Money Life with Chuck Jaffe

Darrell Cronk, chief investment officer for Wells Fargo Wealth and Investment Management, says that investors have endured the toughest start to a year for stocks and bonds in decades, but the mounting troubles should culminate in a recession in the second half of the year, with the downturn going deeper before a real recovery occurs. Cronk says that he thinks if the Standard & Poor's 500 were to hit 3,300, valuations will be so compelling that he will be "pounding the table" to get clients to buy. Also on the show, Tom Lydon of VettaFi.com makes a managed-futures fund that has posted strong performance amid the market's troubles his ETF of the Week, John Boroff, vice president of youth investing at Fidelity Investments discusses the 2022 results from its "Teens and Money Study," and Chuck answers a listener's question about required minimum distributions for this year.

Greg McBride, chief financial analyst at Bankrate.com, says that even though consumers are largely in better position than they were just a few years ago, they're not feeling it now as credit-card debt has been rising and savings levels shrinking in the face of inflation. As a result, the percentage of Americans saying they are uncomfortable financially has skyrocketed, with inflation as the cause because it doesn't just erode savings but it grates on confidence. Also on the show, David Elefant of Elefant Financial talks about the financial issues that the LGBTQIA community is worrying about as it considers the potential for political changes in the aftermath of the Supreme Court decision that reversed Roe vs. Wade. While Elefant is worried that financial rules affecting partners and same-sex marriages could change dramatically depending on which laws are passed or repealed, he says the situation is not as dire as scary headlines make it out to be. In the Market Call, Mark Travis of Intrepid Capital Management talks about investing in "basic boring businesses" that make things like "beer, shoes and underwear."

Mark Newton, global head of technical strategy, Fundstrat Global Advisors, says that a healthy consumer and a market that has solid economic footing should lead to "a recession with a small R and not a capital R." Newtons says his models show a market bottoming out in July before turning significantly higher in September, thanks largely to higher interest rates already being baked into the market's expectations. Newton says that the bear market has been in process for months, even if it was only just recognized by the media; the result is that a lot of damage was done before the headlines were made, increasing the likelihood that we are closer to the bottom than the start of trouble. Also on the show, Peter Crane of Crane Data -- publisher of Money Fund Intelligence -- talks about how rising interest rates have made money-market funds more attractive than they have been in over a decade, despite yields in the 1 percent range, Catherine Collinson discusses the Transamerica Center for Retirement Studies 2022 Retirement Study released today showing Americans' changing attitudes about the working conditions they want and more, and Marten Carlson, lead reviewer at Mattress Clarity, talks about sleeping for a month on the "cheapest mattress" sold on Amazon in answer to a popular consumer search, and what buyers should know to ensure they get a good deal and a good night's rest.

Adam Peck, co-founder of Riverwater Partners, says it's a buyer's market right now, especially in the small-cap space with stock prices having fallen to where there are more compelling values and real long-term opportunities. At the same time, he says in the Market Call interview that those conditions put a premium on sifting through the many potential buys to hone in on the right ones. Also on the show, Jim Cullen, founder of Schaefer Cullen Capital Management makes "The Case for Long-Term Value Investing'' -- which is the title of his new book, Kyle Guske from New Constructs talks about three zombie stocks with cash-flow issues so bad that their stocks could be headed to $0, and Megan Sanctorum discusses a recent study showing that people would need a surprisingly large win in the lottery before they would call it quits on their jobs.

Jeffrey Bierman, chief market technician for TheoTrade and founder of TheQuantGuy.com, says that "much of the dirty work is behind us," with the market now reaching a point "where the values are the most compelling I have seen in 25 years." Bierman last appeared on Money Life in December of 2021, and was extremely cautious, expecting the market to hit a low of between 3,600 and 3,800 on the Standard & Poor's 500 within six months. Bierman's model projects the S&P to drop to the 3,300-3,400 range, before building a base for recovery. "If interest rates can peak at some point and if money managers can get beyond staring at charts and start looking at value ... they are going to find that this is where millionaires are made, in these kinds of markets," Bierman says. Also on the show, John Cole Scott, chief investment officer at Closed-End Fund Advisors answers questions from listeners, Catherine Yoshimoto of FTSE Russell discusses the "Russell Reconstitution" that changes the firm's benchmark indexes at the close of business today, and Peter Tuz of Chase Investment Counsel talks growth investing in today's no-growth environment in the Market Call.

Jack Janasiewicz, portfolio strategist for Natixis Investment Managers, says that the market's drawdown and valuations have performed in line with expectations for a typical recession, and while the third key component of a slowdown -- a big decline in earnings -- hasn't happened yet, he says the market is closer to having fully discounted current events, meaning that "We are closer to the end" of the downturn than the beginning. Also on the show, Tom Lydon, vice chairman at VettaFi, makes a China ETF that has broken above its 50-day moving average -- but is still below longer-term measures -- his pick for ETF of the Week, Danetha Doe of Clever Real Estate discusses a survey looking at how ready homeowners are to accept and work with iBuyers, and Roger Conrad of Conrad's Utility Investor talks stocks in the Market Call.

