Money Life with Chuck Jaffe

Anwiti Bahuguna, head of multi-asset strategy at Columbia Threadneedle Investments -- senior portfolio manager of the Columbia Thermostat Fund -- says that the sell-off in stocks has not been the result of bad earnings reports, but rather has been driven by multiple compression, and until investors are willing to pay more for earnings, the stock and bond markets will be muted at best. Investors won't likely come around until the Federal Reserve signals its intentions on whether it will continue or halt its program of interest rates hikes; until that is clear, Bahuguna says there's too much uncertainty to be anything more than neutral about current conditions. Also on the show, Dave Sekera, chief U.S. market strategist at Morningstar, says in the Market Call segment that the market's woes have pushed a lot of stock valuations attractively below fair-value estimates, making stocks like Meta Platforms, Google, the communications industry and much more into attractive buying ranges, noting that while investors may have to be patient to wait for the payoff, he expects patience to be rewarded based on the discounts he says that the market has been applying to many company. Plus, Ed Carson, news editor at Investor's Business Daily discusses the latest IBD/TIPP Economic Optimism Index and explains why he thinks the measure is showing that investors have reached a point where there is hardly any optimism at all.

Dan Wiener, co-editor of The Independent Vanguard Adviser -- his new effort at tracking the world's largest fund company after his long-running newsletter was shuttered by its publisher -- discusses the value and success of touts, tipsters, newsletters and online services as he shares his plans for how he will continue to independently cover and follow Vanguard. Chuck also goes "Off the News" with Brett Arends, retirement columnist for MarketWatch, discussing his recent piece on how much retirement an individual can purchase for $100,000 and the value of annuities as a tool for retirement planning and living, especially in times when savers are more nervous than ever about conditions that could imperil their future comfort levels. Plus, author Bruce Carruthers discusses "The Economy of Promises: Trust, Power and Credit in America" and the evolution of the lending and credit industries and how the dynamics have shifted from personal judgments of who to trust to quantitative, algorithmic impersonal assessments of who is a good risk.

Kevin Mahn, president and chief investment officer at Hennion & Walsh, says investors should be deciding their current course based mostly on their reactions to current conditions. He believes that the worst is behind us in terms of the pullback in stocks, record-setting inflation and the hawkishness of the Federal Reserve, which has him expecting better days ahead and positioning to take advantage of them, but he notes that investors who disagree and who are still uncomfortable and losing sleep at night should own up to their risk tolerance and be building in more downside protection to their portfolio now. One group that does not necessarily agree with Mahn's optimism is the National Association for Business Economics, which today released its October 2022 Economic Outlook Survey; Ken Simonson starts today's interviews talking about just how pessimistic the economists are and how bad they foresee conditions getting in the recession that most of them foresee for the end of the year and the start of 2023. Also on the show, David Trainer of New Constructs puts Twitter and Netflix in The Danger Zone, noting that the two big name companies are showing street estimates that he considers out-of-whack with reality, making them likely to suffer an earnings miss when quarterly numbers come out soon and, in the Market Call, Christopher Zook of CAZ Investments discusses thematic investing and finding growth at a reasonable price now.

Meb Faber, chief investment officer at Cambria Investments, says that with traditional safe havens not working/protecting against the current downturn, many investors are reaching the point where they can't take it any more, becoming more "emotional and crazy," and that it will get exponentially worse with every additional 10 percent decline -- which he believes might happen before the market can turn around. That kind of panicky behavior, Faber says, is that it keeps them from investing in the solid long-term values that he sees currently around the world. That said, investors might want to head for the cliff after hearing Avi Gilburt, founder of ElliottWave Trader, talking technicals on this show, as he expects the market to have a pop back to record high levels before it embarks on a bear market cycle that he expects to last at least seven years, but which he says could be the predominant trend for two decades. Gilburt says that if the market can't squeeze one more rally out of the long-running bullish cycle, it's a sign that the next wave has begun and that the market could get very ugly -- roughly cut in half from here -- during the downturn he foresees lasting roughly for the remainder of this decade. Also on the show, Robert Bush, director of closed-end products at Calamos Investments, discusses how convertible securities -- built to let investors have their cake and eat it too -- have been underperforming in current conditions, and, in the Market Call, John Barr of the Needham Growth and Needham Aggressive Growth funds discusses the benefits of buying "compounders" even in markets where growth is hard to come by.

Chris Brightman, chief executive officer at Research Affiliates, explains how he believes the British financial system was threatened during a recent pension crisis that forced central bankers there to step in to overcome a liquidity crisis. Brightman says he expects to see similar issues popping up in markets around the globe, noting that "it's really hard to engineer the sort-of global tightening cycle that we're in and not break anything in the financial system." Those troubles, coupled with the strength of the dollar, create buying opportunities for domestic investors, Brightman says, noting that long-term investors "are likely to do much better investing in the U.K. stock market than the U.S. stock market." Also on the show, Tom Lydon of VettaFi.com says that current market conditions call for buying stocks in companies with competitive advantages that will help them weather the storm, which is why he made VanEck Vectors Morningstar Wide Moat his pick as "ETF of the Week," and Mark Yusko, chief investment officer at Morgan Creek Capital Management, says that the market is getting to a point where there are a lot of potential buys; he talks in the Market Call about seeking out the best management talent and finding the right funds and ETFs to deliver above-average performance.

