go and don't leave 'much of alasting mark on either the economy or the markets,' so while he expects the ecoomy to go through a recession soon, he's not sure it matters to long-term investors, particularly those in value stocks, as he talks about a recent paper debunking the idea that underpriced stocks door poorly during economic downturns. Also on the show Susan Fahy of VantageScore says that the firm's most recent Credit Gauge shows that the K-shaped recovery is continuing to punish the have-nots; she also notes that there are some signs of stress for consumers based on current credit behaviors. In the Market Call, Ken Applegate, lead portfolio manager for Wasatch International Growth and Wasatch Select International talks about investing now around the world.

Veteran technical analyst Martin Pring of Pring Research says that the primary trends he is seeing right now are up, and he is expecting more of a breakout because we are in the early stages of a bull market, but while that trend is positive, Pring says he has low expectations for the current cycle because the market is in the process of transitioning from a secular bull market to a secular bear market, which he thinks will leave markets range-bound for several years, even if the trend for the remainder of the year is generally positive. Also on the show, Haydar Haba of Andra Capital talks the future of global de-dollarization and his take on how artificial intelligence compares to 'revolutions' of the past, forensic accountant Tracy Coenen points to the hidey holes used to obscure cash in the latest edition of 'Find Me The Money' and Mike Bailey of FBB Capital Partners talks 'beat and replace' investing in the Market Call.

Kyle Guske, investment analyst at New Constructs, says that while the firm's research shows that 73 percent of companies are overstating their core earnings when adding in one-time events and other factors that are part of what's known as 'street earnings,' he sees five companies with the most overblown numbers as ready for a fall, identifying MGM Resorts, PG and E Corp, Boston Scientific, Fiserv and PPL Corp. Bruce Kelly, senior columnist at InvestmentNews, discusses the latest lawsuit facing financial guru Dave Ramsey, over recommendations about a time-share workout firm that did not, well, work out, deep-value investor Michael Campagna of Moerus Capital in the Market Call, and Chuck talks about the sneaky but necessary path a fund company took to get shareholders -- himself included -- to vote their proxy.

Julius de Kempenaer, senior technical analyst at StockCharts, says that while the rally may seem range-bound, the recent upswing has pushed it past the range and started the next rally, one which he thinks could go by another 10 percent likely before the end of the year. De Kempenaer notes that while the rally has been fueled by a few stocks, the rally will be more broad, with small caps starting to participate. In The Big Interview, financial journalist Allan Sloan goes further on what he has labeled 'The Skinny Bull' and just how much our perceptions of the current year for the market are based on the actions of seven companies. Plus, Doug Baker, head of preferred securities at Nuveen, looks at how current market conditions have made it relatively easy to find paper that is yielding north of 7 percent, and notes that concerns over the financial services sector have made it possible to get that yield on sale now at discount levels that this area of the market rarely sees.

Michael Kelly, global head of multi-asset at PineBridge Investments, says he expects the market 'to reverse the gains we have had year to date' and suggests investors will be better off in cash riding out the downturn, which he thinks will be stubborn and persistent even if the downdraft is not exceptionally steep. In the Market Call, Nancy Prial, co-chief executive officer at Essex Investment Management, says that small-cap stocks are already discounting a recession, setting up 'a generational opportunity' for smaller companies to play catch up and outperform over the next two to five years. Plus, Tom Lydon, vice chairman at VettaFi, heads to China with his pick for the ETF of the Week.

Joe Kalish, chief global macro strategist at Ned Davis Research, says that he expects a short, shallow recession that starts no later than early into 2024, but he also says there is the potential for the economy to avoid the status of a recession while riding the U-shaped economic recovery through sub-par and sluggish growth. Ed Carson, news editor at Investor's Business Daily discusses the latest IBD/TIPP Economic Optimism Index, which dropped sharply a month ago and failed to rally this month despite a strong, solid move in the market, and Matt King, president of King Wealth Advisors in northern California talks mutual funds and ETFs in the Market Call.

Paul Seaton, managing director at Fulcrum Asset Management North America, thinks that persistent inflation and a potential recession leave the equity markets vulnerable during the second half of 2023, and while he is not expecting a volatile downturn as a result, he does think investors need to check their expectations and not get carried away by the market's gains to this point in the year. Ken Berman, founder and chief strategist at Gorilla Trades, says that the market's technicals are more mixed than they have been in years, creating a range-bound market where the downside is limited while the market takes time to gather the base for the start of the next secular bull market cycle. In the 'Find Me The Money' segment, forensic accountant Tracy Coenen discusses the financial hide-and-seek games that some spouses start playing at a point when they start to believe that a marital split is likely. Plus, Matt Schulz of Lending Tree on how much parents are spending on average for their kids' extracurricular activities.

