Money Life with Chuck Jaffe

Two wide-ranging and very different Big Interviews both touch on bitcoin today with Giles Coghlan, chief currency analyst for HYCM, talking about how the skyrocketing price of bitcoin has impacted gold, how the cryptocurrency is increasingly viewed as a digital substitute for physical gold and the correlation between the two, especially with inflation on the horizon. Meanwhile, Scott Knapp, chief market strategist for CUNA Mutual Group, talks about how investors should be reacting to current market rotation, but also discusses where bitcoin can and should fit into the portfolio of working-class savers who are long-term investors rather than speculators. Also, Tom Lydon of ETFTrends.com heads to Japan for smaller companies and greater diversification with his 'ETF of the Week.'

Noted value manager Abhay Deshpande of Centerstone Investors actually compares value stocks to toilet paper, noting that you might not be thinking much about them when market growth is humming along, but at other times they become really precious. Right now, Deshpande says, there are plenty of good values to be found in the market, so long as you are mostly willing to avoid the technology stocks. Also on the show, Janice Quek of Left Brain Investment Research discusses Skillz Inc. as a high-growths tock that won't look quite right until it generates profits, Melissa Ridolfi of Fidelity Inc. talks about the firm's research on how retirement investors believe the pandemic has impacted their long-term savings, and Martin Leclerc of Barrack Yard Advisors talks stocks in the Market Call.

Andrew Chanin of the Procure Space ETF -- ticker symbol UFO -- discusses how NASA's Perseverance mission to Mars has stoked interest in space as the next frontier in investing, and talks about how investors can keep their head in the stars but their feet on the ground when listening to fantastic stories of future potential. Also on the show, Jerremy Newsome of RealLife Trading talks technical analysis and says that he is loading up on some tech stocks that have been beaten up in the latest NASDAQ setback, particularly on hot names like Tesla and Teledoc that have seen some of the biggest setbacks, Ilan Kolet of the National Association for Business Economics covers the group's latest survey on when inflation and interest rates are likely to increase, and Robert Zuccaro talks about his new book, 'How Wall Street Reshaped America's Destiny.'

Martin Fridson, chief investment officer at Lehmann Livian Fridson Advisors says he expects the Federal Reserve will get inflation up to its target of 2 percent, but that investors shouldn't expect much more than that despite the inflationary impact of economic stimulus, because there isn't rising pressure on wages that would be necessary to take inflation to problematic levels. Fridson discussed where he is turning to for yield now. Also on the show, Matt Hougan of BitWise Investments answers audience questions on bitcoin investing, Kyle Guske of New Constructs discusses a mutual fund with a stylle problem and a penchant for dangerous stocks, and Chris Krumenacker of Bryn Mawr Trust talks stocks in the Market Call.

Markus Schomer, chief economist at Pinebridge Investments, agrees with the many observers who expect a booming economy as the coronavirus pandemic comes to an end, but he says that once the stimulus stops what will be left is an economy that is less productive with a lower long-term sustainable growth rate. While he doesn't expect runaway inflation or dramatically higher interest rates, digesting the growth will lead to weaker equity markets down the line. Also on the show, John Miller, head of municipals at Nuveen, discusses the surprisingly strong financial position that states and communities are in as the pandemic winds down, Ken Berman of Gorilla Trades gives his technical take on the market and John Barr of the Needham Growth and Needham Aggressive Growth funds talks stocks in the Market Call.

Robert Frick, corporate economist at Navy Federal Credit Union, says the economy will deliver stellar economic growth but that the deep hole it is coming out of will make progress slow, which is actually good news in that it means the pandemic recovery should last longer. Frick believes that inflation worries currently are overblown, saying that so long as unemployment is high and wage growth is low, significant inflation will have a tough time finding a foothold. Also on the show, Tom Lydon of ETFTrends.com says that pent-up demand should spark the retail industry, so he makes a retail specialty fund his ETF of the Week, Matthew Schultz discusses a LendingTree survey showing that many Americans save a few bucks by mooching their online services from the accounts of others, and Mike Larson of Weiss Ratings -- editor of Weiss' Safe Money Report -- talks stocks in the Market Call.

