Money Life with Chuck Jaffe

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.

Brian Nick, chief investment strategist at Nuveen, discusses his firm's outlook for the remainder of 2020, while noting that there is little clarity in any outlook right now thanks largely to coronavirus, but also owing to the election, the economy and more. Nick also talks about how the falling rates story in bonds -- which is forcing investors to re-think the role of bonds in their portfolios -- will likely be the story of the coming decade, as investors deal with the fallout of 'lower for longer.' Also on the show, Gene Nadler discusses the simple strategy that's behind his book 'The Perfect Stock Market Diet,' and Jack Murphy of Levin Easterly Partners talks about value investing and value stocks in the Market Call.

Brad Lamensdorf of the Lamensdorf Market Timing Report and the Ranger Equity Bear fund (HDGE) says that the market's expectations are swinging between extremes -- from a high-greed environment to a high-fear market and back again -- and that investors should pay more attention to technical signals because there are so many unknowns happening to fundamentals for the foreseeable future. Lamensdorf believes in buying fear and selling greed and expects opportunities for both during volatile market swings ahead. Also on the show, Brian Kersmanc of GQG Partners notes that investors 'can't predict when it's going to rain, but can build arks,' and suggests getting defensive, diversifying across asset classes and countries and going 'where the data points lead you.' Plus Mark Hamrick of Bankrate.com discusses how Americans feel their personal financial standing is after three years of the Trump Administration, and David Brady of Brady Investment Counsel talks growth investing in the Market Call.

Michael Falk of Focus Consulting Group returns to the show for another intimate life and money discussion. Dealing with ALS or Lou Gehrig's Disease, Falk explains why he doesn't think today's investors should be wasting time and money on bonds, noting that he won't buy any during the short time he has left but why younger, healthier people shouldn't buy them either. He also discusses how the pandemic and the advancing disease has, again, changed some of his priorities and his abilities to accomplish them. Also on the show, David Goodsell of the Natixis Investment Managers' Center for Investor Insight discusses his group's latest survey on investor attitudes, Mark Blyth discusses his new book, 'Angrynomics,' and the need for society to harness its anger to create change, and David Trainer talks about why a home-builder that the market thinks is headed for trouble is actually an attractive buy right now.

Money manager Jim O'Shaughnessy -- the best-selling author of 'What Works on Wall Street' -- says that investors can look back through history to see that the United States has come through 'some really scary things.' which is why his outlook hasn't and won't change. He's expecting to ride out the current stock market and economic concerns, betting on the American people to 'figure stuff out.' Also on the show, Larry Antonatos of Brookfield Asset Management discusses real assets and which ones he expects to perform well heading into 2021, Jim Welsh of Smart Portfolios talks the market's technicals and expects a short-term pullback before the Standard and Poor's 500 index rebounds to new highs around Labor Day, and John Barr of the Needham Growth and Needham Aggressive Growth Funds talks stocks in the Market Call.

Crit Thomas, global market strategist at Touchstone Investments, says that the market has written off 2020 and is looking out to 2021, meaning that upcoming corporate guidance is likely to have more market impact than soon-to-be-released economic numbers. Thomas noted that the market's rebound -- which he warns could be affected sharply by coronavirus news concerning a resurgence of afflicted Americans -- has been so strong and fast that it has brought most of the market to unattractive pricing levels. While Thomas is worried about the potential for short-term market troubles, he suggests that investors lengthen their time horizon because the long lens makes it much easier to keep risk and daily market volatility in proper perspective. Also on the show, Tom Lydon of ETFTrends.com suggests an exchange-traded fund made up of 'fallen knives,' Ted Rossman of CreditCards.com discusses travel-credit cards and whether they are worth their fees at a time when few cardholders are traveling, and Jerry Parker of Chesapeake Capital talks stocks in the Market Call.

