Money Life with Chuck Jaffe

Scott Colyer of Advisors Asset Management says that he would continue to avoid fighting with the Fed -- and with foreign central bankers -- which means he believes there will be plenty of opportunities for staying invested and growing a portfolio in 2020, although investors will want to take advantages of sector rotation that will see improved returns from value stocks, a bounce-back among energy companies and a 'generational opportunity' in commodities. Also on the show, Cory Bittner from HighTower Advisors talks about forecasts and how they impact advisory relationships, Terry Jones discusses the latest Investor's Business Daily poll on investor confidence levels, and Jane Edmonson of EQM Indexes discusses brand-name investments in the Market Call.

The best-selling personal-finance author of all time, Robert Kiyosaki of 'Rich Dad, Poor Dad' fame, visits Money Life to discuss his new book out today, 'Who Stole My Pension.' Kiyosaki discusses why he wouldn't invest in stocks, mutual funds or ETFs right now, though he never discloses what he would buy other than 'private investments.' Also on the show, two chats about technical analysis, first with Avi Gilburt of Elliott Wave Trader, who notes that the market is getting into a 'topping region' where he expects a modest pullback. If the market can hold at support levels, he sees green lights for at least half a year, noting he'd be articularly bullish on small-cap stocks. Meanwhile, Dan Zanger of ChartPattern.com is also bullish and says he expects to ride the current trends for at least the first half of the new year. Finally, Ted Rossman of CreditCards,cmo discusses the results of his site's most recent consumer poll.

Barry Ritholtz, chairman of Ritholtz Wealth Management and author of The Big Picture blog makes his first visit to Money Life and talks about the things he likes and dislikes the most about personal finance and investing today, discusses the evolution of index funds and how that invites improper use of them, and his outlook on forecasting and which predictions are worth listening to. Also on the show, David Trainer of New Constructs revisits his Danger Zone picks frmo 2019 and talks about three that didn't work out so well, and Stephen McKee of the No-Load Mutual Fund Selections and Timing newsletter talks momentum-driven mutual fund investing in the Market Cal

It's a day of looking at expectations and then deconstructing them as Chuck chats with Deb Clarke, global head of investment research at Mercer, about the firm's 2020 outlook -- which includes slower growth globally, better opportunities worldwide than in America and more -- and discusses technical analysis with Martin Pring of Pring Research who sees signs suggesting that any troubles ahead in the near term will be buying and trading opportunities because real market troubles appear unlikely in the year ahead. Christian Pittard of Aberdeen Asset Management talks about changes in structure and more that are helping make the closed-end fund market more attractive, before Seth Masters -- best known for a correct market forecast he made with Bernstein Private Wealth Management in 2012 -- looks at the factors and thinking that renders most forecasts weak and meaningless.

Alan Levenson, chief U.S. economist at T. Rowe Price, says that headline events like the impeachment and the conflict in Iran are not going to have much economic impact, but he noted that slowing growth, tighter employment conditions and more will contribute to slower growth during the first half of the year and that they ultimately will lead to a shallow recession down the line, somewhere after 2020. Also on the show, Tom Lydon of ETFTrends.com discusses investing in China amid the current trade concerns, Jill Gonzalez of WalletHub talks about how many Americans overspent their budgets during the holiday season, and Chuck answers a question from an audience member.

Joseph Brusuelas, chief economist at RCM, notes that tensions in the Middle East and how they affect the oil industry and the economy are worth watching, but says that the economy is different from the oil tensions of the 1970s, and is better prepared to deal with the turmoil than in the past. He expects moderate economic growth in 2020, although he notes that Boeing is the most important manufacturing company to the economy and that its recent problems will shave significant growth off the economy in the short term. Also on the show, Russel Kinnel of Morningstar discusses the latest 'Mind the Gap' study showing that investors are doing better relative to the performance of their funds than in the past, Howard Silverblatt discusses dividend results for the Standard and Poor's 500 in 2019, and we revisit a recent chat with David Bahnsen of HighTower Advisors on the intersection of politics and personal finance.

Bob Doll, chief equity strategist at Nuveen, releases his annual list of 10 forecasts for the coming year, noting that he expects economic growth to continue but that it won't be enough to keep stocks humming along. He expects domestic markets to struggle to reach single-digit gains, he prefers the outlook for international stocks, and he believes President Trump will win re-election among his expectations for 2020. Also on the show, two other interviews about expectations, with David Goodsell of Natixis Investment Managers discussing his firm's recent survey of institutional investors about their outlook for the year ahead, plus Greg McBride, chief financial analyst at Bankrate.com gives his forecast for rate levels in the coming year. All that, plus Patrick Healey of Caliber Financial Partners talking stocks in the Market Call.