Jurrien Timmer, director of global macro at Fidelity Investments, says the 'reign of large-cap growth stocks may actually be ending,' with a weaker dollar and the first signs of rising inflation and the potential for higher interest rates triggering a market rotation that will favor small-cap, value and non-U.S. stocks. He also discusses the need for investors to start adjusting to inflation now, rather than waiting for its full-blown onset which he thinks will happen after a burst of economic growth and the 'return to normal.' Also on the show, Mark Hines of Left Brain Investment Research talks about real estate investment trusts and highlights New York Mortgage Trust is an income stock with growth prospects, and Ed Slott of IRAhelp.com, discusses his latest book 'The New Retirement Savings Time Bomb' and discusses how today's political climate should have investors more concerned than ever about how taxes will impact their lifetime savings precisely when they need the money most.

Dan Davies, author of 'Lying For Money: How Legendary Frauds Reveal the Workings of the World,' says that financial scams that revolve around trust thrive in the world's most open/free markets and are something of a necessary side-effect to commerce. Davies notes that if everyone avoided financial stories that 'sound too good to be true,' they would have missed out on success stories like Amazon.com even more often than avoiding the occasional scam. Also on the show, Brady Dougan of Exos Financial -- which recently opened an ETF focused on specialty purpose acquisition corporations -- talks about how SPACs have changed over time, en route to becoming one of the hottest investment types for companies looking to go public today, and Will Rhind of GraniteShares discusses closed-end funds and business-development companies in the Market Call.

Sheraz Mian, director of research at Zacks Investment Research says that the U.S. economy is likely to see economic growth more in line with emerging markets over the next few quarters, but he warns that much of that action has already been priced into the stock market, meaning the economic boom may not add much to the stock market rally. Also on the show, Jeffrey Ptak of Morningstar talks about research showing that -- at least for now -- past performance is showing that it can be somewhat indicative of what happens next to a mutual fund, and Kyle Guske of New Constructs discusses a stock with ties to Bitcoin that he expects to be wildly overvalued as it goes IPO, and Kathy Boyle of Chapin Hill Advisors talks mutual funds and ETFs in the Market Call.

Doug Ramsey, chief investment officer at The Leuthold Group, says the stock market's current valuations remind him of 20 years ago, when the stock market was peaking as the Internet bubble market burst; he also says that the bond market is creating a bubble, but that the impact of the stock bubble will be greater when it bursts, which he thinks will occur late in or after the economic recovery from coronavirus. Meanwhile, Zach Jonson, chief investment officer at Stack Financial Management, says that the Standard and Poor's 500 is broken, failing to represent the broad domestic economy, which is one big reason why the market performed well while the economy was suffering in 2020. He expects that disconnect to continue -- but with the economy bouncing back and the stock market likely lagging -- going forward. Also on the show, Nick Holmes, manager of the Tortoise Essential Assets Income fund, discusses investing in water infrastructure, and how it is different from traditional infrastructure investing.

Jason Brady, chief executive officer at Thornburg Investment Management, says that the economy is poised for strong growth, but that high stock valuations and continued volatility will create a divergence between the economy and market that reverses the trend of 2020, when stocks grew fast while the economy sputtered. He suggests rebalancing portfolios because the 'trends that were in place for the last 12 months or so will be in place for the next 12.' Also on the show, Tom Lydon of ETFTrends.com makes the Van Eck Vectors Social Sentiment fund -- a new issue that is trading in stocks that have been caught up in social media buzz -- his "ETF of the Week," Jeff Hoyt of SeniorLiving.org discusses a surprising survey about the impact of the pandemic on the finances of Americans age 60 and over, and Gerry Frigon of Taylor Frigon Capital Management talks stocks in the Market Call.

Bryce Doty, senior portfolio manager at Sit Investment Associates and manager of a short-duration bond ETF, says that we're about to see 'the most synchronized global rebound in history for the economy,' noting that 'what comes with that is inflation' that most bond investors are not preparing for. Doty adds that while investors should be following a consistent long-term plan, they should leave some flexibility to pursue investments that are riding a current market wave, which currently means considering investments in travel technology, health care, cannabis and more. Also, in Left Brain Thinking, Noland Langford, chief executive at Left Brain Investment Research, says that Rite Aid Corp. high-yield bonds are particularly attractive, buoyed by the way the company benefited from the pandemic, plus a change in leadership that has all made the company significantly more secure than in the past. And Nancy Tengler of Laffer Tengler Wealth Management talks growth-at-a-reasonable-price investing in the Market Call.