Kristina Hooper, chief global market strategist at Invesco, says she anticipates stock market and economic problems late this year -- "especially if the Fed doesn't take it's foot off the accelerator" -- but she says the current environment will settle down so that investors can get their bearings and stay focused on the long-term, noting that there are reasons to be optimistic about the market for 2024 and beyond. Hooper says that the Federal Reserve will be the biggest determinant of how and when the market recovers, but said she feels that investors who get too short-sighted about what is happening now are likely to be more damaged by the actions of central bankers than those who ride it out. Also on the show, Matt Brannon, data analyst with Clever Real Estate, discusses their recent study of Americans' credit-card habits, which show that most of the personal finance gains reported and experienced around the pandemic have faded as Americans returned not only to their offices but to their bad pre-pandemic financial habits, and in the Market Call, Derek Izuel, chief investment officer at Shelton Capital Management discusses international investments in times when foreign markets are facing so many troubling forces beyond rising inflation.

JJ Kinahan, chief executive officer, IG North America -- parent company of tastyworks -- says that the stock market is showing signs that current high levels of volatility are likely to stick around into early next year; considering this abnormal market activity, Kinahan says there is nothing wrong with average investors regrouping and taking a breather while waiting for more clear direction from the market. Kinahan notes that he has seen over the last five months more investors moving from individual stocks towards exchange-traded funds, because they believe in the market but worry about being burned by individual stocks blowing up. Also on the show, Jim Royal of Bankrate.com discusses a new survey showing that the current "crypto winter" has a lot of investors reconsidering their comfort level with cryptocurrencies, noting that he thinks the negative feelings go beyond the 60 percent decline that the biggest cryptos have experienced this year, and Martin Tarlie, portfolio manager and research analyst at GMO discusses the firm's research looking at how to properly deal with sequence-of-return risk, the condition many older investors are facing now as they look at retiring into a stock market that is struggling.

Jeff Weniger, head of equity strategy at WisdomTree Asset Management, says that the strong dollar is dramatically changing business conditions for U.S. companies, even as they deal with recessionary conditions. The dollar has gotten so strong, Weniger says, that it's an expensive country for companies and consumers, all of whom will have to deal with the headwinds created by the dollar. Weniger says that he expects the next six months to be characterized by significant volatility, which will give technology stocks a tough ride, which has him turning to utilities and consumer staples while waiting to see how the Federal Reserve's plans to deal with inflation play out. Also on the show, Hugh Tallents, senior partner at cg42.com discusses his recent research into "buy now, pay later" plans and says that consumer behaviors are inflation a debt bubble that could lead to real trouble for the industry as interest rates rise and the economy continues to falter in 2023; Kyle Guske, investment analyst at New Constructs, adds Ring Central to a recent list of "zombie stocks" -- companies with no earnings that are burning through cash and are headed for trouble trying to raise more under current conditions -- noting that it has the potential to be bankrupt in as little as two months, and Mark Lehmann, chief executive officer at JMP Securities discusses stocks in the Market Call.

Jim Welsh of Smart Portfolios -- author of the "Macro Tides" newsletter -- says the Federal Reserve will not be able to raise interest rates, calm the economy and bring rates right back down, noting that current conditions are reminiscent of a 15-year period from the mid-1960s to the early 1980s when the market was largely flat as the central bank struggled to keep inflation in check. If the market repeats that kind of long-term doldrums, Welsh says that buy-and-hold investors will be disappointed in the long run. That's doubly scary when considering the comments of Chris Maxey, chief market strategist at Wealthspire, who says in The Big Interview that investors need to take a longer-term approach to deal with current volatility and Fed policy-making and the recession he sees ahead for 2023. In The NAVigator segment, John Cole Scott of Closed-End Fund Advisors discusses and compares floating-rate and senior loan funds to preferred-securities funds, noting that floating-rate funds are a tool for combating high and rising interest rates, while preferred equities are a good weapon for battling a recession, which may lead investors to "split the ticket" in order to deal with today's complex markets. In the Market Call, Aleksandr Spencer, chief investment officer at Bogart Wealth, discusses tactical investing and the right funds and ETFs for the job now.

Long-time investment writer John Waggoner, the financial editor for AARP.org, says that investors aren't seeing the proverbial "blood running in the streets" despite the stock market's recent downturn, so it's not a simple "buy the dips, ride it out" market. Instead, it's a balance of holding more cash and deploying it selectively, while also considering ways to reduce the long-term impact that current conditions can have on a retirement portfolio. Also on the show, Tom Lydon of VettaFi makes a short-duration bond fund -- an ideal and popular parking place for cash given current market conditions -- his ETF of the Week, Ted Rossman of Bankrate.com discusses a survey showing that it's already beginning to look a lot like Christmas as holiday shoppers get busy early in an attempt to stave off inflation this year, and, in the Market Call, Chris Armbruster, portfolio manager and senior research analyst at Kayne Anderson Rudnick talks about building concentrated portfolios and investing in mid-cap stocks

Jason Thomas, chief executive officer at Portfolio Design Labs, says that the toughest challenge facing investors right now is that safe assets -- which had done their job reasonably well during downdrafts over the last 30 years -- aren't delivering now, forcing investors to change their plans to better ride through inflationary and recessionary times. Thomas says that with the dividend portion of high-dividend stocks being undervalued, a mix of those steady payers plus short-duration bonds will help investors get through the next few years to the next phase of both the market and their investment life cycle. Also on the show, Chuck talks about The Vanguard Group's announcement this week that it was shutting down a U.S. ETF for the first time ever, and what that action says about the company and the industry -- and what it means for you -- and Andrew Graham, founder and portfolio manager at Jackson Square Capital talks in the Market Call about pursuing a growth investment strategy during a time when growth is hard to come by.