Bob Doll chief equity strategist at Nuveen will release his 10 forecasts for the New Year on Tuesday, but first he stops by Money Life to talk with Chuck about his calls from last year and how they turned out in 2019. Meanwhile, Paul Golden of the National Endowment for Financial Education discusses the New Year's resolutions that investors made fort 2020, and Chuck answers an audience question, kind of, in telling us precisely why he won't make a definitive forecast for the stock market in the year ahead. Plus, we revisit a recent conversation with Jim O'Shaughnessy of O'Shaughnessy Asset Management.

Will in Philadelphia writes Chuck asking for help setting real, meaningful retirement-savings targets as he tries to make sure his New Year's goals and resolutions will make real progress toward a secure future, and Chuck describes four ways to measure retirement preparedness. Also on the show, John Cole Scott of Closed-End Fund Advisors discusses three decades of research on the industry and what it tells him to expect for the future, and we revisit a recent, extended chat with Rob Arnott of Research Affiliates.

Scott Wren, senior global market strategist at the Wells Fargo Investment Institute, said that the Standard and Poor's 500 closed 2019 so strongly that it nearly eclipsed his firm's forecast for where it would be in 2020, squarely in the middle of the 3,200 to 3,300 forecast range. Wren warned that the investment consensus is more optimistic than he and Wells Fargo are, but is expectation is for a relatively flat year with some heightened volatility as the market sorts out pressures from interest rates, politics and more. Also ont he show, Tom Lydon of ETFTrends.com makes a big, classic index fund his 'ETF of the Week," Chuck throws dirt on some funds that died in 2019, and we revisit a recent chat with David Kotok of Cumberland Advisors.

Brad Lamensdorf, editor of the Lamensdorf Market Timing Report and manager of the Ranger Equity Bear ETF, said that market sentiment is completely reversed from a year ago and has risen to dangerous levels where investors are likely to be disappointed in the new year. He expects at least 'extreme volatility' for 2020, likely paired with a 'cleansing pullback' that he said was necessary before the market could move up from its current record levels. Also on the show, Brian Graff of the American Retirement Association discusses the SECURE ACT that goes into law on New Year's Day, the gang from HighTower Advisors revisits questions to ask planners and counselors at the start of the year, and Chuck talks about goal setting for the new year and the next decade.

Chuck -- who spent more than a decade as a guest commentator on Nightly Business Report -- talks about the longest-running business television show, which ran for the final time last Friday, and also finally reveals just what happened when he took his car in for repairs -- and subsequently tried to pay for those repairs and more on the retailer's credit card -- that has had him upset for weeks. We also revisit a recent chat with Sam Stovall, chief market strategist for CFRA Research.

Ed Clissold, chief U.S. strategist for Ned Davis Research, says that the economic, earnings, Federal Reserve and presidential cycles will be the driving and determining forces to the kind of year 2020 can be and on what happens post-election. For now, those cycles continue to favor growth, but Clissold warns of changes that could be ahead down the line. Also on the show, John Cole Scott of Closed-End Fund Advisors and the Active Investment Company Alliance talks about how closed-end funds went from scaring investors a year ago to posting one of their best years in history and discloses what he sees coming in the year ahead, Ande Frazier of myWorth talks about setting new-decade resolutions makes sense this year, and we revisit a recent chat with Mary Ellen Stanek, president of the Baird Funds.

Andrew Slimmon, senior portfolio manager at Morgan Stanley Investment Management, says that while he is optimistic for the new year, he is worried about how much the economy may accelerate, noting that if it picks up speed in the second half of 2020 it will create stress come 2021. It's an environment that he says is good for politics -- which is why he's worried about it during a presidential election year -- but not great for long-term investors who will feel the aftermath. Also on the show, David Kotok of Cumberland Advisors says investors should expect single-digit returns in 2020 with performance charts that don't look anything like what they have seen in 2019. Danielle Shay of SimplerTrading covers the market's technical side between those two Big Interviews and we revisit a recent ETF of the Week chat with Tom Lydon of ETFTrends.com.