Noted value investor Vitaliy Katsenelson, chief investment officer of Investment Management Associates -- who was on Tuesday's show discussing his new book, "Soul in the Game: The Art of a Meaningful Life" -- returns to the show for a discussion of current market conditions and notes that investors in bull markets see their time horizons lengthen, but that time becomes shorter when investors are facing a downturn and see their assets shrinking. He warns against allowing the current market troubles and the market's short-term gyrations to influence long-term plans. Also on the show, Ted Rossman discusses the latest CreditCards.com survey showing some surprising trends in how consumers are tipping in the post-pandemic environment, Ed Slott of IRAhelp.com is back to help Chuck answer a listener's question about setting up a tax-advantaged savings account for a newborn grandchild, and Jordan Kahn, chief investment officer of the ACM Funds -- manager of the ACM Dynamic Opportunity Fund -- makes his debut talking stocks in the Market Call.

Ben Hunt, chief investment officer at Second Foundation Partners and the publisher of Epsilon Theory, says investors need to reduce their debts and balance sheet and to "reconnect with the real economy wherever you can" in order to ride out the coming storm that he sees playing out while the stock market digests interest-rate hikes and measures designed to curtail inflation. While Hunt says he is rooting for the scenario where there's a quick recovery after "a nasty recession," he says investors need to prepare for something that's longer-lasting and worse. Also on the show, money-manager Vitaliy Katsenelson discusses his new book "Soul in the Game: The Art of a Meaningful Life", and Jason Browne of Alexis Investment Partners discusses ETF investing in the Market Call.

Veteran market observer Ralph Acampora, who helped develop market analytics and who is recognized as a pioneer in technical analysis, says the stock market had been setting up major tops for a while, with the charts implying that the downturn would be roughly 30 percent from top to bottom. With that in mind, Acampora foresees "at least another 10, 12, 15 percent for the Dow and the S&P 500 on the down side," before any real recovery can start. Also on the show, Larry Holzenthaler, investment strategist and analyst for Nuveen, says that senior loans have been one of the few places to avoid the pain in the fixed-income markets, and they feel like a safer haven and a surprisingly good value right now compared to most parts of the credit market, and portfolio manager Gary Bradshaw of the Hodges Funds talks blue-chip stocks and dividend-payers in the Market Call.

Michael Gayed, portfolio manager for the tactically managed ATAC Funds says the Federal Reserve should have raised rates even more than it did Wednesday -- when the central bank made its biggest rate hike in almost 30 years -- because market and economic pain is inevitable and could be long-lasting, but there is growth potential once the market passes the troubles and starts a new recovery. This show also features Tom Lydon, vice chairman at VettaFi.com, making a brand new fund his ETF of the Week, Jill Gonzalez of WalletHub.com discussing the site's latest survey which shows that consumers are looking at rewards cards as a way to deal with inflation, and Rob Lutts, president of Cabot Wealth Management, talks growth investing in the Market Call.

Victoria Greene, chief investment officer at G Squared Private Wealth, says that investors should look at where they can be best off given current global economic conditions, and says that will bring investors to large-cap domestic value stocks, and she notes that investors may not want to pursue broad diversification because the strategy tends to struggle during times of stress. "It only works when the market is working," she says, "and right now the market isn't working." She expects a recession in short order, though she believes most investors should stick with their plans rather than making moves in response to market conditions and headlines driven by volatility. Also on the show, Ed Carson, news editor at Investor's Business Daily, discusses the latest IBD/TIPP Economic Optimism Index, which showed that economic optimism is at its lowest point in over a decade, and the personal financial outlook has never been lower since the index was created in 2001. Mike Hunstad, global head of equity and quantitative strategies for Northern Trust Asset Management, discusses how proposed regulatory changes to ESG investing will help consumers know what they are buying, and why environmental, social and governance oversight -- particularly combined with factors like investing in "quality" -- should lead to superior returns over time, and author Hal Weitzman discusses his book, "What's the Matter with Delaware: How the First State Has Favored the Rich, Powerful and Criminal – and How it Costs Us All."

Dan Zanger, founder of Chartpattern.com, says "The 1970s are here again," bringing the dangers of persistent inflation back into play, creating long-term financial pain and putting the stock market in jeopardy of falling "50 to 65 percent before this is over." Zanger expects a protracted downturn, with no quick snap-back because the Federal Reserve can't prime the pump by lowering interest rates. "The sooner you get out and stay in cash," he says, "the better off you are going to be." Also on the show, author Eric Balchunas, discusses his recent book "The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions," and Scott Bennett, founder of Invest With Rules -- a service that tracks and reacts to the actions of big-time mutual fund managers -- talks stocks in the Market Call.

