Money Life with Chuck Jaffe

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.

Brian Nick, chief investment strategist at Nuveen, says investors are facing modest earnings and economic growth need to make their expectations for 2022 modest as well; he notes that despite the bad start to the year on the market, he expects things to get better from here and for the market to finish the year in positive territory, just with gains that reflect that moderate outlook instead of mirroring the big results of 2021. Also on the show, Rob Shaker, of Shaker Financial, says that the market's January swoon -- which widened the discounts on closed-end funds -- took investors to the point in the discount cycle where the bargains are biggest and it's time to buy, and Matt King, president of King Wealth Advisors, talks about mixing value and momentum factors to find the right mutual funds and ETFs to buy now.

James Hickey, managing director of alternative strategies at Spearhead Capital, discusses investment opportunities to boost yields outside of traditional stocks and bonds, and discusses how important those choices are now in light of higher inflation that he says is permanent and that has him highly negative on traditional fixed-income investments for the foreseeable future. Also on the show, Tom Lydon, chief executive officer at ETFTrends.com, makes a fund that donates all management fees to a charity his pick as 'ETF of the Week,' and in the Market Call, Brian Frank of the Frank Value Fund talks absolute value investing and how the markets recent troubles have presented him with the chance to get fully invested again and at reasonable prices.

David Jilek, chief investment strategist at Gateway Investment Advisers says that the market of late has been a battle between 'The Buy-the-Dip Crowd' and 'The Run for the Hills Brigade,' and while he makes a case for each argument, he says investors may want to position themselves between those two factions, succeeding more by staying in the middle than by picking sides. In today's Left Brain Thinking segment, Freddy Garcia of Left Brain Wealth Management takes on the classic '4 percent rule' for amassing sufficient retirement savings, noting that today's rising inflation and slowing growth conditions may require asset-allocation changes to reach targets. In the Book Interview, author Rupert Russell discusses his new book 'Price Wars: How the Commodities Markets Made Our Chaotic World,' and how commodities and supply-chain issues have the power to topple governments, and James Abate of the Centre Funds talks stocks and staying focused on the long term in the Market Call.

Toni Turner, president of TrendStar Group, says that while she expects the market's bullish case to win out over the longer term, right now the tape is showing a fight between bulls and bears over issues like higher inflation and interest rates, creating what she called a 'tradeable low,' which is a buying opportunity where purchases are backed up by protective stops to limit downside risk in case the market 'gets cranky again.' In the Book Interview, Spencer Jakab of the Wal Street Journal discusses 'The Revolution That Wasn't: GameStop, Reddit, and the Fleecing of Small Investors,' which is out today, and in the Market Call, veteran financial talk show host Moe Ansari of Compak Asset Management is talking stocks based on his take that mixes technicals with fundamentals.

Sheraz Mian, director of research at Zacks Investment Research, says that while the Federal Reserve may have stopped using the word 'transitory' to describe inflation, it's still the right word for most issues currently facing the market, noting that once current headline-driving situations like the supply-chain crisis and labor shortages and inflation can be sorted out, the earnings picture and growth outlook remains strong. He expects the market to struggle for another quarter or more, but to look much better in the second half of the year. David Trainer of New Constructs revisits five successful Danger Zone picks from 2021 -- UBER, AFRM, RIVN, DASH and WRBY -- that he thinks are falling knives, still dangerous despite being down more than 40 percent from their peaks, and nit he Market Call, Michael Robinson, chief technology strategist for Money Map Press, notes that there aren't many great charts to be looking at right now, and he discusses how he is picking and choosing through the increasing volatility and other changing conditions.