In an extended Big Interview, Dan Fuss -- vice chairman of Loomis Sayles and Co., and a leading bond fund manager for more than half a century -- says that investors should not feel that bonds can play their traditional role as a portfolio safety net right now because fixed-income investments can't provide the level of yield investors typically expect. Fuss says the market 'is far more dangerous on the credit side than people know.' Also on the show, Catherine Yoshimoto of FTSE Russell discusses the 'Russell Reconstitution' process, which will reshape Russell's indexes while making this Friday one of the biggest volume days of the year, and Charles Norton of the Vitium Global Fund discusses sin stocks -- alcohol, gaming, tobacco and defense companies -- in the Market Call.

Mark Newton of Newton Advisors says that while markets are poised to move higher into July, they face a challenging path to continue rising as the economy reopens. Newton favors health care stocks and commodities, but dislikes financials. Also on the show, Alessandro Valentini of Causeway Capital Management discusses what it will take for value investing to finally deliver superior results to growth stocks. Warning, he said it could take a long time, noting that low interest rates make it more difficult for value to get any traction. Greg McBride of Bankrate.com discusses the financial regrets many people have about their financial preparedness for the global pandemic, and Tom Plumb of the Plumb Funds talks stock in the Market Call.

Stephanie Kelton, an economist whose recent book 'The Deficit Myth' has moved onto the best-seller lists, says that the many real problems facing the country -- including but not limited to the coronavirus pandemic, the loss of jobs and health care and benefits for many workers, and more -- can be solved or helped by the government increasing targeted spending, but she notes that concerns about such spending creating a bigger deficit problem are overblown. The deficit, she notes, is a number without 'good' or 'bad' attached. Also on the show, Jonathan Treussard of Research Affiliates talks about the challenges of and benefits to keeping a long-term investment mindset, Megan Fielding of Nuveen talks about how the surge in interest in social investing is being driven by improved performance in ESG funds, and David Trainer of New Constructs looks at a stock that he thinks is dramatically undervalued now.

David Jilek, chief investment strategist at Gateway Investment Advisers, says that high valuations and disrupted earnings make the market now riskier than it was before the global pandemic, and while that won't necessarily create a crash it will make the indexes more susceptible to volatility spikes and large impacts from small disruptions. With trade tensions, oil-pricing wars, the election and a slew of economic numbers all ahead in the news feed, he warns that the market could be uncomfortable for the foreseeable future. Also on the show, D.R.Barton Jr.. of Straight-Up Profits says technical analysis suggests that the market's rebound may have been too much, too soon and that he'd be surprised if there wasn't a major drawdown before the year ends, Zach Forman of Griffin Capital Securities talks interval funds and how illiquidity is actually seen as a plus in current market conditions, and Chris Armbruster of Kayne Anderson Rudnick talks mid-cap stocks in the Market Call.

Sam Stovall, chief investment strategist at CFRA Research, says that the stock market is getting 'a BTE bounce' -- better than expected -- but that it's not following its usual seasonal patterns which tend to show weakness in the summertime. Stovall says that the market is rotating the way he'd expect from a downturn like the one experienced in March, but that the 'bizarro' market is trading in reverse of what he'd expect both in terms of the industries and sectors that are in favor and the timing within the year. Still, Stovall says that investors and economists are acting like they expect a V-shaped recovery and he thinks they likely are right, for now. In another Big Interview today, Michael Mullaney of Boston Partners also is optimistic about the market, for now, though he notes that the market has been reacting to virus news and has been taking the rest of the news -- including the potential election results -- lightly for now. Also on the show, Tom Lydon makes a gambling and Internet gaming fund his 'ETF of the Week," and Peter Colis of Ethos discusses the 'Financial Legacy Index.'