Fritz Folts, chief investment strategist at 3EDGE Asset Management, says while there are many reasons to be confident in the stock market, he worries that the plusses already have been priced in to current levels, especially because he thinks the market at current levels is significantly overvalued and that interest rates would have to stay as low as they are now for the next decade for prices to be considered fairly valued. Jeffrey Hirsch of the Stock Trader's Almanac agrees that the stock market may have priced a rebound into current levels, but that means that the standard calendar effects -- like summer doldrums when the market moves sideways -- are likely to be in play again this year, a sign that things are returning more to normal. Also on the show, Steven Grey of Grey Value Management talks about valuations and the ability to make great buys right now in the Market Call.

Preston Caldwell, senior equity analyst and head of U.S. economics at Morningstar Inc., says that coming out of the pandemic he expects gross domestic product (GDP) to hit 5.3 percent this year, to remain above 4 percent in 2022 but to decline to pre-pandemic -- and slowing -- levels of 2.2 percent by 2023, a burst that will propel the economy but that is not too long-lasting. In a second Big Interview, Matt Hougan, chief investment officer at Bitwise Investments, talks about the state of cryptocurrencies now, discussing the ongoing evolution involving funds, thoughts on portfolio allocations, the ability to spend crypto and more. Also on the show, Chris Manderfield of Key Bank discusses how and why filing your taxes this year is going to feel different than possibly every other tax year in your lifetime, and David Trainer of New Constructs talks about three stocks -- Uber, Door Dash and Carvana -- that he says are more dangerous now despite good, recent earnings reports.

Sameer Samana, senior global market strategist for the Wells Fargo Investment Institute, says that the technical outlook for the market is good, and likely to stay that way with low rates and a long upward equity trend. He noted that investors are being selective right now, looking for the biggest returns in areas that can stand out from the pack in current times, which is why gold has suffered in recent weeks despite conditions that should be positive for precious metals. Also on the show, legendary fund manager Paul Wick returns to discuss his closed-end fund -- Columbia Seligman Premium Technology Growth -- and whether investors should use that fund as a way to get his acumen on sale, Colin Dunn of the Cambiar SMID fund talks the atmosphere for small- and mid-cap investments now, and David Harden of Summit Global Investments covers low-volatility investing in a high-volatility market in the Market Call.

George Milling-Stanley, chief gold strategist at State Street Global Advisors, says that the recent blip in inflation isn't enough to send gold much higher soon, though it should have reminded investors of the precious metal's value as a hedge against inflation. He thinks that will be more valuable going forward, but said that there's still plenty of reasons to have a gold position and to expect it to perform now, despite a recent drop in gold's price. Also on the show: Tendayi Kapfidze, chief economist at LendingTree discusses why he thinks the economy will show strong growth moving forward, but also how it must show that significant improvement or it will be regressing and struggling to overcome pandemic-related traumas; Tom Lydon of ETFTrends.com puts the focus on small-cap value stocks with his ETF of the Week, and Chuck answers audience questions about bitcoin with some help from Matt Hougan of Bitwise Investments.

Joseph Brusuelas, chief economist for RSM, says the economy will boom in the next year or two in ways 'you haven't seen since the late Reagan Administration.' But even though the economy will fire on all cylinders, he says it will not return to the pre-pandemic status quo, with 'permanent economic scarring' in some sectors and in employment that could last for many years. Also on the show, Patrick O'Hare, chief market analyst for Briefing.com, says that he expects the stock market to be on solid ground moving forward, but he warned that investors should expect returns that are below historic levels as the market slows to allow the economy to catch up. In Left Brain Thinking, Brian Dress, director of research at Left Brain Investment Research, discusses the high-yield bond market and how yield-driven investors need to include high-dividend stocks and business-development companies in their search for income.

