Money Life with Chuck Jaffe

Bob DiMella, co-head of municipal managers at MacKay Shields, discusses the surprise that muni bonds have been since the start of the pandemic, coming through what were expected to be tough times with superior performance among fixed-income investments and positioned to be a leader in the bond space amid rising interest rates and inflation in the future. Also on the show, Randy Anderson of the Griffin Capital Institutional Access Real Estate fund discusses the changing opportunities in real estate investing now, Brad Lamensdorf of the Lamensdorf Market Timing Report and the Ranger Equity Bear ETF talks technical analysis and why he dislikes financials and energy stocks right now, and Barry James of the James Advantage Funds talks about stocks -- and why he actually favors financial companies -- in the Market Call.

Barry Ritholtz, chairman of Ritholtz Wealth Management, says that the coronavirus pandemic and the current re-opening have economic parallels to what the United States experienced after World War II, noting that key industries and economic conditions will be changed forever. He believes that current concerns about inflation are overblown when viewed through a long-term lens, and expects economic stimulus -- funded at historically low rates for Treasury yields -- to continue to stoke expansion and recovery. Also on the show, Tom Lydon of ETFTrends looks at a new, actively managed fund for his ETF of the Week and Chuck Self, chief investment officer at iSectors, talks commodities ETFs and more in the Market Call.

Mark Travis, president of Intrepid Capital Management, says in the Market Call that there will be a battle going forward between the Federal Reserve and the marketplace and Treasury yields -- where various economic pressures will meet -- but that the brewing fight over rates and inflation have yet to negatively impact the stock market. It does have him looking at some securities and favoring their bonds over the stocks as he looks for 'compounders' that can grow in this environment. Also on the show, Jan Eeckhout, author of 'The Profit Paradox: How Thriving Firms Threaten the Future of Work,' Ken Tumin of DeositAccounts.com on a survey of how people are putting record amounts into bank accounts despite payouts that amount to nothing, and Chuck takes an audience member's question on what to do with checks that she neglected to deposit in a timely fashion.

Dec Mullarkey, head of investment strategy at SLC Management, says that while inflation is rising, he doesn't expect it to reach the kinds of dangerous levels that could crash the stock market. He notes that, historically, markets do well when inflation is under 4 percent, provided that spikes are avoided, which he believes the central banks globally will control. Still, he has tempered expectations for the future, noting that he expects stocks to return 5 to 7 percent in 2022. Also on the show, Washington Post columnist Michelle Singletary discusses her new book, 'What to Do With Your Money When Crisis Hits,,' and Peter Donisanu, president/chief financial strategist for Franklin Madison Advisors talks exchange-traded funds in the Market Call.

Jason Thomas, chief economist at AssetMark, says that individual investors are focusing too much on near-term risk management at the expense of their long-term goals, noting that anyone with time frames of five years or more can be confident that current concerns about inflation, rising interest rates and more will not cause long-run economic scarring. He believes that domestic markets will remain stronger than international markets, he suggests that governments and central banks are prepared to prop up economies against deep recessions and notes that America is well positioned for the future due to technology being such a key cornerstone to future growth. Also on the show, Kimberly Flynn of XA Investments discusses how financial firms should be developing new products overseas that will ultimately find an audience in the US, Vivian Tsai of the College Savings Foundation discusses research on how the pandemic has changed attitudes and savings/spending plans for future college students, and Scott Klimo of Saturna Capital and the Amana Fund talks stocks in the Market Call.

Terri Spath, founder and chief investment officer at Zuma Wealth, says the market seems to be in the middle of a correction now, with a choppy trend that is challenging investors' patience and judgment. She says investors are having a tough time determining if inflationary pressures are transient and temporary or if they represent real trouble, and she says that story will play out in the currency and cryptocurrency markets as well as in the bond market later this year. Also on the show, Tom Lydon of ETFTrends.com picks a core fund that takes a leveraged approach as his ETF of the Week, and Garvin Jabusch, chief investment officer for Green Alpha Advisors, talks about 'Next Economy Investing' in the Market Call.

