Money Life with Chuck Jaffe

Bryce Doty, senior portfolio manager at Sit Fixed Income Advisors, says that the bond market is particularly difficult right now but that domestic issues remain stronger than the rest of the world, and could be buoyed by rates that rise slightly sooner than many people expect. He notes that with the Federal Reserve committed to keeping interest rates in positive territory, rates really only have one direction to go from here. Also on the show, Michael Robinson, chief technology strategist at Money Map Press says in the Market Call that technology companies aren't just good investments right now, they are the reason the economy has been able to avoid a depression, noting that if it weren't for technological advancements the country could not have done as much work-at-home commerce as it has throughout the current pandemic. Tom Lydon of ETFTrends.com makes a gold fund his 'ETF of the Week,' and Matt Schulz of CompareCards.com on how subscription spending of all types has ramped up amid social distancing.

Simeon Hyman, global investment strategist at ProShares, says that the backdrop of economic challenges has made dividend income more important than ever for investors, but the market concerns also have companies suspending and cutting distributions. He discusses dealing with the stocks that have trimmed dividends as well as the sectors that he expects to lead the pack going forward. Also on the show, Brian Dumaine, author of 'Bezonomics: How Amazon Is Changing Our Lives and What the World's Best Companies Are Learning from It,' and Mike Brown of LendEDU. Plus Chuck gives his harsh assessment of financial advisory firms that have accepted Small Business Association loans to get through the pandemic.

Greg Valliere, chief U.S. policy strategist at AGF Investments, says that the markets have good reason to be optimistic long-term, despite the economic issues that are surfacing now, noting that 'This is not going to be a long depression, it's going to be a really ugly brief recession.' Also on the show, Tom Florence, chief executive officer at 361 Capital, covers the role that alternative investments should be playing in a portfolio now, William Delwiche of Baird Investments talks technical analysis at a time when so many market influences are not visible or measurable in the daily charts, and Meredith Stoddard of Fidelity Investments discusses investors' market sentiments during the pandemic.

David Trainer, president of New Constructs, said that insurance giant Allstate Corp. is an attractive stock despite a significant recent decline resulting mostly from the market's reaction to the coronavirus pandemic. Trainer -- who normally warns investors away from securities in the Danger Zone segment -- made Allstate one of his attractive stocks, noting that the company is significantly overvalued, with the market apparently believing it will never again reach the highs of recent years, while Trainer believes the stock is poised to exceed those previous levels. Also on the show, Gene Tannuzzo of Columbia Threadneedle Investments talks about interest rates and how the Fed is playing the current crisis straight from the disaster handbook, Greg McBride of Bankrate.com discusses how Americans' finances are faring as the pandemic stretches on, and Ben Johnson of Morningstar Inc. covers ETFs in the Market Call.

Pamela Woo, head of U.S. equities at BNP Paribas Asset Management, says that investors need to trust their allocations and plans while also looking for stocks that will come through the current recession positioned for a strong future. She expects to see a recovery that gets off to a hot start as the economy reawakens, but that won't recapture previous levels for e foreseeable future when the pandemic has ended. Also on the show, Matt Freund of the Calamos Long-Short Equity and Dynamic Income Fund on rebounding from the recent bottoms, Dan Zanger of ChartPattern.com talks about the value of technical analysis in unprecedented market times, and Mark Fleming, chief economist at First American Financial Corp., compares the way the real estate market is responding to conditions created by the coronavirus pandemic and the voluntary economic slowdown with the way it reacted to the 2008 financial crisis, which was triggered by problems in the housing and real estate sectors.

Mike Lippert, portfolio manager at Baron Opportunity, says that investors can still find opportunities in a troubled market that tends to have investors clustering in a few areas, including cloud computing and other technologies that are helping people shelter at home currently but which stand to benefit from a more-permanent, long-term shift to independent work spaces. Tom Lydon of ETFTrends.com likes the same space, making the very hot WisdomTree Cloud Computing ETF his 'ETF of the Week.' Also, Chuck takes an audience question about prioritizing spending and savings, and Chris Retzler, manager of the Needham Small Cap Growth Fund -- the-performing traditional mutual fund of 2019 and the leading small-cap fund again this year -- talks stocks in the Market Call.

