Money Life with Chuck Jaffe

Scott Wren, senior global market strategist at the Wells Fargo Investment Institute, says we are 'in the early part of a new cycle' that is going to include a pretty good bounce in economic growth next year and that should lead to reasonably good returns even as the economy and stock market come back into sync. He's expecting large-cap stocks to deliver 8 to 10 percent in the new year, which he termed as 'not wildly optimistic, but optimistic.' Also on the show, an extended Market Call that's all about investing in Fidelity funds featuring John Bonnanzio, editor of the Fidelity Monitor and Insight newsletter, and Left Brain Thinking, where Brian Dress, research director at Left Brain Investment Research, discusses why MercadoLibre -- a stock that's up 200 percent this year -- still has room to grow impressively in 2021 and beyond.

Neil Hennessy, chairman and chief executive officer at Hennessy Advisors and the Hennessy Funds, is optimistic about the stock market for 2021, and says that the Dow will overcome significant volatility to reach 35,000 -- roughly a 15 percent gain from current record levels --but he notes that it will also be a good year for value stocks and mid- and small-cap names and not just for big brand-name companies. Also on the show, Shane Bartling of Willis Towers Watson discusses the firm's 2020 Global Benefits Attitude Survey which showed that one in four full-time U.S. employees have seen their financial situation deteriorate this year, even though they were the lucky ones to hang onto their jobs amid the pandemic. Also, Barry James, portfolio manager for the James Advantage Funds, talks stocks in the Market Call.

David Jilek, chief investment strategist for Gateway Investment Advisors, says the market is poised for a reasonably good year ahead, but there are many potential trouble spots and risks. He notes that the market is pricing in greater implied volatility ahead for reasons related to the market, the pandemic, the economy, Federal Reserve policy and more more. He also notes that conservative investors are facing a period where their money isn't growing in low-rate fixed-income securities, forcing them to take on more risk to reach their goals. Also on the show, Meredith Stoddard discusses Fidelity's 2020 New Year's Resolution study, Kyle Guske of New Constructs talks in 'The Danger Zone' about why legacy credit ratings -- using traditional metrics and measures of the credit raters -- can create false impressions of corporate strength, and Chuck discusses the lists of the top companies that are being released for 2021 and whether investors should put any stock in these lists of the 'best stocks.'

Sam Stovall, chief investment strategist at CFRA Research, says he expects a "digestion of gains" that could lead to a pullback or a mild correction, but he says that history says there are "two-plus years ahead of us before we have to start tiptoeing through the possibility of another bear market." Crit Thomas says that it is going to be a better year for consumers than the market, because the market has already discounted the recovery. XConsumers will be happy but the market has anticipated this, so even though we are starting anew bull market ... so even though expected returns booking even beyond 2021 may be more moderate, the early stages of the bull market suggest we should have a tilt towatrd risk on

Noted bond fund manager Mary Ellen Stanek, chief executive officer at the Baird Funds, says that while the Federal Reserve will keep interest rates lower for longer, investors looking to generate yield need to be cautious because the places providing the best returns are a significant step up the risk spectrum. She also noted that while mortgage securities have been viewed by many as improving yields, she is underweight on them now because they have significant refinancing risk that could leave investors with cash to reinvest but little or no attractive places to put it. Also on the show, Tom Lydon of ETFTrends.com makes an oil-services trend play his ETF of the Week, and Chuck answers two questions from the audience, one a tax question with some help from IraHelp.com founder Ed Slott.

Jim O'Shaughnessy of O'Shaughnessy Asset Management and author of 'What Works on Wall Street' discusses how what is working now in the pandemic market is the same as what has always worked, namely patience and diversification. In a wide-ranging interview, O'Shaughnessy makes it clear that investors can get by with simple portfolios and without complex new and alternative investments. Also on the show, Freddy Garcia of Left Brain Wealth Management discusses a few growth stocks in a value sector, financial services, and John Augustine of Huntington Private Bank talks stocks in the Market Call.