Legendary bond fund manager Dan Fuss of Loomis Sayles Bond Fund turns his attention to the year ahead in the second part of his chat with Chuck Jaffe, and he believes the fixed-income market will be benign in 2020, not quite as buoyant as the current year, and he talks about how the Federal Reserve's changing policies about how they disclose information has made the bond market significantly more stable. Also on the show, Matt Harris of HighTower Wealth Management talks technical analysis and how he sees the market showing signs that growth is coming in the new year, Sarah Asebedo of Texas Tech University chats about her research showing that personality traits affect retirement spending, and Eric Marshall of the Hodges Funds covers stocks in the Market Call.

Dan Fuss, legendary long-time manager of the Loomis Sayles Bond Fund, joins Chuck for the first of a two-day Big Interview that starts by looking at what happened to make the bond market remarkably strong during 2019 in the face of rate uncertainty and much more. Also on the show, David Trainer of New Constructs puts two stocks into the Danger Zone, Chuck answers a question about year-end portfolio moves and David Miller of the Catalyst Mutual Funds discusses insider buying and selling as a worthwhile buy-sell signal for stocks in the Market Call.

Crit Thomas, global market strategist at Touchstone Investments, says that while returns may slow down from the high and unexpected levels achieved in 2019, he expects the domestic stock market to have another positive run in the New Year, even if it is muted by recent standards. Thomas said investors need to be picky and selective in investing in developed Europe and emerging markets, where some great bargains could be hidden among bigger trends that have the potential to drag down the markets as a whole. Also on the show, Jeff Lipton of Oppenheimer and Co. talks the municipal-bond market and its spectacular results in 2019, Russell Robinson of Capital Institutional Services talks about trading illiquid and lesser-known closed-end funds and how the market remains stable and solvent, and Leo Leydon of Financial Focyus Advisory Services gives his technical outlook for 2020, and it's a good one.

Mark Fleming, chief economist at First American Corp., says that the fact that interest rates are likely stuck at current low levels is likely to reduce any impetus for homeowners to consider moving, which will slow down the economy, even with housing affordability at historically low levels despite an inventory shortage created in part by established homeowners opting to stay put. Also on the show, Tom Lydon of ETFTrends.com makes a retailing fund his 'ETF of the Week,' Ted Rossman of CreditCards.com discusses holiday tipping practices, and Chris Retzler, portfolio manager of the red-hot Needham Small Cap Growth Fund -- currently up more than 50 percent this year -- discusses his portfolio and the broader market in the Market Call.

Wayne Wicker, chief investment officer for VantagePoint Investment Advisors, says that despite the headline risks and concerns, he believes the stock market is poised to deliver another double-digit gain in the new year, noting that the economic underpinnings are solid and momentum remains strong. Also on the show, Nick DiUlio of insuranceQuotes.com discusses holiday hazards from porch pirates to winter driving, we revisit a chat with Steve Tresnan and Jeremiah Reithmiller of HighTower Advisors discussing how fixed income can properly hedge stocks these days, and Matt Hanna of Summit Global Investments talks low-volatility investing in the Market Call.

Rob Arnott, founding chairman at Research Affiliates, says in a wide-ranging interview that value investing not only isn't dead, but he notes that value stocks currently trade at one-eighth the price of growth stocks, the second-lowest level ever and a strong indicator that bargain stocks are due for a resurgence if investors can remain patient with them. O'Shaughnessy -- the author of 'What Works on Wall Street' and the head of O'Shaughnessy Asset Management -- talks about factor investing, and how investors can set limits on their portfolios without letting emotions ruin their portfolios and returns. Also on the show, Matt Schulz of CompareCards.com discusses the surprisingly large percentage of Americans who cried over their finances and money in 2019.

Doug Ramsey, chief investment officer at The Leuthold Group, discusses current market valuation risks and how his firm is responding to the market's mixed signals, including the inverted yield curve signal the market flashed months ago, increases in volatility and uncertainty and more. He also discusses research based on fishing charts and solar-lunar calendars showing that investors do better -- and should trade more -- at times with a full moon. Also on the show, John Boroff of Fidelity Investments discusses the firm's annual study on New Year's resolutions, Chuck answers an audience question about portfolio rebalancing, and David Trainer puts an equity fund with a history of topping the performance charts every few years into the Danger Zone.

