Money Life with Chuck Jaffe

Jason Wilson, manager of the ETFMG Alternative Harvest fund (ticker MJ) says that investors who believe that the investment opportunity in legalized marijuana is from pot shops and people smoking dope are missing the much broader uses of cannabis and its potential in pharmaceuticals and biotech business and more. While the small names have attracted attention of risk takers, he says sticking with established companies -- and looking at supportive businesses -- is a way to reduce the Wild West elements of the industry. Also on the show, Dave Lamb, head of closed-end funds for Nuveen talks about how municipal bonds have rebounded sharply but haven't recovered pre-pandemic highs -- unlike investment-grade corporates -- making them attractive now, Davis Martin of The SPY Trade of the Day discusses how the market's movements are being dictated by moving averages, and David Norris, head of US credit at TwentyFour Asset Management covers the credit business and how it has responded to the lower-for-longer interest-rate environment.

Richard Peterson of MarketPsych Data says that most of the economy is not doing well as a result of the global pandemic, which has fostered two different markets, the one made up of companies profiting from the conditions and benefitting from consumer habits that are likely to be permanently changed, and then the market of companies hoping for a comeback or return to normal that may not be enough, ever, to bring them back. Peterson worries about where investors are with their thinking, noting that there is a fatigue driven by bad news and the election that also has the potential to slow the recovery. Also on the show, Tom Lydon of ETFTrends.com discusses a fund that's not yet in buying territory but that appears to be headed there as the country it focuses on starts to climb out of its deep coronavirus troubles, Ross Hambrick of William Blair and Co. provides his pre-election primer on how and why Americans' November choice will move the market, and Ryan Jacob of the Jacob Funds talks tech stocks in the Market Call.

Harry Dent Jr. of Dent Research, editor of the "Economy and Markets' newsletter, says he believes the worst crash of our lifetime started in February and that it will last to the end of 2022, driven by the Federal Reserve Bank 'losing control' early in 2021. He notes that the only markets that have returned to record highs are measured by the biggest domestic indexes, with every other measure below record highs and not ready to re-touch them soon. 'We really peaked in February, we had this first crash and [the Fed] stimulated their way out of that," Dent says, 'but each stimulus has to be stronger and I think they lose control ... in the first or second quarter of next year, just when most economists, most politicians, most business people and everyone I know thinks we will finally beat the virus and come out of it.' Also on the show, author Juliet Schor discusses her latest book, 'After the Gig: How the Sharing Economy Got Hijacked and How to Win It Back,' and Eric Shoenstein, lead portfolio manager for the Jensen Quality Growth fund (JENSX) taks stocks in the Market Call.

Robert Frick, corporate economist at Navy Federal Credit Union, says that the economy's problems are 'intractable' in the short and medium term, and while the recovery can continue, he believes it will be slower and less robust than most current forecasts, noting that while a long-running bull market brought the stock market back from the Great Recession of 2008, the economy in some ways is only just recapturing the levels it achieved before that massive correction. Also on the show, legendary value investor Joel Greenblatt of Gotham Asset Management returns to the show to discuss his new book -- released today -- 'Common Sense: The Investor's Guide to Equality, Opportunity and Growth,' which gives guidelines for how he thinks the investing world can improve society. Eddie Perkin of Eaton Vance also appears on the show, discussing the latest Eaton Vance Investing Pulse Survey.

Chris Vermeulen, chief market strategist at The Technical traders, says that enthusiasm over the market's run back to record highs has overheated, making it likely that there is a pullback of 5 to 10 percent, after which he expects the rally to resume and for stocks to grind back to record highs and beyond. Meanwhile, Marc Lichtenfeld, chief income strategist at The Oxford Club, says that dividend investors who want to give companies a break when they freeze, suspend or reduce payouts during these turbulent times might want to stick to their standards and not give too much of a pass just because the economy and market are experiencing tough times. Some leeway is warranted, Lichtenfeld notes, but dividend cuts remain a bad sign for income-oriented investors. Also on the show, securities attorney Thomas DeCapo of Skadden Arps discusses whether recent SEC rules changes will reduce activism in closed-end funds, and long-short manager Brad Lamensdorf of the Lamensdorf Market Timing report talks stocks in the Market Call.

Duke University economics professor Campbell Harvey, senior advisor at Research Affiliates, explains some of the seven risks he sees as being able to derail a robust economic recovery, noting that the biggest one is how giddy and excited investors have become, seeing the market's rebound through rose-colored glasses. Also on the show, Tom Lydon of ETFTrends.com selects a clean-energy fund as his ETF of the Week, Eric Groves of Alignable.com discusses his site's survey showing that nearly one-third of small business owners say they are in danger of going out of business in the fourth quarter, and Chuck answers a question from an audience member who is trying to figure out the next financial move after losing his job mid-pandemic.