Sam Stovall, chief investment strategist at CFRA Research says that there are plenty of reasons for investors to be concerned about the stock market now, though he notes that since World War II the market has mostly avoided significant downturns in the month of June. He is not opposed to turning defensive and rotating into health care and consumer staples -- rather than retreating from potential troubles -- but he relies on stock market history as 'virtual valium,' a calming agent that reminds him that investors who get out of the market historically tend to do worse than investors who ride out the troubles. 'It is typically better to buy than bail,' he says, and he suggests that investors should be looking for things to be buying next, as the market gets volatile as the economy adjusts to reopening from the pandemic. Also on the show, Brian Dress of Left Brain Investment Research talks about how the changing market has the firm looking for more growth-at-a-reasonable-price picks,and that Salesforce.com looks great when evaluated that way now, and Chris Retzler of the Needham Small Cap Growth Fund talks small companies in the Market Call.

Axel Merk of Merk Investments says that the stock market is due for a correction, but not necessarily a bear market, noting that the economic recovery has gone far and that the reopening will fight some of the downward pressures. Merk says that while the market is seen as being 'different' right now, the traditional 'sell in May and go away' thinking might be in place, at least through Labor Day; he's been protecting profits and taking chips off the table but noted that he would not be going short the market now. Also on the show, Simon Zhen of MyBankTracker.com talks about just how much change Americans will stop to pick up, Chuck takes a question about travel insurance now, and David Barse of XOut Capital talks about stocks and enhancing indexes in the Market Call.

Market forecaster Harry S. Dent Jr. says the next stock market crash -- which he thinks could hit as early as the next six weeks -- will be a 50 percent decline in two to three months, but he says that the decline is a re-set needed to pass a bubble and that the carnage will be over by late in 2022 or 2023. 'The upside is limited, the downside is somewhere between 65 and 80 percent on stocks,' he says in an extended Big Interview. Dent says that Bitcoin has been 'the best leading indicator of the market,' and he notes that if Bitcoin's mid-April peak holds up -- and the crypto is down about 50 percent since then -- then the market would be due to start its significant fall by the end of June. Also on the show, David Trainer of New Constructs discusses a new and different way that some companies are hiding some troubling numbers from investors, and Chuck talks about the various forms of risk and how investors -- even nervous ones -- want exposure to all of them.

Economist Lacy Hunt of Hoisington Investment Management says that the economic rebound and recovery is peaking now, in terms of growth rates, and he believes that later in the year economic growth will be well below the pre-pandemic levels of 2019. He believes that the stimulus efforts will prove to be temporary help, but will leave behind debt that will lead the economy to 'death by slow strangulation.' Also on the show, Mark Asaro of Noble Wealth Management talks about how closed-end funds can be used to build a paycheck-replacement system for investors, and Eric Boughton of Matisse Capital Management discusses closed-end funds, master-limited partnerships and more in the Market Call.

Meir Statman, professor at Santa Clara University and one of the world's leading experts on behavioral finance, talks about the approach he took when looking into making a major donation of his own money, and the decision-making that prompted him to give generously 'with a warm hand,' rather than waiting until his death. He also discusses why he doesn't rebalance his portfolio, or stick to a common asset allocation for a man his age, how he has given up on using money-market funds and replaced them with short-term bond funds -- despite the cost of occasional fluctuations -- and more. Also on the show, Tom Lydon of ETFTrends.com puts a new fund based on an index that is built to achieve consistent performance into the ETF of the Week spotlight, and Craig Copeland of the Employee Benefits Research Institute covers the group's most recent retirement-confidence survey.

Jason Hsu of Rayliant Global Advisors says that China -- which was first into and first out of the pandemic -- is a good economic precursor for the rest of the world to watch now, as its stock market euphoria from 2020 has backed off with more mundane returns this year. Hsu notes that China's path through the pandemic was different than for much of the world, highlighting that there has been some de-coupling between global markets, less correlation where one nation's issues lead to problems elsewhere; that, he notes, is good for diversification and a reason to give international investments a bigger role in portfolios. Also on the show, Noland Langford of Left brain Investment Research discusses how the stock market's recent rotation has him looking for growth in some non-traditional places, Chuck talks about the latest research around the '4 percent rule' for retirees, and David Brady of Brady Investment Counsel talks growth stocks in the Market Call.

Willie Delwiche, investment analyst for AllStarCharts.com, says that the market is on solid ground now, even as it enters the second year of a cyclical rally. He suggests looking for clues on where to invest from the current 'digestive phase,' which saw the market take a turn for the worse; despite that downturn, Delwiche notes that financials and materials stocks reached new highs, showing their strength -- which he expects to continue -- in this market. Also on the show, Doug Loeffler of Sierra Investment Management talks about the market and investors' changing risk profiles, Chuck answers a question from a novice who is considering cryptocurrency investments, and Brian Smoluch of the Hood River Small-Cap Growth Fund returns to the Market Call for the first time in roughly five years.