Matt Lloyd, chief investment strategist at Advisors Asset Management, says that trying to find clarity in the current economic situation is 'like trying to put in eye drops while you're surfing,' but he says that he doesn't expect to see the much-discussed U- or V-shaped bottom to any troubles, saying instead that there will be a square-root sign shape, meaning volatile drops and recoveries before things flatten out for a while. Also on the show, Natalie Campisi of Bankrate.com discusses buying and selling homes amid coronavirus precautions, Chuck answers a question about whether these times call for 'extra diversification,' and Tucker Walsh of the Polen US Small Company Growth Fund makes his debut in the Market Call.

David Tice, chief investment officer at the Ranger Active Bear Fund, says that the market will re-test its lows and break through them as it goes through a long, volatile decline. He says investors should not expect a 'standard, garden-variety recession,' but instead will see a depression, though he does not expect a market crash to be part of that problem, noting that the market will grind down as the pandemic economy plays out. Also on the show, author Julia Hobsbawm talks about simplifying your life and changing your relationship with technology, and David Snowball of MutualFundObserver.com talks funds in the Market Call.

Jeffrey Cleveland, chief economist for Payden and Rygel Investment Management, reacts to Friday's massive unemployment numbers by noting that the good news in the report -- that 78 percent of the jobless say their personal trouble is temporary -- may be a bit too optimistic, with the reality being that 40 to 50 percent of the lost jobs may be permanent or longer than anticipated, which would slow any recovery. Also on the show, Mike Brown of LendEDU.com discusses troubles consumers are having paying off student loans right now and how forgiveness programs are working, David Trainer of New Constructs discusses why he thinks passive investors are due for some heightened pain ahead, and John Bonnanzio, editor at Fidelity Monitor and Insight newsletter talks funds and ETFs in the Market Call.

Frank Holmes, chief investment officer at US Global Investors, says that investors heading for cash are being too conservative because the market is creating opportunities in areas that are troubled, like airlines, but he is also expecting the economic stimulus efforts to generate inflationary pressure that will make gold particularly attractive during volatile market times head. Also0 on the show, John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance compares closed-end funds with non-listed interval funds, Matt Zajechowski of Digital Third Coast discusses how Americans' grocery-shopping habits have changed during the quarantine, and Leon Wilfan of Lahardan Financial talks stocks in the Market Call.

Wall Street veteran Bob Doll, chief equity strategist at Nuveen Asset Management, came back to Money Life revising the forecasts he made for 2020 because coronavirus circumstances changed so much about the market and economy. Revisiting, altering or renewing his predictions for the remainder of the year, he says the market should ultimately establish its bottom in April or May, with the short recession ending in time for the market to start a long recovery by year's end. Doll said that earnings, which have cratered and will continue collapsing through the second quarter, will 'rise smartly' by the fourth quarter. Also on the show, Tom Lydon of ETFTrends.com makes a brand-name core index fund his 'ETF of the Week,' and Chris Cordaro, chief investment officer at Regent Atlantic, discusses what he has been telling clients to help them navigate the crisis.

Brian Levitt, global market strategist for Invesco, says he expects a rally in small-caps and value stocks as the new economic cycle starts, but he believes those sectors will receive as new growth takes over. Long-term, he believes it will be the solid growth companies -- the ones that have real solutions and that can bring that ingenuity to the market -- that will lead the way forward to a recovery. Also on the show, author Philip Coggan talks about globalization and the development of the worldwide economy, Sarah Berger of MagnifyMoney.com discusses a survey showing on how confused Americans are around fees on their financial accounts, and Chuck answers audience questions about credit reports.

Brent Schutte of Northwestern Mutual Wealth Management says that the viral economy is, effectively, a four-step process that we are half-way through, with re-opening the economy and creating a vaccine for coronavirus the next steps. Meanwhile, he notes that upcoming bad economic news is easy to overlook because 'we cause the economic data to be bad,' but it will be watched carefully -- and be important to investors -- as Americans go back to work and the long-lasting impacts of the shutdown are realized. In the Market Call, Mark Yusko of Morgan Creek Asset Management says that 'The world is very delicate right now, and patience will be rewarded for investors,' noting that he is looking tactically at gold, cash, master limited partnerships and more as buying opportunities. Also on the show, JJ Kinahan of TD Ameritrade talks about his firm's Investor Movement Index, which shows that individuals have mostly done the right thing in this slowdown by not throwing away long-held strategies to avoid short-term pain.

