Money Life with Chuck Jaffe

John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance discusses the high number of closed-end funds that are currently trading at premiums, and the rebound that has represented in performance over 2021, as he reviews the year in closed-end fund investing. Also on the show, Tom Lydon of ETFTrends.com selects a fund meant to hedge against interest-rate risk his ETF of the Week, Meredith Stoddard of Fidelity Investments discusses the firm's annual survey of New Year's resolutions, how people feel about their prospects for 2022 and how effective personal pledges turn out to be, and Tony Tursich, co-manager of the new Calamos Global Sustainable Equities fund talks about ESG investing and how adopting sustainable strategies can power companies to prolonged, above-average gains.

Kristina Hooper, chief global market strategist for Invesco, says that the market is likely to take a pause to get past the Omicron surge in the Covid-19 pandemic, but that after the market adjusts to the latest wave and handles changes in interest-rate policies from the Federal Reserve, stocks will rebound and continue moving forward in 2022. Brian Dress of Left Brain Investment Research discusses how he's changing portfolios in response to a growth outlook that has been affected by rising inflation and slowing economic conditions, pushing as a result past the technology stocks and toward financials, health-care and energy companies. And in the Market Call, Eric Shoenstein of Jensen Investment Management talks about investing in quality names for anything and everything the market can dish out.

Mark Newton, global head of technical strategy for Fundstrat Global Advisors, says he expects the market to sell off by about 20 percent from March through July of next year, before rallying back to finish flat or up slightly in 2022. Newton says that the tech sector's strength is what is largely staving off a down year, but it won't make the ride particularly smooth, as he is expecting heightened volatility. Also on the show, Chuck talks about setting goals -- and how New Year's target setting for 2022 should be more short-term focused than it has been over the last few years -- and we revisit a recent chat with Liz Ann Sonders, chief investment strategist at Charles Schwab & Co..

Darrell Cronk, chief investment officer for Wells Fargo Wealth and Investment Management, says that investors are wondering whether to add risk exposure to portfolios or remove it given a range of worrisome trends like inflation, interest rates, unemployment and much more, yet he expects the economy and stock market to do better than most observers are forecasting for 2022, because the economy is humming along at a pace that should stave off the concerns for a while longer. Also on teh show, Ted Rossman of CreditCards.com talks about the Consumer Financial Protection Bureau's new probe into buy-now/pay-later financing, Bob Powell of Retirement Daily discusses proposed changes to Roth IRA rules and how some of them might make investors want to do conversions before the year ends, and David Trainer of New Constructs opens the cup on Chobani -- the yogurt maker with the upcoming IPO -- and says he thinks the deal has already soured.

Liz Ann Sonders, chief investment strategist at Charles Schwab & Co., says that strong market performance in 2020 and '21 has masked downturns in most sectors and industries, meaning that there isn't so much pressure for upward trends to reverse in the year ahead. While she does see more volatility and changing leadership -- creating a good time for investors to rebalance portfolios -- she thinks that there remains room for market growth ahead. Also on the show, Nathan Briggs of Ropes and Gray discusses the new trend of 'follow-on offerings' for closed-end funds and how these capital-raising efforts have a mostly positive impact for shareholders, and Laura Adams talks about a survey from Finder.com showing that Americans are wasting billions of dollars on unwanted holiday gifts and what the recipients actually do with the less-than-ideal presents they get.

Two different market observers -- Patrick O'Hare, chief market analyst at Briefing.cmo and Andy Kapyrin, co-chief investment officer at RegentAtlantic -- say that while the Federal Reserve telegraphed its strategy for tapering bond purchases and raising interest rates, how it follows through will determine just how volatile and troublesome the stock market will be in 2022. Both say they expect more volatility and lower returns, but they note that if the Fed must get more aggressive with rate increases and other strategies, it could change the outlook for earnings growth, which would mute the market's ability to keep moving. Also on the show, Tom Lydon of ETFTrends.com picks an esoteric new fund from a hot fund company as his 'ETF of the Week,' and Dean Brauer of GoHenry.com -- a site dedicated to making children financially capable -- discusses the money lessons that can be distributed along with the gifts this holiday season.

Steve Sosnick, chief strategist at Interactive Brokers, says investors should expect market conditions to be more uncomfortable next year than they have been in 2021, calling for a return to volatility that will include air pockets that can drop the market suddenly, and for more than a few days. That said, Sosnick does not expect the current news cycle from the Federal Reserve to dramatically change the market for the remainder of this year. Also on the show, Ted Rossman from Bankrate.com discusses a survey showing the perils of lending money to friends and family, Chuck takes an audience member's portfolio question, and Stephen McKee of the No-Load Fund Mutual Fund Selections & Timing newsletter talks funds and ETFs in the Market Call.