Sam Stovall, chief investment strategist at CFRA Research, expects the market to stay strong in 2020 noting that be believes politicians can go beyond settling the trade dispute with China to give stocks a boost. Stovall says he would not be surprised to see tax cut measures -- proposed if not enacted -- that get investors excited that the bull market can keep running into 2021 or 2022. Also on the show, Buck Klintworth of Chase Investment Counsel talks optimistically about the market's technicals, Jeremy Goff of Tortoise Advisors discusses interval funds and the benefits of using them as opposed to traditional closed-end fund investments, and Stephen Dodson of the Bretton Fund talks value investing in the Market Call.

Charles Rotblut, editor of AAII Journal, says that the biggest winners for the next decade on the Standard and Poor's 500 Index may not even be big enough to be on the banchmark now. In a recent study of the last decade, Rotblut found that the big winners were not necessarily the names anyone might have expected to be big gainers 10 years ago. Also on the show, Tom Lydon of ETFTrends.com makes a biotech and pharmaceutical fund his ETF of the Week, Alia Dudum of Lending Club talks about how many people engage in 'YOLO spending' because 'you only live once' but wind up paying off those purchases for years. Also, we rebroadcast a recent chat with Alan Gayle of Via Nova Investment Management.

Mary Ellen Stanek of Baird Funds notes that in the 11th year of an economic expansion, investors should be cautious, but she says the excesses that typically come late in an economic cycle are not there, so investors should keep their seatbelts on, should make sure they are being paid to take on risk and are otherwise moving forward cautiously into 2020 and beyond. Also on the show, Chuck chats with David Molnar from HighTower San Diego about how investors should properly evaluate an adviser's performance, discusses the ways in which President Trump's tweets have been moving the market with Francesca Ortegren of Clever Real Estate, and we revisit a recent Market Call chat with Charlie Bobrinskoy of Ariel Investments.

Brian Nick, chief investment officer at Nuveen, says that the stock market enters the next decade with high valuations and other conditions that do not seup up well for great investment returns, and he warns investors that they may need to move away from the tradition 60-40 stocks-to-bonds allocation in favor of something that carries more alternatives in order to continue to deliver anything close to recent results. But Nick's cautious notes are a contrast to comments from Gene Peroni of Peroni Portfolio Advisors, a renowned technical analyst who said there are "no telltale signs of a serious market top" currently on the horizon, and who suggested that dips will remain buying opportunities for the foreseeable future. Also on the show, Lior Rachmany of Dumbo Moving and Storage discusses the financial benefits of moving during the winter, and Odysseas Papadimitrou of WalletHub chats about deferred interest on retail cards and how he believes the practice should be outlawed.

Michael Dowdall, investment strategist for BMO Global Asset Management, says the trade war between the United Stateas and China will be the over-arching headline for the foreseeable future, and while he expects minor deals to be announced he believes a full resolution of tensions will be elusive in 2020. Despite that, he believes the American consumer will continue to drive the market higher, and that the U.S. economy will continue to lead the world, though he expects a bounce-back from a number of countries that mostly suffered through 2019. Also on the show, Catherine Collinson of the Transamerica Center for Retirement Studies discusses women and their retirement preparedness, Davd Trainer talks about technology companies and puts a troubled tech stock in the Danger Zone, and Chuck discusses how being a bit of a humbug for the holidays and talking moderation with family memebrs could be a true gift of the season.

Michael Mullaney, director of global markets research at Boston Partners says that while there are some warning signs clearly visible -- and wildcards like trade wars and Brexit that could cause further deterioration -- investors should stay fully invested for as long as the economy continues showing growth and companies keep on reporting profits. He suggests that investors side with stocks that have 'high-quality characteristics' as a way to hedge against a weakening market. Also on the show, John Kosar of Asbury Research gave a technical outlook that wasn't nearly as positive, noting that the market is overextended and that if the major indexes break through support levels, investors might want to take better control of their risks. Axel Merk of the Merk Funds and the ASA Gold and Precious Metals closed-end fund discusses the difference for investors between using traditional funds and the closed-end structure for exposure to precious metals, and George Young of the Villere Funds talks stocks in the Market Call.

Tom Lydon, editor at ETFTrends.com, made the PIMCO Low Duration Active ETF -- ticker symbol LDUR -- his 'ETF of the Week,' noting that the low-duration exchange-traded fund not only mitigates risk but can increase returns from money-market funds by as much as one full point, a significant difference in a time when money mostly parked on the sidelines isn't delivering much return. Also on the show, Jason Reposa of MyBankTracker.com talks about the financial mistakes savers and investors admit to making around the holidays, Rob Lutts of Cabot Wealth Management talks stocks in the Market Call, and we revisit a recent interview with Frank Holmes of US Global Investors.