Scott Wren, senior global market strategist at the Wells Fargo Investment Institute, says that he expects the Standard and Poor's 500 to be between 3,400 and 3,600 by the end of 2021, meaning that the market will be volatile without a lot of upside as it heads back toward a fully functioning economy. Wren noted that economic data has been better than expected, which has helped the market and investors avoid the worst of worst-case outcomes. Also on the show, author Scott McLean discusses the importance of getting your personal team of financial advisers to work together and the cost of having planners, tax preparers and others who are not on the same page, and Patrick Healey of Caliber Financial Partners discusses the barbell investment strategy he uses for stock portfolios in the Market Call.

Adam Grimes, president of Talon Advisors, says that rapid snap-back after the stock market's big March swoon was the 'least-expected outcome' from a sharp decline, and is symbolic of just how hard it is to make accurate technical forecasts right now. Grimes says the Federal Reserve's clear intention 'to do whatever it talks as long as it takes' has created significant market distortions, leaving more unknowns at this point, which should have investors on edge. Also on the show, Wayne Wicker, chief investment officer at VantagePoint Investment Advisors gave his outlook for the market, Vivian Tsai of the College Saving Foundation covers her organization's survey on how students see college plans and careers changing in the wake of the global pandemic, and Nick Raich of The Earnings Scout talks earnings trends and stocks in the Market Call.

Long-time Wall Street observer Charles Biderman says that the current market is showing signs of craziness that should scare investors, with companies seeing revenue declines that might bankrupt a business in ordinary conditions but that Wall Street investors are bidding up now. He urges caution and suggests a heavy dose of research for anyone wading into the market now, because the market seems to be inflating a bubble while ignoring that these are bubbly conditions. Also on the show, David Goodsell of the Natixis Investment Managers' Center for Investor Insight on their latest poll of institutional investors, David Trainer of New Constructs covers an attractive stock rather than heading for trouble in the Danger Zone, and Justin Carbonneau, partner at Validea.com talks gurus and the value behind their strategies in the Market Call.

Axel Merk, president and chief investment officer for the Merk Funds,says that with market volatility and uncertainty picking up, investors should focus on their process and should stick with their plan rather than jumping around chasing either additional returns or greater safety right now. He notes that investors whose process is not working right now are the ones who are are so nervous that they can't sleep soundly; he recommends adding gold and diversifying portfolios to improve the sleep factor. Also on the show, author and technical analyst Michael Sincere says he thinks the market is 'in real trouble right now,' noting that he would not be surprised if it retests March lows because 'it went up too far too fast' only to see the uptrend stall out this week. Michael Spactacco of Bancroft Capital says that changes to the way closed-end funds are issued makes new offerings attractive right out of the box, and Charlie Bobrinskoy of Ariel Investments talks value investing in the Market Call.

Brent Wilsey of Wilsey Asset Management say that while the current market reminds him a bit of the tech bust of 2000 -- when many people thought that because the market had gone higher that it would just keep going higher -- he does believe that the worst of the effects of the coronavirus pandemic are behind us. Still, he notes in the Market Call that investors should expect some trouble ahead and be prepared to ride it out, especially in market areas that have not been going gangbusters lately, such as banking and insurance companies. Also on the show, Tom Lydon of ETFTrends.com looks at the new ETF version of a popular mutual fund that has been around for nearly three decades, Jacqui Kearns of Affinity Federal Credit Union talks about the need for families feeling the financial crunch of the pandemic to have the hard discussions, and Sarah Foster of Bankrate.com gives her quick take on how people facing the end of unemployment benefits should respond while the money is still flowing.

Paul Zemsky, chief investment officer for multi-asset strategies at Voya Investment Management, says that with the market near record highs despite earnings that are below expectations, it's not surprising that many observers think that stocks are overvalued now. He doesn't see things that way, noting that stocks are a good opportunity -- especially small caps and international stocks which have been the laggards in the recent rally -- while lightening up on bonds, except for corporates where he sees some improved return potential ahead. Also on the show, Harvard professor Rebecca Henderson talks about her book 'Reimagining Capitalism in a World on Fire,' and Chris Carter, portfolio manager for the Buffalo Mid Cap Fund makes his debut in the Market Call.

