Money Life with Chuck Jaffe

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.

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

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

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

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

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

Chris Zaccarelli, chief investment officer for the Independent Advisor Alliance, says the resilience of the economy has been surprising, staving off recession longer than he expected and allowing the market to fight off headwinds that still seem poised to create a recession, whether it comes late this year or into 2024. Zaccarelli does say the economy's strength will put the Federal Reserve in a tough spot, having to decide if it needs to increase rates again, and potentially pushing the eventual recession into a hard landing for the market. Also on the show, Tom Lydon of VettaFi makes his 'ETF of the Week' an agriculture strategy fund powered by artificial intelligence, Matt Brannon of Clever Real Estate discusses a survey of home renters who say at alarmingly high rates that they have been priced out of the American Dream of home ownership, and Peter Crane, president of Crane Data, discusses money-market funds and their suddenly competitive yields and how they will hold up in a world looking at banking crisis and possible government default.

Herb Greenberg, senior editor at Empire Financial Research, says that the overlooked story in the drop in bank stock prices is the role that exchange-traded funds likely played in making it happen. He discusses his recent article on the subject, which points to the way ETFs are traded as a significant contributing factor to the big drop in banking stocks, and notes that the same phenomenon could impact other market sectors that get hit with bad news in the future. Also on the show, Ed Carson, news editor at Investor's Business Daily, discusses the huge drop in investor sentiment during April and how it impacted all major components of the Economic Optimism Index, and portfolio manager Andrew Graham of Jackson Square Capital talks stocks in the Market Call.

John Kosar, chief market strategist at Asbury Research says the current range-bound market is 'building up energy' and if the market can break through 4,200 on the Standard and Poor's 500, it is feasible that the market can reach new, record highs by the end of the year. But there is no clarity on the direction of the market, and if there is continued small-cap weakness and other trouble spots and the SP500 drops below 3,800 it could fall as low as 3,400 before any rally can start. Kosar notes that until the market shows more signs of clarity, he'd avoid betting on the direction of the market. Also on the show, Find Me the Money with forensic accountant Tracy Coenen focuses on how 'fair and honest' disclosure can't be taken for granted in many divorce cases, Chuck discusses the NASDAQ Composite officially exiting bear-market territory, and author Rob Cross, discusses 'The Microstress Effect: How Little Things Pile Up and Create Big Problems--and What to Do About It.'

Absolute-value investor Brian Frank of the Frank Value Fund says that with cash now paying close to 5 percent, it's 'gotten a lot easier to go to cash,' but it also has raised the bar on stocks and for how investors should set their expectations. 'If you don't think you're going to be making more than 5 percent on a stock,' Frank says in the Market Call, 'why are you buying it if cash is paying you [5 percent] now?' Also on the show, Lewis Black, chief executive officer at Almonty Industries, talks about the market for tungsten and how the metal has the potential to be the cause of tough economic conditions and geopolitical football; David Trainer of New Constructs puts Kenvue -- the spin-off of Johnson and Johnson consumer brands -- in the Danger Zone in its first few days after going IPO, and Chuck answers a listener's question that goes to the heart of Brian Frank's discussion on going to cash, about whether cash returns are so good right now that a nervous investor might use bank accounts to ride out whatever the market dishes out next.

Alaina Anderson, co-portfolio manager of the William Blair International Leaders Fund, says investors should be looking abroad with their money right now because the market has reached an inflection point with international stocks being much more attractively valued than domestics, and having improved profitability and sustainable results now. Anderson warns that the global rate-hiking cycle may not be done, but says foreign stocks may be better positioned to ride out whatever central banks dish out next. Buck Klintworth, portfolio manager at Chase Investment Counsel, says it's a market of conflicting signals where the technicals can make a case for just about any outcome. He sees a bullish Standard and Poor's 500, but notes that much of the strength has been among the largest names, suggesting that the rally is not sustainable long-term. In The NAVigator segment, Christian Munafo, chief investment officer, in Liberty Street Advisors -- which runs the Private Shares Fund -- says there are two stories dominating the private equity markets, with high-performing well-financed private innovation companies being proverbial unicorns compared to less- differentiated, less-capitalized companies which are more prone than ever to failure due to conditions in the capital markets. In the Market Call, Daniel Dusina, director of investments at Blue Chip Partners, talks brand-name, large-cap stocks.