Tom McIntyre of McIntyre, Freedman and Flynn -- who has been on the Market Call more than any other guest -- returns to the show and says that for the first time since the Reagan Administration, he is genuinely concerned about the prospect of rising inflation. He sees oil rising to 100 dollars a barrel and says commodity prices are showing upward pricing pressure every day. Also on the show, David Trainer of NewConstructs.com puts the SquareSpace IPO -- due to launch on Wednesday -- into the Danger Zone before it even hits the market, Morgan Henderson of Choice Mutual talks about the poor end-of-life financial planning decisions that many Americans are making, and William Burckhart talks about changing the face of investing, as described in his new book, '21st Century Investing.'

David Ellison, manager of two Hennessy Funds focused on financial-services stocks, says that the market has technology companies trading at 15 times revenues while banks are trading at 10 times their profits, creating a valuation edge that 'makes it hard to see how [financials] will not do well over the next couple of years,' and that's before factoring in rising interest rates and other factors that could change and help the financial landscape going forward. Also on the show, Mike Taggart of Taggart Fund Intelligence discusses how investors need to look past discounts when analyzing closed-end funds, technical analyst D.R. Barton Jr. discusses how current market volatility looks mostly like a buying opportunity, and Jamie Cuellar, manager of the Buffalo Small Cap Fund, says in the Market Call that investors need to be picky with small stocks as market volatility grows over the remainder of the year.

Bill Stone, chief investment officer for Glenview Trust, says that current inflation may be on the rise, but the increase may be caused in part by bottlenecks in certain commodities that have caused prices to increase, and that pressure should ease over time. He expects value stocks to continue their recent outperformance over growth during the rest of the year, with a strong economic recovery and the slight inflation blip pushing that action along. Also on the show, Tom Lydon of ETFTrends.com discusses a cash-cow investment strategy with his pick for the ETF of the Week, Jerome Clark discusses how the pandemic played out in family money talks, as measured by the T. Rowe Price 2021 Parents, Kids & Money Survey, and Roger Conrad, editor of Conrad's Utility Investor, covers a wide range of utility stocks in the Market Call.

Alan Gayle, president of Via Nova Investment Management, says that the light at the end of the pandemic's tunnel is getting brighter and that as conditions improve the astronomically high expectations for economic growth keep moving higher, as do the already heightened expectations for Standard and Poor's 500 earnings. 'The overriding theme,' Gayle says, 'is that the fundamentals continue to improve,' creating the proverbial rising tide that is lifting all boats. Also on the show, Brian Dress of Left Brain Investment Research discusses what growth investors should be thinking now that volatility has made the ride much bumpier, and Ted Rossman of CredtCards.com covers a new survey showing that many parents helped their children get through the pandemic financially, but to the detriment of their own finances. In the Market Call, Andre Weisbrod of Quantum Financial Advisors makes his debut on the show discussing stocks and ETFs.

It's a wide-ranging show today with Mish Schneider of MarketGauge.com talking technical analysis and worrying about the status of the dollar and how it appears to be weakening, and Andy Kapyrin of Regent Atlantic discussing the Biden Administration's tax-overhaul proposal, which would raise capital gains taxes on the wealthiest Americans to more than 40 percent. Stan Haithcock, 'Stan the Annuity Man,' returns to answer an audience member's question about how and whether to establish an annuity for lifetime income, and author John Wasik talks about the overlooked economic legacy of Abraham Lincoln, how Honest Abe's policies set the groundwork for the American economy and how he'd likely deal with today's economic challenges.

David Trainer of New Constructs revisits three past 'Danger Zone' picks that recently reported earnings that the market could take as a positive but that he feels continue to mask deep underlying problems. Trainer believes two of the three companies ultimately could prove worthless, but even if they don't he says that all three stocks are dramatically overpriced based on their realistic prospects for controlling their respective industries. Also on the show, Chuck covers why Friday's bad jobs report was greeted by new stock market highs, John Divine of US News and World Report talks about dogecoin and whether investors should consider the latest hot cryptocurrency, author Jennifer Turliuk discusses how to figure out what to do with your life, and Adan Coons of Winthrop Capital Management talks ETFs in the Market Call.