Craig Callahan, founder of the ICON Funds -- who said just before the stock market bottomed out in late March that it was the best bargain pricing he had ever seen -- says that the market's rise back to record-high levels has dampened the shopping spree somewhat, but that plenty of values remain. He breaks companies into three groups now, those unaffected by the recession and pandemic, those hurt by the recession by likely to recover soon, and those that are significantly impaired, noting that market leaders aren't overpriced yet. Also on the show, Joel Schiffman of Schroders discusses just how wild investor expectations are now that the market has rebounded, Jack Towarnick of the American Research Association covers the changing ways that consumers are using health-savings accounts, and Jamie Cuellar of Buffalo Small-Cap Fund makes his debut in the Market Call.

Jeffrey Hirsch, editor of the Stock Trader's Almanac, says the stock market's seemingly ho-hum reaction to election news has been because the result remains a toss-up, but now that the conventions have passed and the election process is entering the home stretch, he expects a more significant response as market forces decide what kind of impact to expect from either an incumbent victory or a regime change. He notes that the market generally responds positively to a re-election and struggles more when an incumbent is defeated. Also on the show, Jerremy Newsome of Real Life Trading says the market is headed for trouble ahead -- a decline of 8 to 10 percent -- because it has overheated and become too optimistic. Still, after that kind of pullback, he expects the market to resume its climb and says 20 percent higher a year from now would not be surprising at all. Larry Swedroe, author of 'The Incredible Shrinking Alpha: How to be a Successful Investor Without Picking Winners" discusses his book and Matt Zajechowski of Digital Third Coast talks about how travelers are changing their habits now in order to get back on the road even as the pandemic drags on.

Famed value investor Joel Greenblatt, co-chief investment officer at Gotham Asset Management, explains how the market's changes haven't affected what he looks at in stocks, but stresses that value investors who insist on traditional measures like price-to-earnings or price-to-book ratios will not see the real bargains available now, even as the market returns to record-high levels. He explains how Amazon.com is a value stock now despite a massive 4-digit price tag, noting he thinks it could nearly double from here. Also on the show, David Trainer of New Constructs puts Carvana in the Danger Zone, saying the stock has all the earmarks of an imminent disaster, and Nancy Tengler of Laffer Tengler Wealth Management discusses stocks and her definition of value now in the Market Call.

JJ Kinahan, chief market strategist at TD Ameritrade, says that the virus and the election will dominate the market action for the remainder of the year and until they are settled, but he says that the election results may not shake things up much on the whole, instead hitting specific sectors hard. He notes that what happens in the House and Senate -- particularly if control of the latter shifts -- will have particular impact on the health-care and energy sectors. Also on the show, Bryan McGannon of US SIF discusses a controversial rules proposal that could limit or reduce investors' access to social investment funds in their retirement plans, Ted Rossman of CreditCards.com talks about the financial impacts -- and pitfalls -- from event cancellations, and Brian Bollinger of Simply Safe Dividends discusses the impact of dividend freezes cuts and suspensions on dividend-investing strategies in the current environment.

Jack Ablin, chief investment officer, says while market conditions are positive, investors need to be choosy because the current rally is not broad. To that end, he suggests that investors 'are better served by some individual selection,' both in stocks and bonds; he notes that the pandemic has highlighted the need for critical thinking, with stocks like Netflix and Disney that once were considered competitors on mostly equal footing now showing their big differences as the economy struggles to reopen. Also on the show, Tom Lydon of ETFTrends.com looks at the Standard & Poor's 500 in two ways as he picks two similar-but-different funds as 'ETF of the Week,' Laura Adams of Coverage.com talks about the stunningly high cost of adding teenagers to family auto insurance policies, and Eric Boughton of Matisse Capital says in the Market Call that most closed-end funds remain compelling values, allowing investors to buy valuable assets on the cheap..

Willie Delwiche, investment analyst at Baird, says that the market's technicals are sending a clear message that the market is in an uptrend that is likely to keep rolling, so that 'Getting really negative about the market right now doesn't make any sense.' In the Big Interview, Steve Rick, chief economist at CUNA Mutual group, notes that while he expected a recession in 2020, it was not for pandemic reasons, but the struggling economy actually addressed his concerns and so the weakness he anticipated won't stand in the way of a recovery from here.Also, Ismat Mangla of MagnifyMoney.com discusses their research into the dividend history -- freeze, cut, hold or increase -- of companies that furloughed workers or reduced payrolls during the coronavirus pandemic, and Noland Langford of Left Brain Investment Research talks stocks in the Market Call.