Kristina Hooper, chief global market strategist at Invesco, says that a re-opening post-pandemic economy will release pent-up demand that fuels significant growth, overcoming current inflation concerns and more. She points to countries like Israel and Great Britain -- which are closer to full re-opening than the United States -- and says the economic strength shown there is a pattern the US is likely to repeat. Also on the show, two different interviews with long-term technical analyst Michael Sincere, first on where the market stands right now and then on his new book, 'Make Money Trading Options," and Bill McManus of Hartford Funds discusses the firm's recent survey which shows changing sentiments and ambitions for investors -- especially young investors -- in the wake of the Gamestop action on Wall Street.

Paul Wick, long-time manager of the Columbia Seligman Communication and Information Fund -- one of the most successful sector funds in history -- says that the long bull market in technology was built on top of falling interest rates, and that the next quarter-century will see a different rate trend that forces investors into more muted expectations. Wick says, however, that there are still reasonably valued tech stocks positioned to maintain explosive growth for the foreseeable future. Also on the show, Ken Tumin discusses a MagnifyMoney.com study showing that investors are giving up on savings bonds and certificates of deposit, David Trainer of New Constructs highlights the troubles ahead for Spotify and suggests investors look at Sirius-XM instead, and Dan Ives of the Wedbush ETFMG Global Cloud Technology ETF offers an extra helping of technology talk in the Market Call.

Neil Azous, chief investment officer at Rareview Capital, says that 10-year real US interest rates -- which have been on the rise recently and which jumped on Thursday -- are 'the most impending danger' to investor portfolios. He says the market is now acting as if the pandemic is nearly over and says that investors need to be thinking of the big economic themes beyond the re-opening, including the changing rate picture. Also on the show, Robin Gaster, the author of the new book 'Behemoth, Amazon Rising,' and Jay Hatfield, chief executive officer of Infrastructure Capital Advisors, who discusses income-oriented stocks and real estate investment trusts in the Market Call.

Lucas White, portfolio manager for resources and climate-change strategies at GMO big-oil is due for a big rally. He notes that while oil prices are up 20 percent in the last year, they are still well below pre-pandemic levels, which gives them the potential to register massive gains as the economy starts to shake off its pandemic slumber. Also on the show, Tom Lydon of ETFTrends.com talks about SPACs -- special purpose acquisition companies -- and the ETFs that have jumped in on this new Wall Street Craze, and Brent Wilsey of Wiley Asset Management talks stocks in the Market Call.

Stephen Dover, chief market strategist for Franklin Templeton, says in the Big Interview that he sees a rise in inflation, but thinks the economy can put off any serious bump in prices for as much as three years. He recognized the problems and issues for both stocks and bonds, but still says that investors should stick with domestic and international markets for stocks and bonds to take advantage of the market while it keeps running. Also on the show, Freddy Garcia of Left Brain Investment Research discusses when and why investors might want to convert traditional individual retirement accounts into tax-free Roth IRAs, and Jack Murphy of Levin Easterly Partners talks value-oriented, event-themed investing in the Market Call.

David Souccar of the Vontobel Quality Growth fund says there are two markets right now, one featuring very speculative stocks and the other being real growth opportunities, and he notes that 'What you do not own will be as important as what you do own when we get out of this.' But Souccar isn't the only guest expecting tough sledding ahead for the market, as Jeffrey Bierman of TheoTrade.com notes that conditions could force interest rates higher -- which he says would be devastating to the market -- and that nine of the market's 11 sectors are significantly already overvalued, giving the market more downside risk than upside now. Also on the show, Simon Zhen of MyBankTracker.com on surprising consumer banking habits in the pandemic and Randy Warren of Warren Financial talking high-conviction stocks in the Market Call.

Scott Helfstein, executive director of thematic investing at ProShares, says the big investment themes of 2020 -- stay-at-home/work-from home, cloud computing, cyber security, remote technologies, streaming, gaming and e-commerce among them -- were driven less by consumer sentiment than by underlying fundamentals, and that solid footing will keep those sectors rolling even as the economy emerges from the pandemic over the course of 2021. Also on the show, Ron Ruffinott of Toluna discusses a survey on when Americans will be ready to get back out for travel, when they will revisit shopping malls and more, David Trainer of New Constructs discusses the importance of reading footnotes to find where companies exploit accounting loopholes, and Andy Braun of the Pax World Large Cap fund talks ESG investing in brand-name companies in the Market Call.