Lawrence McMillan of McMillan Analysis and OptionStrategist.com says he is tightening up his stops right now, because the market is showing a few subtle danger signs within mostly positive trends. He worries that the market -- and particularly the Nasdaq, which has struggled while other indicators have flirted with new highs -- could be in for a short, sttep downturn before they can build off of positive news and trends. Also on the show, author Phil Moeller discusses his latest book, 'Get What's Yours for Health Care,' John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance looks at the opportunities now in closed-end funds, and Ken Applegate, lead manager for the Wasatch International Growth and Wasatch International Select funds talks small- and mid-cap stocks in the Market Call.

With the stock market near record highs and up nearly 50 percent in the last 12 months, big gains aren't all that impressive. But Baron Partners Fund -- which gained 45 percent in 2019 and nearly 150 percent in 2020 -- has now racked up a 165 percent increase over the last 12 months, more than three times the return of the broad stock market and is the number one fund in its category in every time period from one year to 15 years. In an extended Big Interview, manager Michael Baron discusses how and why that has happened, what they're doing to avoid regressing to the mean in the future and gives his reaction to Morningtsr analysts downgrading the fund to a 'neutral' rating despite its long run of success. Also on the show, Tom Lydon of ETFTrends.com makes a bond fund with an interesting twist his ETF of the Week, and Jason Herried, director of equity strategies for Johnson Financial Group discusses mutual funds and exchange-traded funds in the Market Call.

Emily Roland, co-chief investment strategist, John Hancock Investment Management, says that the economic and corporate fundamental pictures are 'absolutely awesome' right now, but she notes that after parabolic returns off the bottom like we have seen in the last 12 months, the market tends to become more choppy, volatile and challenging. While she is bullish -- believing that new economic and market cycles are unfolding now -- she thinks the easy rebound returns have been made. Also on the show, Brian Dress, director of research at Left Brain Investment Research, discusses Energy Transfer as a 'bond-like equity' with a 7 percent yield and potential for growth, Matt Frankel of The Ascent talks about a study on what consumers most want from their credit cards, and author and civil rights attorney Jim Freeman discusses his new book, 'Rich Thanks to Racism: How the Ultra-Wealthy Profit from Racial Injustice.'

Ed Clissold, chief US strategist at Ned Davis Research, says that the stock market should remain strong while the economy gets back to full speed, but he notes that things could change quickly thereafter and says investors will want to get defensive. He does not expect a recession or significant bear market, but believes investors will want to play defe3nse and choose buying opportunities carefully. Also on the show, Chris Vermeulen, chief market strategist for The Technical Traders, says that the market's technicals are all green lights right now, but that the color is likely to change with a consolidation move -- not necessarily a bear market but months of sideways to gradual decline -- that could start late this month and last into the fall. Plus, Ismat Mangla of MagnifyMoney.com discusses study research showing how the timing of retirement can impact lifetime housing costs, and Jennifer Barrett, author of, 'Think Like a Breadwinner,' discusses her book.

Stan Haithcock -- better known as 'Stan the Annuity Man' -- joins Chuck to help savers and investors understand where annuities fit into an investment program at a time when many people are scared about how far the market could fall from record highs. haithcock -- who has been described as 'the walking middle finger of truth for the annuities industry' -- gives his fundamental lessons that allow consumers to decide if an annuity is a good and necessary savings tool for their individual situation. Also on the show, Ted Rossman discusses a Bankrate.com study on what event-goers are doing -- or not doing -- when it comes to concert, sports and other tickets as pandemic restrictions ease, Kyle Guske of New Constructs has another meme stock whose fans are ignoring fundamentals for the 'Danger Zone' and Stephen Dodson of the Bretton Fund talks value investing in the Market Call.

Joe Quinlan, head of CIO market strategy for Merrill Lynch and Bank of America Private Bank, says that the market is in a sweet spot right now -- neither too hot nor cold -- but when inflation heats up and Federal Reserve chairman Jerome Powell tells the market his thoughts, 'that's when things will get dicier.' Quinlan doesn't expect the market to hit a wall, but he expects a 'true testing period' and says investors should prepare for that by diversifying, rebalancing, and being ready to buy when any setback or downturn occurs. Also on the ninth-anniversary edition of Money Life, Tom Dinsmore of the 50-year-old Bancroft Capital Fund talks convertible securities, James Otteson discusses his new book, 'The Seven Deadly Economic Sins,' and Clark Kendall of Kendall Capital Management covers the Biden Administration's infrastructure plan and how investors should react and respond to it.