Brian Nick, chief investment strategist at Nuveen, says that the disconnect between the stock market and the economy -- what the market running ahead as the economy sifts through pandemic fallout -- will mend itself late next year or in 2022, and that the result will likely be somewhat muted returns for the stock market. Nick says the market should remain positive with pockets of volatility, but that returns are likely to be muted compared to the bounceback investors have seen in 2020. Also on the show, Josh Jamner of ClearBridge Investments discusses the firm's latest Anatomy of Recession report, and says that most economic factors show that we are much closer to recovery than we are to a double-dip recession, and Jordan Waldrep, chief investment officer at Truemark Investments discusses stocks in the Market Call. Plus, Chuck pays tribute to James Coonan, the founder of the American Association of Individual Investors, who passed away at age 89 on Dec. 14.

Eddy Vataru, portfolio manager for the Osterweis Total Return fund, says that he does not see income-oriented investors getting much help on the yield front in 2020.With that in mind, he explains that investors may want to look at the mortgage market, which he suggested can be a great substitute for Treasuries, generating more yield with less risk. Also on the show, David Trainer of New Constructs discusses some stocks that investors love for the wrong reason but that fiduciaries -- financial advisers -- should hate, Chuck answers an audience question about where to put what might be considered piggy-bank savings, and Chris Mack of Harding Loevner makes his debut talking stocks in the Market Call.

Steve Nguyen, portfolio manager at Causeway Capital Management, says that the development of coronavirus vaccines will have short-term and limited impact on health-care and pharmaceutical stocks, but that the change in administrations and the advent of new technologies will have a much more long-lasting and positive effect on the sector. Also on the show, James Clark of Nuveen Asset Management talks about real assets and infrastructure investments, Jill Gonzalez of WalletHub.com discusses a survey showing consumers dislike deferred interest credit cards, and Michael Robinson, chief technology strategist at Money Map Press, talks stocks in the Market Call.

Wayne Wicker, chief investment officer at ICMA Retirement Corp. and Vantagepoint Investment Advisors, says that 2020 should have taught investors the benefits of focusing on the long-term, where the results matter more than the day-to-day journey, and he stressed that 2021 will be a year in which diversification is helpful -- because the market will find different sources of leadership as it recovers from the pandemic -- to go along with what ultimately will be 'surprisingly good' results. Also on the show, Tom Lydon of ETFTrends.com makes a unique take on entrepreneurship his ETF of the Week, Simon Zhen of MyBankTracker.com talks about what people do with their spare change, and C.T. Fitzpatrick of Vulcan Value Partners says in the Market Call that people who say value investing is dead aren't defining the style correctly.

Rob Arnott, founding chairman of Research Affiliates, says that domestic stocks are priced to deliver a 'terrible performance' for the 2020s, although investors who invest heavily into international and emerging markets will mitigate the domestic stock situation and show strong overall portfolio results. Also on teh show, Ben Johnson, director of global ETF Research at Morningstar talks ETFs in the Market Call and Janice Quek of Left Brain Investment Research checks in from Singapore to discuss a company that is ni a surprising market to benefit from COVID pandemic fallout, but which she sees as having explosive growth as the economy returns to normal.

Rob Sharps, head of investments at T. Rowe Price, says that unfulfilled demand that has been building up throughout the pandemic will be unleashed when the coronavirus threat is diminished and it will fuel a major rebound in many of the stocks and sectors that have been beaten down this year. Sharps is optimistic that the market can push higher, though he warns that any recovery will be uneven and says that income investors will need to get creative to overcome low interest rates. Also on the show, Jason Thomas, chief economist at AssetMark, Jason Thomas says the current economic environment has made it easy for typical investors to miss out on the market's run back to record highs, and while he is optimistic about the future, he notes that average investors may still miss out. And Leo Leydon of Financial Focus Advisory Services says that the market's technicals are showing that a pullback is in the offing; he expected the Standard and Poor's 500 to have a decline of more than 10 percent back to October lows before it can rebound to set new long-term highs.