Willie Delwiche, investment strategist at All Star Charts, says that he does not believe investors will be rewarded for "being early to buy the dip," warning that changing market conditions make it that waiting in cash to see more discernible trends will avoid losses and sidestep volatility while still allowing for upside potential once it becomes clear that the tide is turning. "The more cash you have on the sidelines" Delwiche says, "the better you're feeling about your position." Today's show also features the return of Wade Pfau, professor of retirement income at The American College of Financial Services, who is back to answer listener questions about the use of reverse mortgages, especially given current interest rate and market conditions, plus Maria Szatkowski of MyVision.org discusses the site's recent survey on medical procrastination caused by inflation plus the acceptance of telehealth and whether it helps to break the logjam, and we revisit a recent wide-ranging conversation with Christine Benz, director of personal finance and retirement planning at Morningstar Inc., in which she coins the term "index-fund abuse" and discusses the difference between making a portfolio and investment strategy recession-proof versus inflation-proof.

James St. Aubin, chief investment officer for the Sierra Mutual Funds, says that investors can win right now by not losing, and while holding cash won't keep pace with high inflation, he says being on the sidelines waiting for the market "to show some productive trends" is a sound strategy for current conditions. St. Aubin says that while the Federal Reserve's clear mission is to tame inflation even if it means triggering a recession, the stock market will continue to respond badly until it has a more clear direction. Also on the show, Mike Dowdall, chief investment officer at Alternative Fund Advisors, discusses the private credit market as an alternative to ordinary stocks and bonds in this market, David Botset of Schwab Asset Management discusses the firm's 11th annual study of ETF investors and their changing habits, and David Trainer of New Constructs puts a popular pandemic stock in "The Danger Zone," marking it as his latest "zombie stock," walking dead as it burns through cash with no sign of profits in sight.

Abhay Deshpande, founder and chief investment officer at Centerstone Investors, says that international stocks are already looking like good values but are likely to be priced even better with another drop from here, but it is creating "a dream scenario for anyone who has a three- to five-year time horizon," so while he sees the proverbial blood running in the streets globally, he thinks investors are "in that zone" where they should allocate more internationally to get the best prices now. Investors generally are feeling like the blood is running in the streets, which is why investor optimism is at its lowest levels since March 2009; Charles Rotblut of the American Association of Individual Investors gives the high level of pessimism some context, and Toni Turner of Trendstar reflects on the market's technicals and ponders what might happen if June's lows don't hold up from here. Plus, Mark Scalzo of the newly listed Destra Multi-Alternative Fund discusses alternative investing and his fund's massive discount and, in the Market Call, Martin Leclerc of Barrack Yard Advisors talks about stocks and holding fast to investment beliefs during volatile times.

Wade Pfau, professor of retirement income at The American College of Financial Services and the nation's preeminent expert on reverse mortgages, says that retirees are facing a delicate balancing act right now, worrying about sequence-of-return risk -- which is heightened during times of bear markets and high volatility -- but also how to fund retirement. Reverse mortgages can be a key tool in times like this, but Pfau says they become less effective as interest rates rise; coupled with wildly fluctuating housing values, it makes it crucial that retirement savers understand the math they are facing. Also on the show, Tom Lydon of VettaFi looks to oil and gas exploration for his "ETF of the Week," Mark Hamrick, senior economic analyst at Bankrate.com, weighs in on the Federal Reserve's interest rate hike on Wednesday and what its statements about the future portend for the market, and Ken Willner of TextNow.com discusses their recent survey on how consumers are dealing with inflation and what they are sacrificing -- or are willing to give up -- to stay on budget now.

Crit Thomas, global market strategist at Touchstone Investments, acknowledges that he is giving potentially controversial advice in suggesting that with interest rates still rising investors might look to buy longer-duration bonds, but he thinks that rates will peak soon and that investors who stay completely focused on short-term bonds will find themselves with significant re-investment risk -- the chance that they will be looking at lesser returns when bonds mature -- in a year or two. While he is not going way up the maturity scale, Thomas is looking to position both fixed-income and equity portfolios for a recovering and changed market and economy in the next two years. Also on the show, Chuck discusses the relative success -- or lack thereof -- that active managers have had in beating their passive benchmarks this year with Tim Edwards, managing director of index investment strategy, S&P Dow Jones Indices, discusses the rising percentage of Americans with long-term credit-card debt -- at just the wrong time to have it -- with Ted Rossman of CreditCards.com, and these strange times we are living through call for some "Weird Financial News" with stories about Elon Musk, donkey penises and more.

Simeon Hyman, global investment strategist at ProShares, says that the dividend aristocrats have grown their payouts beyond even the current levels of inflation, which makes them — along with companies that benefit from rising rate environments- the sweet spot for tilting a portfolio now. In The Big Interview, he also discusses how to tilt a fixed income portfolio for today's challenging conditions. Also on the show, Ken Tumin, founder and editor at DepositAccounts.com, talks about what rising interest rates have already done to consumers and savers and says that the next, upcoming rate hike is not going to reward savers looking for a safe place to keep pace with inflation. And in the Market Call, Brad Lamensdorf of the The Lamensdorf Market Timing Report and chief executive officer at Active Alts, discusses the need to be selective about shorting stocks, because the ebbing tide right now is not taking all companies out with it.