Howard Steven Friedman, author of "Ultimate Price: The Value We Place on Life," says that society and government are wrestling with a balance and trade-off that comes with no hard-and-fast rules or math when it decides on the value of life versus the benefits of re-opening the economy. He discusses his book, the pandemic and how governments have traditionally made decisions on the value of lives. Also on the show, Jill Gonzalez of WalletHub talks about a survey showing that 58 million Americans are spending more money shopping while in quarantine than they did before they sheltered at home, David Trainer of New Constructs highlights two troubled stocks that he thinks are headed for a rebound and, in the Market Call, Jonathan Smucker of Marietta Investment Partners explains why he will be riding out the pandemic mostly in big, boring, brand-name stocks.

Terri Spath, chief investment officer at the Sierra Mutual Funds, says that the stimulus actions of the Federal Reserve Bank helped to set a floor on the market, which means that the 'lows are in for the year.' That doesn't mean the market can't go down from here, but rather that she doesn't expect it to fall past the lows set in the March downturn; with that limited downside, Spath says that remaining patient in long-term investments when volatility is up over the summer will be investors' biggest challenge. Also on the show, Bill Meyers of Nuveen discusses how kleverage works in closed-end funds, Leonard Wright of AICPA talks about Americans; waning personal financial satisfaction, and Stan Haithcock -- "Stan the Annuity Man" -- looks at annuity sales pitches and what consumers should listen to and the deals they should avoid.

Tom McIntyre of McIntyre, Freedman and Flynn in Orleans, Mass. -- the first-ever Market Call guest -- returns to the show as Money Life celebrates its eighth anniversary to discuss the ways he factors news and events into investment decisions, and notes that processing the virus economy and evaluating changing corporate guidance makes for confusing times for investors. He said that with oil prices in the headlines, he expects to see a 'shocking rebound in oil, coming somewhere in the next cycle when the economy is recovering.' Also on the show, tom Lydon of ETFTrends.com makes a genomics fund his pick for ETF of the Week, Brian Krawez of Scharf Investments talks markets, and Jean Statler of the Alliance for Lifetime Income discusses survey data showing that investors may not control the timing of their retirement nearly as much as they expect to.

Sarah Ketterer, chief executive officer at Causeway Capital Management, says that the most cyclical stocks -- the ones at the 'epicenter of pain for the coronavirus -- are relatively low-risk bargains for opportunistic investors. She notes that airlines, travel companies, tourism businesses and hospitality and hotel firms -- with stocks down 40 to 60 percents and yet to have any real bounce-back from the March decline -- are worthy of consideration while the blood keeps running in the streets if the balance sheet is strong, noting that if businesses like cruise lines can 'make it another 18 months without a penny of revenue, that's really interesting.' Also on the show, Christine Benz, director of personal finance at Morningstar gives her take on what investors should be doing to get through the pandemic, Jeff Lipton of Oppenheimer and Co. discusses how the potential for states' bankruptcies would change and could impact the muuni bond market, and Matt Schulz of CompareCards.com covers a survey on Americans' household credit status.

Zach Jonson, chief investment officer at Stack Financial management, says that investors should be looking for stocks that they can expect to recover over 18 months to two years, but despite the market's decline and potential rough times through the current economic downturn, he warned that any market troubles may not represent easy buying opportunities for investors, noting that it won't be as simple as just buying into dips to trigger a fast portfolio recovery. Also on the show, Dmitriy Katsnelson of Wealthspire Advisors discusses what he is telling clients right now, Dr. Billy Hensley of the National Endowment for Financial Education discusses a survey revealing alarmingly high levels of stress among American savers and investors, and Eric Clark of the Rational Dynamic Brands fund talks stocks in the Market Call.

Jim Golan, co-portfolio manager at William Blair Large-Cap Growth Fund, said that investors looking to be opportunistic now need to use a long lens and look for companies that will be in a better position than they are today, noting that the interim period -- as stocks and the market finish processing the hibernation economy and return to something more normal -- will be volatile and make it difficult to judge just how strong investment picks are, but that strong balance sheets and good fundamentals will pay off for investor who can buy them for now and hold onto them long enough. Also on the show, Ted Rossman of Creditcards.com discusses how lenders are closing unused credit cards and lines of credit and how consumers can protect themselves, David Trainer of NewConstructs.com highlights a stock that he finds attractive in these market conditions, and Jorden Waldrep of TrueMark Investments talks stocks in the Market Call.