Ed Slott, the founder of IRAhelp.com, says that while retirement savers do not have to take 'required minimum distributions' this year -- a move made as part of the government's Covid-19 relief package -- he believes many investors who don't need an RMD could benefit from pulling money this year, making the money taxable at a time when earnings may be down as a result of the pandemic. He also discusses other year-end steps and why -- this year more than most -- key tax-reduction strategies are more accessible than in normal years. Also on the show, Glenn Williams from Primerica discusses the firm's recent survey of middle-income Americans and the impact coronavirus has had on their finances, David Trainer of New Constructs talks about index investing in the Danger Zone, and Chuck answers three audience questions about trading.

Brian Beitner of Chautauqua Capital Management says that investors are risk-on right now -- despite a market and global economy that could have trouble shaking off the impacts of coronavirus -- at a time when they likely should be risk-off, meaning more conservative and fearful of a downturn. Also on the show, John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance answers audience questions and discusses how big discounts don't actually make closed-end funds 'cheap' on a relative basis, Lawrence McMillan of McMillan Analysis discusses why the market's technicals have him optimistic right now, and Ken Laudan of the Buffalo Discovery fund talks health-care and pharmaceutical stocks in the Market Call.

Barry Ritholtz of Ritholtz Wealth Management -- one of the nation's leading financial planners -- and Axel Merk of the Merk Funds agree that forecasts tend to be misleading, meaningless, overplayed but mostly wrong. In separate interviews, they talk about why they're not in favor of making predictions, but then cover wide stretches of ground, with Merk discussing the market for equities, gold and more, while Ritholtz discusses the importance of being able to ride out the trouble spots and the twists and drops that happen between now and when some long-term market projection comes true, noting that investors might have entered 2020 expecting low double-digit returns but many didn't get them because they couldn't stand the market's steep decline in February and March. Also on the show, Tom Lydon of ETFTrends.com discusses a dividend-investing strategy that he says can be an income replacement or supplement in a portfolio.

Frank Holmes, chief executive at US Global Investors, says that key indicators suggest that central banks will keep priming the pump for the global stock market well into 2021 and beyond, and that most current trouble signs will simply turn into short-term dips that represent good buying opportunities as the market and economy emerge from the coronavirus pandemic. Also on the show, Noland Langford from Left Brain investment Research goes to an unlikely place -- the shopping mall -- to find two surprising stocks with the kind of near-term growth potential he likes, and Rob Lutts of Cabot Wealth Management talks stocks in the Market Call.

D.R. Barton Jr., editor of Straight-Up Profits, says that investors have so much money currently on the sidelines that when they start to put the money to work, it will force the market higher no matter the other market conditions, which is why he will be 'buying hand over fist' every market dip for the foreseeable future. Barton particularly likes cyclical stocks right now, but also likes the undervalued industrial companies and says that financials represent his favorite beaten-down sector. In the Big Interview, George Kinder of The Kinder Institute of Life Planning discusses how investors should size up their own good fortunes during the troubles of 2020 and find ways to be mature with their money, making them more generous during the holidays this year. Romana King discusses Zolo.com's recent survey showing how badly consumers overestimate their financial knowledge, and the Market Call has Mark Yusko of Morgan Creek Asset Management talking about how individuals can apply the 'endowment method of investing' using ETFs in their own portfolios.

David Trainer of New Constructs has railed against Tesla Corp, in the past, putting the company and its stock in the Danger Zone on multiple occasions. He revisits the stock now, as it is entering the Standard and Poor's 500 Index, noting that status won't keep the company flying at its current too-high levels forever. He believe the economic value of the company is less than 10 percent of its current price. Also on the show, Ted Rossman of CreditCards.com discusses the site's latest survey of credit-card fees, cannabis banking expert Jason Wilson of ETF Managers Group discusses pot stocks and how they're responding to increasing legalization via elections held across the country, and David Snowball of MutualFundObserver.com talks about what investors should seek out in funds during the Market Call.

Jonathan Browne, director of closed-end fund research at Robinson Capital, discusses the yield challenges facing investors today, when low interest rates have challenged the traditional 60-40 portfolio and when bonds have performed in lock-step with the stock market. He talks about how closed-end funds offer an 'alternative light' solution to some of those issues. Also on the show, Jill Gonzalez of WalletHub.com discusses the site's new survey on how the coronavirus is re-shaping holiday shopping habits this year, Howard Dvorkin of Debt.com on how to steer clear of holiday spending troubles this year, and Kevin Miller of the E-Valuator Funds talks ETFs and traditional mutual funds in the Market Call.