Erik Weisman, chief economist and portfolio manager at MFS Investments, says that while the market and economy are giving off generally positive signs of strength, the numbers this time may be hiding some issues that could shorten the current business cycle and dampen returns. Also on the show, Washington Post columnist Allan Sloan talks about the one tax move he thinks anyone in their 70s should do to minimize what they owe Uncle Sam, Adam Thurgood of HighTower Advisors discusses how to match risk tolerance and today's positive investment sentiment with the market's realities for the future, and Ted Rossman of Bankrate.com talks about his site's latest survey of how consumers misbehave with credit cards.

Jason Thomas, chief economist at AssetMark, said that investors are too concerned with current events and the upcoming election when they should be focus instead on the earnings power of big companies, which he said will continue to drive the market for the foreseeable future. Thomas said that while investors have reasons for their personal concerns around news, they should tune out the noise to focus on the strong earnings picture. Similarly, two very different technical analysts -- Adam Grimes of Talon Advisors and Lawrence McMillan of McMillan Analysis -- came to similar conclusions, namely that the market could be headed for a technical blow-out but both suggested that the warning signs are still hard to see and said they would wait until they see a downturn as imminent before changing their investment strategy to something more defensive. Finally, Chuck Carlson of Horizon Investment Services and the DRIP Investor talked stocks in the Market Call.

Today's show covers a lot of ground, from Matt Zajechowski of Digital Third Coast talking about a survey on package thefts and giving out tips for foiling box bandits this holiday season, to Ben Hunt of EpsilonTheory.com talking about his big concerns for the markets that have been mostly overlooked by observers and experts, on to international value investing in the Market Call with guest David Marcus from the Evermore Global Value Fund talking about how the market's run to record highs hasn't curtailed his supply of companies that have been bloodied and bruised by business and that look like solid discount plays to him as a result of their troubles.

Chuck celebrates Black Friday with tips on the best and worst card deals and items to shop for from Jill Gonzalez of WalletHub.com, and talk about how to avoid the worst retail store credit card offers. There's also The NAVigator, where Jerry Raio of Arbor Lane Advisors gives his take on 2019 IPOs and the outlook for 2020, and the ETF of the Week from Tom Lydon of ETFTrends.com. Also on the show, Charles Biderman of Trim Tabs Investment Management discusses the market and his expectations for how long the current rally can last.

Jim Sarni, managing principal at Payden and Rygel, says that 2020 looks to be a year of heightened volatility, centered around market flashpoints like tariff and trade wars, interest-rate concerns, the Presidential election and more, but he notes that the environment will be one where cooler heads prevail. He urges investors to stay calm, to look for investments in quality companies with dividend-oriented stocks the focus for equities and shorter-duration high-grade bonds the focus in fixed income. Also on the show, Jimmy Hausberg of HighTower Advisors discusses the lessons investors should remember from the market meltdown that started right after Thanksgiving a year ago, Dr. Steve Giannoutsos talks about the value of do-it-yourself braces and teeth aligners, and Adrian Garcia of Bankrate.com discusses holiday pressure to overspend.

Frank Holmes, chief investment officer at U.S. Global Investors, says investors have plenty of reason to be optimistic right now, noting that the domestic and international economies are showing signs of strong demand, which should keep global markets rolling for the foreseeable future. There's more bullish praise for the market and its technical signals from Dan Zanger of ChartPattern.com, who is as fully invested as he has been in many months, despite his daily worries over how Tweets and news blurbs can ruin his short-term trades. Greg McBride of Bankrate.com chats about how ill-prepared many Americans are for retirement, but how it appears that they are falling further behind rather than playing long-term, slow-speed catch-up, and Charlie Bobrinskoy, vice chairman of Ariel Investments, talks stocks and value investing in the Market Call.

Alan Gayle, president of Via nova Investment Management, said he expects the storm clouds of trade wars and interest rate pictures to clear as the calendar hits 2020. Coupled with improvement seen in the markets of Europe, China and emerging markets, he is optimistic about results for 2020, especially for international investments. Gayle's comments were a bit more hopeful -- especially about returns and global investing -- than those of David Jilek, chief investment strategist of Gateway Investment Advisors, who expects muted returns and heightened volatility from stocks and bonds through 2020. Also on the show, Francesca Ortegren of Clever Real Estate discusses the high costs of commuting, especially in certain cities, and David trainer of New Constructs puts Zynga in the Danger Zone.