Ron Sanchez, chief investment officer at Fiduciary Trust Co. International, says that the disconnect between the market and the economy -- with exceptional markets but a poor economy -- is going to be reversed for the next few years, and said he expects the recovery to drag out for several years until unemployment levels return to pre-pandemic lows. Also on the show, Chuck answers a question about rewards cards versus cash-back benefits on credit cards, and closed-end fund expert Maury Fertig of Relative Value Partners talks about the broad trends he sees in the NAVigator, and returns to discuss specific investments in the Market Call.

Bob Fraser, chief financial officer for the Aspen Funds, says that a combination of strong consumers and a housing market with insufficient supply are creating a strong outlook for real estate and the broader economy for at least the year ahead. In the Big Interview, Fraser discusses changes to the real estate market that have been accelerated by the pandemic, but also says that he does not expect those trends to stall or back up as the economy moves into post-pandemic activity. Also on the show, Tom Lydon of ETFTrends.com tabs a unique China-focused fund as his 'ETF of the Week,' Chuck answers two questions from audience members, and 'Turtle Trader' Jerry Parker of Chesapeake Capital talks stocks in the Market Call.

Michael Loukas, chief executive officer at TrueMark Investments -- which recently launched the DIVZ ETF that focuses on high yielding but low-volatility stocks -- says the financial services and health-care sectors are the sweet spots right now for generating yield without creating much froth in a portfolio. He says in the Market Call which stocks he particularly likes in each space. Also on the show, author Aaron Nannini discusses his new book, 'Cash Uncomplicated,' and how investors must change their mindset to succeed, Janice Quek from Left Brain Investment Research talks about an education stock that is a surprising beneficiary of the pandemic, and Chuck answers an elderly woman's credit-card question with the help of Bankrate.com's Greg McBride.

Joe Kalish, chief global macro strategist at Ned Davis Research, says that investors using the standard 60-40 stocks-to-bonds asset allocation need to reconsider their strategy because bonds will not deliver historic results in the future. Kalish suggests putting 20 percent of the bond weighting into alternatives, including real estate investment trusts and dividend-paying stocks. Kalish also discusses the return of inflation and where it goes from here, and gives his outlook on the market for 2021. Also on the show, David Trainer of New Constructs.puts Beyond Meat in 'the Danger Zone,' saying its 'fundamentals are beyond ridiculous and its valuation is beyond absurd,' Greg McBride, chief financial analyst at BankRate.com discusses a survey showing that barely half of Americans have more in emergency savings than they are facing in credit-card debt, and Bryan Lee of Blue Zone Wealth Advisors talks stocks in the Market Call.

Vincent Reinhart, chief economist at Mellon, says the economic activity is being miscategorized as a recovery because it is just a rebound until we see a return to something much closer to pre-Covid levels on unemployment and economic activity. That bodes well for a broader economic recovery once the pandemic has ended. Also on the show, John Kosar of Asbury research says the market is likely headed for a correction of 10 percent or more before it can get much higher, Bill Pekowitz of the Aberdeen Global Premier Properties Fund talks about how coronavirus 'put real estate in the crosshairs,' and Julian Koski of New Age Alpha talks about avoiding losers in the Market Call.

Justin Carbonneau of Validea.com says that small-cap and value stocks have bounced back hard since last fall's election, but that run has not excluded growth and momentum companies and more, leading to a broad-based rally that he believes can be sustained for a while. Also on the show, Tom Lydon of ETFTrends.com makes a heart-themed ETF his Valentine's-related pick for 'ETF of the Week,' Rance Masheck of iVestPlus discusses trading platforms and why investors may want to use multiple brokerages, and Howard Dvorkin of Debt.com has some Valentine's-related advice on how couples can fall in love and not allow money issues to get in the way and spoil everything.

Everett Millman, precious metals specialist for Gainesville Coins, says that the market is 'in the early innings' of a cyclical bull market for commodities -- with oil and agricultural prices on the rise -- which typically is a precursor to an increase in the price of precious metals. Millman discusses the recent frenzy in silver trading and how it's likely to play out uneventfully. Also on the show, Mark Hines of Left Brain Investment Research highlights the firm's Chosen List and one stock that's on it in February, Kenny Rose, founder of FranShares talks about crowd-funded investing in franchise buyers, and author Jack Schwager talks about his latest book, 'Unknown Market Wizards.'