Avi Gilburt, founder of the Elliott Wave Trader, says he expects the Standard and Poor's 500 Index to hit 5,000 by 2022, and while he believes there will be a pullback before that rally starts, he believes there will be a 'global melt-up' that will dramatically lift global markets in 2021, allowing them to reach his long-term target the following year. Also on the show, Marc Chaikin: of Chaikin Analytics says that the market is only disconnected from the economy 'if you go by the old rules,' noting that unique times call for different guidelines and benchmarks. Chaikin says he will not fight either the Fed or the trend, notig that both are pushing the market higher and likely will keep it going that way into 2021 and beyond. Kasara Barto of Squaremouth.com joins Chuck to discuss about how travel insurance is working during the pandemic and who is actually using it now, and Jane Edmondson of EQM Indexes talks rules-based stock investing in the Market Call.

Dec Mullarkey, head of investment strategy at SLC Investments, says that the market's recovery has been largely bifurcated, with the FANG stocks benefitting from and fueling the run back to record highs while the rest of the Standard and Poor's 500 and the rest of the Standard and Poor's 500 has been struggling to recapture pre-pandemic prosperity. Mullarkey says that the market has reached the point where technology stocks have maximized their values and he expects a handoff from growth to value; the key for investors will be getting the transition right, thereby avoiding value traps. Mullarkey says that any market stalls or pullbacks could create buying opportunities. Also on the show, Greg Daco of Oxford Economics US discusses the latest National Association for Business Economics Outlook Survey -- out today -- which shows economists thinking the recovery will be long and slow and likely unfinished for at least two more years, Kyle Guske of New Constructs says that one of the stock market's biggest darlings belongs in The Danger Zone, and Chris Krumenacker of Bryn Mawr Trust discusses stocks in the Market Call.

The stock market may be back to record high levels, but Jeff Auxier of the Auxier Focus Fund notes that the rally has been narrow with just 6 percent of stocks at or near their peaks. Auxier believes the coronavirus pandemic has left many stocks in buying territory because it amounts to a 'fixable temporary problem,' the kind of thing that knocks down a stock price without impairing it permanently. Also on the show, Lawrence Holzenthaler of Symphony Nuveen discusses high-yield investing in a low-rate environment, and the disconnect between the how the equity and credit markets are thinking right now, Scott Kimball of BMO TCH Core Plus Bond Fund talks the broad fixed-income picture and Ted Rossman of Bankrate.com talks about the site's latest survey on how schooling decisions being made now are having a financial impact on the families dealing with them.

Eddy Augusten, investment committee chair at Concurrent Advisors, says that while the market looks stretched and risky -- with stocks and bonds both being expensive by some conventional metrics -- the economy is strong and showing signs that it can push the market higher. Augusten stressed the importance of looking beyond the standard numbers during times when numbers are uncertain and confusing. Also on the show, Tom Lydon of ETFTrends.com makes a new small-cap biotechnology fund his 'ETF of the Week,' Scott Thoma of Edward Jones discusses the changing ways Americans are viewing retirement, and Chuck answers three questions submitted by audience members.

Talley Leger, senior investment strategist at Invesco, says that while the stock market has been gaining speed and heading to new highs, it also has building headwinds that must be overcome -- but that can be conquered -- before the market can continue its recent rally. Leger suggested that investors will need to move away from defensive sectors and be ready to be more aggressive if the market can overcome its current obstacles. Also on the show, William Quinn, co-author of '"Boom and Bust: A Global History of Financial Bubbles' compares the current economic situation to historic market bubbles, and Stephen Dodson, manager of the Bretton Fund, talks about value investing in current market conditions and the need to stay focused on the long run in the Market Call.

Gene Peroni of Peroni Portfolio Advisors says that the market is signalling now that the worst of the coronavirus has played out and that there is something significantly more optimistic ahead of us. 'Indicators we are looking at see the market at substantially higher levels,' Peroni says, ultimately noting that the Dow Jones Industrial Average is likely to hit 36,000 before the end of the current market cycle, which he notes could last a few years. Hitting a contrasting note to that technical outlook is Markus Schomer, chief economist at Pinebridge Investments, who says that interpretation of current economic numbers is upside down. He notes that countries that had the worst second-quarter GDP numbers were those that shut down against Covid-19 most comprehensively, which means they can reopen with greater confidence, as opposed to countries -- like the United States -- that struggled to keep GDP numbers up but that did poorly against the virus meaning that its effects will linger on. Also on the show, Chuck answers some audience questions and Amy Arnott of Morningstar discusses gold and why investors flocking to it now should know its historical long-term impacts on a portfolio.