In a recent column, Chuck said that financial advisers who accepted PPP loans during the coronavirus pandemic were lacking in character. Barry Ritholtz, a leading financial adviser whose $1.3 billion wealth-management firm accepted PPP loans, is 'on the other side' from Chuck and gives his reasoning for taking the loans as he and Chuck cover the issues buried behind the paperwork in the government loan program. Also on the show, Jack Kleinhenz of the National Retail Federation talks about the National Association for Business Economics' second-quarter survey of expectations, and Andy Braun of Pax Large Cap Fund talks big companies and social investing in the Market Call.

Julia Carlson, chief executive officer at the Financial Freedom Wealth Management Group, says that investors should be riding the wave of renewed optimism and the stock market that has recovered from March lows, but she says there will be a longer-term price to pay, and that investors should be preparing for the long-term fallout from current stimulus efforts,which could be higher taxes and rising inflation, which she expects to see late next year or in 2022. Also on the show, Mark Hamrick of Bankrate.com discusses the implications and fallout from the May jobs report, David Trainer talks about a stock he likes as it emerges from the pandemic economy, and Jim Lowell of the Fidelity Investor newsletter talks about mutual funds in the Market Call..

Alan Gayle of Via Nova Investment Management says that while investors should be pleased with pleased with the market's rally from March lows, he expects trouble ahead, noting that the rally may be early given the prospects for real economic growth as the economy reopens from the coronavirus shutdown. 'We need to fell better,' he says in explaining why his cash holdings are up, 'but I don't think we can feel great at this stage.' Also on the show, Todd Rosenbluth of CFRA Research talks ETFs in the Market Call, Leo Leydon of Financial Focus Advisory Services says why he does not like the look of the market's technicals and is expecting a pullback, and Phillip Goldstein of Bulldog Investors discusses why a recent Securities and Exchange Commission decision could be a death knell for activist investing in closed-end funds.

Ken McAtamney, portfolio manager for the William Blair Global Leaders Fund, says that the resumption of activity and the unlocking of businesses means that, sequentially, the economy will pick up speed quarter after quarter. While the economy will resume a low-growth trajectory, the market can move forward and he says he expects it to do that while avoiding a major meltdown over the next few years. Also on the show, Tom Lydon of ETFTrends.com makes a new momentum-oriented fund his 'ETF of the Week,' Chuck answers an unusual question about using credit cards, and Craig Hodges of the Hodges Funds says in the Market Call that value and small-cap stocks have started a comeback.

Chris Huemmer, senior investment strategist at Flexshares, and the FlexShares Quality Dividend Index, says that dividend income streams may become disconnected with stock prices, and that investors shouldn't chase yield but also need to evaluate dividend cuts and suspensions to see if the moves are temporary or caused by real financial difficulties. Also on the show, author Chip Munn talks 'The Retirement Remix,' and Giorgio Caputo, senior fund manager and head of multi-asset value for J.O. Hambro Capital Management talks fixed-income investments and warns about the potential pitfalls of using business-development companies to increase yield now.

Jeffrey Bierman, chief market technician at TheoTrade.com, says that the stock market is completing a cycle and working its way toward a top, but that investors should be prepared for what happens next, which could be a 'garden-variety' pullback of about 20 percent, an extreme decline that re-tests recent lows or a move toward a 'zombie economy' and protracted, extended market trouble. While nothing in the market's charts and technicals suggests the doomsday scenario, Bierman notes that the magnitude of the worst downturns often catch experienced analysts by surprise. Also on the show, Jeff James of Driehaus Capital talks small-cap stocks, Rob Spivey of Valens Research makes his debut talking stocks in the Market Call, and Chuck answers a question about pet insurance.