Mark Hines, managing director at Left Brain Investment Research, says that the 5G evolution is fueling growth among major players -- notably Nvidia -- that is going to continue even when the pandemic ends and the stocks that have benefitted from providing improved stay-at-home technology have seen the big wave settle down. Also on the show, Tom Lydon of ETFTrends.com makes an ESG fund his ETF of the Week, Lauren Kaminsky of EZ Pawn Corp. discusses the pawn business -- the world's oldest form of lending -- and how pawnbrokers have seen unexpected trends during the coronavirus pandemic, and George Young of the Villere Funds talks stocks, dividends and valuations in the Market Call.

Ryan Detrick, chief market strategist at LPL Financial, says that economic surprises over the last six months have built up 'animal spirits' for the market to push higher, and that once vaccines help to diminish the impact of the coronavirus pandemic that the stock market is headed higher for a long time, delivering low double-digit returns next year. Opening the show talking technical analysis, Jeff Bishop of RagingBull.com talks about why he thinks Santa Claus will be coming to the market in late December and why he isn't currently worried about a big decline from near-record high stock-market levels. Also on the show, author Lawrence Cunningham discusses 'Quality Shareholders' and why individuals should gravitate toward companies that seek out those long-haul focused, patient investors, and Matt Zajechowski of Digital Third Coast discusses the firm's latest research into how the pandemic has changed consumer spending habits.

Clyde McGregor, who recently celebrated his 25th anniversary at the helm of the Oakmark Equity and Income Fund, says that fixed income simply will not deliver the kinds of income investors have traditionally sought and expected, so investors have to change expectations and strategies to generate more yield. Also on the show, Munish Malhotra of Cambiar Investors notes that 'Cheap is not value,' David Trainer puts an upcoming IPO in the Danger Zone and Francesca Ortegren of Clever Real Estate discusses the firm's latest survey on the impact of the coronavirus pandemic on consumer behaviors.

Sir Angus Deaton, winner of the Nobel Prize for Economics for his groundbreaking work on 'deaths of despair' says that statistics don't support the critics of coronavirus shutdowns, who suggest that economic woes will lead to increased suicides among displaced workers and business owners. In a wide-ranging interview, Deaton discusses the economic impacts of the virus and more. Also on the show, Rob Shaker of Shaker Financial says that the tax-loss selling season for closed-end funds should be particularly interesting in 2020, given the volatility funds saw throughout the year, and Chuck talks about his ultimate holiday gift for children this year, stocks, which are easier than ever to give as a present.

David Brady of Brady Investment Counsel talks in the Market Call about the importance of making good buys with the right long-term prospects because the ideal investment behavior would be to hang onto those stocks for years; selling has a way of not working out so well, Brady notes. In the Big Interview, Alan Gayle of Via Nova Investment Management discusses the market and the economy, noting that the new normal society is moving towards for after the pandemic 'will be business as usual, done in unusual ways.' Also, Tom Lydon of ETFTrends.com talks about investing in small-cap stocks through his 'ETF of the Week.'

Blair Sheppard, author of 'Ten Years to Midnight: Four Urgent Global Crises and Their Strategic Solutions," discusses current situations that threaten orderly governments, economic systems and more in the United States and around the globe and talks about the steps that can be taken to avoid a dark future. Also on the show, Freddy Garcia of Left Brain Wealth management discusses how the election did -- or didn't -- change the outlook on growth stocks the firm liked before the voting, and suggests a new entry in a sector that's warming up, Greg McBride of Bankrate.com talks about why many Americans are missing out on current mortgage refinancing opportunities, and Bill Stone of Stone Investment Partners gives his take on the market and the economy.