Tendayi Kapfidze, chief economist at LendingTree, says that a looming eviction crisis will have a dramatic impact on the economy, even if the number of actual evictions is held ni check by lawmakers. Kapfidze noted that the economic troubles hidden in renters unable to make payments and landlords unable to collect rents will make it that the economy can;t recover to pre-coronavirus levels soon. While the decline itself may not be deep and traumatic, Kapfidze notes that 'A 10 percent sustained decline in the economy is a significant thing and will do a lot of damage to the economy as a whole.' Also on the show, Jean Young of Vanguard discusses how few of the firm's investors showed signs of panic during the market downturn in February and March, and that those who did exit for the safety of cash mostly would have been better off sticking with stocks, David Trainer of New Constructs says Wayfair may be popular but the stock is headed for trouble, and Kathy Boyle of Chapin Hill Advisors talks funds and ETFs in the Market Call.

Martin Pring of Pring research says that investors may intuitively feel that the stock market has rebounded too quickly from March lows and might be expecting a downturn, but notes that the indicators he relies on are showing that stocks are oversold. As a result, Pring suggests going with the head -- and the mathematics of technical analysis -- and pay attention to numbers showing that the market has a lot of upside momentum that could extend the current rally by at least 10 percent and that could make it last several more years. Also on the show, veteran financial journalist John Waggoner talks about why the media overlooks closed-end funds, author Frank Stricker discusses unemployment from a past, present and future perspective, and Mike Bailey of FBB Capital Partners talks stocks in the Market Call.

Kevin Mahn, chief investment officer at Hennion and Walsh, says that stock market valuations have again risen to where they should make investors nervous, based on where they stand compared to price/earnings ratios for the market. As a result, Mahn says investors will need to be more selective for the rest of this year and all the way through 2022. Mahn is turning to preferred securities for the income side of portfolios, and looking in biotech, e-commerce and technology for stocks, favoring small- and mid-cap issues which he says are better values. Also ont he show, Tom Lydon of ETFTrends.com makes a homebuilders' specialty fund his ETF of the Week, Ted Rossman of CreditCards.com discusses the growing number of consumers worried about missing credit-card payments in the pandemic, and Sandy Villere talks growth stocks at reasonable prices in the Market Call.

Adrian Helfert, portfolio manager for the Westwood Income Opportunity Fund, says that while investors might be nervous about the economy and the potential for a downturn, they should go along with the market's trends and not fight the central bankers who have been fueling the rebound action since the start of the coronavirus pandemic. He says investors should look beyond the big names that have been driving the recovery to see what opportunities look best next, and suggested that following the central bankers' should include looking for opportunities in Europe and beyond. Also on the show, Jim Tankersley of the New York Times discusses his new book 'The Riches of This Land' about America's middle class, and Chuck answers several questions from audience members.

Mike Larson, senior editor at Weiss Ratings and editor of Weiss' Safe Money Report, says in the Market Call that investors right now seem to be stopping to catch their breath after the market's Covid-19 recovery, waiting to see if there is more than just massive government stimulus propping up the market or is there another leg down ahead. Larson has been advocating sectors that do well in a 'ZIRP Forever' -- zero interest rate policy forever -- environment, meaning yield-oriented investments, precious metals and consumer staples companies. Also on the show, Stephen Kalayjian of Ticker Tocker takes a look at the current technicals, Linda Zhang of SoFi discusses the trend that is seeing so many young and new investors become stock traders during the pandemic, and author Paul Starobin talks about 'A Most Wicked Conspiracy,' his true tale of a nearly forgotten financial swindle from America's gold rush.

Giles Coghlan, chief currency strategist for HYCM, says that the economy will struggle to move forward without a coronavirus vaccine or treatment, but even without the economic boost that will come from solutions, he expects uncertainty and low real interest rates to drive gold significantly higher this year. He suggests investors should avoid buying gold at peaks and should look for pullbacks, which he says will be happening in the midst of gold's climb. Also on the show, Simon Lack of SL Advisors says in the Market Call that the energy sector is really cheap, paying big dividends for investors looking to generate cash flow on the cheap, Kyle Guske of New Constructs talks about a brand-name stock that looks attractive, and Mike Brown of LendEDU discusses consumer complaint levels during pandemic times.

Paul Christopher, head of global market strategy for the Wells Fargo Investment Institute, says that the stock market may be waiting until after a Democratic vice presidential candidate is named before starting to factor current polls into current prices, but he cautioned that even as the market starts to reconnect to the potential voting outcome, investors should be waiting until they see more from candidates before altering portfolios. Instead, he suggests waiting until you know more about taxes, infrastructure spending plans, health care reform and more before altering a portfolio, noting that the likely changes will involve adding to health care and infrastructure plays while backing away from energy and financials. Also on the show, Tom Roseen of Lipper Refinitiv talks about the closed-end fund resurgence since the dismal showing they posted during the February downturn, Giulia Prati of Opinium discusses changing consumer shopping habits and how the impact of the pandemic may liner long after a vaccine is found, and John Johnson of Edgeworth Economics discusses how the pandemic has impacted the numbers used in forecasting and how that is changing the numbers that economists rely on and that consumers should believe.