Jason Browne of Alexis Investment Partners talks in the Market Call about the importance of changing asset allocations to overcome the low-yield environment, and maintaining the delicate balance between wanting to own funds that are the best in their category against the danger of moving in and out of funds too rapidly, Jill Gonzalez of WalletHub.com discusses the site's recent survey showing that consumers don't fully understand how deferred-interest programs work -- leading them to fall into classic financial traps -- and Vivian Tsai of the College Savings Foundation talks about how easy it has become for people to give a gift of college savings. Plus, we revisit a recent chat about the markets with Jack Ablin from Cresset Capital Management.

Rodney Brooks, personal finance columnist at U.S. News and World Report -- author of "Fixing the Racial Wealth Gap" -- says that for all of the causes behind racial and ethnic wealth divides in America, the biggest, best solution is not government programs but basic financial education, literacy combined with opportunities so that, in time, minorities will not hold a nickel's worth of generational wealth compared to every dollar held by white people. Also on the show, Charles Rotblut, editor of AAII Journal, discusses the current rise in neutral sentiment among investors, David Trainer of New Constructs offers up a holiday gift -- an attractive stock instead of the usual troublesome ones -- in The Danger Zone, and Ben Johnson, director of global ETF research at Morningstar, talks exchange-traded funds in the Market Call.

Doug Ramsey, chief investment officer at The Leuthold Group, says that stock market valuations are at levels last seen at the peak of the Internet bubble, but that the number of stocks trading at highs is broader than it was back then. With that in mind, he expects a "return towards sobriety' for the market ahead, with high-priced growth and technology stocks likely to get market down significantly in 2022, while financials, energy and traditional value stocks have much better prospects ahead. Also on the show, Zach Jonson of Stack Financial Management talks about the high-risk environment that he sees based on key technical indicators, Harin DeSilva of 361 Capital discusses the changing volatility picture and how it should make investors think about getting defensive, and potentially balancing their long positions with short ones, and fund attorney Thomas DeCapo of Skadden Arps covers the changing backdrop for activism in closed-end funds in The NAVigator.

Alan McKnight, chief investment officer at Regions Asset Management, says that with cash generating nothing, bond yields being paltry and interest rates and inflation on the rise, "it's not an easy market for allocators." McKnight says that his response for about the last six months -- despite heightened volatility and prospects for slower growth -- has been to overweight equities, tilted heavily towards domestic stocks, though he also sees developed international looking like more of an opportunity than emerging markets moving forward. Also on the show, Tom Lydon makes a top-rated municipal-bond fund his ETF of the Week pick, and, in the Market Call, Brent Wilsey of Wilsey Asset Management explains why he'd sell Apple shares -- despite liking the company and its products -- and the importance of properly valuing the businesses you are buying.

Neil Hennessy, president of Hennessy Advisors and the Hennessy Funds, says that despite legitimate worries over inflation, interest rates, the continuing pandemic and more, the economic underpinnings and stock market fundamentals are so strong that he believes the current rally has legs that will last well into 2022. He does expect pullbacks and corrections ahead, "but it's not going to be the end of the bull market." Also on the show, Freddy Garcia, of Left Brain Wealth Management discusses year-end moves investors should be evaluating before the timing gets tight, Matt Zajechowski or Northstar Inbound talks about a survey done for HomeAdvisor.com looking at the surprising amount that homebuyers spend correcting "mistakes" made by their home's prior owner, and Chuck talks about stocks for the Christmas stockings this year, and which companies might be appropriate gifts for the young-uns in your life.

John Waggoner, financial editor at AARP.org, says that the return of volatility has investors on the edge, expecting a downturn that feels overdue, but he notes that economic conditions and the market are strong enough that people should just calm down, look at diversifying and keep on plowing ahead. Waggoner also gives his take on crypto investing, emerging markets and much more in a wide-ranging Big Interview. Also on the show, Yelena Shulyatyeva, senior U.S. economist at Bloomberg Economics discusses the National Association for Business Economics December outlook survey, which forecasts full-employment for the country by the end of 2022, though the status is not likely to be achieved by conventional methods; in the Market Call, Jerry Parker of Chesapeake Capital -- one of the original Turtle Traders -- talks about riding trends and which stocks he likes in current market conditions.

Alan Gayle, president of Via Nova Investment Management, says that the economy has such rock-solid fundamentals that periods of volatility and downturn remain opportunitie4s to jump in and expand your investment positions. That could change if the latest Covid variant takes off, if the Federal Reserve 'panics and raises interest rates' too soon or too far and more, but until or unless that happens, Gayle notes that he doesn't know anyone forecasting a recession next year, meaning 'the ground for further gains remains fertile.' Also on the show, David Trainer of New Constructs puts United Airlines in 'The Danger Zone' for overstating its earnings, author Harry Margolis discusses 'The Baby Boomers Guide to Trusts,' and we revisit a recent chat about the market with Ed Clissold, chief US strategist for Ned Davis Research.

