Money Life with Chuck Jaffe

Chuck plays a recent cold-call conversation in which a representative from "Card Services" suggests that a superior credit history has earned the chance for a credit card that charges zero interest ever, and that offers 20 percent cash back for every purchase. The card may be too good to be true -- though Chuck got multiple offers for it -- but the conversation must be heard to be believed. And it's calls like that -- and other personal financial issues -- that leave many seniors vulnerable to fraud, scams and also family money pressures; in today's Book Interview, Naomi Karp, co-author, "Thinking Ahead Roadmap: A Guide to Keeping Your Money Safe as You Age" discusses the importance of selecting a "financial advocate" and the role they can play as you age. Also on the show, Matt Zajechowski discusses a HomeAdvisor.com survey into how many people would be willing to move into a tiny home, especially if it help them beat the rising cost of housing, plus we revisit a recent conversation with Chris Vermeulen, chief market strategist for The Technical Traders Ltd.

Buck Klintworth, senior vice president and portfolio manager at Chase Investment Counsel, says there "are very few glimmers of hope out there" in the stock market right now, noting that the market currently resembles 2007 when it was reaching highs ahead of the major downturn of 2008. With high inflation and rising interest rates, Klintworth says that "We are sort of playing 'Fear Factor, Stock Market edition,' and when that happens, nothing good happens for people." Klintworth acknowledges that the market might be able to avoid big trouble, but says investors need to recognize that the market currently may be building a top. In the Danger Zone segment, David Trainer of New Constructs says that the recent actions of Elon Musk are not only going to impact the way investors see Tesla, but all meme stocks, and he expects that Musk's dalliance with Twitter will wind up being a catalyst for investors to take a bigger look at fundamentals, creating a major problem for Tesla and other hot stocks. Also on the show, Bob Long of Conversus discusses investments in private equity and the importance of being committed to riding and overcoming "the J-curve" in order to succeed in the space, and Martin Leclerc of Barrack Yard Advisors discusses the importance of companies generating cash as he talks about stocks in the Market Call.

Karl Mills, president of Jurika, Mills & Keifer, says that the high-inflation, rising-rate global economy is challenging investors to buy assets "that float and swim," namely stocks and real estate, because bonds -- the traditional safe asset -- sink in these conditions, with "an almost-guaranteed loss of purchasing power." Mills thinks the market has the potential to rise from now to the end of the year, but says that any rally will be more sector- and industry-specific rather than being an across-the-board higher tide for all. Meanwhile, Jose Torres, senior economist at Interactive Brokers, says that consumers are slowing down and cutting back spending before the Federal Reserve has done much tightening, which he considers a potential warning sign for how the economy could struggle as the central bank grapples with trying to create a proverbial soft landing. Also on the show, Tom Lydon of ETFTrends.com looks to Brazil with his ETF of the Week, and Ted Rossman of CreditCards.com discusses how consumers are already changing/reducing their summer spending plans.

John Waggoner, financial editor at AARP.org, says that the current wave of inflation -- most recently pegged on Tuesday by the government at 8.5 percent -- is not the same as what older investors remember from the late 1970s and early 1980s, but he cautions those older investors to avoid knee-jerk reactions to higher prices, noting that diversification -- buying undervalued securities, investing in securities delivering long-term income streams, and even holding cash to avoid having to sell anything into current conditions -- remains the time-tested way to avoid getting crunched by volatile markets and troubled economies. Also on the show, Ed Carson, news editor at Investor's Business Daily, discusses the latest IBD/TIPP Economic Optimism Index, which remained in negative territory for the eighth straight month despite a massive, 11 percent uptick in positive sentiment, and Daniel Kern, chief investment officer at TFC Financial Management, talks about mutual funds and ETFs -- and how individuals might be tinkering with portfolios now -- in the Market Call.

Leading retail industry analyst Dana Telsey, chief research officer at Telsey Advisory Group, says that the retail industry is poised to overcome high inflation, rising interest rates, supply-chain issues stretched by Russia's invasion of Ukraine and more thanks to culture and structural changes, the closing of struggling stores and lagging shopping centers and a resilient, healthy consumer. Telsey acknowledges how retail struggled during the first quarter of the year, but noted that she has high hopes for the remainder of the year, especially as big events and celebrations return to help drive additional shopping. Talking technical analysis, Brent Kochuba, founder of SpotGamma.com, says that current neutral sentiment among traders is a warning sign that a market decline could be in the offing, particularly if the Standard & Poor's 500 remains below the 4,500 level, allowing volatility to build up, potentially generating downward pressure. In the Book Interview, Mary Childs -- co-host of Planet Money on National Public Radio -- discusses her recent book "The Bond King: How One Man Made a Market, Built an Empire, and Lost It All," all about legendary fund manager Bill Gross.

Jurrien Timmer, director of global macro for Fidelity Investments, says that investors are betting that the current market can be a replay of 1994 -- when the Federal Reserve was raising interest rates to offset inflation and shooting for a proverbial soft landing -- which could mean a sideways path or a holding pattern while the central bank is tightening. Timmer says that while earnings are growing, the market can avoid a more significant downturn. David Trainer of New Constructs explores companies where "street earnings are too high," which means they are in danger of an earnings miss; his list of companies in this condition includes Amazon.com and financial giants Invesco and Wells Fargo. Also on the show, author Keisha Blair discusses "Holistic Wealth" and how the approach can help individuals overcome the disruption of recent events to reach their financial goals, and Chuck answers a listener's question about changing financial advisers.