Kevin Mahn, president and chief investment officer, Hennion and Walsh Asset Management, says that while the Federal Reserve has been trying to kill or diminish demand, it hasn't done a great job bringing inflation closer to its target level of 2 percent. As a result, Mahn thinks that the Fed and investors will have to live with inflation around the 3 percent level into 2024, and says that the Fed may ultimately have to accept that higher inflation is here to stay and strongly resistant to the traditional methods for curtailing inflation. Also on the show, Tom Lydon, vice chairman at VettaFi, makes the Consumer Staples Select Sector SPDR his pick for 'ETF of the Week,' noting that while the sector is defensive in nature, the fund has been on a roll that has pushed it to all-time high levels; and Joe Boskovich Sr., chief investment officer and portfolio manager at Old West Investment Management makes his debut in the Money Life Market Call talking value stocks and concentrated portfolios.

Christopher Mizer, founder of Vivaris Capital, says that alternatives were in a hot spot a year ago -- when stocks were 'frightfully overvalued' -- and investors needed investments that had building cash flows and organic growth potential, but now with the market valued more reasonably, the role that alternatives are playing is to reduce long-term volatility and to offer a steadiness that the market doesn't seem to have right now. He discusses climate technology and other alternative investments that investors might consider now. Also on the show, James Nelson, author of 'The Insider's Edge to Real Estate Investing,' talks about investing in real estate at a time of high interest rates and wild fluctuations in property prices, Ted Rossman of Bankrate.com discusses the site's survey of how consumers are planning for summer vacations but altering their itineraries to deal with inflation, and Chuck answers a listener's question about whether there are any star mutual fund managers left and if investors should seek them out.

Willie Delwiche, investment strategist at Hi Mount Research, says that with the domestic stock market showing more stocks making new lows than highs, the U.S. market is increasingly challenged. Witht hat in mind, Delwiche says investors should be looking overseas because 'the rest of the world increasingly looks like it is in an uptrend and poised to continue making new highs.' Also on the show, in 'Find Me the Money,' forensic accountant Tracy Coenen discusses financial infidelity and how and when people cross the line and create relationship problems with their money behaviors, Chuck answers a listener's question about how any potential government default will hit home, and we revisit a recent Market Call conversation with Jeff Muhlenkamp of the Muhlenkamp Fund.

David Trainer, founder and president at New Constructs, makes pet-insurer Trulanuon the 33rd member of his firm's list of 'zombie stocks,' nothing that the company still has a long runway — nearly two years before he expects it to be bankruptcy — but almost no hope. Chuck discusses real expertise and the importance of vetting experts at a time when most news and information sources are looking to fill space. Plus Craig Martin discusses the latest research from J.D. Power showing how unhappy self-determined investors are with their results, and Charles Rotblut of AAII Journal gives his take on last week's Morningstar Investment Conference, as well as on the current sentiment of investors.

It's the third and final day of interviews from the Morningstar Investment Conference in Chicago, and Joel Dickson, global head of advice methodology at Vanguard, carries the dicussion on the classic 60-40 portfolio further -- rivaling Catherine LeGraw from GMO who you heard on Thursday's show -- saying that the classic stock-bonds mix remains the most simple, straightforward, cost-effective solution for investors who can ride out the bumps and bruises along the way. But he's the closer on a show that starts with Super Mario -- Mario Gabelli of the Gabelli Funds -- returning for The NAVigator to discuss his long-time love for closed-end fund investing. Plus, Chuck chats with Wade Pfau, a leading authority on annuities, reverse mortgages and structured income products, Tara York of the alternatives platform Luma Financial Technologies, Morningstar's director of personal finance Christine Benz, ETF product specialist Nick Elward of Natixis Investment Managers, and global deep-value investor Michael Campagna of Moerus Capital.

It's Day Two of Money Life at Morningstar, featuring interviews from the Morningstar Investment Conference in Chicago. One of the themes of this year's event has been the rise and fall and rebirth of 60-40 portfolios and Catherine LeGraw, partner at GMO, takes the side that the default allocation is too blunt to work for everyone, leaving them with too much risk which ultimately short-circuits their ability to reach their goals. Also on this show, Steve Romick of the FPA Crescent fund, Morningstar's John Rekenthaler, John Hoffman of Invesco, Hunter Hayes of Intrepid Capital Management, Brian Portnoy of Shaping Wealth and Shana Sissel of Banrion Capital. Plus Tom Lydon of VettaFi with the ETF of the Week!