Victoria Fernandez, chief market strategist at Crossmark Global Investments, says that a recession is coming, but it's not imminent due to the economy's underlying strengths, including active consumers, corporate balance sheets and the labor market. While waiting for a recession to arrive late next year, Fernandez says investors should be taking advantage of down days in the market to buy up names that are on sale and better balance a portfolio to get through trouble. Also on the show, Ed Slott of IRAhelp.com talks about whether the market's slow start to the year has made 2022 a particularly good time to consider converting traditional retirement accounts into Roth IRAs, Sara Foster of Bankrate.com discusses the site's recent survey on the emotions and financial stresses that consumers are living with now, and Kyle Guske of New Constructs puts a mutual fund that gets a good rating from Morningstar into the Danger Zone, noting that the fund's holdings have it headed for trouble.

Michael Mullaney, director of global markets research at Boston Partners says that consumer demand should support the economy for the remainder of 2022 "without significant dire consequences," but he notes that 2023 is "another whole can of worms" and the Federal Reserve's plans to squash inflation is likely to have side effects that create a recession in 2023. Mullaney talks about the market's fundamental and technical sides, identifies segments and sectors he expects to lead and lag, and more in a wide-ranging Big Interview. In the NAVigator segment, Sam Brothwell, director of research at Energy Income Partners, says that the current cycle of under-investment in capital spending has made it harder for energy producers to respond to the current supply-demand imbalance; that has pushed energy prices -- for oil, natural gains, electricity and alternatives -- dramatically higher, where they are likely to stay for awhile. In the Market Call, Jonathan Browne, portfolio manager for the Robinson Funds, discusses investments in premarket SPACs (special-purpose acquisition companies) and closed-end funds, and how they can further diversify a portfolio while increasing its overall risk profile.

Catherine Stienstra, head of municipal bond investments at Columbia Threadneedle Investments, says that the sharp sell-off that set bonds off to a bad start to the year -- and scared many investors out of the bond space -- has reached a pivot point, so that investors are now looking at "a rare opportunity" to get back in with higher yields and attractive valuations. Also on the show, Tom Lydon, vice chairman at VettaFi, makes a play on the dollar recently hitting a two-decade high against global currencies with his ETF of the Week, Chuck answers a listener's question about how to pay for/finance a big expense, and Rob Spivey, director of research for Valens Securities, talks stocks in the Market Call.

Paul Gruenwald, chief economist for S&P Global Ratings, says that despite the gloom being caused by high inflation, war and more, "If you step back, we're not in a terrible place." He notes that if inflation can be controlled and the labor market stays at current levels of full employment, that should lead to a good outcome once tensions ease. Gruenwald says that a big market decline, recession or proverbial day of reckoning is not a foregone conclusion; if the economy can be guided to a path where inflation reduces to Federal Reserve targets -- and growth hits those targets too -- he believes there is a reasonable glide path to better days ahead. Also on the show, money manager and author Adam Seessell discusses the continuing evolution of value investing and his book, "Where the Money Is: Value Investing in a Digital Age," plus Clark Kendall, president and chief executive officer at Kendall Capital discusses stock investing in the Market Call.

Jeanette Garretty says there is a very real risk of recession in the next nine months, but she sees no reason to expect anything worse than a "garden-variety, U.S. economic recession, with a couple of quarters negative and then a fairly quick rebound in economic activity with the markets leading" that recovery. Garretty notes that there are risks that could exacerbate problems and make a downturn more severe, but she sees inflation pressures easing significantly come early 2023 and recovery to follow unless war, China trade tensions or other conditions have bigger-than-expected impacts. Covering the market's technicals, Scott Brown -- technical market strategist at LPL Financial -- says it appears the market bottom is not in place yet, meaning that he expects a downturn and more capitulation by investors before a significant turnaround, but he does think that investors should look for more stocks to make three-month highs as a sign that things are ready to start recovering rather than drifitngmostly sideways and down. Also on the show, Christian Mitchell discusses the positive and negative impacts that Covid-19 had on individual investors in the firm's 2022 Planning and Progress Study, and Bill Davis of the Stance Equity ESG Large Cap Core ETF talks stocks in the Market Call.

Axel Merk, president and chief investment officer at Merk Funds and Merk Investments, says investors need to be cautious about accepting current market risks and keep an eye on their sleep factor "because whatever [investment] thesis you have, it will be tested." Merk notes that he is hesitant facing today's economic conditions because there are still a lot of possible outcomes based on anticipated action from the Federal Reserve and the stock market's response to the news. Also on the show, Charles Rotbut of AAII Journal discusses the group's latest update to its sentiment survey -- Kule Guske, investment analyst for New Constructs, talks about three stocks with misleading earning that could hit shareholders soon, and Michael Sincere is here to discuss the updated versions of his books, "Understanding Stocks" and "How to Profit in the Stock Market."