Howard Yaruss, professor at New York University and the author of 'Understandable Economics' says that while the stock market is up sharply this year, 'this is not a stock market on fire, this is a stock market 15 percent below it's peak.' The year's increase has been mostly due to a few technology/artificial-intelligence companies, but he does not believe the AI business is setting up a new bubble/crash, because their valuations haven't approached unreasonable; Yaruss also noted that he thinks the Fed will hold off on raising rates this month to see if inflation continues its slow decline. Also on the show, Jeff Ptak, chief ratings officer at Morningstar Inc., goes 'Off The News' on his research that showed that certain tactical asset allocation funds were much worse for investors than simply buying-and-holding a static portfolio, David Trainer of New Constructs issues a warning for the entire stock market over the coming earnings season, and Chuck explores the weird financial news.

Brendan Ahern, chief investment officer at KraneShares, says that any recession or economic downturn in the United States will wind up having spillover effects in China, where the economy is so geared to the West that it is the proverbial 'canary in the coal mine,' because if manufacturing there is slowing and exports are down, it reflects a sluggish economy in the U.S. and Europe. He sees improved potential for China and emerging markets, provided that the politicians on both sides can avoid trade conflicts and allow for improved trade. Rob Shaker of Shaker Financial Services, says that the stock market hasn't been climbin a wall of worry so much as a 'Wall of Meh,' but notes that economic mediocrity is creating opportunities for long-term investors in closed-end funds to buy into discounts now and get paid off as early as the second half of this year, when he expects a 'generalized recovery' from today's worrisome issues. Plus, Gene Peroni of Peroni Portfolio Advisors talks technical analysis and says the range-bound market is likely to see the upper limits on the current market swings move higher -- by more than 10 percent -- before the year ends.

Kristof Gleich, founder and chief investment officer at Harbor Capital Advisors, says investors should be surprised that the economy hasn't gone into inflation, but notes that the market has a 'genuine inflation problem' that is persistent and structural and likely to linger for a year or two, at least, as the Federal Reserve struggles to get the pace of rising costs down to 2 percent. As a result, he expects more volatility from the market, with more vibrant rallies like we are seeing now balanced out by more vicious snapbacks/ Also on the show, Tom Lydon of VettaFi responds to the market's narrow leadership with a counter-intuitive play, making the equal-weighted version of a popular index his ETF of the Week, Christian Mitchell discusses the first data release of Northwestern Mutual's 2023 Progress and Planning Study, noting that investors are braced for impact with a downturn, and Chuck answers a listener's question about the resources he reads and uses for help in guiding his portfolio.

Michael Sansoterra, chief investment officer at Silvant Capital, says the artificial intelligence boom currently fueling a Wall Street rally is here to stay -- though he notes the stocks are not recession- or crash-proof thanks largely to real earnings and sustainable growth curves. During the Internet bubble days around the turn of the century, companies were bid up on hope and hype, but Sansoterra notes that artificial intelligence stocks -- a surprisingly small group that is growing rapidly --- have substance that should give them longevity. Also on the show, financial adviser Brian Kuderna discusses his recent book, 'What Should I Do with My Money?' and Bankrate.com's Ted Rossman discusses side hustle activity and why people keep working side jobs, what they're trying to achieve and how many hustlers think they'll be doing odd jobs forever.

David Trainer, president at New Constructs, says that the initial public offering for fast-casual restaurant chain Cava Group is another poster child for bad new issues, a 'rip-off' with 'the private equity holders hoping to get bailed out by unsuspecting public investors.' He compared Cava to WeWork, an IPO so troubled that it wound up being canceled; he's hoping the Cava deal suffers a similar fate. In the 'Find Me The Money' segment, forensic accountant Tracy Coenen discusses financial infidelity and the slippery slope that many people take in crossing the line from normal financial behaviors to troubling ones, Allison Hadley discusses a RetirementInvestments.com survey looking at the ways and the extents many parents are going to in order to support their adult children, and The Book Interview features author and comedian Jamie Loftus on her book 'RawDog: The Naked Truth About Hot Dogs," a look at both the meat-packing industry and some of the best hot-doig joints in America.

Andy Kapyrin, co-chief investment officer at CI RegentAtlantic Private Wealth, says that in past debt-ceiling debates -- notably heated times like 2011 and 2013 -- stock market investors made times volatile, creating an incentive for Washington to act, but with current volatility being muted, Kapyrin sees ratings agencies like Fitch applying pressure that should help politicians to resolve the issue. While Kapyrin notes that the Federal Reserve has always struggled to deliver a soft landing, there are signs that it can at least escape the current cycle with nothing worse than a mild recession. Also on the show, Duncan Farley of the BlueBay Destra International Event-Driven Credit Fund discusses how rising rates and inflation have created more and different opportunities in the public and private credit markets, delivering the potential for double-digit returns without correlation to the stock market, Jerremy Newsome of Real-Life Trading talks about how investors can make money playing both sides against the middle of the current range-bound market, and Tom Plumb of the Plumb Funds discusses innovative, disruptive companies in the Market Call.

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.