Andrew Foster, manager of the Seafarer Overseas Growth and Income Fund, says the best bargains in emerging markets are in the countries that are still mired in coronavirus troubles, and he expects normalization to happen until at least 2022, with 'tough sledding' keeping markets there depressed in the interim, creating potential investment bargains. Also ont eh show, Jim Welsh of Smart Portfolios says he expects inflation to reach 3.5 percent by the summer and in that time also thinks the Standard and Poor's 500 to drop down to roughly 3,500 before bouncing back and hitting new highs in the 4,000 range by summertime, Chuck discusses what investors might take from the firing of longtime Fox Business host Lou Dobbs, and Art Amador of the AI Powered Equity fund talks stocks in the Market Call.

Matt Lloyd, chief investment strategist at Advisors Asset Management, says investors may need to adjust expectations for market returns over the next five years, as stocks deal with changes in growth, bonds deal with low interest rates and the economy starts to face down inflation. Also on the show, Rodney Brooks of US News and World Report discusses the Biden Administration's potential plan to eliminate tax-deductibility of 401(k) plans -- favoring tax credits for contributions instead -- David Trainer of New Constructs discusses his firm's win on Gamestop as well as another pairing of stocks looking at what he describes as a 'micro bubble,' and Matt Breidert of the Ecofin Global Renewables Infrastructure fund covers stocks in the Market Call.

Lindsey Bell, chief investment strategist from Ally Invest, says that worries about inflation being spurred by economic stimulus are real, and while she thinks the real troubles with rising prices are still a few years off, she expects an inflation spike this year and says it could be the hot topic this summer, as prices rise but the Federal Reserve holds the line on low interest rates. Also on the show, Wendy Huang of the London Stock Exchange Group, discusses why fund sponsors and businesses are finding it particularly lucrative and timely to open new issues overseas now, and Thomas Kirchner of the Camelot Event-Driven Fund talks stocks in the Market Call.

Janet Brown, chief executive at the FundX Investment Group -- which invests using an 'upgrader strategy' trying to ride the market segments that are hot -- says that market leadership has been changing and that while domestic large-cap growth stocks aren't falling out of favor, small-company issues, value investments and international funds are all looking like they are ready to take over market leadership in 2021. Also on the show, Tom Lydon of ETFTrends.com makes an international small-cap fund his 'ETF of the Week,' Jeff Lipton of Oppenheimer and Co. talks the municipal bond market and why he thinks investors should favor munis over Treasuries this year, and Chuck takes an audience question about keep-the-change programs like the popular Acorns app.

Today, a Money Life first, with two money managers disagreeing about the same stock -- one saying he would buy it now while the other would sell it and avoid it -- on the same show. Learn about the stock and get a lot of broad market reaction and more today from Noland Langford of Left Brain Investment research, Ben Cook, the portfolio manager of Hennessy BP Energy fund, Ted Rossman of Creditcards.com and in the Market Call with Bernie Horn of Polaris Global Value fund.

Market strategist Lawrence McDonald of The Bear Traps Report, says that we're living through a 'blood-curdling bull raid, where the bulls are devouring the shorts,' and he says that historically that kind of action happens near market tops. He says the risk-reward balance looking out six months is 'pretty poor.' McDonald also discusses the GameStop situation, as does technical analyst Mark Newton of Newton Advisors, who talks about how the volatile market action shows up in and impacts the technical indicators. Also, Jeff Zananiri, head trader at JoyoftheTrade.com is in talking pairs trades and more in the Market Call.

Syndicated columnist Harry Rinker -- who has written his Rinker on Collectibles column weekly for more than three decades -- says that collections have value, but that collectors really should be focusing on the joy they get from their finds rather than the monetary value of their items because collectibles seldom pay off financially. Also on the show, David Trainer of New Constructs puts a small/mid-cap fund in the Danger Zone, and Jon Lansner of the Orange County Register talks about the GameStop situation and its parallels to a long-forgotten stock blow-up from the 1990s.