Jeff Bishop of RagingBull.com says that gold is setting up on a technical basis for a strong rally over the next year. While gold is often used as a hedge against inflation -- and it has struggled in that role as inflation across the country has reached its highest levels in 40 years -- Bishop says it is currently poised to go "well above $2,000" in the next year. Bishop, who is not typically a gold bull, says that rising inflation and interest rates and other fundamental issues are combining with strong technicals to make the precious metal as one of the better long-term trades investors can make now. In The NAVigator segment, Steven Bavaria of "Inside the Income Factory" on SeekingAlpha.com, discusses how investors seeking cash-flow without much regard for total return have been weathering the market's storms of the first quarter, Bankrate.com analyst Sarah Foster discusses the site's "True Cost of Insurance" report, and Ivana Delevska of SPEAR Invest talks about investing in industrial companies and industrial technology stocks in the Market Call.

Kathy Boyle, president of Chapin Hill Advisors, says she expects the stock market to go through a "very bad period" ahead, the result of a recession that she thinks is brewing right now, a hunch that is supported by an inverted yield curve, high inflation and other conditions. As a result, she says investors don't want to hold long-maturity bonds, and need to be careful about dividend-focused funds and broad market exposure. Also on the show, Tom Lydon of ETFTrends.com says that the JETS ETF has the potential to give investors a nice takeoff and a soft landing, Matt Schulz of LendingTree discusses what taxpayers are planning to do with any refunds they receive this year, and retirement expert Anne Lester -- the former head of retirement solutions for JPMorgan Asset Management -- talks about how long-term investors might adjust portfolios and strategies now, without letting current events completely take over and messing things up.

Bryce Doty, senior portfolio manager at Sit Fixed Income, says that a miserable first quarter and the threat of more interest-rate hikes have bond investors feeling miserable, but he believes that the worst is over for bonds, noting that the rate hikes have already made it that investors can now generate at least a small amount of income from short-term bonds, something that wasn't possible at the start of the year. Doty says that he doesn't think the Federal Reserve will be able to take rates as far as central bankers seem to want to go, due to some economic struggles; that moderation, in turn, means less damage to the bond market, giving bond investors a reason for optimism even though headlines make things seem bleak. Also on the show, Roger Young from T. Rowe Price discusses the firm's 14th annual "Parents, Kids & Money" survey, which showed that the emergency of cryptocurrency has created excitement in families and the opportunity for more meaningful talks about money and investing, and Andy Braun of the Pax Large Cap fund discusses ESG investing and stocks in the Market Call.

Chris Vermeulen, chief market strategist at The Technical Traders, says that 'the red flags are in the air that the market is ready to roll over,' and while he sees the current rally continuing for another month or two, any upward moves right now are setting up for a bear market, a downward move of more than 25 percent. "Somebody putting money into almost anything right now is carrying a ton of risk," Vermeulen says. "Everything is very overpriced." Also on the show, Chuck looks back at the completion of the NCAA men's basketball tournament on Monday and uses it as a metaphor for building a portfolio, and we revisit a recent discussion with Edward Yardeni, chief investment strategist at Yardeni Research.

David Trainer, president at investment-research firm New Constructs, says that 80 percent of the Standard & Poor's 500 companies are overstating earnings, and he highlighted Illumina as topping the list, saying the company is overvalued as a result. The company is currently trading for about $350, but Trainer put it in "The Danger Zone" because it has an economic book value of "negative two dollars." Also on the show, Ron Ruffinott of Toluna discusses their recent survey showing that one-third of Americans feel markedly worse off financially now compared to a year ago, economist/author Jonathan Haskel discusses his new book -- "Restarting the Future: How to Fix the Intangible Economy," and Brad Lamensdorf of Active Alts and the Ranger Equity Bear ETF returns to talk stocks in the Market Call.

Brad Lamensdorf, editor of the Lamensdorf Market-Timing Report and chief executive officer of Active Alts, says that investors can expect a lot of 'sub-surface volatility throughout the entire year," but all of that chop amounts to the market getting past the bigger-than-expected gains of 2020 and 2021. Lamensdorf says that most market sentiment gauges and indicators are negative but that is creating some pockets of opportunity, though they are hard to spot amid bear-market bounces. Also on the show, Edward Yardeni of Yardeni Research returns for a second day, this time to talk about his latest book, "In Praise of Profits," Michael Bell of Primark Capital discusses how private-equity investments can bring something to a portfolio that most investors are missing, and Simon Lack of SL Advisors -- the firm behind the American Energy Independence Index -- returns to talk about energy stocks in the Market Call.