Steven Durlauf, economics professor at the University of Chicago, says the perceived trade-offs between re-starting the economy and continuing quarantine is, in the short run, illusory. Lack of shelter-in-place, Durlauf says, creates such bad consequences for the health system -- and a re-started economy won't recover until everyone leaves home and participates fully -- that the choice between the two sides is not a true trade-off. Durlauf says that the current radical uncertainty would leave him surprised if the economy recovers in less than 18 to 36 months. In a 'Technical Difficulties' interview, Avi Gilburt of Elliott Wave Trader says that the current 2,700 to 2,900 range on the Standard and Poor's 500 is a 'battle zone,' and that if the market falls below 2,690, it could drop to the 2,060 range, while if it rallies and breaks through the 2,900 resistance, it could return to the 3,100 level in the next few weeks. Also on the show, Adam McCabe of Aberdeen Standard Investments talks about emerging markets and whether they have an edge having moved past the worst of the viral curve, and author Dan Simon discusses his book 'The Money Hackers' and the changing landscape of money, cash and global financial technology.

FeiFei Li, head of equities at Research Affiliates says the COVID-19 outbreak was a catalyst that turned questionable market conditions worse, but that the root causes for concern are still in place. Li, however, is bullish long-term even if she sees the market as being likely to take a big leg down from current levels; she says that the bear market of February was too quick and shallow, but it left the market at more attractive levels than at the end of 2019 or in February before the economic shutdown. Also on the show, Tom Lydon of ETFTrends.com with the ETF of the Week, Ken Tumin of DepositAccounts.com talking online savings rates, and Josh Pearl, author of "The Little Book of Investing Like the Pros: 5 Steps for Picking Stocks."

Andrew Beer of the iM DBi Hedge Strategy and the iM DBI Managed Futures Strategy ETFs, says that the long-lasting impacts from the global coronavirus shutdown will hit different areas, sectors, industries and countries in very different ways as recovery begins. While investors are right to be expecting trouble, Beer says that the fallout -- particularly if resources get scarce and fights for them become acute -- could create 'an enormous amount of volatility,' which also will create tremendous opportunities. Also on the show, Steve Resch of Finance of America Reverse discusses reverse mortgages and how they could become an increasingly important tool for retirees and near-retirees during any prolonged downturn, Health Silverman of Stessa.com who covers his site's survey of real estate investment trends, and Greg Hammer of Hammer Financial Group, who gives a quick take on the tax-law changes created during the crisis and what consumers should know about them.

Eddy Vataru, portfolio manager for the Osterweis Total Return Fund, says that the pandemic economy has put such a big wrench in the markets and life that it forces investors to rethink what makes a prudent investment now. He notes that investors have to cast a cautious eye to fixed income and be wary of chasing yields by extending bond duration. Also on the show, John Divine of US News and World Report says that the stock market's current value seems to ignore long-term concerns that have not even begun to play out, Bill Harmon of Voya Financial discusses a survey showing whether Americans' are changing their long-term investments plans, and Lamar Villere of the Villere Funds finds growth at a reasonable price in the Market Call.

Ken Applegate, portfolio manager at Wasatch International Growth, says that Japan -- and particularly small-cap companies there -- will be an area that investors should see leading the way as global markets recover from the coronavirus pandemic shutdown. Applegate says that economies that were struggling before the pandemic -- including most of Europe with low or negative interest rates -- are likely to struggle more to recover because they will have a tough time getting money flowing again. In another Big Itnerview, Toby Loftin of the Hennessy Funds talks about energy and midstream stocks, noting that investors will have to change the way they see these issuers -- and react to potential dividend cuts -- to buy low now and ride the long, slow path to recovery. Also on the show, Greg McBride of Bankrate.comKyle Guske of New Constructs avoids adding to shelter-at-home miseries by singling out a stock headed for trouble in the Danger Zone and, instead, talks about an issue that has become particularly attractive for investors now.

David Goerz of Strategic Frontier Management, says that the market overshot the negative at the start of the COVID-19 pandemic and that as clarity develops about re-opening the economy he expects the market to climb the wall of worry through to the end of the year. While he says the second quarter of 2020 will be 'a throw-away,' he expects the Standard and Poor's 500 to finish the year near 3,000, up more than 10 percent from current levels and representing a loss of just 5 percent on the year. Also on the show, Nicole Eisenberger of Ernst and Young on valuation issues inside of business-development companies, Francesca Ortegren of Clever Real Estate talks about survey results showing how Americans are struggling financially right now, and Brian Andrew of Johnson Financial Group discusses funds and ETFs in the Market Call.