Neil Hennessy, chairman and chief executive at Hennessy Advisors and the Hennessy Funds, says that the stock market has withstood the global pandemic largely because of the underlying strength in corporate balance sheets and the overall economy. Those underpinnings should help ensure that the market doesn't fall too far on bad news and can shake off most events, unlike past crisis times where weak economics exacerbated societal problems and elevated investors' pain levels. Also on the show, Tom Lydon of ETFTrends.com makes a new health-care fund that highlights the technologies brought forth in the pandemic his 'ETF of the Week,' Matthew Schulz of CompareCards.com discusses how credit-card issuers are cutting back on untapped credit limits and old unused accounts as they tighten up in the pandemic, and James Abate of the Centre Funds talks investing defensively in stocks in the Market Call.

Alan McKnight, chief investment officer at Regions Asset Management, anticipates a sluggish, uneven economy and stock market as the country gets through the coronavirus pandemic into 2021, noting that the big technology names will flatten out a bit and small-cap names will slowly come to the fore as the market rotates into the next growth environment..In a second Big Interview, David Wright, lead portfolio manager for the Sierra Mutual Funds, says he has adopted BCOT -- 'Be careful out there' -- as his mantra for both the pandemic and the current market, and says he is using stops on every position to make sure the market's potential for volatility doesn't take away hard-earned gains made during the rebound. Also, Maggie Craddock, author of 'Lifeboat: Navigating Unexpected Career Change and Disruption' talks about how workers whose jobs have been displaced by the pandemic can turn that disappointment into a new start.

Michael Oh, manager of the Matthew Asia Innovators Fund, says the global pandemic has sped up the consumer revolution in emerging markets, but especially in China, which is making consumer companies and technology stocks look particularly appealing because such a gigantic market is opening and once the consumers adopt the technologies they will continue on with them even after the initial impetus to invest in them has passed, Also on the show, Mary Wisniewski of Bankrate.com talks about changing technology in automated teller machines and how consumers can safely use ATMs in a Covid-19 world, Mike Brown of LendEDU discusses per-capita spending on the lottery around the country -- and reveals that Chuck's home state is where individuals lay out the most money per person on tickets -- and Odeta Kushi of First American talks about the changing housing market and the Home Ownership Progress Index and what it says about how the market of home buyers is shifting.

Tom Stringfellow, president and chief investment officer, says he is optimistic that the stock market is due for a broad recovery spread over many sectors, and driven by valuations and earnings, but he warned that until that time comes the market will be driven by a handful of mega-cap names which is uncomfortable but which shouldn't dissuade investors from staying diversified, knowing that they are positioned for that time when the recovery expands and picks up speed. Also on the show, Mark Hamrick of Bankrate.com discusses his site's latest 'Market Mavens' survey discussing where experts expect the market to go next, David Trainer of New Constructs puts Tesla back in the Danger Zone again, saying the stock is much worse off now than it was about a year ago when he put it there, only to see it explode in what he described as a fit of extreme irrational exuberance, and David Miller of the Catalyst Mutual Funds discusses using an insider-buying strategy as he covers stocks in the Market Call.

Max Gokhman, head of asset allocation for Pacific Life Fund Advisors, says that investors should be taking advantage of current opportunities, but also should be moving toward a more neutral position with so many warning signs out for the stock market. If investor sentiment remains positive, Gokhman says he expects to avoid moving allocations all the way to neutral or bearish. Also on the show, Josef Schuster of IPOX Schuster discusses the hot market for initial public offerings and whether he expects new issues to continue their hot streak through the pandemic, Eric Groves of Alignable talks about how the small business community is surviving the coronavirus crisis, and Kimberly Flynn of XA Investments describes how alternative investments are being used in new and different closed-end fund structures to let individuals access strategies previously reserved for big institutions.

Paul Lambert, portfolio manager for the Tocqueville Opportunity Fund, said that the coronavirus pandemic has sped up the clock and created opportunities among technology companies focused on work-from-home and digital-transformation-of- business applications, though he warned that some popular stocks in those spaces have overheated and would be dangerous now, especially if they don't have strong financials and hefty recurring revenue streams. Also on the show, Tom Lydon of ETFTrends,com looks to Europe for his 'ETF of the Week,' Leonard Wright discusses the AICPA's latest Personal Financial Satisfaction Index and how disappointed Americans are feeling this far into the viral pandemic, and Damon Ficklin of Polen Global Growth Fund talks stocks in the Market Call.