Markus Schomer, chief economist at PineBridge Investments, says that the big economic headlines and numbers are creating a whipsaw of reactions, which he expects to be reflected ni a 'yo-yo market -- up-and-down, up-and-down, up-and-down' for much of the year. Schomer notes that the economic cycles of nations and regions are not in sync right now, contributing to the back-and-forth. Dncan Farley, manager of the BlueBay Destra International Event-Driven Credit Fund, says those same economic events are creating opportunities for him to find good companies with bad balance sheets or caught in sticky situations, a strategy that can generate above-market returns in time. Also on the show, Ed Moya, senior market analyst at OANDA, talks technicals and trading in this volatile market, and Jeff Lipton, head of municipal research and strategy for Oppenheimer and Co., talks about how bonds in general -- and munis in particular -- are likely to fare as rates start to rise, tax-law proposals hit Congress and more.

Elliott Gue, editor at the Energy & Income Advisor, says that the slowdown in energy exploration and development since 2014 -- that was accelerated by the economic shutdown around coronavirus in 2020 -- has created a supply squeeze that will generate 'a prolonged up-cycle in oil prices and natural gas prices' over the next few years. He's in talking stocks in the Market Call, but this show also includes Tom Lydon of ETFTrends.com making a senior-loan fund his ETF of the Week, Ted Rossman of CreditCards.com discussing the site's survey on financial infidelity and the effect secret-keeping can have in personal relationships, and portfolio manager Conor Muldoon of Causeway Capital covering the market and the troubles he sees ahead for the markets, but also the prospects for success in value investing.

Matt Peron, director of research at Janus Henderson Investors, says that the market cycle still has room to run, but that the rally is undergoing a reset as it awaits more clarity from the Federal Reserve. As a result, he suggests that investors be patient and wait out the current declines rather than buying into them, noting that the market faces a series of "speed bumps" over the first half of the year before domestic and international markets will resume their climb higher. Also on the show, James Burton of Personal Capital discusses the firm's 2022 Wealth & Wellness Index, Chuck answers a question on the math behind deciding when to take Social Security benefits, and David Brady of Brady Investment Counsel talks growth stocks in the Market Call.

Rob Arnott, founder and chairman of the board at Research Affiliates, discusses how markets move based on narratives that are always changing, and says that investors worried about today's headlines should be asking themselves if the problems will still be big concerns in a few years. He suggests that would calm investors -- and have them looking for opportunities -- about coronavirus, global supply-chain issues and inflation, but would leave them with some real concerns about government debt and more. Also on the show, Kristin Myers, editor-in-chief of The Balance, discusses first-date costs, customs and expectations ahead of Valentine's Day, and Chuck discusses Monday's wild market ride and how investors can take their fingers off the panic button and keep their concerns in perspective.

Wayne Wicker, chief investment officer at MissionSquare Retirement, says that there is still a lot of economic strength in the United States, which when coupled with a long-term outlook suggests that the stock market can overcome current concerns and a bumpy ride to deliver good returns to patient investors. Also on the show, Lester Jones discusses the latest outlook survey out today from the National Association for Business Economics, David trainer of New Constructs talks about three of the biggest winners -- meaning their stocks were losers -- that he put into the Danger Zone last year and why they are likely to be as bad or worse again this year, and Ken Laudan of the Buffalo Large Cap Growth talks in the Market Call about finding and investing in 'innovative, high-quality, durable large-cap growth companies.'

Whitney Tilson, founder/chief executive officer at Empire Financial Research, says that while the Nasdaq entered correction territory on Thursday and the market has had some bumps and bruises along the way, the long-running bull market is still in place and looks like it is "in the seventh inning." Amid a wide-ranging market conversation, Tilson also discusses short-selling, cryptocurrency investing, Tesla, meme stocks and how his views have -- and haven't -- changed over time. Also on the show, David Giroux of T. Rowe Price Capital Appreciation is back, following up on Thursday's market discussion by talking about his recent book, "Capital Allocation," and describing how the focus on the way companies use their money should shape investment decisions; and Connie Luecke, manager of the DNP Select Income Fund, discusses infrastructure investing and how it is poised to push through current conditions regardless of whether key legislation gets approved in Washington.