Edward Yardeni, president and chief investment strategist at Yardeni Research, says that the current wage-price-rent spiral is likely to spur businesses to spend money to increase the productivity of workers. If that innovation and change occurs -- and Yardeni believes there will be a 'productivity boom' -- a decade that started out pretty badly could instead turn into the Roaring 2020s. Yardeni says that solid economic underpinning will make it that inflation and interest rate hikes will not turn into a repeat of the 1970s, avoiding deep, long recessions or worse even while conditions feel bad. Also on the show, Tom Lydon of ETFTrends.com looks to emerging markets and internet/e-commerce for his ETF of the Week, and Ryan Jacob, chief investment officer of the Jacob Funds, talks technology stocks in the Market Call.

There is nothing about inflation hitting its highest levels in 40 years that makes anyone feel good, but Chuck looks beyond the big number to talk about the actual impact that higher prices are having on people, and concludes by noting that the costs and the choices inflation is creating are uncomfortable but manageable. As a result, while he understands the grumbles -- saying he complains himself every time he fills up his gas tank -- his bigger message remains that 'Higher inflation is not going to break you.' Also on the show, Marketwatch columnist Brett Arends discusses the fallout from Barstool Sports founder Dave Portnoy calling Warren Buffett 'washed up,' a call that looks particularly foolish given the time since when Warren Buffett's personal fortune roughly doubled to over $100 billion in short order. Mark Hamirck of Bankrate.com discusses his site's latest survey of workers and their outlook on jobs and working conditions, and Jillian DelSignore of FLX Networks discusses the evolution of the ETF business and the trend of traditional mutual funds converting to the exchange-traded fund structure.

Matt Hougan, chief investment officer at Bitwise Asset Management, says that the cryptocurrency market's fear over regulation is misplaced, and while threats of regulation send the market into a tizzy, he thinks that worry is misplaced and directed toward heavy-handed regulatory efforts. He thinks the potential for regulation will turn from a headwind to a tailwind, because decentralized finance goes mainstream through regulatory guidance that makes consumers more comfortable with digital assets. In a wide-ranging interview, Hougan also talks about how cryptocurrencies have performed against inflation, in the war in Ukraine and more, and discusses how non-fungible tokens are the latest verse in an age-old song of how societies develop arts and cultures during times of financial success. Also on the show, Shelly-Ann Eweka, senior director for advice strategy for TIAA, talks about how gig workers and others with non-traditional jobs can still participate in traditional retirement-savings programs, and David Miller of the Catalyst Mutual Funds discusses investing with an eye on climate change in the Market Call.

David Trainer, founder and president of New Constructs, says that HubSpot is worth only about 15 percent of what its stock currently is trading for, and he's putting it in 'The Danger Zone' because it faces stiff competition in an industry that is being commoditized, leaving it littel room to grow profitably, let alone at the incredibly high valuation the market has given the stock for now. We've also got Mike Bailey of FBB Capital partners, back to discuss his new book 'Stop. Think. Invest: A Behavioral Finance Framework for Optimizing Investment Portfolios, plus Ken Mahonet of Mahoney Asset Management talks stocks and ETFs in the Market Call, and Chuck shares his thoughts and appreciation for Ned Johnson, the man who built Fidelity Investments from a family business to the world's largest and most influential financial-services firms.

Joe Kalish, chief global macro strategist at Ned Davis Research, says that longer-term inflation will be what determines whether the economy can continue to avoid a recession and the market can sidestep a protracted downturn. With that in mind, Kalish expects the Federal Reserve to raise rates repeatedly until it can be confident that inflation has peaked, is passing through temporary troubles and gets to long-term target levels at 2.1 percent. Kalish, says, though, that he believes that goal will take longer than the Fed expects to be accomplished, meaning that economic doldrums will also go on for longer than forecast. In The NAVigator segment, Mitchel Penn of Oppenheimer and Co., talks about the challenges of analyzing and evaluating business-development companies, highlighting why one particular BDC -- Runway Growth Finance Corp. -- appears ready to outperform the market and the competition. And in the Market Call, Mike Bailey, director of research for FBB Capital Partners, talks about taking a "beat and raise" approach to managing a portfolio of stocks during trying market conditions.

Hank Smith, head of investment strategy for The Haverford Trust Co., says that rising volatility and heightened uncertainty shouldn't push investors out of the market, because times like these prove the value of being fully invested in all conditions, and having money in the market whenever a bottom is reached. In the Market Call, Smith talks about how owning great companies with long histories of dividend payments creates the confidence to ride out tough times en route to long-term success. In the 'ETF of the Week' segment, Tom Lydon, chief executive at ETFTrends.com, discusses one of the biggest, most-popular ETFs -- a Standard and Poor's 500 Index fund from Vanguard -- noting that the pick isn't just trending but it's an appropriate allocation for investors with too much cash on the sidelines. Also on the show, Kirsten Grind, co-author of 'Happy At Any Cost: The Revolutionary Vision and Fatal Quest of Zappos CEO Tony Hsieh,' and Ted Rossman, senior industry analyst at Bankrate.com discussing the site's 2022 Gas Cards Survey and whether using a branded card can really help you out at the pump.