Thomas Samuelson, chief investment officer at Vineyard Global Advisors in Denver says that last week's inflation news and other current conditions have increased the potential for recession, and he notes that the historical decline for a bear market with a recession is 35 percent, which will have the market testing June lows and likely going deeper, potentially dropping the Standard & Poor's 500 to the 3,000 to 3,200 range. In The Danger Zone, David Trainer of New Constructs singles out Affirm Holdings, a buy now, pay later shop that has seen its stock price fall from roughly $175 to under $25 in the last year as a zombie stock with real potential to go to zero. And we revisit a recent conversation with billionaire David Rubenstein, co-founder of The Carlyle Group, one of the world's most successful investors and philanthropists.

Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management Co., says that history shows that when inflation has peaked, the stock market has bottomed, and he believes inflation peaked in June, which along with other conditions means that the bottom is in. Still, he notes that the market will be "discomfortable" as the economy moves back and forth from inflation to recession. He does believe that a mild recession is still coming, but that things will look and feel a lot better when these conditions pass more completely. His take on the market bottoming draws some agreement from Leo Leydon, president of Financial Focus Advisory Services, who examines the market's technicals and says that there is the potential for the market to set a bottom and start a climb from here, though he believes the market will likely be sideways and volatile through the end of the year. Also on the show, Kyle Brown, president and chief investment officer at Trinity Capital, explains how double-digit yields are possible -- and relatively safe and stable -- in a rising-rate environment, and talks about how the economic slowdown is impacting the high-growth, venture-backed, early-stage companies that his business-development company finances, and Chuck talks about final expense insurance and why he keeps being pitched this product by cold callers.

Jack Ablin, chief investment officer at Cresset Capital Management, says that he believes current inflation-rate statistics are over-stating the problem, caused in part by backward-looking data mixed with the human nature of forward-looking investors. He expects a step-back in inflation measures, though it may be 2023 before that happens. Meanwhile, Ablin says that the market's reaction to Tuesday's Consumer Price Index news was overdone, but he expects the market to trend lower and while he's still investing in equities, he's keeping some money on the sidelines waiting for conditions to improve. And speaking of the sidelines, Ablin talks about how some of that money was moved into gold, which did not function as expected as a hedge against inflation, but which he expects to improve in that role heading into 2023. Also on the show, Matt Hougan, chief investment officer at Bitwise Asset Management discusses the "Ethereum merge," and how it represents a significant change and upgrade in certain key cryptocurrency technologies, and what other cryptos will have to do in order to keep pace. Tom Lydon, vice chairman of VettaFi, makes a utilities fund his ETF of the Week and Chuck answers a listener's questions about refinancing and buying homes during a rapidly changing interest rate and housing market.

Jose Torres, senior economist at Interactive Brokers, says economic risks right now are "skewed to the upside," noting that gas prices could reverse course in the fall; with the market showing Tuesday that it can't handle service prices rising even as oil prices fall, Torres says that the picture could get ugly if gas prices rise and other prices keep going up too, increasing the need for the Federal Reserve to act and the likelihood of a recession next year. Also on the show, author Gary Weiss discusses his latest book, "Retail Gangster: The Inside Real-Life Story of Crazy Eddie," Greg McBride, Bankrate.com's chief financial analyst, covers bank fees -- one of the few areas where prices are mostly coming down right now -- and Kevin Rendino, portfolio manager/chief executive officer for 180 Degree Capital, discusses "value turnaround investing" in the Market Call.

Carly Garner, senior commodity strategist at DeCarley Trading says that "despite all the scary fundamental stories and headlines we read," the cache of money that investors have now will be put to work in stocks to bonds, creating enough momentum to overcome the emotion and volatility she expects for the market in the next year. She also believes that gold and silver -- which have heretofore been ineffectual hedges for inflation -- could be sleeper sectors poised to wake up, especially if the dollar is -- as she expects -- at or near its high for this cycle. The Book Interview features the return of David Rubenstein to the show; the co-founder of The Carlyle Group has a new book out today. "How to Invest: Masters in the Craft" covers expertise from a wide range of investment gurus, and Rubenstein discusses who he wishes he could have added to the list, why he included cryptocurrency in the book despite having mixed emotions on it, and why he didn't just write a book filled with his own investment insights, and more. And in The Big Interview, Matt Peron, director of research at Janus Henderson Investors, discusses how dividend payouts reached a high as the stock market was reaching its first-half lows and what that means for the market and for income-producing stocks moving forward.

Money Life wraps up its interviews fro FinCon 2022 in Orlando with eight different talks today, finishing with Joe Saul-Sehy of the Stacking Benjamins podcast, who notes that in his years attending the meeting of bloggers, podcasters and content creators he has seen a change in the Financial Independence, Retire Early crowd, where many people enjoy the concepts and are practicing elements of the discipline without going to extremes. Also sitting down with Chuck at FinCon for today's show: options trader Jason Brown of The Brown Report, Anthony Weaver of the About That Wallet podcast, financial educator Rachel Murphy on raising money-confident children, Ashley Patrick of Budgets Made Easy on how inflation has impacted the budget-making process, financial planner Walter Russell, James Gaudino of the10minutetrader.com, and FIRE practitioners Allison Tom and Dylin Redling of Retireby45.com.