It's Money Life at Morningstar, the first of three days of interviews from the Morningstar Investment Conference in Chicago. Liz Ann Sonders, chief investment strategist at Charles Schwab and Co., says that the market appears to be banking on a near-term recession, in which it takes the pain and the ill-tasting medicine, thereby allowing the Federal Reserve to take its foot off the economic brake. As a result, a recession sooner rather than later would be helpful for the economy. She kicks off seven interviews, including "Super Mario" -- legendary fund manager Mario Gabelli of the Gabelli Funds -- bond fund manager Warren Pierson of the Baird Funds, asset-allocation strategist Som Priestley of T. Rowe Price, Dan Lefkovitz of Morningstar Indexes, Nate Velarde of Chautauqua Capital talking international investing, and Alison Susko of Asset Map, a fin-tech company helping investors get a better handle on their finances.

Perth Tolle, founder of Life and Liberty Indexes -- the basis for the Freedom 100 Emerging Markets ETF -- says that companies based in countries run by autocrats are held back in many different ways, not the least of which is that they must compete for the favor of the government and the people in power, rather than being able to focus on serving the market and customers, and that investors who want to avoid much of the headline-making geopolitical risk present globally today from creeping into their portfolio will make freedom a factor in where they invest. Also on the show, forensic accountant Tracy Coenen, introduces us to Jackie and Derrick, the main characters in her book 'Find Me the Money,' and discusses financial dishonesty and the breakdown of joint financial control in marriage. Plus, former Wall Street Journal personal finance columnist Jonathan Clements -- now the editor at HumbleDollar.com -- discusses his new book, 'My Money Journey: How 30 People Found Financial Freedom and You Can Too,' and in the Market Call, Matt Lockridge, head of U.S. value for Westwood Holdings talks about finding the right kind of underpriced stocks to benefit from current market conditions.

Simeon Hyman, global investment strategist at ProShares, says that investors are tempted in today's high-inflation environment to pursue stocks with high-but-fixed dividends, trying to generate any sort of positive real return. Instead, Hyman says investors should be looking for dividend growers -- companies consistently raising payouts -- rather than high current yields, because a stock with a dividend that's not growing 'is basically a fixed-coupon bond, and that's the worst thing to have in an inflationary environment.' Also on the show, Kyle Guske of New Constructs looks at an energy company that is underpriced and has room to do particularly well in a sector that he says is poised for solid growth, Sam Huisache discusses the latest survey from Clever Real Estate, showing that two thirds of the members of Generation X don't think they will be able to retire by age 65, and Hunter Doble of Hotchkis and Wiley Mid Cap Value talks growing value stocks in the Market Call.

Que Nguyen, chief investment officer of equity strategies at Research Affiliates, says that the high probability of an upcoming recession is being priced into the market, and the more a downturn gets priced into stocks, the less investors have to fear because the damage is being done in advance. As a result, she says investors need to be looking for the inflection point where they want to buy in to get ahead of a recovery, even if that means digging in and holding for as much as three years to see the rebound play out. Also on the show, Roxanna Islam of VettaFi discusses how exchange-traded funds that invest in closed-end funds give investors diversified portfolios -- and all the benefits of investing deeply in the closed-end space -- in a one-stop shopping wrapper. In the Market Call, Jeff Muhlenkamp of the Muhlenkamp Fund talks about how the fund is dealing with high inflation -- since inflation is a component of its stock-picking methodology -- holding more cash and waiting for the right opportunity to put more cash to work.

Jake Jolly, head of investment analysis at BNY Mellon Investment Management, says that recent turmoil in the banking industry 'will do the additional work' of tightening credit conditions to get inflation down, but creating a recession in the process, with the downturn taking hold late this year or in 2024. Because this recession is 'a typical, monetary-policy induced recession,' Jolly expects that policy can normalize quickly, which should limit the downturn to the short time it takes to slay the inflation dragon. Also on the show, Tom Lydon, vice chairman at VettaFi, makes a niche-focused financial-services fund his ETF of the Week, noting that it could start trending positively as the banking sector moves past recent problems. Plus, we revisit a recent conversation with Whitney Tilson of Empire Financial Research.

James St. Aubin, chief investment officer at Sierra Investment Management, says that we are looking at 'unusually uncertain times given what the market is trying to process right now,' specifically how the increased cost of credit and the decreased availability of credit will work its way through the economy. St. Aubin -- who uses a quantitative, tactical approach -- says the market could go in any direction from here, but he notes that there is more downside risk here even though the economy appears to be only facing a mild recession. He says that equity markets look vulnerable now, which should make investors consider risk management to ride things out. In the Market Call segment, David Rolfe, chief investment officer at Wedgewood Partners, talks about picking highly concentrated stock portfolios, plus Chuck answers a listener's question about whether or not to pay down debt -- rather than plow money into savings -- while inflation is running higher than standard dividend yields or interest rates on bank deposits.