Howard Dvorkin of Debt.com discusses his site's study of 1,200 adults, of whom six in 10 expect to spend less this holiday season, even though that cutback is not caused mostly as a result of the pandemic, but rather is because of the muted emotions of the socially dstanced holiday. Dvorkin says that every year the surveys show that consumers enter the holiday season with good intentions of spending less, and they never wind up holding to those spending goals once they actually get to shopping. Also on the show, David Dowden of MacKay Municipal Managers discusses the outlook for muni bonds, John Divine of U.S. News and World Report sounds off on the prospects for Pfizer, Moderna and the investors who are making a play on the vaccine stocks now, and we revisit a recent Market Call chat with Chuck Self of iSectors.com.

Ed Shill, portfolio manager for the QCI Balanced Fund says in today's Market Call that he is feeling defensive about the market now, putting airbags on portfolios with more cash to insulate against a market he describes as overbought. He is looking into stocks that have been underbought, the names that have been suffering during the pandemic but that stand to benefit as the economy finally moves through the illness and starts to reopen more fully; that means airlines, travel companies and much more. In the Big Interview, however, Ed Confrancesco of International Assets Advisory goes the other way, suggesting that investors ride with the hot work-from-home kind of names that have led the market's rebound from March lows. Also on the show, Amy Pirozzolo of Fidelity Charitable discusses the pandemic's impact on volunteerism and charity, and Kyle Guske of New Constructs revisits some past Danger Zone picks that are no longer on the firm's 'most dangerous list,' some of which were big winners and others that defied gravity and logic.

Roger Conrad, editor of Conrad's Utility Investor, says in the Market Call that while the stock market bounced back from its late winter freefall, some groups -- including utilities -- were left behind in the recovery. He expects them to play some catch-up and to be a reason why the market drives higher, especially in 2021 as there is a more clear resolution to the pandemic. Also on the show, Robert Bush, director of closed-end funds for Calamos Investments, discusses discounts, convertible securities and more in the NAVigator, Matt Harris of HighTower Advisors talks technicals now, and financial adviser Christopher Manske chats about his new book, 'The Prepared Investor.'

Stephen McKee, editor at the No-Load Mutual Fund Selections and Timing newsletter, says that a mix of investment styles are in his methodology's top ranks, which means that the market's advance is broad-based, and 'things are in-gear for the upside.' poised for more. He says all cap sizes in domestic and international categories are clicking now, and should continue. There's also a lot of bond talk on today's show, with Tom Lydon of ETFTrends.com making a high-yield issue his 'ETF of the Week," and Venk Reddy of Zeo Capital Advisors talking short-duration bonds and social investments via junk bonds.

Bond-fund manager Bruce Monrad, chairman of the Northeast Investors Trust, discusses the way that investors may want to look at junk bonds as a way to boost a portfolio's equity returns while reducing volatility, especially in these low-rate and low-yield times. Monrad notes that high-yield bonds often edge the stock market during troubled times, and explains why the recovery from the pandemic might be a period to expect that. Also on the show, Brian Dress of Left Brain Investment Research discusses investing in China and in one of China's biggest and best known stock success stories now, Ed Carson of Investor's Business Daily talks about the news site's latest investor optimism survey -- which shows that only the winning electorate feels much hope right now -- and Matt King of King Wealth Advisors covers mutual funds and ETFs in the Market Call.

Jeffrey Cleveland, chief economist at Payden and Rygel, says the economy is recovering faster than most people expected, and that it will pick up steam next year as the services sector catches up a bit to the goods and products businesses, which have already gotten back to pre-pandemic levels. Cleveland expects a vaccine and growing economy to buoy the stock market. In the Market Call, Daniel Kern of TFC Financial Management talks funds and ETFs, and Chuck starts things off discussing how investors need to look past the financial firm's reputation to consider whether an investment is appropriate for them.

Tom McIntyre of McIntyre, Freedman and Flyn says in the Market Call that the wild swings in headlines running from the tumultuous election through the pandemic and the twists and turns of the economy have left investors with few signals to read. He sees the market hibernating while investors try to figure out how to decipher signals, and expects a slow fourth quarter and start to 2021, and he suggests holding more cash than normal while waiting for it to play out. In the Big Interview, Kirk Chisholm of Innovative Advisory Group discusses modern portfolio theory, the 4 percent retirement-spending rule and other basic tenets of personal finance and discusses why those old saws don't serve investors so well any more. Also on the show, David Trainer of New Constructs explains why BOX belongs in the Danger Zone, and Chuck answers a question about funds based on the social (ESG) version of the Standard and Poor's 500 Index.