Long-time growth manager Sam Stewart of Seven Canyons Advisors says that the stock market is experiencing a lot of 'clear-air turbulence,' moving and reacting faster to things that average investors can't see, let alone react to. Coupled with stock prices that he says do not reflect the true growth rates of the businesses, he expects the market to have mild setbacks going forward, even amid the positives of a post-pandemic recovery. Also on the show, Tom Lydon of ETFTrends.com makes a unique fund -- part metals play, part emerging-markets play -- his ETF of the Week, Katie Stockton of Fairlead Strategies gives a technical take on the market, including what Wall Street's wild action on GameStop and other hot stocks is doing to technicals, and Patrick Healey of Caliber Financial Partners talks stocks in the Market Call.

Longtime value manager Bill Nygren of the Oakmark Fund says that active management tends to shine 'when parts of the market go to extremes that aren't sustainable,' noting that he sees more sectors and companies at unsustainable levels than he has seen in his career. As a result, he expects value investing to extend its recent run of strong performance into something much longer, fueled by a mix of economic recovery, a bump in inflation and a return to investing with an eye on risk rather than on simply buying whatever has been going up. Also on the show, Brian Dress of Left Brain Investment Research discusses how Occidental Petroleum's recovery from a badly timed big buyout is creating an opportunity in its high-yield bonds, and Anne Kritzmire, an independent closed-end fund trustee, discusses why directors of closed-end funds can't get away with relying on the rubber stamp the way their counterparts at traditional mutual funds do.

Willie Delwiche, investment analyst at All Star Charts, says that the people forecasting doom and gloom and saying the market has come too far, too fast have missed the point that the current market rally is so broad and so strong -- and being propelled by economic recovery and bolstered by low interest rates -- that they're missing out on an upward move that he expects to consider. Delwiche did say he particularly likes the looks of some foreign markets, and he doesn't necessarily expect the current climb to continue unabated, but he's not worried about some short-term freefall caused by too much current optimism. Also on the show, Amy Crews Cutts discusses this week's National Association for Business Economics survey, which shows a significant increase in recovery hopes, as well as the growing divide caused by the current K-shaped recovery, Ron Lieber of The New York Times discusses his latest book -- 'The Price You Pay for College' -- and we revisit a recent Market Call interview with Bill Hench, manager of the Royce Opportunity fund.

Chris Manderfield joins Chuck to discuss KeyBank's 2020 Financial Resiliency Study, which showed that Americans have been building up emergency savings during the pandemic, with more than half of respondents saying they could immediately cover a $2,000 emergency, up sharply from a year ago and disagreeing with a number of other prominent studies released since Covid-19 overtook the global economy. Also on the show, author Michael Fox-Rabinovitz discusses the value of investing in buying fractional stakes in collectibles like art, wine, baseball cards and more, David Trainer of New Constructs suggests that traditional mutual funds and ETFs are headed for trouble, and Michael Underhill of Capital Innovations talks infrastructure investing in the Market Call.

It's a festival of optimism on today's show, as all of the guests are bullish on the market, or at least the little part of the market where they make their living. Michael Roomberg of Miller/Howard High Income Equity sees value stocks -- already on a run -- finding their long-term footing again once the pandemic ends, Mike Dowdall of BMO Global Asset Management sees solid opportunities in a number of sectors and global locations as the economy recovers from its Covid-induced doldrums, Dan Zanger of Chartpattern.com sees the potential for the standard and Poor's 500 to hit 5,000, and Michelle Steves of Baird Small-Cap Value fund agrees with the value assessments of others, but thinks the effects will be particularly strong in small- and mid-cap stocks, which have been left behind as the market advanced thanks to a few holdings but is poised for a more broad-based move now.

Tom Lydon of ETFTrends.com made the ProShares Online Retail ETF his pick as ETF of the Week, noting that the fund -- trading well above its 200-day moving average -- is poised for a long run because the explosive growth in online retailing seen during the pandemic is just a start. Also ont he show, Robert Farrington of The College Investor discusses the best free and paid software platforms for individuals looking to get the best for their own unique situation this year, David Waldron discusses his book on investing in stocks and talks about how investors can still find ways to beat the market, and Chuck answers three questions frmo audience members.