Cheryl Pate, senior portfolio manager for the Angel Oak Financial Strategies Income Term Trust, says that community banks stand out as a part of the financial sector that is poised to benefit into 2023, as banks will likely see the bulk of continuing rate hikes fall directly to the bottom line. Still, she favors bonds to stocks in the sector. When that interview for The NAVigator is finished, the action moves to FinCon22 in Orlando, where Chuck interviews Robert Farrington of The College Investor, financial educator Stacy Mastrolia -- "Prof Stacy" -- Lee Huffman of We Travel There, Asma Alsalmeh of the Latte Money podcast, and financial coach Kim Hunter-Borst.

Chuck heads to Orlando for FinCon '22, the annual conference of content creators, financial coaches, educators and more, and he samples some of the expertise speaking with Doug Nordman of MilitaryFinancialIntelligence.com about whether veterans have been treated any differently by the market in this downturn, Monica Scudieri of GrabYourSlice.com, Jason Parker of RetirementBudgetCalculator.com, and Emily Guy Birken, who recently started YourOneGoodThing.com. Plus, Tom Lydon goes nuclear with his "ETF of the Week."

Legendary investor and noted philanthropist David Rubenstein of The Carlyle Group says that today's inflation feels like the 1970s, a time that taught investors that it is hard to get inflation out of the system. That has left the economy "treading water," trying to get comfortable with how the situation will play out before it can move forward; in the interim he expects low econnimc growth stopping short of recession, inflation that heads down but not all the way to the Fed's 2 percent, target, with war in Ukraine being a significant economic wildcard. In a wide-ranging interview, Rubenstein talks about whether politics now creates economic headwinds and how the money in politics is furthering the divides, about modern philanthropy and the satisfaction of giving, about happily speeding up in retirement, and more. Gwen Merz, the blogger behind FieryMillennials.com talks about her changing financial journey, one which saw her start as a hardcore member of the Financial Independence, Retire Early (FIRE) crowd, but which now has her more relaxed about her finances and, as a result, happier and more content with her life. Also, Chuck answers a question from the audience about the Gerber Grow-Up Plan, which he made a "Stupid Investment of the Week" when he started that column roughly 20 years ago, which he felt was still putrid when he stopped writing the column a decade later, and which he thinks remains horrid now, but which will keep attracting suckers -- and we don't mean pacifiers -- for as long as families have babies.

Christine Benz, director of personal finance and retirement planning for Morningstar Inc., says that recession-proofing your portfolio and making it inflation-resistant requires different actions, but the biggest similarity to both processes is that investors need a plan that they can ride out until conditions improve. She notes that flip-flopping on strategy -- more than following flawed strategies -- leads investors astray. Also on the show, Greg McBride, chief financial analyst at BankRate.com, talks about how the mortgage market and banking industry are responding to rising interest rates, noting that mortgage refinancing applications have hit their lowest level in more than two decades, and that savings yields have improved in the financial sector's response to the rising-rate, high-inflation environment. And in the Market Call, Francisco Bido, senior portfolio manager at F/m Acceleration, talks about his firm's quant-active strategy and how he mixes the art and science to deal with a market that has little or no momentum going for it.

Joe Quinlan, head of CIO market strategy for Merrill and Private Bank at Bank of America, expects heightened volatility with the market mostly flat until the point when the market anticipates that the Federal Reserve's tightening cycle is about to end, at which point "markets will swing back toward the green. ... The sooner Jay Powell gets it done, the better for the markets and the better for equities." Looking at the market's technical's, Matt Harris -- chief investment officer for The Hausberg Group -- agrees that volatility "is here to stay" until there is some signal that the market trend is changing. Harris says he will not be surprised if the market crashes through two support levels to retest the June lows, though he expects it will be a decline that occurs slowly and with a lot of volatility/movement in the interim. Also on the show, Josh Duitz of the Abrdn Global Infrastructure Income says that the macro drivers for infrastructure -- globalization, upgrades and repairs, urbanization and increased demand -- coupled with current inflationary pressures have created an environment that is solid for recession-resistant infrastructure stocks. Plus, in the Market Call, John Mowrey, chief investment officer at NFJ Investment Group, discusses global value investing.

Joe Terranova -- widely known on Wall Street as 'Joe T.' -- chief market strategist at Virtus Investment Partners, says that the stock market and economy are not going through the kind of short, sharp downturn-recovery pattern investors have grown used to this century, but that time will resolve the issues making it so that investors with the time to ride it out -- and favoring companies with strong fundamentals -- will be rewarded for their patience. For the second week in a row, Tom Lydon, vice chairman at VettaFi, picks a core growth-oriented fund as his ETF of the Week, noting that the times call for a focus on the core investment positions right now. And in the Market Call, James Abate, manager of the Centre American Select Equity and Centre Global Infrastructure Fund -- which sit atop their Morningstar peer groups for year-to-date performance -- says that "Flat is the new up," and discusses how he has stayed ahead of the market.

Alan Gayle, president at Via Nova Investment Management, says that while he is optimistic that Europe and other global markets will see a strong recovery in the future, until that happens -- likely sometime next year -- he prefers to be invested in the United States, despite the struggles of markets here. In a wide-ranging Big Interview, Gayle calls the current environment "exceptionally complicated," noting that recessionary forces are held at bay by a strong job market and flush consumers, and he expects those forces to make it so that a downturn or decline won't turn into "a full-blown recession." Also on the show, Ira Rothberg, portfolio manager of the Hennessy Focus Fund, discusses the benefits and challenges of concentrating portfolio decisions in volatile market conditions, Craig Lazzara of S&P Dow Jones Indices discusses Tuesday's release of the latest S&P CoreLogic Case-Shiller Indices and how it shows that home prices nationally remain way up from last year even as they have started to pull back from recent peaks, and Catherine Collinson discusses the latest research from the Transamerica Center for Retirement Studies, showing how employers have changed their offerings coming out of the pandemic.