Jeffrey Cleveland, chief economist at Payden and Rygel, says that he expects inflation to settle down and for the economy to reach full-employment levels by the end of the year, creating earnings and economic growth that sidesteps any potential recession. Cleveland expects the market to recover its early-year losses and show modest profits by the end of the year. Also on the show, Shelly-Ann Eweka of TIAA discusses survey results showing that women's finances in retirement make them much more financially vulnerable than men are, and Samuel Adams, chief executive officer of Vert Asset Management -- which runs the Vert Global Sustainable Real Estate Fund -- talks environmental, social and governance (ESG) in the Market Call.

Jeffrey Kleintop, chief global market strategist at Charles Schwab & Co., says that earnings will continue to power the stock market which he expects to overcome current concerns about high inflation and rising interest rates to finish the year with the kind of high single-digit gains he was expecting several months ago when he posted his annual outlook. Kleintop says he expects inflation to calm quickly enough that investors might forego the traditional hedges in favor of international investments, which he says tend to do well in inflationary times and which will outperform the standard inflation-driven portfolio moves. Also on the show, Sham Ganglani discusses Fidelity Investments' latest State of Retirement Planning study, noting the conditions of the typical retirement saver coming out of the pandemic, and Eric Boughton of Matisse Capital talks about closed-end fund investing in the Market Call.

Terri Spath, founder and chief investment officer at Zuma Wealth, says that stock market and economic conditions have her lightening up on technology stocks but adding to commodities, going up to her traditional limits on commodities because that's where managers can deliver a better return in markets currently affected by the war in Ukraine and more. Spath notes that she is moving away from bonds, most notably floating-rate bonds -- despite a rising-rate environment that has many experts expecting them to thrive -- high-yield corporates and even Treasury bonds. Spath says she still believes the stock market will book gains for 2022, with most of the positive action coming in the second half of the year. Also on the show, Julia Pollak, chief economist at ZipRecruiter, discusses the latest Economic Policy Survey out today from the National Association for Business Economics, Kyle Guske of New Constructs says a classic mutual fund with one of the most veteran managers ever -- more than 50 years at the helm -- is headed for trouble, and Allen Bond, the head of research at Jensen Investment Management talks in the Market Call about buying high-quality businesses at reasonable prices.

Matt Harris, chief investment officer at The Hausberg Group, says that it has been a market year of extremes, a polarizing year where the stock and bond markets have been oversold, gold has been overbought and investors and their emotions have been whipsawed by the moves. Yet he sees many of the factors creating those conditions as mitigating and calming down now, and as those factors stabilize he notes that things will get 'less bad,' which should be enough to keep the market on solid footing and with slow gains moving forward. Craig Callahan, chief executive at ICON Advisers returns to the show, following on Thursday's discussion about his book on 'unloved' bull markets, noting that he sees stocks on average right now to be about 9 percent below the firm's fair value estimate right now. Further, Callahan says that 2022 may be a year where there are positive outcomes despite no catalyst for a market rally, because 'if you priced in horrible and it turns out just being bad, you could have a rally.' Plus, Seth Brufsky of the Ares Dynamic Credit Allocation Fund talks about how current events are affecting the capital markets, and Chuck talks about how important it is for investors to lean into all types of risk now.

Craig Callahan, founder of ICON Advisers and author of a new book, 'Unloved Bull Markets,' says that investors who have relied heavily on price-earnings ratios to evaluate stocks have been fooled. He says that p/e ratios are 'totally worthless in predicting future returns, and notes that stocks were never overvalued in the long bull market run after the 2008 financial crisis, nor are they overvalued now, in a bull market that has only been stalled by current events. He adds that investors who focus on macro concerns like war, inflation and interest rates are missing the ground level action where individual companies look good. Also on the show, Tom Lydon of ETFTrends.com heads to the oil patch with an energy pick impacted by global events for his 'ETF of the Week,' Chuck gives his quick take on how to read the Federal Reserve's moves and statements from Wednesday, and Tom Plumb of the Plumb Funds talks stocks in the Market Call.

Michael Power, strategist at NinetyOne, says that investors might be tempted to run away from the market, but there is no real place to hide with high inflation and low yields making it that the traditional safe-havens are losing purchasing power. Power says that there is a possibility of recession arriving late last year or early in 2024, which makes diversification across asset types and around the globe prudent. Also on the show, Lou Harvey, president at DALBAR Inc., discusses the firm's research on asset-allocation models and about their new Prudent Asset Allocation method, which has adherents lock down the core of their nestegg but be more aggressive with their remaining holdings to produce bigger-but-safer results. Plus Carol Anderson of MQ Research and Education discusses how well financial advisers are building and retaining trust at a time when meetings are infrequent, and Chuck reads a special letter he received from an audince member who is about to have his pursuit of life overtake his pursuit of money.