John Kosar, chief market strategist at Asbury Research, says investors who have been conditioned to buy every stock market decline may want to be patient with current volatility, because the market hasn't busted through support levels. He worries that investors could sell now, only to have support hold up so that investors actually are getting out at the bottom 'and two weeks later they'll be pulling their hair out.' Kosar says the current decline should not be sold until the market moves dives a bit further. Also on the show, Parth Doshi, vice president of closed-end funds at Nuveen, discusses why investors might want to use new interval funds -- rather than traditional closed-end funds -- for their municipal bond holdings, Mark Hamrick of BankRate.com talks about the jobless claims numbers and what the report is signalling for the economy ahead, and James Abate of Centre Asset Management talks stocks in the Market Call.

Bill Stone, chief investment officer at Glenview Trust, says that investors' only real chance to outrun inflation in these markets is with risk assets like stocks, though he says that investors are going to want to tilt to companies with pricing power to withstand inflation. Stone says that investors will still want to keep an allocation to bonds as a safe haven to help them through short-term volatility, but he says investors needing income must be aware of interest-rate and inflation risks even in looking for parking places for cash. Also on the show, Tom Lydon of ETFTrends.com makes one of the hottest funds in 2021 -- a niche fund trading in carbon emissions futures -- his 'ETF of the Week,' and author Casey Michel discusses his new book, 'American Kleptocracy: How the U.S. Created the World's Greatest Money Laundering Scheme in History.'

Rob Sharps, president and chief investment officer at T. Rowe Price, says that the stock market has mostly taken in stride and priced in the Federal Reserve reducing its bond purchases and raising interest rates sooner than had previously been expected, and that it can weather the inflation/rate-hike storm without a major bear market. Sharps worries that the economy will have to stand more on its own -- with the end of Covid stimulus packages -- to keep things moving, so he does expect some slowing, but he sees opportunities in small- and mid-cap stocks as the recovery slows its roll. Also on the show, Jeff Auxier, manager of the Auxier Focus Fund, talks about finding long-term buy-and-hold businesses at reasonable prices in the Market Call, and Ken Tumin, founder at DepositAccounts.com, discusses the banking fee structures that have been changed -- for better or worse -- as a result of the pandemic.

Joe Keefe, president of Impax Asset Management and the Pax World Funds, says that investors should be focused on good news about the economy, balancing out concerns with inflation and interest rates to come away expecting a pretty good year in 2022. Keefe doesn't expect the market to see the kind of high returns it has delivered this year, but he says the economy still has a lot of potential to grow to make the new year better than many expect. Among those not seeing great things ahead is Scott Crowe, chief investment officer at CenterSquare Investment Management, who says that Covid concerns, high inflation, the expectation of rising interest rates and more factors to lead to a 'mid-cycle slowdown.' Crowe also says of real estate markets that 'Office is the new retail,' meaning that demographic and other changes impacting the commercial real estate market are likely to be every bit as impactful on office space as the evolution of the Internet and at-home shopping has been on retail properties. Also on the show, Chuck answers more audience questions about U.S. savings Bonds, and expresses his appreciation for Sam Stewart, founder of the Wasatch Funds and former Money Life guest, who died last week.

Arnim Holzer, global macro strategist at Easterly EAB Risk Solutions, says that he is concerned that investors don't understand just how badly their portfolios will perform in 2022 when interest rates start to rise. The way tech stocks and high-momentum sectors of the market are already reacting, Holzer said, should make investors cautious and have them looking at financial stocks and insurance companies, plus utilities, going forward. Also on the show, Ted Rossman talks about the latest Bankrate.com survey covering the shopping issues that more than three-quarters of Americans were facing before the holiday season got into full swing, David Trainer of New Constructs put AMC Entertainment -- one of the original meme stocks -- back into the Danger Zone, questioning whether there is any real value to the company's stock at all, and Robin Wigglesworth, columnist for the Financial Times, discusses his new book on the creation and evolution of the index fund and how it went from being ridiculed and scorned to being the cornerstone of trillions of dollars in investment portfolios in just a few decades.

Abhay Deshpande, founder and chief executive officer at Centerstone Investors, says that tech and growth-oriented investors could see some trouble ahead, as growth rates slow from Covid-era comparisons, leading to a potentially significant correction next spring. Value investors -- and Deshpande is one -- should see their methods continue to pay off because they don't rely on continuing multiple expansion to drive their profits. Also on the show, Gaal Surugeon, portfolio manager at Brookfield Asset Management's Public Securities Group, discusses real assets and their potential with the passage of the new infrastructure bill, Tom Lydon of ETFTrends.com makes a brand-new ESG fund his ETF of the Week, and author Maura Thomas offers tips for improving the organization and eliminating the clutter of your email inbox.