David Jilek, chief investment strategist at Gateway Investment Advisers, says that the market is likely to continue along a volatile path as it looks for resolution from today's headline risks, and he notes that investors need to mitigate risks and position themselves less to profit now than for the future point when the market comes out of the doldrums and starts its next real climb to a bull market. Jilek noted that the relationship between asset classes -- most notably stocks and bonds which moved alarmingly downward in lockstep at the beginning of the year -- may be changed for the foreseeable future, forcing investors to reconsider their allocations even while they are treading water waiting for better times ahead. In the Talking Technicals segment, Michael Kahn, senior market analyst at Lowry Research Corp., says investors have to "play everything light," not sitting on the sidelines but not running the full playbook, noting that he thinks investors will be happy a year from now but may have to go through a lot of pain in the interim. Plus, author Greg Steinmetz discusses his new book, "American Rascal: How Jay Gould Built Wall Street's Biggest Fortune," and compares his protagonist to some of today's modern day corporate giants.

Moe Ansari, chief investment officer at Compak Asset Management and the long-time host of "Market Wrap with Moe," joins Chuck for the most unusual Market Call interview in the history of Money Life, calling out the culture of stock picks and the way audiences use them. In The Danger Zone segment, Kyle Guske, investment analyst at New Constructs, talks about why pet-food retailer Chewy is a barking dog of a stock, burning through its cash to where bankruptcy could be on the horizon within two years. Plus, Matt Zajechowski discusses a recent survey showing that consumers want to travel but don't like what they are facing as they hit the road, and Chuck answers an audience member's question about "actively passive" investing.

Clyde McGregor, long-time manager of the Oakmark Equity and Income fund, says he is "suspicious" of the market's recent rally after valuations didn't get low enough during the bear market to sound the all-clear on trouble. That is one key issue to investing now, McGregor says, with the bigger concern being that current conditions are different than in the past, most notably with changes in the relationship between interest rates and inflation; while certain elements rhyme with various times in the past, McGregor says the current conditions make it hard to make sense of the market now. Talking technicals, Julius de Kempenaer, senior technical analyst for StockCharts.com, says he thinks the bear-market rally has ended and the market has started a new leg down. Also on the show, Kenneth Burdon, an attorney with Skadden Arps, talks about a recent Delaware law change that's designed to protect investors in closed-end funds and Gabriela Herculano, chief executive officer, iClima Earth talks stocks and ESG investing in the Market Call.

Eddy Vataru, chief investment officer for total return at Osterweis Capital Management, says that investors are thinking wishfully that the Federal Reserve can play with interest rates and inflation to engineer a soft landing for the economy, but he believes any scenario where the Fed is not hiking rates until inflation drops to their target of 2 percent is too rosy. He says the Fed will be as hawkish as possible, trying to set market expectations about rising rates while hoping to engineer a soft landing, but notes that such a smooth outcome is unlikely, and that inflation woes will not end quickly. Also on the show, Anu Ganti, senior director of index investment strategy for S&P Global, discusses the sectors that currently are adding to portfolio diversification -- and playing defense -- and those that are just adding to portfolio volatility, Tom Lydon of VettaFi makes a classic, core growth-oriented fund his ETF of the Week, and Boston Globe staff writer Rob Weisman discusses his recent trip to the Netherlands to see the way they provide long-term care for their growing elderly population and what America could learn from their actions.

Arjun Jayaraman, portfolio manager at Causeway Capital Management says that emerging markets investors are trying to decide if the next 10 years will be as flat and troubled as the last decade, and he says that despite prominent, key headline risks, China and emerging markets have plenty of promise now, and should turn out to be better over the next 10 years than they were over the last 10. Jayaraman says if forced to invest in just one emerging market country, his pick would be South Korea, but he thinks that China and others are well-positioned to make progress once the global inflation crisis eases. Daniel Strachman, managing partner at A&C Advisors and the author of "Julian Robertson: A Tiger in the Land of Bulls and Bears," discusses the legendary hedge fund manager and what made him one of the most influential and unique forces ever in money management; Robertson passed away Tuesday at age 90. Ted Rossman, senior industry analyst at CreditCards.com; @tedrossman; @creditcardscom

David Kelly, chief global strategist at J.P. Morgan Asset Management, says inflation has started to roll over, and once the Federal Reserve pivots away from tough talk about fighting inflation he expects the market to move higher. Kelly says that opportunity is coming in "months or quarters rather than years," meaning that opportunity is around the corner and making this a good time to put money to work. Kelly says he is overweight "the bottom 490" of the Standard & Poor's 500, value stocks and international investing, with an emphasis on Europe. Talking technical analysis, Tom McClellan of The McClellan Market Report, says he expects a weak market through the mid-term election and while he notes that 2023 is poised to be a better year -- as it is the third year in a presidential election cycle, historically a good one -- he's short the market now, expecting a "better bottom" in December once the market digests the election results. Also on the show, Greg Daco, chief economist at EY, discusses the latest Policy Survey released Monday by the National Association for Business Economics, noting that economists -- who normally struggle to agree on any opinion -- have reached an unusual consensus that the economy will or has entered a recession, but that the slowdown will be mild and short.