Laura Martin, equity analyst at Needham & Co., says that streaming technology companies saw their maturation curve speed up during the pandemic, with the fallout being current pricing pressures as consumers wise up to the various pricing models that best meet their needs. She also discusses ad-tech and big-tech stocks and U.S.-China trade tensions in a wide-ranging Big Interview. Also on the show, Max Wasserman, senior portfolio manager at Miramar Capital talks about how investors should deal with the current unknowns that have the market on edge right now, John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance identifies five "plain vanilla" closed-end funds that are using basic, simple strategies to present good value and opportunities now, and Doug Milnes, head of data analysis at MoneyGeek.com discusses the site's recent survey showing how inflation has already had a significant impact on consumers' sumemr travel plans.

Noted market bear Harry Dent -- who called for a 50 percent market crash when he was last on the show in late May of 2021 -- says that efforts made to prolong the bull market have exacerbated the trouble that the financial world must now slog through "the crash of our lifetimes." He's calling for a recession and a massive market downturn -- saying the Standard & Poor's 500 is due to fall roughly 85 percent from its peak before it's done -- that has only just begun. Dent foresees a long market rebound starting in a few years driven by a millennial spending boom that, based on demographics, he expects to run from 2024 all the way to 2037. Also on the show, Ed Shill, managing partner at the Wealth Enhancement Group talks a balanced approach to stock investing -- but also notes that he believes the current economy can avoid a recession and that he does not foresee a market crash -- in the Market Call, and Tom Lydon, vice chairman of VettaFi, focuses on industrial metals with his ETF of the Week.

Lindsey Bell, chief markets and money strategist at Ally Invest, says that investors are engaging in a proverbial flight to quality by moving from the individual stocks and the security picking that fueled their interest in the market during the rebound from Covid to buying indexes and holding the market despite broader declines happening now. It's not the traditional way that investors seek safety, but Bell says that new investors are taking different paths as they get more involved in the market. Also on the show, technical analyst Michael Sincere says he believes recent rallies have been consistent with bear-market upturns and not with a market bottom, noting that he believes a bear market is in the cards before the market can have any meaningful, long-lasting rebound, and New York Times journalist David Gelles discusses his new book, "The Man Who Broke Capitalism: How Jack Welch Gutted the Heartland and Crushed the Soul of Corporate America—and How to Undo His Legacy."

Andrew Patterson, senior international economist at The Vanguard Group, says that recession "is not our base case right now," because economic growth is coming in at reasonable levels, even if it is taking longer than the Federal Reserve was hoping for to achieve that healthier level of activity. Patterson thinks GDP growth can be back to its long-term trend levels by the end of the year. Kathryn Kaminski, chief research strategist at AlphaSimplex Group, talks about alternative investing and how the market has turned has done a 180-degree turnaround from the pandemic's early days -- when one of the best strategies involved being long in bonds and short on commodities -- to what is working now. Also on the show, Jessica Bryant, analyst for BestColleges.com, discusses a survey showing how many people are stymied in their ability to change/upgrade jobs by financial factors like gaps in health insurance coverage or a cash cushion that's too small to cover rent during the transition; and Chuck answers a listener's question about how many investments is too many.

Emily Roland, co-chief investment strategist at John Hancock Investment Management, says the bond market is pricing in 11 quarter-point rate hikes from the Federal Reserve this year, and with three in the books through May, she believes the Fed will step back from its plan and that rates will not move up as much as anticipated. As a result, she is expecting a bond rally that will help fixed-income play its traditional role as a volatility damper in portfolios. Roland says the economy looks to her like it can avoid recession but the stock market is acting like it has arrived, creating opportunities for a bounce-back in equities later this year. Also on the show, Nicholas Marshi of BDCReporter.com talks about how business-development companies have been stronger than the general market thus far in 2022, and how their prospects look bright in a rising-rate environment that has been building without a lot of potential liquidity and credit-quality issues, and Jonathan Smucker of Marietta Investment Partners mixes top-down and bottoms-up approaches talking stocks in the Market Call.

Ron Sanchez, chief investment officer at Fiduciary Trust Company International, says that while the stock market will remain particularly challenging as it waits to see how successful the Federal Reserve will be in helping to curb inflation and keeping the economic pump primed, the bond market has seen yields rise to levels that are attractive right now despite the higher inflation rates. Sanchez expects the market to improve later this year, but to remain choppy throughout. Also on the show, Tom Lydon of ETFTrends.com and VettaFi.com makes a brand new actively managed fund from Neuberger Berman his "ETF of the Week," economist, Danetha Doe of Clever Real Estate discusses rent inflation and how renters are struggling with incomes that aren't rising at the same pace as housing costs, and Chuck answers listener questions about the volatility of individual stocks, and about how the size of a nestegg influences allocation decisions.

Doug Loeffler, executive vice president of investment management at Sierra Investment Management, says his firm is mostly in cash right now because current conditions look like a "very sustained equity drawdown," and while he expects to see the market rally later in the year, he says this is a time for investors to take what the market is going to give them, rather than "trying to tell the market what to do." He's part of a wide-ranging show that also features Kathy Chu, correspondent for TruthDAO, discussing the market for NFTs -- non-fungible tokens -- and how much of the attention-grabbing activity may actually be faked; Hope Manion from Fidelity Workplace Consulting talking about how Americans radically underestimate the amount of health-care spending they will do in retirement; and author Nick Maggiulli, whose new book "Just Keep Buying: Proven Ways to Save Money and Build Your Wealth" encourages investors to buy dividend-producing and income-oriented investments in all market conditions, even the rough ones we see now.