Two portfolio managers provide a lot of reason for investor optimism in today's show, with Larry Cordisco of Osterweis Capital Management discussing 'pockets of opportunity' in the market, highlighted by quality names that have actually been lagging behind the market as it has returned to record-high levels. Cordisco sees opportunities in dividend-paying stocks, which is particularly important for investors looking for income. Meanwhile, Jack Janasiewicz of Natixis Investment Managers says that strong corporate earnings and consumer spending should be able to overcome inflation concerns to limit the market's potential for a downturn, turning any downturn into a buying opportunity for long-term investors. Also on the show, Noland Langford of Left Brain Investment Research revisits Nvidia and Bath and Body Works to see if they can continue their fast-growth trajectory after positive third-quarter earnings reports, and Chuck answers an audience-member's question about U.S. Savings Bonds.

David Wright, lead portfolio manager at Sierra Investment Management, says that the market is currently so overvalued that it has a lot more downside room to run than upside. While Wright remains fully invested right now -- and isn't calling for a major reversal in the immediate future -- he cautioned that investors should be looking to protect gains from heightened market volatility ahead by using stop-loss orders on their biggest and most risky positions. Also on the show, Leo Leydon of Financial Focus Advisory Services says that he thinks the market is due for a technical pullback -- possibly before the holidays -- before it can go off on another run, while Greg McBridge of Bankrate.com discusses the site's recent survey showing that a majority of American workers feel like they are behind when it comes to retirement savings. In the Market Call, Mark Lehmann, chief executive officer at JMP Securities talks about fast-growth companies in the technology, health care, real estate and financial-services sectors.

Brad McMillan, chief investment officer for Commonwealth Financial Network, says that the inflation spike created by the global supply crisis that has pushed inflation to the 6 percent level will last for another three to six months before fading, but he notes that there are structural elements that are also pushing inflation higher, and those conditions are not transitory. As a result, he expects inflation to retreat to the 2 to 3 percent range later in 2022 and to remain there for the next three to five years. Also on the show, Meredith Stoddard discusses Fidelity Investments' 2021 American Caregivers Study, author Jeffrey Hooke focuses on his latest book -- "The Myth of Private Equity: An Inside Look at Wall Street's Transformative Investments" -- and Kyle Guske of New Constructs puts Peloton stock back in the Danger Zone after the company's most recent earnings report.

Ed Clissold, chief U.S. strategist for Ned Davis Research, says that the market has room to run into next year, but that 2022 is likely to see much more volatility and much slower growth, even if inflation concerns start to fade and interest rates don't move dramatically higher. Clissold expects an earnings environment that is less friendly, traditional mid-term election year doldrums and more to hold the market to an average year overall, but with more pullbacks and downturns en route to that profitable finish. By contrast, Jim Welsh, macro strategist at Smart Portfolios, says the technicals -- along with some market history, plus higher inflation for longer than he believes most are expecting -- suggest that trouble is coming next year; unlike most technicians who have appeared on the show, Welsh expects the market to take a step back before starting a Santa Claus rally to finish 2021. Also on the show, Stephen Hester, partner at Wide Moat Research and editor at the Intelligent REIT Options Advisor newsletter, compares business-development companies to REITs as a portfolio tool, and financial adviser Tony Hixon discusses his book, 'Retirement Stepping Stones,' and how important it is for people to consider more than their finances as they prepare to end their working careers.

FeiFei Li, head of equities at Research Affiliates, says that any negative shock to the market could cause a 'very big correction,' but even without that kind of surprise events, she says that 'the market is facing a risk of delivering negative returns in the second half of 2022.' Despite the changing environment, Li is bullish on value investing moving forward, saying it should come to the fore as the market struggles. In the Market Call, Michael Campagna, senior investment analyst at Moerus Capital Management, talks about global deep-value investing and the trouble some companies and industries must get into in order to be undervalued in today's market conditions; and with the ETF of the Week, Tom Lydon of ETFTrends.com explores a new, leveraged trend play in a narrow industry that's not for the faint of heart.

Jack Ablin, chief investment officer at Cresset Capital Management, says that current market valuations are at the top of their historical ranges, so 'anyone who is bullish on the market isn't going to be making a valuation argument.' Yet Ablin makes the argument that the market has room to run because the economic underpinnings remain strong and the Federal Reserve is still keeping liquidity strong despite inflation fears. Ablin discusses the wildcards that could change conditions in a hurry, but notes that investors are likely to be reasonably happy until the picture changes. Also on the show, portfolio manager Stan Majcher from Hotchkis and Wiley talks about the oil and energy markets -- and throws in a quick take on the financial sector too -- author Jennifer Moss discusses 'The Burnout Epidemic,' which is both her new book and a nationwide problem in the workforce, and Dan Keady, chief financial planning strategist at TIAA, covers the firm's latest survey, which showed that Americans have dual big concerns for retirement, specifically running out of money and running out of time.