Meb Faber, co-founder and chief investment officer at Cambria Investments, says that investors aren't just dealing with headline issues of war, inflation and rising interest rates, but he notes that the market has turned to what he called an 'expensive downtrend,' which is historically a time when returns tend to be zero or negative. Faber says he worries that this could be a moment where investors could blink and turn around to say 'Wow, when did all of these stocks go down 75 percent.' He says that the right way for investor to get through these kinds of conditions is through proper diversification, including significant international exposure even though current events make it hard emotionally to invest overseas. In the Talking Technicals segment, Gene Peroni of Peroni Portfolio Advisors says that conservative investors should be waiting for the market to see several strong consecutive days -- or a 1,000-point plus day -- before they consider the recent downturn as potentially turning into a buying opportunity. And in the Market Call, Robert Cantwell of Upholdings and the Compound Kings ETF talks about the importance of finding the right kind of long-term growth, and discusses why that currently has him a bit sour on Warren Buffett's Berkshire Hathaway, but sweet on Amazon.com and Meta Platforms (Facebook), which he says are trading at 'a multiple that we have not seen in their publicly traded histories.'

George Kinder, president of The Kinder Institute of Life Planning -- generally recognized as the biggest moving force behind the life-planning approach to personal financial management -- says that investors need to look at where they can minimize risks in current conditions, but do that without blowing up financial plans because they are better off holding to their plans than changing them just because of current or even persistent economic and global events. Kinder says that the pandemic and other conditions have actually helped many people make progress on their life plans, because it simplified the economics for many people and helped them focus on what is important. In the Danger Zone segment, Kyle Guske of New Constructs looks at Airbnb and Squarespace, two stocks that have been hammered during the market's recent fall but where he believes the troubles are only starting and there's another big loss to come. And in the Market Call, hedge-fund manager Steven Grey of Grey Value Management discusses the importance of getting your buy prices right, noting that buy-and-hold investors who overpay dramatically for a stock are committing a form of 'slow-motion financial suicide.'

Joe Terranova, chief market strategist at Virtus Investment Partners, says 'the enemy right now for investors in the market is time,' and understanding how to be patient, because the market's current troubles are masking economic strength and the likelihood of a U-shaped recovery. He expects that a record year for corporate buybacks and an investing public that is flush with cash should buffer the market against any prolonged downturn, creating a recovery for patient investors who ride it out. In the Talking technicals segment, Matt Fox of Ithaca Wealth Management says we are currently experiencing a cyclical bear market within a secular bull market, but notes that that charts are 'screaming caution,' and that investors who have been conditioned to buy every dip should be waiting for 'a wash-out in sentiment before the charts give an all-clear.' Also on the show, Mike Taggart of Taggart Fund Intelligence and the Active Investment Company Alliance returns to The NAVigator to answer listener questions about the persistence of discounts, and Joe Rinaldi of Quantum Financial Advisors talks both stocks and exchange-traded funds in the Market Call.

Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Co., says that war, inflation and more are changing the narrative for the market, but mostly for the short term. He still believes the domestic stock market is positioned to outperform later this year and into 2023 as the strong economy is able to flex its muscle and have influence that overcomes the headlines. He suggests looking for companies in areas that are becoming undervalued now, like small-cap stocks. Also on the show, Tom Lydon, chief executive officer at ETFTrends.com, makes the ETF of the Week a trend-following play on a commodity and, in the Market Call, Dave Sekera, chief U.S. market strategist for Morningstar, makes his debut talking about stocks and a market that he says has pivoted from overvalued to about 10 percent undervalued now after the early struggles of the year, making it much easier to find stocks worth buying.

Ed Carson, news editor at Investor's Business Daily says that current conditions are worrisome enough that investors may not be able to adjust their attitudes quickly, as they do in more normal times. Discussing the IBD/TIPP Economic Optimism Index, Carson discusses how the big decline this month was caused by gas prices as much or more than by war in Ukraine, but he notes that given how fast prices have risen at the pump, the decline in confidence may just be getting started. Also on the show, Chuck answers a listener's question about which investment companies are avoiding Russia, and author Joe Sanok chats about changing your lifestyle and making Thursday 'the New Friday.' In the Market Call, Andrew Graham of Jackson Square Capital talks stocks and in the lightning round revisits three securities that Chuck discussed on yesterday's show with David Harden of Summit Global investments.

Stephen Dover, chief market strategist at Franklin Templeton Investments, says that the experts have been off the mark in forecasting how the market would respond to the war in Ukraine, to rising inflation and more, which has him focusing on individual stocks and their fundamentals rather than letting the macro-economic outlook determine investment positions. Turning to the market's technicals, Michael Kahn, senior market analyst at Lowry Research Corp., says the current decline is not yet a buy-the-dip opportunity, and that he will remain on the sidelines until the tide turns and investors start rushing to put their cash to work. nd in the Market Call, David Harden, chief investment officer at Summit Global Investments, talks during the Market Call about managing volatility in stocks during these back-and-forth times.

Jeff Weniger, head of equity strategy at WisdomTree Asset Management, says he expects unemployment to drop potentially below the 3 percent level -- which is better than so-called 'full employment' -- which takes 'the stag' out of stagflation possibilities. With the jobs market not being stagnant, Weniger says the economy can power through rising inflation and interest-rate concerns to keep moving forward, even if consumers and investors suffer some discomfort along the way. Also on the show, David Trainer re-visits Danger Zone picks Shopify and Coinbase after their recent earnings reports and says that the big recent declines in each stock are still just the beginning of the problems for investors who stick around. In the Market Call, Bernie Horn of Polaris Global Value talks stocks and the impact that the war in Ukraine is having on global markets.