Tim Clift, chief investment strategist at Envestnet, says that even the current downturn -- as big as it has been and could grow to -- ultimately will become a blip on an investor's radar, which is why it's important to hold fast to financial plans and not make nervous moves that alter asset allocation, typically at just the wrong time. Empirically, Clift says he has not seen individual investors getting panicky, though he notes that a prolonged slowdown and a market drop could change behaviors for the worse. Also on the show, Tom Lydon of ETFTrends.com makes a new ETF with an unusual strategy his 'ETF of the Week,' Ande Frazier of myWorth talks financial priorities when money gets tight, and Art Amador of the AI Powered Equity ETF talks investments selected using artificial intelligence in the Market Call

Howard Silverblatt of SP Dow Jones Indexes says that after a record first quarter for dividend payouts -- in which $127 billion in distributions were made -- income-producing stocks have seen a dramatically changed landscape as the COVID-19 pandemic took hold. As precautions ramped up, 13 companies cut or suspended dividend payments that would have totaled roughly $14 billion in March. That trend of dividend reductions and shutdowns is just beginning, Silverblatt says, noting that investors should expect reduced payouts and that stock buybacks will be rare for the foreseeable future. Also on the show, author Gerald Posner talks about the pharmaceuticals industry and its changing future when the viral economy subsides, former SEC director Norm Champ talks about how individuals can better ride out the chaos of the crumbling economy, and Chuck answers an audience member's question about a popular fund whose manager was recently on the show as a guest.

Warren Pierson, deputy chief investment officer at the Baird Funds, said that while the worst dislocation of the viral economy is now starting to wind down, the uncertainty ahead will shape and potentially surprise the bond market, as credit downgrades, low interest rates and more play out for at least the rest of the year as a recovery struggles to to gain a foothold. Also on the show, Preston Caldwell from Morningstar Inc. discusses the firm's best, worst and current forecasts for the economic outcomes from the COVID-19 pandemic, Chuck answers an audience question about deciding which securities to sell in order to raise cash now, and Don Rich from the Esoterica NextG Economy ETF talks stocks in the Market Call.

Rusty Vanneman, chiefinvestment officer at Orion Advisor Technology, says that if your asset allocation and investment plan were appropriate prior to the global pandemic, they remain appropriate and proper today, meaning that most investors should not be changing their holdings much in the middle of current troubles, even as they look for opportunities going forward. Vanneman believes that there will be superior economic growth when the viral economy ends, which should lead to value stocks and small-cap stocks -- two areas that were lagging the market pre-crisis -- becoming leaders. Also on the show, Ken Simonson discusses results from the latest National Association of Business Economics survey, where wide-ranging results show how hard the current situation is to analyze, Phil Haslett of EquityZen discusses the initial-public offering and pre-IPO markets, and David Trainer of New Constructs says that certain research efforts are undermined by the economic shut-down, creating problem areas for investors who rely on those numbers.

Angus Deaton of Princeton University -- winner of the 2015 Nobel Prize for Economics -- discusses rising trends in 'deaths of despair' -- from suicide, overdose and addiction -- and how capitalism must change to stem the tide, but also how the health care system must change coming out of the viral economy to face new and different challenges ahead. Also on the show, Andrew Foster of Seafarer Capital discusses emerging markets and whether coming out of the virus cycle early will create any advantages for them, Jerremy Newsom of Real Life Trading discusses the market's technical indicators, and John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance chats about discounts and offers several attractive options for bargain hunters to consider now.

Darrell Cronk, chief investment officer at Wells Fargo Wealth and Investment Management, said that while the stock market is struggling and not yet showing compelling values, he is confident that a rebound is coming globally and that the United states -- and specifically domestic large-cap growth stocks -- will lead the way for investors looking to climb out of the hole put in their portfolio by the market's recent draw down. Also on the show, Jason Brady, chief executive officer at Thornburg Investment Management , suggests that income and dividend investors will need to be cautious during the recovery because income investments will be changed by and reflect current market conditions for the foreseeable future. Also on the show, Tom Lydon of ETFTrends.com makes an intermediate muni-bond fundtime his ETF of the Week, and Mike Brown of LendEDU.com is back to give an update on his site's survey of consumers' financial reaction to the COVID-19.