Brian Barish, president and chief investment officer at Cambiar Investors, says that the Chinese government is changing the global investment picture and has him concerned about investing there, noting that investors can prosper from the growth of China's economy without facing the fire directly. Barish also notes that current financial conditions in the United States are 'generous,' leaving them mostly one way to go from here, making it that investors should think about protecting profits and lower expectations. By comparison, veteran technical analyst Martin Pring says that his long-term indicators show an economy that is nowhere close to a recession, despite dangerously high inflation rates, noting that his preferred market indicators mostly show room to run before a downturn or recession. Also on the show, Michelle Delgado discusses recent research from Clever Real Estate showing a growing disconnect between Americans' income and home prices, making houses hard to afford than ever before, and author Tanja Hester talks about 'Wallet Activism,' and how Americans can change their habits and their patterns to help themselves -- and society -- get the most out of every dollar they earn and spend.

Lou Harvey, president and chief executive officer at DALBAR Inc., says that investors can get unbiased advice that's in their best interest from the many new online 'robo advisor' platforms, but the trade-off is that the quality of advice is lower than hiring a human adviser. In the firm's most recent 'Best Interest Analysis,' DALBAR found significant issues with traditional advisers failing to work in the best interest of the client, a discrepancy he said is largely stemming from regulations which don't require all types of advisers to work to a fiduciary standard. Also on the show, David Trainer of New Constructs puts 'salad company' Sweet Green in the Danger Zone, saying that the IPO is nearly worthless despite being highly valued out of the box; Brian Hamilton of One discusses the financial stresses Americans are already worrying about for the upcoming holidays, and Eric Marshall of the Hodges Funds talks stocks in the Market Call.

Clyde McGregor, portfolio manager for the Oakmark Equity and Income fund, says that while investors are using stocks now to deliver income the way fixed income has always done, it doesn't mean that investors should throw balance out the window. He notes that the point of a balanced portfolio is the ability to withstand volatility and rapid changes in the environment, and notes that portfolios remaining relatively close to a classic 60-40 stocks/bonds allocation continue achieving that, even in today's low-rate environment. Also on the show, D.R. Barton Jr. of Woodshaw Financial Group talks technicals, noting that market sentiment has turned sharply in the last few weeks, with a real appetite for risk having come back and driving the current rally -- despite possible small setbacks -- to the end of the year; Michael Spatacco of Bancroft Capital discusses changes in closed-end funds and how new structures are more significant to the industry than the development of exchange-traded funds was to traditional mutual funds, and Brian Yacktman, president of the YCG Funds, talks about stocks with 'enduring pricing power' in the Market Call.

Ryan Detrick, chief market strategist for LPL Financial, says that the current bull market -- coming on the heels of a short, steep recession/bear market at the beginning of the pandemic -- is in its early stages and will roll into 2022 and beyond. He notes that for as long as economic growth and earnings stay strong, buoyed by monetary and fiscal policy tailwinds, 'there's still some time, we think, for this bull market to have some tricks up its sleeves and keep on rolling.' In another Big Interview on today's show, George Milling-Stanley, chief gold strategist at State Street Global Advisors, says that gold has not been a great inflation hedge at a time when investors are worried about the transitory nature of rising prices in large measure because the market doesn't expect inflation to last and has priced that into the metal. That said, Milling-Stanley still made a strong case for the role gold can play in a portfolio now, noting that he thinks this is a time to be loading up. And Tom Lydon, chief executive officer at ETFTrends.com makes a clean-energy index fund his ETF of the Week in light of the recent global summit on climate change.

Craig Callahan, chief executive officer at ICON Advisers, says that while the stock market has returned to record levels, he's not seeing the overpricing that is typical or a market peaking. Instead, stocks have further to run to reach fair value; he does see this bull run acting differently right now, with 'much more straight up -- and less down days -- than a typical bull market.' Callahan says that he expects the rally to continue until interest rates start to rise, which could squeeze valuations. Also on today's show, Brian Dress, director of research for Left Brain Investment Research, discusses Roku -- the firm's stock of the year in 2020 -- which has been working through some near-term troubles that have created a buying opportunity rather than a reason to bail out, and David Harden, chief investment officer at Summit Global Investments, talks low-volatility and factor investing, a love-hate relationship with Morningstar ratings and more in a wide-ranging Market Call.