David Trainer, president of New Constructs, says that while Robinhood Markets is down about 80 percent from its 52-week high and that it has room to go a lot lower, having burned through $3.5 billion in cash in the last 12 months, with just more than that amount left in cash on the books. Trainer put the company back into The Danger Zone, saying "We're really not sure what is going to prop this zombie stock up much longer ... '' even as "it is priced as if it is going to go to the moon." Also on the show, Mark Fleming, chief economist at First American Financial Corp., discusses the state of the housing market, noting that homeowners with fixed-rate mortgages aren't feeling the pinch of inflation, while homebuyers are being squeezed hard by it and home-sellers are watching markets change rapidly. Fleming thinks mortgage rates have "mostly found their new normal," noting that current levels of between 5 and 6 percent are in line with historic norms even if they are dramatically higher than consumers have been used to for the last decade or more. Chuck answers a listener's question about what to do with some cash now, and portfolio manager Jeff Muhlenkamp of the Muhlenkamp Fund makes his debut on the show, talking stocks in the Market Call.

Jeff Bishop, chief executive officer at RagingBull.com, says he that the market has rallied to a point where he is looking to take money off the table on the upside and starting to get short anticipating that areas like technology that have rallied the most off the lows are due for a fall as the current bear market rally starts to falter. Bishop acknowledges that he might be early, but he'd rather be ahead of the rally ending than riding it down. Also on the show, Roxanna Islam, associate director of research at VettaFi, discusses the construction of indexes of closed-end funds and the benefits to using them over individual issues, Milind Mehere, chief executive officer at Yieldstreet, discusses the current state of the U.S. housing market, and Juan Pablo Villamarin, senior investment analyst at Intercontinental Wealth Advisors, talks stocks in the Market Call.

Brian Huckstep, chief investment officer at Advyzon Investment Management, says that he believes the economy has enough going for it that there will not be a recession, but he expects interest rates to keep rising which will be bad for the long-term bond market, leaving opportunities for outperformance in shorter-term corporate bonds and levered loans. In the Market Call interview, Huckstep says he also believes value investing is due for its time in the sun now, delivering higher expected returns than the growth style. Also on the show, Tom Lydon of VettaFi makes a big fund that invests in preferred securities his ETF of the Week, noting that it can diversify a fixed-income portfolio and goose returns now, and in The Big Interview, Christopher Mizer, founder of Vivaris Capital, discusses investing in alternatives and using assets like life settlements and medical receivables as part of structured products that try to protect against declines while still offering a decent upside in all conditions.

Brian Frank, manager of the Frank Value Fund -- who will stay in cash when he can't find stocks cheap enough to meet his metrics for good value -- says that the market's decline in early 2022 put a lot more stocks onto his radar as prospective buys, but he says the market remains expensive as a whole. In The Big Interview, Stan Majcher, portfolio manager at Hotchkis and Wiley Capital Management, says that the energy market -- the one sector of the market that was up during the first half of the year -- remains attractive after its recent run up and despite market pressures created by war in Ukraine and global supply-chain issues. He believes oil remains significantly underpriced, giving strong potential for the sector to keep rolling for the foreseeable future despite the likelihood of a global recession. Also on the show, Sarah Foster discusses a recent Bankrate.com survey showing that consumers who are influenced into purchases by social media have a high -- and increasing -- level of regrets over their spending decisions.

John Blank, chief economist and chief investment strategist for Zacks Investment Research, says that the limited options facing Federal Reserve chairman Jerome Powell leave the economy in a situation where inflation will be sticky and the market will be more stable but likely more sideways, at least until pricing pressure eases. "The soft landing isn't what's going to happen," Blank says. "The Fed's going to get comfortable with a higher level of prices and rice inflation and just stop because it can't do anything about this." Zach Jonson, chief investment officer at Stack Financial Management, says that the market's technicals are showing that recent gains are more likely a bear market rally rather than the start of a new bull market, largely because there hasn't been much breadth and support to the gains. Until the rally reflects greater participation -- with fewer companies making new lows -- Jonson says the current move up is likely a temporary one. And Tracie McMillion, head of global asset allocation and investment strategy for the Wells Fargo Investment Institute kicks things off talking about how the 60-40 portfolio is alive and well despite an awful start to the year that could hold up and make this one of the worst years ever for that classic balanced approach to investing.

Laura Geritz, founder and portfolio manager at Rondure Global Advisors, says that deglobalization of markets is making it more important than ever that investors pick great stocks at reasonable prices, focusing more on the company-by-company picture than looking at the macro outlook. Another part of that change in mindset is that investors might want to sell into the market's rally, which has been driving up prices of riskier assets, rather than looking at every downturn as a chance to try to buy the next rebound. In a wide-ranging interview, Geritz also makes a case for China's stock market -- which she calls "out-of-sync with the rest of the world" -- being poised for a big recovery while the rest of the globe struggles through inflation problems. Also on the show, David Trainer of New Constructs puts Door Dash in "The Danger Zone" and explains why he believes the stock has a lot further to fall, Barry Metzger of Charles Schwab discusses the firm's latest survey of active traders and how its clients are reacting to shifting market conditions but prolonged inflation, and Chris Mack of Harding Loevner Global Equity fund talks stocks in the Market Call.

Bryce Doty, senior portfolio manager at Sit Investment Associates, says that the Federal Reserve has been "clueless," making moves that have actually been inflationary, making it more costly for companies to do business and having companies pass those costs on to consumers. That has created an environment with an inverted yield curve and a coming recession. With that said, Doty says the worst is largely over for the bond market, but that the stock market will suffer next year when the current relief rally ends . Doty appears in two segments today, also doing The NAVigator segment, talking about how closed-end funds are an ideal tool for current market conditions and how average investors who understand closed-end funds about 80 percent should take the leap of faith to go the rest of the way. In the Market Call, Jeff Auxier of the Auxier Focus Fund talks about value investing.