Mark Fleming, chief economist at First American Financial Corp,, says that the increase in home prices is being fueled by low interest rates -- which increases purchasing power -- a lack of supply of homes and a generational shift of young families striving to get a home, all fundamental reasons for higher prices without actually inflating a bubble. Fleming also discusses why rising delinquencies aren't about to create a foreclosure boom, and much more in the Big Interview. Also on the show, Tom Lydon of ETFTrends.com makes a commodity fund his ETF of the Week, Randy Frederick of the Schwab Center for Financial Research talks about a recent survey of traders and just how bullish shorter-term investors are, and Mike Liss of American Century Value fund discusses relative value investing in the Market Call.

Jack Brennan, former chairman and chief executive at The Vanguard Group, discusses his new book 'More Straight Talk on Investing: Lessons for a Lifetime' and talks about how the financial world has changed in the 17 years since the original 'Straight Talk on Investing' debuted, and how investors can best navigate what lies ahead. Also on the show, Janie Quek of Left Brain Investment Research covers Airbnb Inc. and why she believes it is poised for a big post-pandemic boost, with William Smead of the Smead Value Fund talking value investing and stocks in the Market Call.

Chris Zaccarelli, chief investment officer for the Independent Advisor Alliance, says that while the market is poised for continued growth -- especially as the economy reopens -- savvy investors may want to diversify further and tighten their asset allocations so that they are better positioned to survive trouble when it arrives. He notes that he prefers value to growth right now, and notes that while he likes emerging markets he believes there are better bargains to be had in Europe. Also on the show, technical analyst Matt Harris, sees few impediments to the market's long run-up, though he is particularly bullish on emerging markets right now, significantly more optimistic than Zaccarelli. Rebecca Heiss discusses her new book, 'Instinct: Rewire Your Brain with Science-Backed Solutions to Increase Productivity and Achieve Success,' and Chad Moutray, chief economist for the National Association of Manufacturers talks about the latest survey research from the National Association for Business Economics, which shows widespread optimism for record levels of GDP growth over the next six months.

Many experts have been on Money Life recently saying that the classic 60 percent stocks/40 percent bonds portfolio doesn't work; some have suggested changing the mix of holdings that make those percentages, others have recommended making stocks 70 or 80 percent of a standard portfolio. Today on Money Life, John Ruth, chief executive officer at Build Asset Management, suggests turning the entire equation upside down, making the bond portion the heavy part, and using options to help returns be more stable and predictable in all market conditions. Also on the show, Melanie Lieberman of ThePointsGuy.com discusses a survey showing that half of Americans not only plan to take a summer vacation but will spend big doing it, David Trainer of New Constructs puts Netflix -- which he calls 'the original meme stock' - back in the Danger Zone, and David Miller of the Catalyst Mutual Funds talks about insider buying/selling and its impact on stocks in the Market Call.

Ryan Detrick, chief market strategist for LPL Financial, and Buck Klintworth, portfolio manager at Chase Investment Counsel, say in successive interviews that they see the market as poised to take a breather, a correction, a downturn or whatever you want to call a small setback. Both of them, however, were clear that any setback now and through the summer is a clear buying opportunity, as they believe the market will quickly re-establish its long-term upward trend. Also on the show, Michael Spatacco of Bancroft Capital talks about how social or ESG investors are finally getting the chance to use closed-end funds, and Eric Schoenstein of Jensen Investment Management talks about 'quality investing' -- looking for companies with 'formidable competitive advantage profiles' in the Market Call.

Steven McClurg of Valkyrie Investments -- which has filed registration papers to create two different Bitcoin-related ETFs -- says that cryptocurrency shouldn't be seen as a replacement for gold and precious metals or as a store of value, but instead is growing into a way that transactions are being done around the world, and is starting to become something that corporations must invest in as part of their international trade. That maturation process, he says, will be helped along as regulators start to ease restrictions and allow more cryptocurrency funds into the market. Also on the show, Tom Lydon of ETFTrends.com makes a thematic dividend growth fund his ETF of the Week, Francesa Ortegren of Clever Real Estate discusses how Americans are struggling to make ends meet late in the pandemic, and Jonathan Smucker of Marietta Investment Partners talks top-down stock selection in the Market Call.