Katie Stockton, founder at Fairlead Strategies, says the market appears to be in a long-term trading range for 2022, not because of the geopolitical concerns over war in Ukraine or the worrisome inflation numbers or pressure on interest rates at home, but instead based on technical reasons which show that the major indexes have lost upside momentum and will struggle to get it back. In the Big Interview, Scott Knapp, chief market strategist for CUNA Mutual Group, says that the conflict in Ukraine has changed the headlines, but it shouldn't have changed portfolios much because economic struggles were easy to foresee at the end of last year; likewise, he's not changing his outlook or strategy for 2022 until he sees a slowdown in demand and a reduction in gross domestic product. This show also features John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance, discussing the promising investments created by an important recent evolution in closed-end funds, and Kevin Kelly of Kelly ETFs -- a firm with funds specializing in gene-editing technology, residential and apartment real estate, and hotel and lodging companies -- talks stocks in the Market Call.

Greg Valliere, chief U.S. policy strategist at AGF Investments, says that several interest rate hikes will not sour the economy now, so that if the Federal Reserve doesn't go too far on tightening, there's no reason for a recession. Valliere says that he does expect more recession concerns at the start of 2023, as the economy digests the protracted impact of not just rate hikes but inflation, waning economic stimulus and the offshoots of the war in Ukraine. Also on the show, Tom Lydon of ETFTrends.com makes a trending commodities fund -- sensitive to both the war and inflation -- his ETF of the Week, Catherine Collinson of the Transamerica Center for Retirement Studies discusses the savers credit and how a majority of Americans don't know that it exists, let alone how to claim it when filing their taxes, and Stephen Dodson of The Bretton Fund talks value investing in the Market Call.

Mark Luschini, chief investment strategist for Janney Montgomery Scott, says that the market is working its way through a correction -- troubles exacerbated by the war in Ukraine -- but that hasn't dampened the economic underpinnings or deflated the spending desires of consumers, which should help growth in corporate earnings pick up and push the market higher later this year, leading to 'pretty flattering returns for investors' this year. Likewise, Brian Dress of Left Brain Investment Research says that the 'green shoots' of recovery are starting to show, but warns that the recovery will not be V-shaped and fast, requiring the market to return to the normalcy of posting 'good reactions to good news' that has been missing early this year. In the Market Call, Malcolm Polley of Stewart Capital Advisors talks about picking stocks through the lens of 'business perspective investing.'

Marty Fridson, chief investment officer at Lehmann Livian Fridson Advisors, says that the war in Ukraine has become integrated along with other concerns -- most notably heightened inflation -- which may not stop the Federal Reserve from going ahead with planned interest rate hikes this month, but make it likely that any rate moves will be smaller and more controlled. Mish Schneider, director of trading education at MarketGauge.com says that while the stock market has been volatile throughout the first few days of fighting, she expects it to be stuck in a range for a while as the situation plays out and while the potential fallout remains murky. She sees long-term opportunities, but urges caution now. Also on the show, Rod Griffin of Experian explains how 'credit invisibles' now have more and different tools (such as Experian Go) to help build credit and get on the radar screen of the credit bureaus and establish a personal history, and Lance Canon of Hood River Capital Management talks about investing in small-cap stocks during the Market Call.

David Trainer, president at New Constructs -- a data firm that analyzes funds and stocks -- says that the hugely popular ARK Innovation Fund is fooling investors into believing that innovation itself is an investment strategy or asset class, and he notes that many of the holdings are simply early entrants to an industry with little or no competitive edge. That's why a number of the fund's biggest and best-known holdings have been in the Danger Zone, which is where he puts the ETF itself this week, noting that while ARK Innovation has lost about half of its value since the start of 2021, he believes it could fall another 70 percent from here. Also on the show, Chuck talks about how long geopolitical events typically effect the market, Giorgio Caputo, senior fund manager at J.O. Hambro Capital Management, discusses how investors can get through the interest rate and inflation transitions and how to invest once the higher-rate environment arrives, and Adam Coons, portfolio manager at Winthrop Capital Management, talks ETFs in the Market Call.

Bill Nygren, co-manager of the Oakmark Fund -- whose three-decade track record has made him an investment legend -- says that while the video from the Ukraine is distressing and the headlines about interest rates and inflations are worrisome, investors need to stay focused on the long run. Nygren says that he doesn't think 'any of the events we are seeing in the world today will meaningfully affect our estimates of business value,' though he notes that they will move prices to create buying opportunities that will pay off in time. There's also more talk on value investing as Mike Liss of the American Century Value Fund talks 'relative value' and stocks in the Market Call. And in The NAVigator segment, Mike Taggart of Taggart Fund Intelligence and the Active Investment Company Alliance, says that investors seeing discounts widen in closed-end funds due to current market confusion will find that these conditions make it important to buying the underlying asset and not just the biggest discounts.