Jason Browne, president of Alexis Investment Partners, says that investors should be tactical given current market conditions, which means having more exposure to stocks now -- at a point when economic woes will be revealed as the business world reopens -- than they did as the market was going through troubles at the start of pandemic conditions. Also on the show, Ken Tumin of DepositAccounts.com talks about short- and long-term savings rates, author Christopher Robertson discusses the nation's health-insurance system and its inadequacies, and David Trainer of New Constructs puts a mutual fund that he says isn't all it's cracked up to be into the 'Danger Zone.'

Bill Stone of Stone Investment Partners says that as the economy starts to crank up again, the market is likely to respond positively, even as investors know that the growth numbers will look good only because they're being compared against economic stoppage. Eventually, however, Stone says the market will want to see good numbers; because those numbers could be elusive, he says investors will want to maintain a balanced, diversified strategy while they see how any recovery unfolds. Also on the show, Trip Miller of Gullane Capital Partners talks value investing in the Market Call, John Kosar of Asbury Research gives his technical outlook, and Andrew Kerai of RiverNorth Capital Management discusses why he thinks the credit market offers a uniquely good opportunity now.

Tony Tanner, portfolio manager with the Aquila Group of Funds, says that the troubled economy and lower interest rates will hit the bond market and should convince investors to diversify their fixed-income holdings; unlike many bond-industry watchers, Tanner notes that he is not expecting a big wave of defaults, though he said credit-quality will be challenged. Also on the show, Tom Lydon of ETFTrends.com talks about hot pet-health companies with his pick for the ETF oft he Week, Ryan Breslow of Bolt.com discusses his firm's most recent survey on consumer behavior, and Tim Fortier of Drawbridge Strategies discusses what his Market Demand Indicator currently shows about where the market is headed.

Joe Quinlan, head of CIO market strategy for Merrill Lynch and Bank of America Private Bank, says that global public spending on health care has been stagnant for the last two decades, and the pandemic has highlighted infrastructures and governments that were not prepared to protect their people and deal with a crisis. While Wall Street has largely ignored the issues, he says there is a clear link between countries that have sufficient health care to maintain hope and the markets with the best returns, which is why he suggests focusing on developed markets, including the United States. Also on the show, Chuck tackles an audience member's question on rebalancing, Catherine Collinson of the Transamerica Center for Retirement Studies discusses how the pandemic is affecting long-term savings, and Peter Tuz of Chase Investment Counsel talks growth stocks int he Market Call.

Laura Geritz, chief executive officer at Rondure Global Advisors, says that the U.S. and China are holding up the world economy with their spending during the coronavirus pandemic, but she cautions that if those economies falter -- and they have little room to expand spending -- it will be hard to find stocks to buy there. She prefers countries with no reserve currency now, nations where she finds that the consumer has controlled their 'animal spirits' and there is room to grow spending, noting that most emerging markets but China qualify as having growth potential even amid slowing growth worldwide. Also on the show, Sarah Berger, writer at MagnifyMoney.com discusses how many consumers are already tapping retirement accounts to get through the viral economy, author Zachary D. Carter discusses 'The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes,' and Chuck answers a question from an audience member on how to prioritize withdrawals from savings.

Jason Thomas, chief economist at AssetMark, says that the structural and societal changes and advancements that have allowed the economy to not be in more-significant trouble thanks to the coronavirus pandemic are also laying the base for an economy that ultimately will emerge strong, with stocks providing the best chance to come out ahead several years down the line. He notes that the United States -- despite the issues it faces -- is positioned 'to come out of this as one of the winners.' Also on the show, Matt Hougan of Bitwise Investments talks cryptocurrencies and how bitcoin is proving its value as an alternative to gold and a portfolio diversifier, Chris Vermeulen of The Technical Traders says the technicals show the market to be 'in a no-man's land between a bull and bear market' and while he expects a dip back to March lows, he believes there are good opportunities for traders. Also, Kelly Thompson of Direct Lending Deals talks about how the economic slowdown has affected the middle-market financing of business-development companies and how she expects BDCs to restructure and bounce back.