In two different interviews today, experts see a market capable of rallying but not necessarily able to hold off a longer-term bearish trend. Market-timer Heeten Doshi, portfolio manager at Doshi Capital Management, says that we're seeing "a day trader's market" -- high on volatility, low on direction and conviction from buyers -- that is poised for "a big bounce" or a bear-market rally because it has been oversold recently. Likewise, Avi Gilburt of ElliottWave Trader sees a rally that could start "at any point now," which could bring some back and forth that gets the market back to record-high territory, though he sees a long-term bear market that will last for years arriving in or after 2024. Also on the show, Anuj Nayar discusses a recent study from Lending Club and PYMNTS showing that more Americans are living paycheck-to-paycheck, including a lot of people with good salaries and high credit scores, and John Augustine, chief investment officer at Huntington Private Bank discusses stocks in the Market Call.

Greg McBride, chief analyst for BankRate.com, says that while the site's latest survey shows that few Americans are boosting their stock holdings right now, a majority is still as committed to buying stocks as they were a year ago, with more than half of U.S. investors saying they purposely had made no moves in response to current market volatility. In The Big Interview, Ken McAtamney, who runs the William Blair Global Leaders fund, discusses where there are leading companies -- now often trading at discounts -- amid the current market confusion, David Trainer of New Constructs puts Spotify and Pinterest back into "The Danger Zone" because they still have lots of room to fall despite recent setbacks, and Chuck talks about the four lessons he took away from last week's Morningstar Investment Conference in Chicago.

In a bonus interview from Money Life at Morningstar, Sarah Ketterer -- chief executive officer at Causeway Capital Management -- warns investors against turning paper losses into real ones, sticking with what has been working or what still has the potential to pan out that an investor saw when they made their purchase, though she acknowledges that playing with a portfolio on the margins and making moderate changes can help weather the storm and take advantage of the inevitable rebound. After that, Money Life returns to its normal programming, with Duncan Farley of the Destra International Event Driven Credit Fund discussing market opportunities now being created by today's troubling market conditions and how that has led his fund to positive performance at a time when almost all traditional funds are down. Also, Regina Conway, consumer expert at Slickdeals, discusses consumer regrets from online shopping, and Jenny Xia Spradling, co-chief executive officer, at FreeWill discusses how evolutions in investing -- most notably cryptocurrencies -- are impacting estate planning.

David Snowball, founder of MutualFundObserver.com, says that the current market conditions are challenging investors to make sure they have a handle on what they own and why they own it, because they can't depend on the Federal Reserve to manage a soft landing to current economic challenges. It's one of many highlights as Money Life wraps up its coverage from the Morningstar Investment Conference with more pushback to T. Rowe Price manager David Giroux's Day One comments about the perils and follies of international investing coming from Andrew Foster of the Seafarer Funds and Michael Campagna from Moerus Capital. Also on the show, bond fund manager Janet Rilling from Allspring Global and Fidelity's Sammy Simnegar of Fidelity International Capital Appreciation and Fidelity Magellan. Plus Tom Lydon revisits last week's inflation-driven choice by making a stagflation play his ETF of the Week.

Money Life is back for Day 2 from the Morningstar Investment Conference, and the action heats up with more interviews covering wider grounds. A day after T. Rowe Price star manager David Giroux said there's no reason for investors to invest internationally, Chautauqua Capital's David Lubchenco will come back with a counter-attack, talking about how and why foreign stocks are poised to outperform domestics in the next market cycle. Also on the show, Christine Benz of Morningstar on how current market conditions impact retirement planning; two interviews on dividend investing with Scott Davis of Columbia Threadneedle covering domestic stocks and Sid Bhargava of Matthews Asia on overseas opportunities; Ed Rosenberg of American Century ETFs talks about exchange-traded funds and Jonathan Good of the Baird Funds dives into what's happening with small and mid-cap stocks.

Money Life travels to the Morningstar Investment Conference in Chicago, where David Giroux, portfolio manager for T. Rowe Price Capital Appreciation, kicks things off by saying that most investors have no good reason to buy international stocks, noting that they can instead purchase U.S. multi-nationals, and pointing out that the recent market downturn has made many of those companies significantly more attractive now than they have been in years. The rest of today's lineup from the conference: Will Jacobsen of Toggle.ai -- a fintech investment platform company -- Tony Tursich of Calamos Investments discussing ESG investing, Pete Dietrich of Morningstar Indexes talks about the evolution toward personalized indexing, and Mary Ellen Stanek of the Baird Funds talks about bond investing in a high-inflation, rising-rate market.