David Giroux, manager of the T. Rowe Price Capital Appreciation fund -- which has one of the best track records in the fund world under his long stewardship -- is 'highly confident' that inflation is headed back to more normalized levels, something in the 2 to 2.5 percent range, but as the market works that out, he is not expecting any major downturn, noting that he is still able to buy relative values with the potential to generate reasonable returns regardless of what the market does next. Also on the show, Tom Lydon of ETFTrends.com makes a fund that buys midstream pipeline plays his ETF of the Week, Taelor Candiloro of Clever Real Estate discusses the site's research on retirement savings -- which showed that about two thirds of Americans have either nothing saved for retirement or have less than 40 percent of the amount experts suggest they should have -- and Bill Staton of Novare Capital Management talks dividend-paying stocks in the Market Call.

Dec Mullarkey, head of investment strategy at SLC Investments, says that despite the anxiety produced by inflation being an economic wildcard, he expects the market to produce 'a decent year,' with returns of 8 to 10 percent on equities despite significant volatility along the way. Also on the show, Brian Dress, director of research at Left Brain Investment Research, says that the current market rotation has him looking at energy and production companies and pipeline stocks as places with potential for a pickup in growth even as the economy is slowing; financial adviser Dan Cunningham of One Day in July discusses the impact inflation and interest rates are having on long-term savers, and Chuck answers a listener's question on moving averages.

Mary Ellen Stanek, president of the Baird Funds, says that investors will benefit from higher yields and get past many of the temporary concerns hitting fixed-income markets once the current rate-adjustment period is concluded, so she suggested buckling up for the ride, increasing portfolio quality, dialing down risk and maintaining liquidity in order to act on the better opportunities that lie ahead. Also on the show, author Evan Hughes discusses his new book, 'The Hard Sell: Crime and Punishment at an Opiod Startup,' Ted Rossman of Bankrate.com talks about what consumers really want from their credit cards, and Chuck answers a listener's question about the best process for paying off credit-card debts.

Jeffrey Hirsch, editor of the Stock trader's Almanac, says that history has shown that markets struggle in mid-term election years, particularly when the president is a first-term Democrat, and that coupled with rising inflation and interest rates, it should make for a market that struggles this year to achieve modest single-digit gains. Lawrence McMillan, president of McMillan Analysis says that the next move of the Standard and Poor's 500 -- whether it tops 4,800 or declines below 4,500 -- will go a long way to determine what the market is capable of this year; Mark Fleming, chief economist at First American Financial Corp. talks about the wild conditions of the housing market, but dispels much of the concern that rising mortgage rates will change them dramatically, and Alex Condrell of Cliffwater discusses how investments in middle-market corporate credit should overcome current conditions to generate something close to historic return levels of 9 percent.

Axel Merk, founder and president at Merk Investments and the Merk Funds, says he is currently underweight equities because of concerns of everything that could go wrong in the short run. He's watching interest rates, inflation, the pandemic, international and domestic politics and more and while he says long-term investors can rideo ut these concerns, anyone who needs to access their money in the next two years should be concerned. Also on the show, Tom Lydon of ETFTrends.com makes a fund putting a different twist on a 'Dogs of the Dow' strategy his 'ETF of the Week,' Kate Hao, chief executive at Happy Mango discusses the fallout from Bank of America's announcement that it will join other large institutions in eliminating overdraft fees and the impact these changes will have on banking and, more broadly, society, and Chuck discusses how to deal with the five economic and financial conditions that have been mentioned the most by experts giving their outlooks for 2022.

Crit Thomas, global market strategist, Touchstone Investments says that the 'tsunami of liquidity' that was pushed into the economy throughout the pandemic is going to recede in 2022 , and the effects of money being pulled from the economy by the Federal Reserve and the government is enough to make him 'risk neutral' at least until factors like the pandemic, interest rates and inflation play out and reduce uncertainty. Also on the show, Ed Carson, news editor at Investor's Business Daily, discusses the paper's latest Economic Optimism Index, in which it's hard to find any actual good feelings as consumers are scared by inflation and market volatility. Also, Chuck discusses surprising research showing that companies could provide pensions -- and deliver better results -- than by using 401(k) and other popular plans, and the Weird Financial News includes a story on 91,500 oily pennies and the investment value of Legos.