Scott Crowe, chief investment officer at CenterSquare Investment Management, says that real estate investment trusts currently are cheap, currently trading where it was pre-pandemic. That said, some of that issue stems from certain parts of the real estate world being scary; the pandemic-driven change to working from home will impact office space, Crowe discusses whether office space could have the same dismal-looking future as shopping malls and retails spaces. Also weighing in on real estate today is Mark Hines from Left Brain Investment Research, who highlights a residential mortgage REIT as a 'bond-like equity' that can help investors balance out a portfolio. Later in the show, Matt Schulz of LendingTree discusses how consumers' savings habits appear to be changing late in the pandemic, and Ken Mahoney of Mahoney Asset Management talks ETFs in the Market Call.

Avi Gilburt, editor of the Elliott Wave Trader, says that he sees the Standard and Poor's 500 having a summer rally -- after a small near-term pullback -- to finish the year at 4,600 and maybe slightly higher, but his long-term outlook is that the index will reach 6,000 by 2023. Also on the show, Steve Wendel, head of behavioral research at Morningstar, discusses new research on how the pandemic is affecting Americans' financial security, Matt Schulz of LendingTree talks about how fewer consumers were stashing their cash in March and whether the savings trends are changing as the economy reopens, and Hilary Kramer -- who oversees seven different investment newsletter -- returns to the Market Call for the first time in over two years to talk about stocks.

Tracie McMillion, head of global asset allocation strategy for the Wells Fargo Investment Institute, says that investors preparing for a post-pandemic stock market and economy will want to broaden their exposure to different equity asset classes and sectors, will need to be picky about fixed-income investments, but will also want to build up their holdings in commodities and add alternative asset classes and hedging strategies in order to ride out a world that is clearly rotating to new and different economic drivers. Also on the show, Phil Korenman, head of individual investors for T. Rowe Price, discusses the extra footnote the firm has put onto big one-year returns numbers telling investors just how unique the last 12 months have been, David Trainer of New Constructs puts another mem stock and retailer into the Danger Zone, and Eric Marshall of the Hodges Funds talks stocks in the Market Call.

Patrick Galley, chief executive and chief investment officer at RiverNorth Capital Management and the RiverNorth Funds, does two interviews on today's show, one focused on closed-end funds -- which he believes represent a strong value in today's marketplace and which could be the way that investors changing their bond allocations look to goose returns -- and the other mostly on special-purpose acquisition companies, SPACs. He says that while SPACs have been the rage in the last year, the boom was pushed ahead by the pandemic, where the heads of private companies were looking for fast, efficient ways to go public in uncertain times, and he thinks SPAC activity will calm down -- but not go away -- as the pandemic recedes. Also on the show, Davis Martin of the SPY Trade of the Day talks technicals and how the market is mostly giving green lights right now, and Drew Horter of Tactical Fund Advisors discusses exchange-traded funds and tactical investing in the Market Call.

Diana Henriques, author of 'The Wizard of Lies: Bernie Madoff and the Death of Trust,' discusses the death of the man who was behind the world's largest investment fraud and the lessons that will forever be attached to his disgraced name. Henriques -- who corresponded with Madoff in prison up until 2017 -- gives her take on whether Madoff had any remorse for his crimes, whether he ever came clean about just what happened and why and more. Also on the show, Bruce Monrad of Northeast Investors Trust discusses fixed income and high-yield investments in a market environment with rates and inflation just hinting that they will be on the rise soon, and Tom Lydon of ETFTrends.com makes a small-cap value and momentum fund his ETF of the Week.

Brad McMillan, chief investment officer at Commonwealth Financial Network, says the economy and stock market aren't completely out of the woods of the pandemic, but we can see the sunlight from here.He says the market has been backing and filling as stocks react to the lingering coronavirus news but also start to price in the reopening and the economic boost to come. Also on the show, Noland Langford of Left Brain Investment Research highlights a stock that has gotten a huge boost from the pandemic, but which he thinks will continue to grow impressively once normal life returns, Chuck answers an audience member's question on bond investing, and Jane Edmondson of EQM Indexes talks about lithium and battery-related stocks in the Market Call.