Nick Niziolek, co-chief investment officer at Calamos Investments, has been watching how China, Korea and emerging markets are recovering from the coronavirus pandemic, and while he is not expecting a snap-back globally, he calls the progress and the speed of the recovery 'encouraging,' and says he expects to see similar progress domestically as the US moves through the viral cycle. Niziolek notes that the impacts of the virus and the changes it creates int he economy could affect and change the market and specific industries for decades. Also on the show, Francesca Ortegren of Clever Real Estate talks about how the mortgage market changes -- and where consumers stand in their mortgages -- now as compared to the recession of 2008, Chuck answers an audience question about a big dividend-paying stock, and Kathy Boyle of Chapin Hill Advisors talks exchange-traded funds in the Market Call.

Jeff Schulze, investment strategist at ClearBridge Investments, says his company's 'Recession Risk Dashboard' shows that the economy is now fully in recession territory and that it could be the worst recession ever, but he notes that thanks to policy response, it will not become a depression. While he expects recovery to take a little longer than many expect -- just because the market will want to be sure the black swan event of coronavirus has ended before committing to a return to buying -- Schulze says a strong recovery is part of the outlook. Also on the show, Dan Zanger of ChartPattern.com says he's not ready to buy into this market with much conviction, Matt Zajechowski of Digital Third Coast talks taxes and procrastination, and absolute value manager Brian Frank of the resurgent Frank Value Fund talks stocks in the Market Call.

Lindsey Bell, chief investment strategist at Ally Invest, says in the Big Interview that with experts warning about how bad the next few weeks could be from the standpoint of spreading the coronavirus, it leaves investors waiting to see just how deep and how long a resulting recession will be, and what the recovery side of this picture will look like. Despite that cautious talk, Bell notes that when the market drops 30 percent or more, it is presenting a compelling chance to put money to work. Also on the show, Susan Tillery of the American Institute of Certified Public Accountants talks about the emotional impacts of elder fraud, David Trainer of New Constructs warns about exchange-traded funds paying exceptionally high dividends, and Kevin Miller of the E-Valuator Funds talks funds and ETFs in the Market Call.

Jim Welsh, portfolio manager at SmartPortfolios, says that in the standard bear market, there is a 'reflex rally,' which is what he feels the market has been going through for roughly the last week, but that the stock market typically can't hold that rally for long before testing new depths. That's why he believes another significant drop lies ahead -- on that could shave nearly 400 points off the Standard and Poor's 500 -- before the real rally begins. Long-term investors with a five-year or longer horizon should ride the market out, Welsh notes, but short-term monies need to be protected. Also on the show, Robert Michaud from New Frontier Advisors discusses the need to be fully diversified coming through troubling market times, Cheryl Pate of Angel Oak Capital discusses community banking investments in closed-end funds, and Martin Leclerc of Barrack Yard Advisors discusses his disciplined approach to stocks in the Market Call.

Chris Zaccarelli, chief investment officer at the Independent Advisor Alliance, says that the economy and the stock market are poised to improve from current levels -- although he is not yet ready to call the decline a market bottom and won't try to time one -- but he warned that 'better' could be only part way back to 'normal.' He did say the market ultimately will be higher, though he said it's impossible to know if that will happen in a year, two years or further down the road. Also on teh show, Tom Lydon of ETFTrends.com has a choice that could help rebalance risk as his ETF of the Week, Sarah Berger of MagnifyMoney.com discusses the disconnect between retirement savers' hopes and their actions, and Ken Mahoney of Mahoney Asset Management makes his debut in the Market Call.

Ed Shill chief investment officer at QCI Asset Management, says in the Market Call that as the market has moved from overbought in January to dramatically oversold in March, investors should have started looking for opportunities to buy and take small steps to take money off the sidelines and start taking advantage of the bargains. Also on the show, Paula Fleming of the Better Business Bureaus talks about increasingly popular -- and dangerous -- cryptocurrency scams, Bruce Bond of Innovator ETFs discusses defined-outcome investing and how it has held up in the down market, and Mike Brown of LendEDU.com covers Americans' financial condition as they entered the shelter-at-home economy.

Steve Friedman, senior macroeconomist at MacKay Shields, says the global fixed-income picture is such that investors are going to see rates near zero and potentially going negative in the U.S., an unprecedented move that is necessary because 'the economy is coming to a sudden stop,' forcing central bankers to maintain liquidity and income investors to diversify broadly. Before that Big Interview, however, Mark Newton of Newton Advisors says the market's technicals indicate that the market's recent upswing tick is a 'short-term rally within an existing downtrend' meaning another leg down is in the offing, particularly if the market can't rally to and hold 2,792, a key support level on the Standard and Poor's 500. Also on the show, Ted Rossman of CreditCards.com talks about the existing level of credit-card debt faced by Americans entering the coronavirus economy and how that will hold challenges and change behaviors as financial pressures mount, and, in the Market Call, Eric Boughton of Matisse Capital says that closed-end fund discounts are at record levels, making 'nearly everything' a buy for investors who can stomach heightened risks.