Patrick O'Hare, chief market analyst at Briefing.com, says that the stock market is so optimistic right now because there is nothing to disprove the positive premise yet, with low interest rates and the promise of economic growth from a rebound fueling historically high valuations at least for now. Yet if there is no vaccine for coronavirus soon and if the economy rebounds more slowly than expected, O'Hare expects a difficult market, and notes that many investors will ride out the uncertain periods in the megacap stocks -- the biggest names that have been the primary drivers in the rebound from March lows -- because they have 'survivorship status,' having grown so large that they will survive whatever the economy and market can dish out. Also on the show, Bill Perkins, author of 'Die With Zero,' who talks about making the most of your money and your life, and William Smead of the Smead Value Fund, who discusses in the Market Call how current conditions are helping long-term investors buy great companies and disrupted prices.

Today's wide-ranging show starts with Patrick Jankowski of the National Association for Business Economics discussing the group's most recent survey of members, two-thirds of whom expect the economy to be in a recovery with two-thirds of respondents expecting Growth by year's end. Greg McBride of Bankrate.com chats about a different survey, one that shows that for just the second time in the last eight years, investors now believe that stocks will be the best place to invest for the next decade. With so many still favoring real estate and cash, McBride notes how investors may be showing their less-than-admiral traits in the research. Also on the show, Anix Vyas of Harding Loevner, talks about the small-cap rally he believes is on the horizon and the premium investors can get by going international with the aset class, and Gerry Frigon of Taylor Frigon talks stocks in the Market Call.

Sheraz Mian, director of research for Zacks Investment Research, says that investors can't make great comparisons using current numbers against a year ago or even before the coronavirus -- and says the comparison problems will continue for at least a year after the pandemic ends -- but in spite of that issue, he expects earnings to continue improving through the end of the year. Meanwhile, Paul Hoffmeister of Camelot Portfolios says that optimistic investors should see the recent market pullback is creating "anothr chance to put risk on," and suggested investors might want to look into underperforming sectors like health care, energy and gaming. Also on the show, David Trainer of New Constructs puts a mid-cap growth fund in the "Danger Zone' and Ted Rossman discusses a Bankrate.com study which shows the ways investors are damaging their credit score as they respond to the financial hardships created by the pandemic.

Ken Berman of Gorilla Trades says he'd stick with companies with strong balance sheets, a big domestic presence and a business focus online to ride through a sawtooth, back-and-forth summer, a fall correction and then a rally that brings the Standard and Poor's 500 to at least the 3,500 level he was forecasting when he last visited the show in February, before the coronavirus pandemic. Also on the show, John Mosseau of Cumberland Advisors discusses the value of sticking with traditional fixed-income allocations in the lower-for-longer rate environment, and says that he expects an economic recovery even if there is no vaccine for Covid-19, Gregg Bell of A# Financial Investments discusses alternative credit investments like reverse mortgages and private equity and how they are particularly well-suited for the closed-end, interval fund structure, and Bob Auer, manager of the Auer Growth Fund, discusses why he believes in his methodology and process despite a low Morningstar rating, and then puts his methods to work talking growth stocks in the Market Call.

Joseph Brusuelas, chief economist at RCM, says the risks of a sub-par recovery are rising as uncertainty over the outcome of the coronavirus pandemic drags on, and while he still believes that there will be a swoosh-shaped 'elongated and frustratingly slow recovery,' he says even that can't happen until the market knows how the pandemic will be resolved. In the Market Call, Barry James of the James Advantage Funds says investors need to be looking at securities in different time periods -- BC and AD, for 'before coronavirus' and 'after disease' -- and notes that the pandemic has injected a little more subjectivity into stock research right now. Also, Chuck answers a question from the audience, and Tom Lydon of ETFTrends.com makes a new fund based on a market niche that is in the news the 'ETF of the Week.'

Tactical money manager Michael Ball, managing director at Weatherstone Capital Management, says that the global pandemic and the stunted economic cycle have changed the data he looks at to make some of his decisions, noting that 'mobility numbers' which show how much people are getting out and moving around give a more real-time pulse on the economy than simple employment numbers or other more-traditional data. He talked about funds and ETFs to take advantage of current opportunities in the Market Call. Also on the show, Lyle Fitterer of Baird discusses the fixed-income market and how interest rates that remain lower for longer are changing asset allocation decisions, and author Harry Glorikian talks 'Moneyball Medicine' and how health care is likely to be permanently altered when the current crisis is over.