Brian Frank of the Frank Value Fund, an absolute-value manager, says in the Market Call that the rising tide of the market has not been lifting all boats, but rather has been lifting the top technology like it's 1999. That makes it hard to find good values, but Frank discusses a few and some of the surprising industries he is finding them in right now. Also on the show, Rick Redding of the Index Industry Association discusses the ongoing explosion in the creation if indexes and how that impacts both the fund industry and individual investors, Brian Schaffer of Prosek Partners talks about activism in closed-end funds and the importance of good communications to ease tensions in those corporate battles, and Lance Ippolito of theFutureofWealth.com talks the market's technicals.

Terri Spath, chief investment officer at the Sierra Mutual Funds, says that muni bonds, high-yield corporate bonds and emerging market stocks -- all of which were becoming a strong play leading up to the election -- are in a sweet spot after the voting, and noted that are mostly under-represented in investors' portfolios, which should make them particularly interesting now. Also on the show, Tom Lydon of ETFTrends.com looks to emerging markets -- and specifically China -- for the ETF of the Week, Chuck answers a question about dividend reinvestment plans, and Christopher Zook of CAZ Investments tackles thematic, growth-at-a-reasonable-price investing in the Market Call.

Jeffrey Miller, portfolio manager at Incline Investment Advisors, says in the Money Life Market Call that the current economic recovery has been 'overstated,' leaving a division between the stocks that work now and those that will be good to own after the recession. That recession, however, is something that Miller believes we have not emerged from, that it's the same downturn that started before the pandemic hit, triggering the market's fall in February and March. He expects a bounce-back for the market as the economy recovers. Also on the show, Janice Quek of Left Brain Investment research discusses why investors want to add Southeast Asia to their portfolio and covers one emerging-markets stock that she thinks is particularly promising now, Bill Costello of the Westwood Funds talks about energy and utility companies now, and Chuck takes an audience-member's question about the tax-efficiency of exchange-traded funds.

Adam Grimes, president of Talon Advisors, expects the market to find conviction and direction after the election, whether it takes a turn for the dark with strong selling -- a week or two with no snap back that could trigger a bear market -- or moves back to record highs and holds those peaks to start a new run up. Whichever way the market goes, Grimes says investors need to avoid being on the wrong side of the new momentum, buying a dip that turns into something bigger or taking profits but missing out on a growth wave. Also on the show, Sudarshan Murthy of GQG Partners talks emerging markets and whether they have advantages from coming through the pandemic ahead of other parts of the world, Jill Gonzalez of WalletHub.com discusses the lengths consumers are going to when it comes to iPhones, and Chuck Self of iSectors talks exchange-traded funds and how 'minimizing downside risk' ultimately leads to bigger profits in the Market Call.

David Trainer, president of New Constructs, says Wayfair, Carvana, Beyond Meat, Dropbox and Spotify Technology all qualify as popular stocks -- despite being saddled by what the Nashville-based firm describes as 'misleading earnings' -- that are headed for trouble, and that they will hit that rough patch soon no matter who wins the White House in Tuesday's election or how they change economic policies moving forward. Also on the show, Giorgio Caputo of J.O. Hambro Capital Management discusses 'green income,' Gregg Fisher of Quent Capital discusses small-cap stocks in the Market Call, and Chuck discusses the results of his annual Halloween trade-or-treat, cash-or-candy efforts.

Jeffrey Kleintop, chief global investment strategist at Charles Schwab, says that the market and economy are likely to slog through the election, the rest of the pandemic and the continuing recovery, but will come out positioned for a broad recovery late next year. Also on the show, John Cole Scott of the Active Investment Company Alliance answers audience questions about investing in closed-end funds, Toni Turner of TrendStar Trading Group discusses the current market fight -- visible in the technicals -- between buyers and sellers, and Jeff Zananiri, head trader at JoyoftheTrade.com talks stocks in the Market Call.