Eddy Vataru, portfolio manager for the Osterweis Total Return Fund, says that inflation will remain a hot-button topic for investors for several years because the Federal Reserve 'is going to have a really hard time getting 6 or 7 percent inflation down to 2, which is their longer-term target.' Vataru says that how the Fed accomplishes that and the tools they use to reduce inflation will go a long way to determining what the stock and bond markets are capable of achieving and the results they can deliver. Also on the show, there's a new ETF built specifically to take advantage of opportunities in inflationary times, and Tom Lydon of ETFTrends.com makes it the ETF of the Week, and in the Market Call, Christopher Zook, president of CAZ Investments discusses long-term, thematic investing at a time with so many short- and intermediate-term headlines and worries.

Author James Fok discusses his new book 'Financial Cold War,' about economic relations between the United States and China, noting that the longer current tensions linger, the worse the situation gets for both the countries and their citizens. Making the situation worse, Fok says, are that people in both countries are finding it harder to get by, and with politicians glossing over domestic issues and deflecting to an outside enemy, it is stoking the flames of nationalism and making it harder to avoid a damaging economic donnybrook.Also on the show, David Goodsell of the Natixis Investment Managers' Center for Investor Insight discusses a recent survey showing that investors have overblown return expectations that their advisers are struggling to bring in line with reality, and Eric Lynch, managing director at Scharf Investments and portfolio manager on the Scharf Funds talks in the Market Call about balancing upside potential against downside risk.

Both JJ Kinahan and David Trainer gave takes on the Federal Reserve and its influence over the current stock market on today's show. Kinahan, the chief market strategist at TD Ameritrade, says that while he isn't expecting any real surprises from the central bank, the market is craving clarity and guidance before it will settle down and be less volatile and more predictable. Trainer, the founder and president at New Constructs -- who discusses Shake Shack and Carvana in the Danger Zone segment -- says that the Fed 'is not going to take the punch bowl away,' but warns that it will taper its economic relief down to a few drops. Also on the show, Michael Wagner of Omnia Family Wealth talks about how the crisis in the Ukraine will hit home for domestic investors and consumers, and Mark Yusko, chief investment officer at Morgan Creek Asset Management, talks about taking an endowment approach and making innovation an asset class while he discusses ETFs in the Market Call.

Technical analyst Michael Sincere says that the 13-year bear market has set the stage for a bear market on the horizon, though he doesn't know whether the next big decline will be steep and fast or a long, slow, two-bad-days, one-good-day pattern that maximizes the pain. Sincere says he is watching the 50-day moving average and will stay constructive on the market so long as the indexes are above that benchmark. Also on the show, there are discussions about tackling a rising-rate environment and using real assets to help hedge and hold off inflation; the former features Chris Oberbeck, chairman and chief executive officer at Saratoga Investment Corp. talking about business-development companies (BDCs), while the latter interview is with Christopher Huemmer, senior investment strategist for ETFs at Northern Trust. And in the Market Call, Michael Loukas, chief executive officer at TrueMark Investments talks about low-volatility stocks and artificial intelligence and deep-learning plays.

Simeon Hyman, global investment strategist at ProShares, says that the market's rocky start to 2022 has been built around headlines and not the underlying fundamentals, which means that investors should not be changing expectations. He believes that the combination of rising rates, higher-but-controlled inflation and solid economic underpinnings will result in a positive stock market going forward. He does note that investors will want to turn toward dividend stocks to protect against rising rates, but says they will want to avoid TIPS - inflation-protected Treasury bonds - because they don't perform as most people expect during rising-rate environments. Another guest talking inflation is economist Kamran Afshar, who runs the Kamran Afshar Data Analytics Center and uses modeling to help companies forecast and project business conditions, and he discusses how inflation is impacting different groups of people uniquely and that how much trouble it causes an individual turns out to be mostly a factor of the person's age. Also, Tom Lydon of ETFTrends.com revisits a fund that he made 'ETF of the Week' shortly after it opened a year ago, noting that it offers investors a rare ESG opportunity where they can invest in a hot market sector while also doing some good for a charity targeting America's number-one killer disease.

Kevin Mahn, president and chief investment officer at Hennion & Walsh says that investors have been getting ahead of themselves and the Federal Reserve -- wildly anticipating the possibilities -- and should instead wait for the Fed to taper its bond purchases, raise rates twice and start shrinking its balance sheet. 'Then,' Mahn says, 'we can get a good assessment if inflationary pressures are starting to subside and if the economy is continuing to grow.' Mahn expects the economy and the stock market to be in 'still growing but slowing' mode for 2022, even as rate hikes and inflation play out. Also on the show, Noland Langford of Left Brain Investment Research suggests that investors looking for improved returns during the current rate-hike cycle consider corporate high-yield bonds and tax-free municipal bonds as unlikely but interesting alternatives for generating growth. And in the Market Call, Dan Ives of Wedbush Securities -- manager of the Wedbush ETFMG Global Cloud Technology ETF -- talks cloud and other technology stocks

Paul Espinosa, lead manager at Seafarer Overseas Value, says that many central banks have been raising rates ahead of the Federal Reserve -- which is not the usual case -- and while those rate increases have led to some stock market struggles, the support for the currency creates more investment security and opportunity for long-term investors. He says investors will need to be patient and picky, noting that emerging markets may struggle but will still offer up plenty of winners for good stockpickers. Also on the show: Ted Rossman of Bankrate.com discusses the troubles that half of Americans have experienced with membership services and recurring charges on credit cards -- and how to avoid falling into the same trap -- we revisit a recent question Chuck answered on the various methods for paying off credit-card debt, and Nathan Rex of Eigenvector Capital talks value investing in the Market Call.