Dan Keady, chief financial planner at TIAA, says that while investors are looking at their retirement savings and thinking they have been devastated, the market ultimately will help them catch up and recover, provided they don't try to get off the market rollercoaster mid-ride hoping to escape market risk right now. Also on the show, Mark Hamrick of Bankrate.com discusses survey results on how many Americans have skipped or done without medical care due to its cost, David Trainer of New Constructs puts high-risk dividend stocks in the Danger Zone, and Brian Bollinger of Simply Safe Dividends tries to help listeners find lower-risk payouts from stocks in the Market Call.

John Blank, chief economist at Zacks Investment Research, says that the market's reaction to the coronavirus public health crisis was foreseeable but overblown, and that strong earnings projections on tap for companies once conditions normalize make a strong rebound look inevitable. He makes the case that the current event-driven recession is not look like the structural recession of 2008, which is why it will be a much shorter event. Also on the show, Thomas Winmill of the Midas Fund discusses how gold has held up, and gives his take on a recent Goldman Sachs' comment urging people to buy gold as the 'currency of last resort,' Buck Klintworth of Chase Investment Counsel talks technicals, Rob Shaker of Shaker Financial covers big discounts in closed-end funds in The NAVigator, and Chuck explains why a fun thing he started with his daughter has the show picking today's theme music from 'The Love Boat.'

Ron Sanchez, chief investment officer at Fiduciary Trust Co. International, says there will be three phases to the virus economy, and that we are still in the first, which is marked as a time with extreme uncertainty and anxiety. In phase 2, which he expects to start in two to four weeks, Schwartz expects to lose the extreme-ness of it all, but for the volatility to remain. Abate says he is waiting for more investment opportunities but that right now it's too late to sell and too early to buy. Also on the show, Tom Lydon of ETFTrends.com announces his ETF of the Week, Paula Fleming of the Better Business Bureaus of New England talks about coronavirus scams, and James Abate of the Centre Funds talks stocks in the Market Call.

Robert Frick, corporate economist at Navy Federal Credit Union, says that while the virus economy is a clear and present danger to the financial well-being of average investors -- and while the media has been stoking the fears of how bad the market and economy could be moving forward -- that the biggest threat most investors face right now is their own temperament and the ability to control their emotions and stay calm. He explains how investors need to use behavioral economics to filter out the noise. Also on the show, Jimmy Hausberg from HighTower Advisors talks about how investors should respond to building internal selling pressures, Gerri Detweiler of NAV.com discusses the new FICO credit-scoring system, and Dan Brady of Trendrating.com talks stocks -- and how few of them are worth buying right now -- in the Market Call.

Mona Mahajan, US investment strategist for Allianz Global Investors, says that the stock market won't stabilize until there is a visible path for a 'global return to normalcy,' but adds that she doesn't think the 'long-term fundamental health of the US economy is derailed' by the worldwide reaction to the coronavirus. As such, she will be looking for values and better risk-reward opportunities for when the worst of the troubles are past. Also on the show, Danielle Shay of SimplerTrading.com talks about the market's technicals, the hard time finding support and the growing number of investors who want to trade, Kathy Kristof of SideHusl.com discusses opportunities till out there for individuals who are looking for work while remaining physically distant, and Nancy Tengler of Laffer Tengler Wealth Management makes her debut in the Market Call talking dividend-oriented stocks.

Meb Faber, head of the Cambria Funds and a noted observer of the investment world, says that while the depth and scope of the current downturn is breathtaking, the best way to deal with it remains being steadfast about your investment plans and changing nothing. Also on the show, Kyle Guske of New Constructs puts two popular brand-name stocks in the Danger Zone, and Dan Wiener, co-editor at The Independent Adviser for Vanguard Investors and chairman at Adviser Investments returns to the Market Call to talk mutual funds and ETFs.