Paul Gruenwald, chief economist at SP Global Ratings, expects to see impressive growth numbers, but he doesn't find them exciting because the economy still has a significant hole to climb out of, and that the resurgent virus, trouble with stimulus and more are standing in the way of what should be a more-exciting recovery over the next few years. In another interview on the show, Esty Dwek, head of global market strategy for Natixis Investment Managers, agrees with a number of Gruenwald's points; she also notes that the comparative numbers are weird, but says that she expects the economy to get back to pre-pandemic, 2019 economic numbers, with the key issue being whether it happens before the end of 2022. This show also features Greg McBride of Bankrate.com on the site's landmark checking-account survey,. and Tom Lydon of ETFTrends.com making an online-retail specialty fund his ETF of the Week.

Brian Dress of Left Brain Investment Research says that earnings season is 'the Super Bowl and Olympics all rolled into one,' and with four of the FAANG stocks reporting on Thursday, he discusses in this week's Left Brain Thinking segment how to use earnings reports, transcripts and more to identify opportunities in stocks and bonds. Also on the show, author Roger Martin discusses his book, 'When More is Not Better: Overcoming America's Obsession with Economic Efficiency,' Matt Schulz of CompareCards.com talks about the troubles with store credit cards, and Maz Jadallah of AlphaClone covers the favorite stocks of hedge funds in the Market Call.

Mark Newton of Newton Advisors says that he expects the year to play out like 2018, when the stock market peaked in October and then suffered through the end of the year. Newton says that if the Standard and Poor's 500 breaks through 3,380 -- a level it nearly hit on Monday -- investors could be in for a slippery slope through December, a decline exacerbated by struggles among technology stocks and broader pressures facing popular stocks. Also on the show, Brian Estes of Off The Chain Capital talks bitcoin and cryptocurrencies, Sarah Berger of MagnifyMoney.com discusses the regrets investors report feeling over stocks they sold at the beginning of the pandemic, and David McInnis of the East Paces Group discusses how to deal with the volatility he expects to see after election day,

Mona Mahajan, US investment strategist at Allianz Global Investors,says that while investors sense the disconnect between the market and economy, the stock market has been driven by a few giant businesses that have done well, even as the small-business community has suffered through the pandemic. Mahajan believes investors have a good opportunity now to position themselves for the rally that she thinks will be driven next year by improving economic data. Also on the show, Holly Ward discusses the latest outlook survey from the National Association for Business Economics, author Rob Hatch talks about making simple, straightforward decisions in today's complex world, and David Trainer of New Constructs puts a popular name-brand in the Danger Zone.

Jim Welsh of Smart Portfolios says that he expects the market to correct to where the Standard and Poor's 500 index down as low as 3,000 before a rally in the first two months of 2021 -- largely the result of the government's next stimulus package -- possibly bringing the index back to 4,000. At that point, however, Welsh is worried that the bull market could run out of steam, vulnerable to a 'much bigger correction' as the coronavirus problem drags on. Also on the show, Bryce Rowe of National Securities Corp. talks about the strong opportunities in business-development companies now, author Marc Levenson talks globalization and his new book on how what started as moving stuff around has now become a way to move ideas, and we rebroadcast a recent Market Call covering small-cap stocks with Jay Kaplan of the Royce Funds.

Brent Schutte of Northwestern Mutual Wealth Management says that the market and the economy are not as disjointed and disconnected as they seem at first blush, noting that the pandemic created an 'economic valley' that has mostly been filled by adaptive companies, federal policies, science pursuing vaccines and more. That has created a situation where Schutte believes the market can continue to performa and the economy can grow even with the virus problem unresolved. Also on the show, Tom Lydon makes a brand-new mid-cap focused fund his 'ETF of the Week,' Jim Callinan of Osterweis Emerging Opportunity fund talks about the secular market opportunities he sees happening now, and Susan Dziubinski of Morningstar Inc. discusses how the health-care industry is being reshaped by coronavirus.