Dan Zanger, chief technical strategist at ChartPattern.com, says that the stock market is the best and strongest he has seen since 1999 and he expects it to keep running through to the end of the year, but then he believes there will be a sell-off, a correction that takes the top off the market and helps it set a new base for further upside in 2022. Zanger says the market has plenty of energy and room to run so long as the Federal Reserve doesn't change policies and stop its momentum. Also on the show, Chuck discusses a wide range of stocks that he thinks are appropriate as gifts for children this holiday season or any time you are looking to teach youngsters about money, and we revisit a recent conversation with Chris Davis of Davis Advisors, who says that investors with a value mindset need to look for 'undervalued growth companies and value companies that can grow.'

Brad Lamensdorf, editor of the Lamensdorf Market-Timing Report and manager of the Ranger Equity Bear ETF, says that while the market is at record levels, valuations are not so high that it's particularly easy to find shorts. In the Market Call segment, Lamensdorf discusses how it's a stockpicker's market, both for long investors and short-sellers, with rising indexes having masked a lot of individual opportunities. Also on the show, Mark Hamrick, Washington bureau chief at Bankrate.com talks about implications from last week's economic reports, emerging markets and international fund manager Tunde Ojo from Harding Loevner discusses China and other foreign markets now, and Kyle Guske of New Constructs puts the Danger Zone spotlight back on EventBrite, the concert promoter that he says is wildly overvalued.

David Keller, chief market strategist at StockCharts.com, says that the seasonally strongest part of the year has arrived and the stock market is looking like it will hold to that seasonal tendency this year. He notes that while the market is overdue for a correction, there doesn't need to be a sharp sudden drop, because the market can correct in time -- moving sideways for longer -- rather than by price, a situation that he thinks will put a premium on stock-picking now. Keller wasn't the only guest optimistic about the near-term future, as Cliff Corso, president of Advisors Asset Management, says investors can continue to profit by not fighting the Fed as the central bank deals with inflation concerns and the changing economy. In The NAVigator segment, Matt Kence of the Aberdeen Credit Income Strategies Fund, discusses current opportunities in high-yield bonds and bank loans, and Rich Moroney of Horizon Investment Services -- the editor of both the Dow Theory Forecasts and Upside newsletters -- returns for the Market Call for the first time in two years to talk stocks.

Laura Geritz, chief executive officer at Rondure Global Advisors, says that she thinks the domestic stock market rally is late in its current cycle with inflation no longer feeling transitory, noting that she now believes it will take a significant interest rate hike of 1 percent or more to slow growth, but not ruling that kind of move out in the face of rising inflation. Geritz worries that China currently reminds her of Japan in the 1980s, building a bubble around real estate, which she says will have to be deflated carefully so that it doesn't crater global markets. Tom Lydon from ETF Trends.com also covers emerging markets with his pick for ETF of the Week, making a case to go off-trend and go bottom-fishing with high-yield foreign debt. Also on the show, Simon Zhen of MyBankTracker.com discusses how many people plan to spend more time doing holiday shopping than they spend managing their money, and Stephen Luongo of AIR Asset Management talks alternative investments into life settlements, and how they're not the shady worrisome product some people associate with old AM-radio ads.

Chris Davis, chairman of Davis Advisors, says that value investors can't rely on the classic approaches but must instead seek out a mix of 'undervalued growth companies and value companies that can grow,' a more hybrid investment style that has been working even in times when traditional value investing has struggled. Further, he notes that investors should forego most bond holdings in favor of high-grade financial stocks, noting that he expects a decade of substantially rising dividends in the sector. Also on the show, Ed Carson, news editor for Investor's Business Daily, discusses how rising inflation has sapped economic optimism, and Chuck gives the results from his annual Halloween 'cash or candy' giveaway.

Karl Mills, president of Jurika, Mills and Keifer, says that investors should be looking for current market imbalances, watching for the shift that lies ahead, which will move them from growth to value stocks, from domestic to international markets, from large-cap to small-cap issues and more to stay ahead of changing winds that will make it harder for the market's recent success stories to keep going strong. Also on the show, Sean Cox of Gainbridge discusses how the firm is not only changing the way consumers buy and think about annuity products, but changing Money Life as the show's newest sponsor, Ted Rossman of CreditCards.com discusses the current state of retail store credit cards (think high interest rates and bad enticements), and John Cole Scott, chief investment officer at Closed-End Fund Advisors discusses business-development companies, their prospects into 2022 and building a portfolio with them, including four BDCs he thinks are good buying opportunities despite varying distribution rates, discounts or premiums.

Freddy Garcia, vice president of Investments for Left Brain Wealth Management, says that investors who hire advisers to help manage their money need to get appropriate help picking and selecting stocks, bonds and mutual funds, rather than simply following cookie-cutter programs. Garcia says that many advisers provide 'planning,' without doing high-conviction investment selections, ultimately leading to a time when clients are unhappy because their broad financial plan isn't meeting their return expectations. Also on the show, Tom Lydon of ETFTrends.com highlights an equal-weighted index fund as his ETF of the Week, Ed Slott of IRAhelp.com helps Chuck answer a listener's question, and we revisit a recent chat with Herb Greenberg, senior editor of Empire Financial Research.