Karl Mills, president of Jurika, Mills and Kiefer, said that investors have to look beyond headlines, current events and present-day nervousness to stay focused on long-term goals, and should be considering long-term trends, needs and risk tolerance rather than today's news and the weekly market action when putting together an asset allocation. Also on the show, Nicholas Marshi, editor of the BDC Reporter, discusses the state of business-development companies through the third-quarter earnings period, Chuck answers a question about store and retail credit cards, and John Buckingham of the Prudent Speculator newsletter brings his dedicated value investing style back to the Market Call after a long absence.

Jeff Davis, chief investment officer at LMCG Investments, says that while investors have been frustrated by a decade of international investments lagging far behind the United States, he thinks giving up on international investing is a mistake, particularly now that investors are paying a premium on domestic stocks and can get relative bargains around the world. Also on the show, Tom Lydon of ETFTrends.com has the ETF of the Week, Chuck answers a question about investing in artificial-intelligence stocks, and David Brady of Brady Investment Counsel talks about growth stocks in the Market Call.

Bill Stone, chief investment officer, Avalon Investment and Advisory, said he believes investors have seen the worst of global economic numbers and that with better data ahead, plus strong investor sentiment and record amounts of cash on the sideline ready to be invested, there is a strong chance for another market rally in 2020. That said, he believes that the long lagging cycle for value stocks could be ending, and he suggested investors might want to rebalance their value and growth portfolios to take advantage of the change. Also on the show, Ted Rossman of CreditCards.com returns to talk about the states where people have the best and worst money habits, Jake Falcon of HighTower Advisors discusses how investors need to keep what they hear from the media in perspective, and author and money manager Mark Grimaldi discusses how to have a tax-free retirement.

Patrick O'Hare, chief market strategist at Briefing.com, said that low rates have steered a market through a time of no-earnings growth and have the market poised to keep pushing forward despite headline risks over trade concerns, impeachment, the upcoming election and more. O'Hare said he expects 2020 to not be quite as good as 2019 -- in part because some good news has been pulled forward and priced in already -- but he expects a positive outcome through the election and for the election year. Also on the show, we revisit a recent interview with Jim Welsh of smart Portfolios, Chuck talks rewards-card offers with Ted Rossman of CreditCards.com, and Charles Norton of the Vitium Global Fund (VICEX) makes his debut talking sin stocks in the Market Call.

Chuck is back from his weekend in Seattle with a bad head cold and some anger issues, especially after tuning into a program called 'Trading and Investing with Ryan and Larry,' and he shares some of the reasons why real investors should be able to ignore the ridiculous logic behind the sales pitch to become a trader. Also on the show, longtime business journalist Rob Wells discusses his new book on how some little-known trade reporters exposed the 'Keating Five' in one of the nation's largest business scandals, plus we rebroadcast a recent chat with Rob Howe of Stock Spin-Off Investing.

Rob Berger, author of 'Retire Before Mom and Dad' says that while investors want to make things complicated, maintaining a simple, straightforward portfolio, relying on the power of compounding and setting aside more money than average are the real keys to long-term financial success, noting that investors need to demystify the savings process and simply recognize the long-term value of money they spend wastefully today that could truly change their lives if they considered its potential value in the future. Also on the show, John Cole Scott of the Active Investment Company Alliance tackles audience questions in The NAVigator, Francesca Ortegren of Clever Real Estate talks about her analysis of financial literacy data, and Kathy Boyle of Chapin Hill Advisors covers mutual funds and ETFs in the Market Call.

Jim Welsh of Smart Portfolios said that with market sentiment on the rise and most observers thinking things are good, it's time to be guarded. Welsh said that the market's technicals look to him like a small rally to reach a market top before a 5 to 7 percent pullback that he does not think will scare investors. After that, he expects the market to recapture its highs, top out and then a correction early in 2020 that could shave as much as 750 points off the Standard and Poor's 500. Also on the show, Tom Lydon of ETFTrends.com has the ETF of the Week, Oliver Pursche, chief investment strategist at Bruderman Brothers Asset Management checks in from the EY Strategic Growth Conference, and James Abate of Centre Asset Management talks stocks in the Market Call.