Emidio Checcone, co-manager of the DoubleLine Equity Value Strategy, says that the recent value surge is just the start of what should be a long run where the value investment staples dramatically outperforms growth. Checcone notes that at the end of 2019, value was lagging growth by record margins, and that differential grew bigger by 35 percent in 2020 as the stock market took off. Now, Checcone sees value as bouncing back and notes that the recent outperformance by value -- which beat growth by 10 points in the first quarter and is up by about 7 points year to date -- seems 'pretty meager' compared to what he expects for months and years ahead. In the Market Call, Tucker Walsh of the Polen U.S. Small Company Growth Fund explains his firm's flywheel framework for finding stocks with outsized potential for gains. And Chuck starts the show by answering three questions from audience members.

Jeffrey Cleveland, chief economist for Payden and Rygel, says he expects the Federal Reserve to continue its aggressive and accommodative monetary policies through this year and potentially all the way to 2023, and he notes that whenever there is strong earnings growth with an accommodative Fed -- like we have right now -- tend to be good years for the market. Also on the show, Howard Gold of MarketWatch.com discusses his recent column suggesting that investors will mostly want to remain invested in domestic stocks, David Trainer makes AMC Entertainment the latest in his breakdown of meme stocks that he finds particularly dangerous, and Chuck answers an audience-member's question about allocating assets in a college-savings program.

Technical analyst Toni Turner of TrendStar Group says she is worried that the market has gotten back to record highs but that it has done it on low volume, noting 'when you get this quiet feeling' where everything seems perfect, almost any bad news could be a catalyst to drive the market back to support levels. In the Big Interview, John Johnson of Edgeworth Economics talks about how hard it is to size up the coming economic recovery and to determine which sectors and industry might lag behind as the economy lurches forward. In The NAVigator segment, Keith Ashton of Ares Dynamic Credit Allocation Fund talks about collateralized loan obligations and other alternative credit types that can improve yields while balancing risks, and in the Market Call, it's Mark Sebastian of Karman Line Capital and OptionPit.com talking stocks.

Frank Holmes, chief investment officer at U.S. Global Investors, says that inflation should be a key concern right now for investors and says that it is unavoidable given economic conditions, the massive government stimulus around the globe and more, but he doesn't think that inflation will derail the stock market because there will be strong economic growth for at least six months that will keep markets rolling. Also on the show, Tom Lydon of ETFTrends.com looks at net lease real estate investments with his 'ETF of the Week,' and Marketwatch columnist Brett Arends discusses how investors are living in a cycle where domestic stocks are popular because they are hot and hot because they are popular. In the Market Call, Simon Lack of SL Advisors talks energy and pipeline stocks.

Giorgio Caputo, head of multi-asset strategies for J.O. Hambro Capital Management, doesn't expect a huge jump in inflation, but he warns that anyone waiting for proof-positive of inflation, there's a good chance that their bonds will be underwater before they decide how to react. Thus, it is time today to create resilient portfolios that can manage through the risk, which he says means rotating to areas of the market that can benefit from a rising-rate and rising-inflation environment. Also on the show, Brian Dress of Left Brain investment Research discusses tax-collection/compliance firm Avalara and why he thinks it is a long-term builder of wealth, Ed Carson of Investor's Business Daily discusses another big jump in monthly investor optimism levels, and Jeff Auxier, manager of the Auxier Focus Fund talks value investing in the Market Call.

Jack Ablin, chief investment officer at Cresset Capital Management, says investors should expect big economic growth numbers in the second and third quarters -- fueled by the release of pent-up demand plus inflation pressures -- but notes that nominal GDP growth of roughly 10 percent in those quarters will be in the United States and not around the world, leading to what he called a 'lumpy recovery,' mostly driven by the domestic action. In the Market Call, Manny Weintraub of Spears Abacus talks about 'growth at a reasonable price,' or as he prefers to call it 'super great stocks that are not going to kill you.' And Chuck answers an audience question about the 60-40 portfolio and about changing asset allocations.

Legendary stock market observer Roger Ibbotson -- whose landmark research is the basis for most people believing that large-cap stocks deliver 10 percent per year -- has said for years now that investors should not expect the future to stand up to the past. The chairman of Zebra Capital Management says in The Big Interview that low interest rates and other conditions will make it that the market is more likely to deliver about 8 percent on average over the next quarter century, still good but a significant drop off that must be planned for. Also on the show, Matt Schulz talks about a MagnifyMoney.com survey on how much Americans have been selling things out of their home -- and how much they have been making -- during the pandemic, David Trainer revisits GameStop -- which he liked prior to when it became a meme stock -- in the Danger Zone, and Mark Rank talks about his recent book, 'Poorly Understood: What America Gets Wrong About Poverty.'