After two days lost to power outage at Chuck's studio, the show returns with John Petrides, portfolio manager at Tocqueville Asset Management, reminding investors to keep their eyes on the prize for their ultimate goals and not let volatility and downturns shake them out of the market, turning paper losses into real pain. Petrides says his team has been in a buy-the-dip mentality since the start of the pandemic and that hasn't changed as the recovery has played out, particularly because the alternatives to stock investments are unattractive right now. Also on the show, Sri Reddy of Principal Financial Group discusses the habits that successful savers have exhibited during the pandemic, Ed Slott of IRAhelp.com helps Chuck answer a listener's tax question, and we revisit a recent chat with Michael Kelly of Pinebridge Investments.

Two very different interviews come to the same kind of conclusion on today's show, with Brian Levitt, global market strategist at Invesco, noting that inflation and other concerns aren't hurting corporate profits, and those strong profits are helping to improve valuations, setting up the market's next solid move upward, and Avi Gilburt of the Elliott Wave Trader saying he expects the Standard and Poor's 500 to move to nearly 5,000 before a pullback that sets up a big move that should get the index to the 6,000 range by the beginning of 2023. Also on the show, Greg McBride of BanRate.com talks about some good news -- mixed in with the usual bad -- in the site's annual survey on banking fees, ATM expenses, overdraft charges and more, and Gabriela Herculano, chief executive officer at iClima Earth, discusses emissions-free ESG investing in the Market Call.

Bill Schultheis, author of the landmark financial book 'The CoffeeHouse Investor,' discusses how the simple rules of his popular effort -- involving diversification, minimizing costs and saving hard -- remain the key to success in a world caught up in meme stocks, cryptocurrencies and other shiny, sparkly financial products. Schultheis talks about how investors can stay simple yet successful now. In other interviews today: David Trainer of New Constructs puts the Rivian IPO in the Danger Zone, noting that the electric vehicle's expected market valuation is more than six times higher than a level he considers realistic-but-optimistic, Alison Carnie talks about an Edward Jones, survey showing that people know the importance of end-of-life planning but that doesn't mean they're doing it, and author Jonathan Hillman discusses 'The Digital Silk Road: China's Quest to Wire the World and Win the Future.'

Frank Holmes, chief executive at U.S. Global Investors, says that the big trade he's making now involves gold, which he says are cheap relative to technology stocks, which are raising dividends and which are poised for a big mean-reversion snap-back. Holmes -- who also is chairman at Hive Blockchain -- also discusses crypto currencies, the new bitcoin-related ETF, the broad market and more. Also on the show: Larry Holzenthaler of Nuveen discusses why investors should diversify income-producing holdings to include floating-rate loans, which he says offer equal returns to high-yield bonds but with less risk. Buck Klintworth of Chase Investment Counsel gives his technical outlook, which he overlays on the reasonable fundamental picture he sees right now, and John Barr, portfolio manager of the Needham Growth and Aggressive Growth funds talks stocks in the Market Call.

Tom Lydon, chief executive officer at ETFTrends.com, says that the ProShares Bitcoin Strategy ETF launched this week will be one of the biggest new ETF launches of all time and is worth the hype, even though the fund is built around bitcoin futures rather than tied directly to the cryptocurrency. Lydon explains how the new fund works and the prospects for new and different crypto funds coming out of the registration pipeline soon. Also on the show, author Becky Hall discusses 'The Art of Enough' and building a balanced life, LendingTree's chief credit analyst, Matt Schulz, discusses their latest take on retail credit cards and why consumers will sign up for less of them this year and what they will do instead, and Darren Chervitz, manager, of the Jacob Discovery Fund, talks bottoms-up, growth-oriented stock-picking in the Market Call.

Marshall Stocker, co-director of the emerging market team for Eaton Vance Management, says that in the face of global inflation and a waning pandemic, emerging markets countries are addressing issues in a more conventional or orthodox manner than developed countries, which he sees as bullish as it should help those countries to sidestep the fallout from a decade of zero-rate policies from the last decade. It has emerging markets, Stocker says, looking much more like a traditional asset class and less like a volatile new frontier than ever before. In another Big Interview, Gregg Fisher, portfolio manager, Quent Capital discusses global small-cap investing and the growing opportunities he sees in nascent companies. There are also two different surveys discussed on today's show, first with Eric Wagatha, head of consumer life for GfK discussing how Americans are putting off major life decisions post-pandemic, and then with Michelle Delgado of Clever Real Estate on how the housing market is so hot that even haunted houses are moving, and how homebuyers find a lot of things to be more frightening than ghosts.