Financial author, blogger and podcaster Meb Faber, chief investment officer at the Cambria Funds, says in a wide-ranging interview that investors need to stay focused on the process -- costs, fees and asset allocation -- and ignore 2020's constant noise. He discusses the ways that people fear lions and sharks but that it's creatures you aren't scared of -- like mosquitos and other people -- that actually cause the most deaths; likewise, investors focus on the news and not the boring stuff that truly determines how well their portfolios will perform. Also on the show, David Ellison, manager of Hennessy Large-Cap Financial and Hennessy Small-Cap Financial discusses banking, fin-tech, electronic and digital payments and more, and Noland Langford of Left Brain Investment Research talks about Crowdstrike and Uber, two growth stocks that earned a green light recently from the firm's disciplined research process.

Victoria Fernandez, chief market strategist for Crossmark Global Investments, says that while we might expect the market to react to the election and to fundamentals, the foreseeable future of the market will be driven by what happens with Covid-19 and the way the pandemic plays out. She expects the market to jump back clearly once we get through the pandemic and see a reduction in cases and the beginning to the end of a pandemic. Also on the show, long-term trader Michael Sincere says he thinks the disconnect between the economy and the market needs to be resolved and that he expects that the economy's dour message will win out with the stock market suffering as a result, Matt Schulz of CompareCards.com discusses how grocery spending has changed during the coronavirus troubles, and Chuck discusses the 10-year anniversary of his heart attack and how his life has changed since then.

Alexi Panagiotakopoulos, chief investment officer at Fundamental Income, discusses the bifurcated situation in commercial real estate -- where properties for shopping malls and other uses seem to be headed for extinction while support properties like gas stations and drive-thrus is exploding -- stemming from the coronavirus pandemic, while Scott Helfstein, executive director of thematic investing for ProShares, talks about how the pandemic has created transformational change that will make four specific industries the places to be going forward. Also on the show, David Goodsell of the Natixis Investment Managers' Center for Investor Insight discusses the firm's 2020 Global Retirement Index, and Kyle Guske of New Constructs puts a technology fund in the "Danger Zone."

David Tepper of Tepper Capital Management in San Francisco explains why he uses closed-end funds almost exclusively in his client portfolios, noting that in today's market conditions there are plenty of opportunities to build a well-diversified portfolio at a discount, and adding that even long-term closed-end fund investors need to be prepared to take advantage of times when discounts narrow suddenly, creating short-term chances for bigger-than-expected gains.

Tom Lydon of ETFTrends.com says that while the election could influence the sector, alternative energy companies are worth watching for now, and buying when the time is right. Lydon noted that a Joe Biden win in November could help solar-energy stocks, while a Donald Trump victory might hurt it, but the Invesco Solar ETF -- his ETF of the Week -- is so far above its 200-day average that investors should wait for a pullback to consider buying,but long-term should consider making solar a portfolio choice. Also on the show, author Margaret Heffernan discusses how to navigate the future in these particularly uncertain times, Francesca Ortegren of Clever Real Estate talks about the impact Covid-19 is having on mortgage payments and the real estate market, and Hank Smith of Haverford Trust Co. covers stock investing in the Market Call.

Retail specialist Dana Telsey of the Telsey Advisory Group says that the pandemic accelerated all of the big changes that were facing retailers and accelerated them, and while the result has been bankruptcies, consolidations and more -- and we won't be out of the woods until there's a stimulus package that boosts consumers -- there also are clear signs of how retail will survive and how the future for stores, malls and Internet offerings will look different. In another Big Interview, Lindsey Bell, chief investment strategist at Ally Invest, says that the market and economy are moving in the right direction -- generally in the direction of the 'old normal' -- but that it has been making that trip slowly and the pace likely won't pick up without resolution of stimulus efforts, a vaccine and more. Also, Brian Dress, director of research at Left Brain Investment Research, discusses the process that blends science with art to come up with names like Beyond Meat, a hot stock that he says still has major growth potential, and Ted Rossman of CreditCards.com talks about the high costs of retail-store credit cards and how they may not be the bargain they're made out to be based on check-out line discount promises.