Scott Kimball, portfolio manager of the BMO TCH Core Plus Bond Fund, says that there are some warning signs that the fixed-income market could be headed for trouble, including negative repurchase agreement rates between banks, which if they last long enough turn into 'an anvil dangling over credit markets' heads' and could lead to severe consequences in a matter of months. Also on the show, Michael Naughton of Lord, Abbett discusses the benefits of taking liquidity risk as a means of increasing yield, and how interval funds can help in that effort, Charles Rotblut of the American Association of Individual Investors discusses the current wave of optimism among investors, showing up in both bullish sentiment and in the heavy percentage of their assets being put into stocks, and Bill Kornitzer of the Aperture International Equity Fund talks international stocks in the Market Call.

Jack Janasiewicz, portfolio strategist for Natixis Investment Managers, says that over the last three months you have seen a rolling correction in technology and growth stocks, which has also expanded into energy, and most recently into small-caps. All have had draw-downs of more than 10 percent, but he says that other sectors have held up the market and are a good sign that the market can keep pushing forward strongly from here. Also on the show, Tom Lydon of ETFTrends.com goes all the way to Egypt and the Suez Canal to find inspiration for his ETF of the Week, David Botset discusses the way that investors view and use exchange-traded funds as measured by the 10th edition of Charles Schwab's ETF Investor Study, and Han Smith of The Haverford Trust Co. talks large-cap stocks in the Market Call.

Michael Falk of Focus Consulting Group -- who joins Chuck every three months to discuss the market, investing and his personal battle with Lou Gehrig's Disease -- talks about how he would set up a portfolio that his family (and yours) could live with forever, discusses why the classic 60-40 portfolio will disappoint investors and much more in an extended Big Interview. Also on the show, Alan McKnight, chief investment officer at Regions Asset Management, gives his take on markets, interest rates, inflation and more and, in the Left Brain thinking segment, Freddy Garcia of Left Brain Wealth Management discusses how the firm's value statement is so essential to picking and managing portfolios of growth stocks.

Craig Callahan, chief executive officer at ICON Advisers, says that the broad market is trading roughly five percent below its fair value, which is a good target for returns over the rest of the year. Callahan is excited by the earnings forecasts for 2021 and 2022, citing 'outrageous year-over-year growth rates' as a reason to believe there will be good value stocks to be had. Also on the show, David Keller, chief market strategist at StockCharts.com, says that 3700 is a 'line in the sand' for the Standard and Poor's 500 Index, noting that if the market can remain above that level it should be able to avoid a significant downturn during the current rotation from a technology and large-cap driven market to one led by small-caps and value stocks; Greg McBride of BankRate.com discusses the high percentage of investors who believe the stock market is rigged, and Mike Bailey of FBB Capital Partners talks stocks in the Market Call.

Robert Michaud, chief investment officer at New Frontier Advisors, says that reports on the death of the classic 60 percent stocks/40 percent bonds portfolio are greatly exaggerated, although he notes that the types of stocks and bonds that make up each part of the allocation are changing to keep pace with lower-for-longer interest rates and the changing stock market picture. Also on the show, David Trainer of NewConstructs.com takes on another company that has been getting a lot of pre-IPO buzz in the Danger Zone, Melanie Lieberman of ThePointsGuy.com discusses what many consumers want to see before they travel in a post-pandemic world, and Lamar Villere of the Villere Funds talks stocks in the Market Call.

Kevin Mahn, president and chief investment officer at Hennion and Walsh, says that valuations are stretched and growth could be hard to find, but a new period of economic expansion coupled with a shift in market leadership -- with small caps and more coming to the fore -- will create new investment leaders for investors to pursue. He sees the rebound from coronavirus leading into a multi-year economic expansion. continuing for several years. Also on the show, Adam Grimes of MarketLife Trading and Talon Advisors says that there are few troubling technical signals suggesting any reason to lose confidence in the current bull market, which he also expects to be a multi-year move. In The NAVigator segment, Craig Packer of Owl Rock Capital talks about business-development companies and how the BDC loan market has been impacted by the pandemic, and Ryan Jacob of the Jacob Funds talks technology stocks in the Market Call.