Brian Singer, co-manager of the William Blair Macro Allocation Fund, says that investors should be looking at making allocation changes now because the economy and market will come out of the pandemic changed, ready for a more broad recovery but also facing increased inflation as an offshoot of the economic stimulus. While not expecting inflation to take root yet, Singer agreed that certain inflation plays -- including energy stocks, the value investment style and more -- are likely to do well; he is less optimistic about the domestic market in general going forward. Also on the show, Freddy Garcia of Left Brain Wealth Management discusses how Enphase Energy has moved from a highly speculative stock that has gained more than 500 percent in the last year to a 'core holding' that he feels comfortable putting in anyone's portfolio, and Richard Howe of the Stock Spin-off Investing newsletter talks stocks in the Market Call.

Karl Mills of Jurika, Mills and Keifer, says that investors need to change their long-term asset allocations to adjust for the low yields and low real returns they're likely to get from bonds for at least the next 10 years. But with a strong desire and need for people to move forward from the coronavirus pandemic, he expects that the market and economy will be strong once the new normal is established. Also on the show, David Trainer of New Constructs covers three stocks that were particularly deserving of their spot in the Danger Zone in 2020, and Malcolm Polley of Stewart Capital Advisors talks 'business-perspective investing' in the Market Call.

Chris Vermeulen, chief market strategist at The Technical Traders, says that the market's technicals are very strong, with all signs showing a new bull market that should carry the Standard and Poor's 500 to 4,200. 'You have to throw fundamentals and economic stuff out the window,' he says, 'because this market from a technical standpoint is set to go higher,' noting that the market could climb the wall of worry -- with brief respites and corrections -- all the way to 4,600. Also on the show, William Costigan of Guggenheim Partners says that low real interest rates and nominal Treasury yields at or below zero is forcing investors to 'be more creative, more thoughtful and do more homework' to find better fixed-income results, Ed Carson of Investor's Business Daily discusses the latest IBD/TIPP Economic Optimism Index, and Tom Plumb of the Plumb Funds talks about buying disruptive companies in the Market Call.

At a time when emerging markets investments look particularly promising, Laura Geritz of Rondure Global Advisors says that India is the country where she finds the best opportunities, while China is the market that she finds more troubling. Geritz discusses how the global pandemic -- which has curtailed the brutal travel schedule she keeps, normally spending about three-quarters of the year on the road -- has changed but also improved the investment research process, and why it has created opportunities for small companies around the globe. Also on the show, Tom Lydon of ETFTrends.com makes a classic financial-sector fund his ETF of the Week, and James Abate of the Centre Fuds and Centre American Select Equity covers large-cap domestic stocks in the Market Call.

Mark Fleming, chief economist for First American Financial Corp., says that the real estate market will not be returning to 'normal' when the pandemic is done because it has been fundamentally changed by the way lives have been affected by work-from-home and other trends. Those issues led to a particularly strong year in 2020 and will contribute to another big year ahead, especially with the millennials aggressively moving into their home-ownership phases at a time when there is a low supply of available homes. Also on the show, Janice Quek of Left Brain Investment Research discusses Datadog, a stock that isn't part of the firm's recent cyber-security theme but which has similar growth characteristics and potential, JP Lee of Van Eck Vectors ETFs talks about the gaming and e-sports industries and Matt Schulz of CompareCards.com discusses where consumers went right and wrong with their savings and spending last year.

Avi Gilburt, founder of Elliott Wave Trader, says that nervous investors should turn off the news, look at technicals and Elliott Wave analysis and join him in thinking the market's next move will be to 4,600 on the Standard and Poor's 500, a gain of more than 20 percent from current levels. But Gilburt goes further to say that he thinks the market will get to 6,000 before the current cycle ends, though it may not be until 2022 or '23 before it goes that far. Also on the show, University of Virginia business professor Gregory Fairchild, author of 'Domestic Emerging Markets," Matt Zajechowski of Digital Third Coast discussing a survey showing that a surprising number of Americans spent less money than expected in 2020, plus Chuck Carlson of the DRIP Investor newsletter talking about removing the emotion from investing during the Market Call.