Reed Murphy, chief investment officer at Calamos Wealth Management, says that the uncertain market has its worry spots, but that economies globally have looked good coming out of the coronavirus pandemic and the United States should be able to follow suit if and when there is a vaccine, and assuming the government keeps stimulus flowing until that happens. Murphy noted that the disruption of the economy presents unique opportunities moving forward. Also on the show, Lawrence McMillan of McMillan Asset Management talks technicals and says that if the market can extend to new highs, he expects it to go higher still, Mark Hamrick of Bankrate.com talks about the financial milestones people are putting off during the pandemic economy, and Janet Brown of the FundX Investment Group talks funds and ETFs in the Market Call.

Karl Mills, president of Jurika, Mills and Kiefer, says that while there is more good news than bad right now for the market, investors should be more defensive in their thinking right now. Mills isn't expecting a big downturn -- he's anticipating a 10 to 15 percent pullback, but says that it's hard to see much potential for the market to move significantly higher, so until there is some sort of sell-off and the market repositions to make buying more attractive, he's remaining cautious and careful. Also on the show, Ted Rossman of CreditCards.com discusses the current shortage of coins and how Covid-19 is permanently changing the way consumers pay for things, David Trainer of New Constructs talks about an attractive manufacturing stock to consider now, and Harris Trifon of Western Asset Management discusses how the work-from-home trend is likely to impact real estate markets once the coronavirus pandemic has ended.

Noting that 'Hope is not an investment strategy,' Peter Chiappinelli, portfolio strategist at GMO, says that his firm de-risked its holdings in May, moving from a buy-hold tack into the market's recovery to more of a long-short strategy that should make money no matter which way the wind blows next. He says that the market is pricing in an all-is-well optimistic recovery, but that savvy investors should prepare for something worse to help get them through uncertain times, and he noted that value should outperform core equity in time, particularly with international stocks, which 'are trading at a discount we have never seen before in the history of our database.' Also on the show, author Steven Bavaria talks about how closed-end funds can be an 'income factory' driving returns, Matt Harris of HighTower Advisors talks technicals and describes why a weak dollar is making gold, miners and emerging markets look good, and David Marcus of Evermore Global Value Fund says in the Market Call that there is a current intersection between the growth and value styles that's unlike anything he has seen in his decades as a fund manager.

Joe Kalish, chief global macro strategist at Ned Davis Research, says that while many people currently believe the stock market and economy are disconnected -- with the market thriving while the economy is hurting -- the patterns for the market and the economy are tightly linked and likely to stay that way for the foreseeable future, with the economy's path dictating what the market does next. Thus, if the economy takes a V-shaped recovery pattern, the market will continue going up, but if the recovery flattens, falters or rolls over, the market is likely to follow suit in lock-step fashion. Also on the show, Tom Lydon of ETFTrends.com talks about China with his ETF of the Week, and Bernie Horn of the Polaris Global Value Fund talks about why he has broadened out his portfolio and how the inability to be a globetrotter has affected his buys and sells amid the pandemic.

Larry Cordisco, portfolio manager at Osterweis Capital Management, says that investors should look for industry leaders that are depressed by the current economy, because they're in a strong position to weather the market and economic storm created by the coronavirus pandemic.When the current economy weakens -- which Cordisco expects, despite his long-term view that recovery is coming -- the strong players will come out in a few years much better positioned as leaders in their fields. Also on the show, Howard Dvorkin of Debt.com talks about how individuals and families struggling to make ends meet during the pandemic should approach their problems to minimize potential trouble, and author Olivier Sibony discusses his new book on the mistakes people make by letting personal biases skew their decisions.

Brian Barish, president and chief investment officer at Cambiar Investors, says that the Federal Reserve's actions to keep money flowing have allowed the stock market to rebound and rise despite the obvious economic issues that might otherwise punish stocks. He suggests not fighting the Fed while looking for opportunities now, but warns that in 2021 or '22, 'the Fed will stop doing these things, and that will be your Uh-oh moment in the stock market.' Starting the show, Jeff Bishop, editor at Total Alpha Trading, says that 'This is not a time to be a fundamental investor,' but that makes it a great time to be a short-term technical trader, using the force of price moves -- rather than standing in the way of them expecting a downturn -- to ride the trends to higher prices. Also on the show, Leisa Peterson discusses her new book, 'The Mindful Millionaire,' and Chuck answers a question about dealing with a tough situation that could lead an audience member to declare bankruptcy in the future.

Melanie Lieberman, senior travel editor at ThePointsGuy.com, discusses the unique challenges people are facing now as they try to plan summer vacations and family trips at a time when traveling presents a very real health risk. Also on the show, Jeff Kolitch, manager of the Baron Real Estate Fund, joins Chuck to chat about how investors benefit when they look past REITs and go for service-companies and home builders in the real estate space -- though he also likes real estate investment trusts despite their recent struggles -- while David Trainer of New Constructs says a particularly 'nutty' stock is actually much less dangerous than the market seems to believe right now, and Andrey Kutusov of the Seven Canyons World Innovators Fund talks global stock investing in the Market Call.