Wall Street veteran Bob Doll, chief investment officer at Crossmark Global Investments, has long made annual forecasts for the key financial elements of the year ahead. But coming off the global pandemic and the way it skewed economic numbers, Doll's crystal ball was murkier a year ago, and it was reflected in him hitting on fewer of his predictions. We review what happened with him, and then turn our attention to the coming 12 months, which Doll says are still hard to forecast because of the unpredictability of current trends. That said, those trending uncertainties will make for a tougher year, one in which investors are likely to find that diversification pays off more than in the recent past. Also on the show, Chuck answers a listener's question about a popular fund, ARK Innovation, that has been struggling for the last year.

Lindsey Bell, chief markets and money strategist at Ally Invest, says that the market is capable of generating double-digit returns for the third consecutive year despite concerns about inflation, rising interest rates and more. Bell says that what is likely to determine the market's ability to actually deliver is the actions of the Federal Reserve, which may not comfort listeners after hearing today's Book Interview, in which author Christopher Leonard, discusses his new book, 'The Lords of Easy Money: How the Federal Reserve Broke the American Economy.' Also on the show, more market talk featuring Louis Ricci, head trader at Emles Advisors, and David Trainer of New Constructs puts Tesla and Box -- two picks that didn't go his way in 2021 -- back into the Danger Zone noting that the companies' ability to put off trouble doesn't mean avoiding it forever.

Tom McClellan, editor of the The McClellan Market Report, says that it's time for investors to 'change out of your tennis shoes and put on your track shoes' to deal with a market that is going to chop sideways this year, and turn 'horrible' next year. McClellan has told his subscribers to be out of the market now, as he expects a downturn over the first few months of 2022. The NAVigator segment features Robert Grunewald, chief executive officer at Flat Rock Global discussing how the interval-fund structure provides stability in a potentially volatile asset class like 'middle-market credits,' allowing investors to trade off some liquidity in pursuit of higher fixed-income returns. Also on the show, Chuck answers audience questions about saving versus paying down debt, and about the value of a found collection of old coins, and Helaine Olen of the Washington Post talks about the continued blurring of the lines between journalism and 'sponsored content,' and how hard it is to distinguish between the two at Fox Business and elsewhere.

Marty Bergin, president, Dunn Capital Management says that the absolute return on bonds is going to be negative during the coming inflationary environment, which will be scary for retirees who will lose purchasing power as they struggle with generating any real returns from fixed income. Bergin discusses inflation in terms of 'price discovery' -- the situation being caused currently by supply chain issues -- but also as a 'monetary phenomenon' resulting from the actions of central bankers, and notes that the latter is the bigger problem for consumers and investors. Tom Lydon of ETFTrends.com is also talking inflation today, picking a unique fund that hedges interest rate volatility and inflation as his ETF of the Week. Plus, Jacob Passy of MarketWatch discusses Robinhood's recently announced efforts to educate novice investors and Chuck answers a question about Worthy bonds -- something he owns himself -- and inflation-protected securities.

Noland Langford, chief executive officer at Left Brain Investment Research, says that changing economic conditions are forcing investors to re-evaluate growth, putting heightened focus on issues with longer-term growth, and backing away from some of the momentum-driven winners from 2021. Also on the show, Chuck talks about a uniquely different alternative investment -- comic books -- for the first time in Money Life history, visiting with Andrew Davis, The Comic Book Investor; Mark Hamrick of Bankrate.com discusses research on how long people hang onto their checking accounts and how much they are paying -- and perhaps overpaying -- to keep those accounts, and we revisit a recent interview with Darrell Cronk, chief investment officer at Wells Fargo Wealth and Investment Management.

Greg McBride, chief financial analyst at BankRate.com, says consumers need to start game-planning for a higher interest-rate environment now because the few increases that are expected for this year are just a start in what he expects to be a multi-year rate-hike cycle. He gives his outlook on everything from mortgage rates to auto loans, and how consumers should be considering what to do and when in each case. Then, Christine Benz, director of personal finance and retirement planning for Morningstar, discusses her financial to-do list for 2022 as well as whether certain financial chores like closely tracking spending actually are worth the effort, after which economist Laurence Kotlikoff returns to the show to discuss his new book, 'Money Magic: An Economist's Secrets to More Money, Less Risk and a Better Life.'