Craig Callahan, president of the ICON Funds, says that the stock market's recent downturn has created the best bargains he has ever seen, better than the darkest days from the 2008 financial crisis or any other downturn he has lived through. He noted that all of the supporting conditions for a true buying opportunity are aligning right now; despite that, Callahan says it's not yet time to buy, though he thinks that time is 'close.' Also on the show, Bryce Rowe of National Securities discusses the double-digit dividends and growing discounts on business-development companies in The NAVigator segment, technical analyst John Kosar from Asbury Research says coronavirus has accelerated a downturn the market was setting up for, making the market oversold, although he was not ready to call for a bottom and will be watching if the market can turn roughly 2,350 on the Standard and Poor's 500 into a real support level; also Erin Kelly, author of 'Overload: How Good Jobs Went Bad and What We Can Do About It.'

Veteran personal finance and financial writer John Waggoner visits Chuck for the Big Interview to discuss the many market melt-downs and rebounds they have seen in decades of covering the industry, and while Waggoner is confident that there will be a rebound for current problems, he noted that what is different about this downturn is the suddenness and steepness, combined with no apparent safe havens for making money. 'What's worrisome about today's market is that I don't see anywhere you can make any money on anything,' he says. 'Gold is down, bonds are down, stocks are down, everything is down.' Also on the show, Tom Lydon of ETFTrends.com makes a trend-following bond fund his 'ETF of the Week,' Eddie Perkin of Eaton Vance discusses the way investors are internalizing fear and greed in the current market, and Nick McCullum of Safe Dividends talks income-producing stocks in the Market Call.

Vince Reinhart, chief economist and macro strategist at Mellon notes that pandemics run their course and that most effects of this kind of market shock tend to be temporary. He notes that investors are best served to 'Keep calm and carry on,' as he believes the current downturn ultimately will be matched with a rebound once the effects of coronavirus are near or at an end. ASlso on the show, Andy Morse of HighTower Advisors discusses how investors should react to circumstances like current conditions that they have never seen or experienced before, Steve Utkus of the Vanguard Group talks investor expectations, and Mike Liss of American Century Value covers value investing and whether the market's decline is creating bargains yet in the Market Call.

Fritz Folts, chief investment strategist at 3Edge Asset Management, says that while the current market environment is extreme and represents a 'very deep hit to the economy,' he sees the potential for a quick and sharp recovery. That said, Folts was defensive before the market turned and remains that way despite the massive drop-off over the last two weeks; he expects beaten down asset classes to start to become attractive soon, and says he will be looking at adding to Asia, emerging markets and possibly gold as he starts to become aggressive closer to the bottom of the cycle. Also on the show, Gene Peroni of Peroni Portfolio Advisors says that the sectors that led the way as the market was peaking last month will likely be the first to recover, though he says he will not be surprised if we get a 'sawtooth recovery' with a lot of ups and downs on the way to bouncing back from current downturns. Nelson Schwartz of the New York times discusses his new book, 'The Velvet Rope Economy' and talks about how the current pandemic is exacerbating the differences between the haves and have-nots, and Greg McBride of Bankrate.com is in to discuss how low mortgage rates have not been enough to keep people from feeling the pinch of paying for their homes.

John Cole Scott, executive chairman of the Active Investment Company Alliance, says that investors looking for something to buy as they pick through the rubble of the market's recent freefall will find fertile opportunities in closed-end funds, where discounts have widened but yields are up since the market fell away from all-time highs a month ago. Scott offers a few attractive options for today's tough conditions. Also on the show, David Souccar of Vontobel Quality Growth gives an international take on markets, noting that while the moves feel extreme, the responses to them should not be, Kerry Pechter editor of Retirement Income Journal, discusses changes being made to retirement calculators, and Kyle Guske of New Constructs singles out two stocks that he says have entered the Danger Zone.

Lawrence McMillan of McMillan Analysis says the market is oversold but it is falling so hard and fast that there is no solid level of support, and that it could fall further before it starts creating real buy signals. McMillan notes that people may be expecting buying opportunities, but they haven't arrived yet as just one obscure indicator from the many he looks at has created a buy signal, suggesting it's time to start buying again. Also on the show, Kathy Bostjancic, chief economist at Oxford Economics USA, says that the market is pricing in a recession which makes that unlikely that there is any way for the economy to avoid one amid the slowdown of economic activity created by the coronavirus. Also on the show, Kusara Barto of Squaremouth.com talks about how travel insurance is and isn't working for consumers who are thinking they might cancel planned trips, and Noland Langford of Left Brain Investment Research talks stocks in the Market Call.