Jack Janasiewicz, portfolio strategist at Natixis Investment Managers, says that while thw worst of the stock market's troubles should be behind us, there is a long way to go before he can say things are good. Right now, he says, it's more of a 'less bad' environment, with the market grinding higher and climbing the proverbial wall of worry. He suggests strong positions in domestic equities, most notably in technology and other buoyant sectors while riding through volatility. Also on the show, John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance looks at how closed-end funds rebounded in the second quarter, posting strong results despite huge dividend cuts; while closed-end issues remain down on average for the year, he notes that wider discounts make them particularly attractive at this point, especially for income-oriented investors. Jared Kizer of Buckingham Strategic Partners discusses how he advises clients who are getting nervous to 'do something' at a time when the best advice remains 'stay the course,' and Jill Gonzalez of WalletHub covers a survey of Americans who mostly believe that Covid-19 has changed the way we work for the better.

Michael Kagan, portfolio manager for ClearBridge Investments, says in the Market Call that investors are looking at a 'very concentrated market,' noting that a huge percentage of the market's recent gains have been driven by just 10 stocks and pointing out that the last time the market was this concentrated was during the first quarter of 2000, just before the Internet bubble burst. While he's not expecting any similar dire outcomes, Kagan notes that investors are scared and betting on the names that are producing results now, but that the popular stocks will suffer when investors feel safe to once again venture further from their comfort levels. Also on the show, Tom Lydon of ETFTrends.com makes a new issue that covers a hot-topic niche his ETF of the Week, Neesha Hathi of Charles Schwab talks 'stock slices,' which let investors buy fractional shares of stock commission-free for a few bucks at a time, and Andrew Beer of the iM DBi Hedge Strategy ETF talks about how the market and hedge funds have reacted to the many shocks created by the global pandemic.

Rob Sharps, head of investments at T. Rowe Price, says investors need to focus on balance sheets, fundamentals and 'the ability of businesses to make it to the other side [of the pandemic] with their businesses intact,' and warns that we're well past the point where investors can buy stocks broadly and expect to benefit from a recovery. 'Aggregate market valuations,' he says, 'have never been more meaningless,' making the case for tactical decision-making and solid stock-picking. Earlier on the show, Fritz Folts, chief investment strategist at 3EDGE Asset Management, said that the US market is significantly overvalued, which has him looking at global assets -- especially in emerging markets -- and trimming his domestic holdings sharply. Rounding out the discussions -- and bringing additional focus to valuations -- Tim Koller, co-author of 'Valuation,' a business standard now out in its seventh edition, talks about how the pandemic has impacted the valuation of public and private companies.

Kristina Hooper, global macro strategist at Invesco, says we are seeing a global economic ping-pong game, where the information we are getting about coronavirus, health policies, economic news, monetary policy and more are bouncing around to create an outlook that is changing on an almost-daily basis. Still, she said that creates opportunities for investors who are patient and tactical through a slow, uneven recovery that won't be so much a v-shaped rebound but a 'Nike swoosh' shaped upturn. Also on the show, Ted Rossman discusses a Bankrate.com survey about whether investors and consumers are losing sleep to financial concerns during the coronavirus pandemic, Russel Kinnel, director of manager research at Morningstar talks mutual funds in the Market Call, and Chuck talks weird financial news, including the fines levied against an Austrian man charged with excessive, aggressive flatulence.

Tracie McMillion of the Wells Fargo Investment Institute discusses the firm's most-recent investor-optimism survey, which saw seven years of gains and positive outlooks wiped out in the last calendar quarter. She discusses what happened and why investors are so much more pessimistic now despite the market's rebound from March lows. Also on the show, author Christian Busch discusses 'The Serendipity Mindset' and how to create good luck, Kyle Guske of New Constructs puts MongoDB in the Danger Zone, and Will Rhind of GraniteShares discusses stocks that he'd 'XOUT' of a portfolio in the Market Call.

Goerge Milling-Stanley, chief gold strategist at State Street Global Advisors, says that in hard-to-gauge circumstances, gold is the one asset class that is performing in line with investor expectations, working appropriately to diversify portfolios and balance the volatile market. Neil Azous of Rareview Capital talks about a unique opportunity in municipal-bond closed-end funds, where the four return streams investors normally pursue are lined up to all potentially be working at the same time. Also on the show, Tom Lydon of ETFTrends.com makes a fund that's all about genomics and finding a coronoavirus cure his 'ETF of the Week,' and Chuck Carlson of Horizon Investment Services and The DRIP Investor talks stocks in the Market Call.