Paul Dlugosch, portfolio manager for the Buffalo High-Yield, says that the high-inflation and rising-rate environment has been mostly priced in to the high-yield bond market, which will make the quality and strength of corporate earnings the big determinant of whether the junk-bond market can recover or if it will face troubles that linger to 2023 and beyond. Also on the show, David Trainer of New Constructs fills the Danger Zone with mutual funds that get good star ratings from research firm Morningstar, but which get dangerous ratings from his firm, author Tony Delauney talks about "The No-Regrets Retirement Roadmap," and Corie Colliton, senior industry analyst for Security.org discusses the site's recent survey showing how many people are now investing in cryptocurrency and which surprising demographic groups are joining the trend.

Veteran technical analyst Martin Pring of Pring Research says the market is showing signs that the current bear market could be part of a larger, secular bear market. If indeed those long-term trends are bad -- so that the current downturn is part of a larger downtrend rather than a blip in the long-running bull market -- Pring says the current downturn will stick around for 12 to 18 months. Pring also notes that he believes the Bitcoin bubble has popped, though he's not expecting any kind of rebound until more damage has been done to the price of cryptocurrency. Everett Millman of Gainesville Coins -- mostly talking about precious metals investing -- also weighs in on Bitcoin, as does Big Interview guest Jim Masturzo of Research Affiliates, who discusses how investors can and should use alternatives to make progress amid the market troubles. The show also features Bill Kelly, president of the CAIA Association, discussing how many investors place too much importance on having daily liquidity in the funds, without realizing that having short-term access -- which they typically don't use -- for investments they intend to hold for decades has a real cost.

Tom Lydon, chief executive at ETFTrends.com, says that with inflation entrenched in the economy right now and not looking like it will go away for several years, investors need to take steps to deal with the impact that global-supply chain issues and more are having on their investment holdings. To that end, he made the VanEck Inflation Allocation fund his "ETF of the Week," noting that the real-asset strategy will diversify a portfolio by going beyond just using gold as an inflation hedge, mixing in commodities and other real assets that won't be so in-synch with the market. Also talking about exchange-traded funds, Dodd Kittsley, national director for Davis Advisors, discusses the evolution of active ETFs and whether investors should expect active strategies to outperform the passive in today's hyper-sensitive market. Danetha Doe, economist for Clever Real Estate, talks about a survey of college students showing that they are wildly inaccurate in the earnings they project for themselves once they graduate and join the real world, and Chuck answers questions from the audience spurred by the market's downturn in 2022.

Brian Levitt, global market strategist for Invesco says that there is some good news in the market -- with signs that the bond market is expecting inflation to slow and ease and other indicators showing promise -- but everyone should be watching the impact of Federal Reserve interest-rate hikes to see how long the current doldrums drag on. Levitt noted that less than 25 percent of companies on the New York Stock Exchange are trading above their 200-day moving average, and that the market typically bottoms out when that number reaches 15 percent, but he noted that commodity prices, interest rates and inflation all must moderate before the market gets to a more solid footing. Also on the show, Professor Pelin Pekgun from the Darla Moore School of Business at the University of South Carolina discusses inflation and how supply chain issues typically get resolved so that an economy can break the cycle of rising prices and shortages to return to normal, Ted Rossman of Bankrate.com discusses the record levels of household debt -- but a surprising drop in credit-card debt -- reported Tuesday by the Federal Reserve Bank of New York, and Andy Behar of As You Sow discusses the group's research showing that many social investment funds aren't practicing what their name says they should preach, holding stocks that don't belong in a fund built around current governance standards.

Chris Zaccarelli, chief investment officer for the Independent Advisor Alliance;, says that the current economic situation is different from the Covid meltdown or other recent difficult times because "This time, the Fed doesn't have your back." As a result, investors should not expect a V-bottom to the downturn and a quick bounceback, and investors should be making marginal changes to their portfolios, playing defense and not relying on a rising tide to raise up indexes in the short- and intermediate term. In the Talking Technicals segment, Willie Delwiche, investment strategist at All Star Charts, says that the market needs to see capitulation before it can start to rebuild, and the recent heavy action has not yet represented that kind of market emotion. Also on the show, portfolio manager Lance Cannon of Hood River Capital Management talks small-cap stocks in the Market Call, and Chuck talks crypto and more in the Weird Financial News.

John Bonnanzio, editor at Fidelity Monitor & Insight, says investors need to be as cautious as possible right now, focusing in on their investment time horizon so that they can ride out the potential downturns on the table in the short- and intermediate-term as the market sorts out the high-inflationary environment. Bonnanzio notes that investors with long time frames may want to consider how some of Fidelity's biggest-name large-cap funds are already in bear market territory, which actually has them priced relatively cheap and poised for a profitable bounce-back once the market sorts current conditions out. Also ont he show, David Trainer of New Constructs puts two stocks in the same industry - Equinix and Digital Realty Trust -- into the Danger Zone, and Larry Swedroe of Buckingham Wealth Partners discusses his latest book, "Your Essential Guide to Sustainable Investing."