Ken Berman, chief investment strategist at Gorilla Trades says that the Standard & Poor's 500 will 'easily hit 5,000 this year,' with the Dow Jones Industrial Average comfortably crossing 40,000, but while he expects those modest gains on the indexes, he says it will be a year when stock-picking is at a premium because so few issues are trading at highs. Berman expects the market to reach those records soon, but worries that they won't hold it, noting that two-thirds of available stocks are trading below their 50-day moving average, which suggests that there is at least heightened volatility ahead. Also on the show, Chuck discusses the savings that resulted from his personal policy of not spending anything under a 10-dollar bill and how much that can add up to if you find similar ways to save over time, Matt Schulz of LendingTree discusses how much money consumers enter the new year owing as a result of holiday spending sprees, and Guy Davis, portfolio manager of The Genuine Investors ETF, discusses during the Market Call the 'genuine investments" he's looking at now.

Tom Lydon, chief executive officer at ETFTrends.com, says that the year ahead will be more challenging for fixed-income investors who have been saddled with low yields for years but who at least could count on safety from their long-term bond holdings. With the outlook for the economy changing and with inflation hitting hard right now and lingering longer than most expected through the recovery from the pandemic, Lydon made the iShares TIPS Bond fund his 'ETF of the Week,' noting that inflation-protected securities are more attractive now than they have been in years and should ease some of the yield and volatility concerns investors will face in 2022. Also on the show, John Cole Scott, chief investment officer at Closed-End Fund Advisors and the executive chairman of the Active Investment Company Alliance, returns to forecast the year ahead in closed-end fund investing, including some funds he says are well-positioned and constructed for 2022. And Chuck had promised that his final interview of the year would be with his friend Michael Falk, and so we rebroadcast his final chat with Michael as a touching reminder that days are long but years are short, challenging us all to make the most of our time.

Jonathan Lansner, columnist at the Orange County Register, says that many of today's common economic tropes -- covering themes like inflation, the global supply-chain crisis, interest rates and more -- are defying logic, and he brings his logic to the show to help reframe the discussions and douse the flames of rhetoric. Another one of Chuck's journalist friends -- Rob Weisman of the Boston Globe -- also joins him on the show today, discussing the intersection of Baby Boomers, COVID and the greatest transfer of wealth in history, and Chuck dives into the dead pool and discusses the lasting memories of some mutual funds and ETFs that did not live to see 2022 (and deserved their fate).

Market technician Jeffrey Bierman, founder of TheQuantGuy.com, sees the stock market as being vulnerable to a big step back mid-way through the first quarter of 2022, noting that the market will be in a happy place and comfort zone as long as the Standard and Poor's 500 stays above 4,275; if the market falls below that level, Bierman says the pain could get close to 20 percent before things bottom out. Also on the show, Joseph Biondo of Biondo Investment Advisors gives a more optimistic -- but still cautious -- take on the market for next year, Joe Saul-Sehy of the Stacking Benjamins podcast discusses his new book, "Stacked: Your Super-Serious Guide to Modern Money Management," and Chuck takes another question from the audience about how to know you are financially set and how to invest when you get there.

Jamie Hopkins, managing partner for wealth solutions at Carson Group, says that investors who focus mostly on what to buy or own in an investment portfolio are asking the wrong question, because they need to be focused on where they are and where they want to go. Hopkins says it is particularly important to focus inward as we enter 2022 because the year is likely to feature more volatility and less profit potential than 2021 has. Also on the show, Greg McBride of Bankrate.com discusses the site's latest personal financial outlook survey and how savers and investors are setting expectations for the year ahead, Barry Martin of the Shelton Equity Income Fund discusses dividend investing and covered-call strategies, and Chuck answers some audience questions about retirement savings.