Willie Delwiche, investment strategist for All Star Charts, says that the messy, sloppy range-bound market that we've seen since February is going to continue sideways for a while but ultimately will resolve itself to the upside, confirming a consolidation that is healthy for the long term. Delwiche believes the next rally will be led by different types of stocks -- financials instead of tech stocks, mid- and small-caps instead of large-caps -- plus commodities and more. Also on the show, Amy Arnott of Morningstar discusses the firm's annual 'Mind the Gap' research showing how badly investors perform relative to the mutual funds they are buying, John Cole Scott of Closed-End Fund Advisors helps Chuck answer some questions that dig into the inside baseball of closed-end investing, and Ed Slott of IRAhelp.com gives his tax tips on moves investors might want to make before the year ends.

Jared Bibler, author of 'Iceland's Secret: The Untold Story of the World's Biggest Con' discusses the collapse of the frontier market's economy and market in 2008, a chapter in financial history largely unnoticed in the US because America was going through its own financial crisis, caused by the collapse of Lehman Brothers. Bibler notes that the three Icelandic banks that imploded at that time were -- to the small country's economy -- ' the size of 300 Lehman Brothers' representing about 90 percent of Iceland's stock market as a result of stock buy-backs that are similar-yet-different to the ones Americans see happening domestically every day. Also on the show, Ted Pulsifer discusses a Piplsay.com study on how buy-now/pay-later programs are becoming increasingly popular, which may also be making them financially hazardous, investment analyst Kyle Guske of New Constructs puts a mutual fund in 'the Danger Zone," and Chuck discusses the latest twist in his annual 'Cash or candy' Halloween experiment.

Market strategist Larry McDonald, creator of The Bear Traps Report, says that with inflation holding at a higher trajectory than the last 10 years, investors need to move away from growth stocks and head towards commodities and hard-asset companies plus value stocks moving forward. In another Big Interview segment, real estate expert Brian Icenhower of Icenhower Coaching and Consulting says the nation isn't facing a housing bubble -- which will burst and dissipate -- so much as a housing crisis, that will dramatically impact home prices for the foreseeable future. Also on the show, investment strategist Matt Harris of Aperture Research Partners talks technical analysis and the current range-bound market, and Sam Brothwell of Energy Income Partners discusses energy infrastructure investing and why renewable energy doesn't make legacy energy stocks a bad investment.

Veteran journalist and market observer Herb Greenberg -- now senior editor at Empire Financial Research -- says that investors have a distorted view about returns, fueled by the market's post-pandemic rise, that has resulted in a loss of selling discipline. 'Everybody thinks they are entitled to these gazillion percent returns,' he says, and they have lost sight of what it means to have a 'good investment.' As a result, he fears that 'A lot of people will learn a very hard lesson who probably can't afford to learn that lesson.' Also on the show, Tom Lydon, of ETFTrends.com names an entire suite of funds that are built to give investors more control his 'ETF of the Week,' and Gary Black of The Future Fund Active ETF talks Tesla and other game-changing stocks in the Market Call.

Giles Coghlan, chief currency analyst at HYCM, says that bond rates have been moving higher because investors expect central banks to raise interest rates as a response to inflation. He worries, however, that the central banks are ill-equipped to combat inflation caused by supply-chain problems rather than inflation as an offshoot of a normal economic cycle. That could create stagflation, a situation when inflation is high while growth is low, which would be bad for the global economy. Also on the show, Noland Langford, chief executive officer at Left Brain Investment Research talks about energy as an income play and identifies a stock, bond, preferred stock and ETF worthy of consideration, Chance Finucane of Oxbow Advisors discusses stocks in the Market Call, and Chuck pays tribute to his friend -- and our guest at the end of every quarter -- Michael Falk.

Warren Pierson, deputy chief investment officer for the Baird Funds, says that while the Federal Reserve initially suggested that 'transitory' inflation would be here for a matter of months, it's now a much longer definition as the pace of recovery is slower than expected. Still, Pierson says that inflation will abate and eventually give the Fed what it has been hoping for, a level slightly north of 2 percent. Pierson also gives his outlook for fixed income -- covering virtually every bond type from mortgage-backed securities to junk bonds -- in a wide-ranging chat. In the Book Interview, author Eswar Prasad discusses 'The Future of Money,' and his expectation that the world will become a cashless society sooner than later, but not necessarily in ways that cryptocurrency experts expect. Also on the show, Jill Gonzalez of WalletHub.com talks about a survey showing that more than 40 percent of consumers would pay more for flights and/or hotels that only allowed customers vaccinated against Covid-19, and John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance helps Chuck answer a listener's question about whether closed-end funds are appropriate for younger investors and taxable accounts.