Jim Welsh, macro strategist at Smart Portfolios and the author of MacroTides, says he still believes the market can rally during the last half of the year, but he says investors have to respect the current downtrend, which is likely to get worse before any bounceback. Welsh notes that consumer savings should help absorb inflation, business spending is up, demand is higher and he believes the economy has enough internal strength to avoid recession so long as the Federal Reserve doesn't have to raise rates above 2.5 percent. If rates rise higher, Welsh says it could lead to a recession in 2023. Also on the show, John Cole Scott, chief investment officer at Closed-End Fund Advisors discusses how to find the right issues to deal with the rising-rate, high-inflation conditions, Chuck discusses some things that he has never head said by experts during the first 10 years of the show, and Janet Brown of FundX Investment Group discusses funds, ETFs and the "upgrading" investment style in the Market Call.

Alan McKnight, chief investment officer at Regions Asset Management says that "the path forward is different than the path we have been on," and that investors must now keep inflation and interest rates "top of mind" as they rethink what is possible and reasonable for the market. He noted that Regions' forecast of returns of 1.5 to 2 percent annualized gains for bonds and roughly 6 percent average gains for stocks over the next decade, which along with heightened volatility will be hard for many investors to stomach. Also on the show, Tom Lydon of ETFTrends.com makes a long-running, big-name dividend-paying fund his ETF of the Week, Chuck answers a listener's question about investing in I-bonds, and advisor Oliver Pursche of Wealthspire talks about stocks and investing defensively in the Market Call.

Lawrence McMillan, president of McMillan Analysis, says that he is seeing signs of a bear market -- which he believes we are in -- in the form of heightened volatility where rallies are in full force one minute and wiped out the next. McMillan says that while the market is showing signs of being oversold, it's not time to act on that yet because only one of the eight primary indicators he tracks is bullish right now, "and it will take a while for them to come around." Also on the show, Bob Powell, the editor of Retirement Daily, talks about how poorly prepared many retirement savers are for dealing with long-term heightened inflation, noting that 'You won't be able to invest your way out of this,' Ted Rossman discusses a Bankrate.com survey on how people are altering summer travel plans based on the economy, and David Brady of Brady Investment Counsel talks about growth investing in the Market Call.

Charles Rotblut, editor of the AAII Journal -- Money Life's all-time leader in guest appearances, but also the person responsible for maintaining the American Association of Individual Investors' sentiment survey -- says that investor optimism over the last three weeks has reached some of the lowest levels seen since the group started its survey in 1987. Rotblut says that when optimism is unusually low, "you tend to see outperformance in the Standard & Poor's 500 over the following six months and 12 months. ... When people are too negative, it's usually a good time to get greedy." But in the Market Call, Stephen McKee of the No-Load Mutual Fund Selection & Timing newsletter says that he still sees too much bullish sentiment and that he doesn't think the market will turn around until investors get negative; until that happens -- and for many months now -- McKee and his newsletter have been bearish. Also on the show, Greg McBride, chief financial analyst for BankRate.com discusses the Federal Reserve's upcoming rate hike and how higher interest rates and rising inflation will affect savers and borrowers in the years ahead.

On the 10th anniversary show for Money Life, legendary bond fund manager Dan Fuss, vice chairman at Loomis Sayles & Co., says that the Federal Reserve is "trapped," and will not be able to fully control inflation and that investors will be living with higher inflation and interest rates "for likely the next 10 years." Fuss compares today's bond market conditions to the Korean War era, and says investors need to adjust their expectations and get used to living with it. Also on the show, David Trainer of New Constructs revisits some of the most successful Danger Zone selections that -- despite being hammered since they were labeled as dangerous -- remain poised for more damage, and money manager Tom McIntyre of McIntyre, Freedman & Flynn, who appeared in the first-ever Money Life Market Call -- is back talking stocks in that segment again today.

Craig Johnson, senior research analyst at Piper Sandler, says that the market's current washout is setting up "a very healthy rally into year-end" that could see the Standard & Poor's 500 finish the year above 4,700, a particularly healthy move because the current pain and decline has longer to go before the turnaround begins. Johnson is currently overweight in energy, basic materials and large-cap technology stocks, and underweight in health care, communications/media stocks and consumer cyclicals. That interview contrasts with Bill Stone, chief investment officer at Glenview Trust, who suggested that investors hold tight to fundamentals and the teachings of Warren Buffett, understanding that while there may be a rally in the market, there is a recession on the horizon, likely arriving after the next year. Also on the show, Nathan Shetty, head of multi-asset for Nuveen, discusses diversifying to generate consistent gains and safety in a low-return environment, and author Scott Nations discusses his new book, "The Anxious Investor; Mastering the Mental Game of Investing"

Frank Holmes, chief executive/chief investment officer for U.S. Global Investors, says current economic and socio-political conditions have the market in the middle of a downturn that could grow into a full-blown recession accompanied by a bear market, but he expects central bankers and politicians to print as much money as is necessary to keep economic engines running and to minimize the setbacks. Also on the show, Tom Lydon of ETFTrends.com makes the Invesco Water Resources fund -- a long-running fund that is a different kind of play on the natural resources space -- his ETF of the Week and Craig Hodges, chief investment officer for the Hodges Funds, talks bottoms-up investing in stocks in the Market Call.