Sebastien Page, head of global multi-asset/chief investment officer at T. Rowe Price, says that while inflation has peaked, it will remain sticky as it returns to more normal levels. The strategic, long-term takeaway is to remain invested, but Page says that the tactical moves investors should be making now involve playing "aggressive defense," underweighting stocks relative to bonds, underweighting Treasury bonds and overweighting cash and bank loans now. Internationally, he favors emerging markets and is light on Europe. Also on the show, Tom Lydon, vice chairman at VettaFi, looks at a new fund from VanEck focused on collateralized loan obligations as a means of diversifying bond portfolios, and Charlie Bobrinskoy, vice chairman at Ariel Investments talks value investing in the Market Call.

Josef Schuster, chief executive officer at IPOX Schuster -- which builds indexes of initial public offerings around the world -- says that the IPO market has suffered along with the rest of the stock market, but it is poised for a rebound because companies must size up the cost of delaying an offering during a market slowdown versus the heightened costs of borrowing money to fund continuing operations. He says the current IPO market reminds him of conditions from roughly 20 years ago after the bursting of the Internet bubble. Also on the show, Dan Griffith of Huntington Private Bank discusses the private equity markets and how they have performed -- and are likely to do moving forward -- relative to the stock and bond markets, Ed Carson, news editor at Investor's Business Daily, talks about the publication's latest survey on investor optimism, and Chuck answers a listener's question about breaking up a family estate.

Markus Schomer, chief economist for PineBridge Investments, says in "The Big Interview" that he believes the U.S. economy can avoid recession, not just through the remainder of this year but into 2023 -- when many experts say recession will become official -- as well. Schomer says that people misunderstand the type of economy we're in and the type of inflation we are living through; he believes the Covid economy is still playing out, and that the supply-demand equation will find balance again, and soon enough to keep things rolling without a major market meltdown. That said, Schomer's optimism stood in contrast to Adam Grimes of Talon Advisors, whose take on the market's technical indicators suggests that the ongoing market rebound is nothing more than a bear-market rally, set up to rise high and then reverse sharply, which he thinks will happen in line with the economy slowing down further later this year. Also on the show, Andrew Wellington, co-founder and chief investment officer at Lyrical Asset Management makes his maiden voyage in the Market Call talking stocks.

Joe Keefe, president of Impax Asset Management and the Pax World Funds, says that there are enough positives for the economy right now that he would bet against a hard landing and a protracted recession, although he acknowledges that wildcards like war in Ukraine, trade tensions with China, political issues and more to make him "barely optimistic" that a "soft-ish landing" lies ahead. Also on the show, David Trainer of New Constructs highlights Rivian Automotive as another "zombie stock," pushed to death's door by rising interest rates and higher borrowing costs that he expects can sink the company from here, and Eric Sterner, chief investment officer at Apollon Wealth Management, talks ETFs and stocks in the Market Call.

Ed Clissold, chief U.S. strategist at Ned Davis Research, says that the stock market's recent rebound looks and feels more like the start of a new bull market than it does the standard bear-market rally, though he is not saying that the rebound signals the start of something big. The economy still has a lot to work through, much of which will not come to roost until 2023, Clissold says, and the current strength may be more of a sign that any future decline won't last too long or go excessively deep. Clissold says the U.S. remains the best market in the world, even as expectations have been lowered given economic conditions. Also on the show, Chuck answers a question about hiring a fee-only adviser who charges by the hour, Alicia Munnell of the Center for Retirement Research at Boston College discusses new bi-partisan legislation that she says fails to achieve its goals of offering real assistance to the nation's retirees, and John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance, discusses funds currently trading at premiums and compares them with similar funds priced at a discount, noting that the differences are about more than pricing.

Brad McMillan, chief investment officer for Commonwealth Financial Network, says thatthe bond market tends to have the most accurate message for investors, noting that the bond market tends to be the dog while the stock market is the tail. Thus, the market is reacting to headlines, but the bond market tends to be more steady in its actions. MacMillan says the bond market currently is signalling a coming recession, with the inverted yield curve signalling it could happen in the next 12 to 18 months. Also on the show, Tom Lydon, vice chairman at VettaFi.com, talks about international cash-cows as he picks his ETF of the Week, Meredith Stoddard of Fidelity Investments discusses the high physical, emotional and financial costs of being a caregiver to both special-needs children and aging parents, and discusses the need for appropriate planning. And Corie Wagner, senior industry analyst at Savings.com, talks about the rising costs of participating in bachelor and bachelorette parties, and how it's not necessarily inflation that can be blamed for the bigger payouts that friends and family members endure ahead of the wedding these days.

Stanley Teitelbaum, a clinical psychologist who authored a book on the "self-defeating patterns" that individual investors make says that the market's first-half losses has pushed many investors into a bad type of inaction, one where they don't want to make a move until their position gets back to break-even or recaptures a recent high, neither of which is guaranteed. While no one wants to accept losses, Teitelbaum says investors who evaluate securities on their prospects rather than on the price of purchase will be making smarter moves. Also on the show, Chuck answers a question from a fortunate investor who wants to figure out what to do with an oversized cash stash, and Chance Finucane, chief investment officer at Oxbow Advisors, talks stocks in the Market Call.