Jeff Schulze, investment strategist at ClearBridge Investments, says that while headlines have focused on economic risks and the tightening moves of the Federal Reserve, the firm's analysis of recession risk shows that most economic factors are still favorable, suggesting that there will be expansion -- accompanied by stock market gains -- over the course of 2023, with the prospect of a true economic downturn occurring next year at the earliest. In the Danger Zone, David Trainer of New Constructs talks about how a huge percentage of companies in the Standard and Poor's 500 are overstating earnings for reasons that are only uncovered by digging into the footnotes; he singles out Amazon.com, Ford Motor Co. and Block and explains why things could get ugly when the market figures out the problem. Also on the show, Barry Metzger of Charles Schwab talks about the firm's latest survey of traders and how they are likely to respond to the market's sluggish start to the year and, in the Market Call, Maury Fertig of Relative Value Partners discusses how closed-end funds have been performing during the heightened volatility that has started the year.

Chris Maxey, senior vice president for investments at Wealthspire, says that investors --especially those close to retirement -- should be anxious for interest rates to re-set higher so that they can lock in better return stream, even though they will suffer through volatility while the bond market goes through the transition. Maxey also noted that investors should expect January's rough stretch of volatility to be repeated several times throughout 2022, making this a good time to rebalance a portfolio to stay on target through the back-and-forth. In 'The NAVigator' segment, Mike Taggart of Taggart Fund Intelligence -- the recently appointed executive director of the Active Investment Company Alliance -- talks about how investors should expect closed-end funds to perform in rising-rate cycles and whether investors should bank on senior-loan funds while rates are going up. And in the Market Call, Chris Krumenacker, senior equity research analyst at Bryn Mawr Trust, talks about where he is finding buys amid changing market conditions, how he maintains his 'watch list' and more.

Leah Bennett, president at Westwood Wealth Management, says that the time when investors could buy pretty much anything and make money has changed, which is going to force investors to look for sustainable cash flows and solid balance sheets, while also maintaining proper diversification to guard against market surprises because 'any major downturn we have gone through has been lead by a sector being overvalued.' Also on the show, Tom Lydon of ETFTrends.com makes an international fund that hedges away the currency risk -- and that has strongly benefitted early this year as a result -- his pick for 'ETF of the Week,' and we revisit a recent interview with Rob Arnott, founding chairman of Research Affiliates

Marko Papic, chief strategist at Clocktower Group, says that he expects the market to bounce around through the end of the first quarter with January's setback mostly over at this point. Still, in a wide-ranging interview during which he compared cryptocurrency to rock-and-roll music, he noted that he's not buying into the dip because he foresees real sluggishness while the market waits to see not just what the Federal Reserve will do but the amplitude of the central bank's moves. Until that gets sorted out, Papic noted that he is struggling to be bullish on domestic markets. Also on the show, Anuj Nayar discusses a Lending Club study which showed an alarmingly high number of Americans living paycheck-to-paycheck, with a surprisingly high number of the people struggling actually earning six-figure salaries; in the Market Call, Will Rhind of GraniteShares discusses the 'XOUT' methodology that effectively looks at reasons to weed out stocks poised for future sluggishness, slowdowns and declines, while hanging on the companies with real growth potential.

Adam Grimes, president of Talon Advisors, says that the longer the market goes sideways without any real downturn, the more the long-term probabilities favor a rebound, but Grimes noted that any potential serious weakness will be here late in the first quarter or by the second. That said, he is watching the current weakness in cryptocurrencies and how crypto has been leading the equity markets; if crypto troubles continue or grow, therefore, he could see more potential for downturn going forward, and could create an environment with significant selling pressure that investors will want to sit out. Also on the show, Chuck talks banks and financial-services stocks with David Ellison of the Hennessy Large-Cap and Small-Cap Financial Funds, discussed how investors should be adjusting portfolios for inflation with Tom Siomades, chief investment officer at AE Wealth Management, and covers how Americans' financial priorities have been changing during the pandemic with Mitch Kime of Key Bank.

Angelo Kourkafas, investment strategist for Edward Jones, says that while he expects heightened volatility for the year ahead, he's not expecting something worse like a recession or a market crash. No matter the conditions, however, he says that investors should be watching to see if the Federal Reserve can avoid a policy mistake, noting that 'Investors should not fear the first hike, but should fear the last one,' noting that the economy should absorb the first moves easily but any potential problems will come later. Also on the show, Matthew Rados of Gametime.co talks Super Bowl ticket prices, why they are setting records this year and the best time to buy them if you are hoping for a 'bargain,' David Trainer of New Constructs puts a popular name in the hot pet-care industry into 'The Danger Zone,' saying the business is the second coming of Pets.com, a high-flyer of the Internet Bubble days that wound up worthless, and Charlie Bobrinskoy, vice chairman at Ariel Investments, talks 'Warren Buffett value-style investing' in the Market Call.