Thomas Winmill, manager of the Midas Fund, says that while gold has not done well in its traditional role as an inflation hedge over the last year as higher prices have gripped the country, it would be too early to give up on precious metals filling that role, especially as inflation stays in place for longer than was initially expected. Winmill also notes that if the economy heads into a recession, the permanence of gold will elevate it over cryptocurrencies and other hot assets that have been proposed as alternatives to precious metals in troubled times. Also on the show, Rob Williams of the Schwab Center for Financial Research, discusses a recent survey showing how younger generations are re-imagining retirement, resulting in better preparedness for their golden years, even as those times will look different than the standard retirements of the past. In the Market Call, Brent Wilsey of Wilsey Asset Management talks about crunching the numbers on stocks, especially during volatile times like what investors are facing now.

Sameer Samana, senior global market strategist at the Wells Fargo Investment Institute, says that the stock market has been seeing its various drivers falter since last year, starting with uptrends turning to downtrends in developed markets like Europe, then in emerging markets, then small- and mid-cap stocks, and now domestic large-cap stocks. With less than half of the market sectors showing positive trends now, Samana says "This is not a time to be playing offense, this is a much better time to be playing defense." In The Big Interview, Dhaval Joshi, chief strategist at BCA Research, talks about inflation and how he believes the drivers for it have peaked, which should mean it begins easing significantly, even if that doesn't show up in the measures for a while. And in the Market Call, George Young of the Villere Funds talks about long-term investment strategies with small-company stocks.

Economists -- as judged by the latest Business Conditions Survey released today by the National Association for Business Economics -- do not see inflationary pressures subsiding immediately but they believe the damaging impact to the market of high inflation, rising interest rates and global supply-chain issues will stop short of creating a recession in the United States. Economist Lester Jones discusses the survey results, and the prospects for the domestic economy while inflation and war persist. Jason Hsu, chief investment officer at Rayliant Global Advisors, says that the China market is tenuous right now -- with the country dealing with a continuing Covid crisis and also trying to be neutral in the Ukraine War -- but also poised to be a good opportunity for active investors now. Also on the show, Kyle Guske of New Constructs gives us new reasons to dislike Gamestop and Carvana, as he puts them back into the Danger Zone, and Chuck Carlson of Horizon Investment Services -- editor of The DRIP Investor newsletter -- talks stocks in the Market Call.

Zach Jonson, senior portfolio manager for Stack Financial Management, says that inflationary pressures that haven't been seen in over 40 years and the tightest labor market in history mean that what has worked in recent years will not be panning out so well going forward. That means "This is not your father's market," Jonson says, and investors need to go old school and get more defensive, expecting to see some pain before they the market gets positioned for a long-term recovery. Jonson also notes that the average constituent of the NASDAQ Composite Index is down 42 percent from 52-week highs, so while index returns have yet to show substantial drawdowns, a lot of investors have already suffered serious pain, which is likely to get worse from here unless they make defensive moves. Also on the show, Mike Taggart of Taggart Fund Intelligence and the Active Investment Company Alliance, talks about how closed-end funds fared during the rugged first quarter of the year, Derek Izuel of Shelton Capital Management covers international markets and how current events will have long-term impacts over how foreign investments are used and perceived, and Medicare expert Diane Omdahl of Sixty-Five Inc. discusses the importance of shopping around and knowing the rules before buying Medicare supplement insurance coverage.

Before even getting to today's interviews, Chuck discusses the fallout from Netflix losing one-third of its value on Wednesday, and how a big popular security being challenged this way becomes the perfect opportunity for individuals to see if their portfolio has passed a key stress test. Also on the show, Tom Lydon of ETFTrends.com picks a new fund highlighting the consumer market in India as his ETF of the Week, David Rainey of the Hennessy Focus Fund discusses the market and the challenges of concentrating a portfolio during times with high inflation and rising interest rates, and Patrick Healey, president of Caliber Financial Partners, talks stocks in the Market Call.

Chris Retzler, portfolio manager for the Needham Small Cap Growth Fund, says that current economic conditions impacting growth stocks have weighed particularly heavily on smaller companies, and he expects that pain to continue, worsening about a year out as the economy struggles to digest higher inflation and heightened interest rates. In the Market Call interview, Retzler notes that he expects that tough period to set up some strong buying opportunities that will pay off for long-term investors down the line. In the Big Interview, Rahul Sen Sharma, managing partner at Indxx -- which develops new indices for use measuring the investment world in different ways -- talks about how indexing is evolving, how it's possible to accurately capture something as complex as the Metaverse in a benchmark, and how individual indexes and other measures need to avoid falling into the trap of using a good methodology -- indexing -- but applying it poorly to the investment world. Also, Chuck answers a listener's question about whether debt payoff strategies change in a high-inflation, rising-rate environment.