Andy Morse, senior partner at Morse, Towey and White Group in New York, says that while investors often want to leave politics out of their financial picture, it's actually earnings and public policy that drive the markets, and he gives reasons why that will drive the market -- especially as trade concerns are resolved -- even if his expectations remain modest. Also on the show, Chuck answers another audience question, author Lane Martinsen talks about holistic retirement planning, and Jason Browne of Alexis Investment Partners overs funds and ETFs in the Market Call.

Nick Raich of The Earnings Scout returned to the Market Call to discuss his unique brand of stock analysis which focuses on earnings forecasts -- rather than past results -- looking for the best changes in earnings estimates, and he noted that while his models are starting to like developed international markets over the U.S., he still likes defensive sectors like health care, consumer staples, real estate and utilities, while being concerned and nervous about industrials, communications services and energy stocks. Also on the show, Chuck answers a listener's question about tax-loss selling, author Adam Minter discusses his book 'Secondhand: Travels in the New Global Garage Sale,' and Chris Gatz of CreditWise at Capital One discussed consumer stresses over debts and finances.

Jae Yoon, chief investment officer at New York Life Investment Management, said that the issues of the current trade war are not going away and will slow economic activity until they are resolved, yet he noted that they are not killing the current economic cycle, which he thinks can run for 12 to 18 months or more. Yoon said he is beginning to look at reducing allocations ahead of a cycle whose end could coincide with the presidential election, but noted that investors should not be full-on defensive just yet. Also on the show, Matt Schulz of Creditcards.com talks about retail store cards, author Stephen Martin discusses 'Messengers' and how we decide who to listen to and trust in today's society, and Kyle Guske of New Constructs puts a stock with over-blown earnings numbers into the Danger Zone.

Craig Callahan, founder and president at the ICON Funds says that the domestic stock market -- despite being at or near record-high levels -- is actually 16 percent below its fair value, and he expects the market to gain more ground over the next year or so as it works to have stocks reach fair-value levels. Callahan adds that he believes the current bull market has a ways to go, potentially five or more years, and says he would stick with top-performing sectors like consumer-disctretionary stocks, technology and financial companies. Also on the show, legendary activist investor Phillip Goldstein from Bulldog Investors talks about the dark potential future he sees for activists in closed-end funds, Leonard Wright discusses AICPA's recent survey showing that children's allowances are up, but their savings rate on that money is alarmingly low, and Todd Rosenbluth of CFRA Research talks ETFs in the Market Call.

It's part standard show, part roadshow today, as Chuck starts with Tom Lydon of ETFTrends.com with the 'ETF of the Week,' and Brent Schutte of Northwestern Mutual Wealth Management in the Big Interview before airing interviews taped at Wednesday's Active Investment Company Alliance Boot Camp and Conference in New York City, covering a wide range of closed-end investing topics with Bill Meyers of Nuveen, Rob Shaker of Shaker Financial, and Eric Boughton of Matisse Capital.

Axel Merk, president and chief investment officer at the Merk Funds, says the market is telling investors that everything is fine, and that he sees that being true, noting that investors should expect an upside surprise more than trouble over the next few months. Also on the show, Jeff Ptak of Morningstar explains changes announced Tuesday to the firm's mutual fund analyst ratings, Steven Cress of Seeking Alpha brings a quantitative approach to the Market Call and we revisit a recent interview with Jake Falcon and Joseph Klein from Hightower Advisors.

Kirshna Memani, vice chairman of investments at Invesco, says that the market is setting up for a good year in 2020 based on three key factors, namely the recent Fed rate cuts and the central bank's indication that it won't reverse course soon, the likely resolution of international trade issues, and a re-acceleration of global economic growth. If those events happen as expected, Memani -- who believes the economy can go several more years without a recession -- said 2020 has strong potential for both domestic and international markets. Also on the show, Chris Oberbeck of Saratoga Investment Corp. discusses business-development companies, a unique type of closed-end fund investment, Ted Rossman of CreditCards.com chats about the dangers of using retailers' store cards, and author Keisha Blair discusses 'Holistic Wealth' and how people can change their approach to money to reduce stress, improve their finances and be happier.

Brad Evans of the Heartland Value Plus fund says in the Big Interview that Corporate American has levered itself to levels never seen before, which leaves stocks vulnerable to being whipsawed by news events and headlines in ways investors haven't previously experienced. Also on the show, Liz Pagel of TransUnion discusses the how well -- and sometimes how poorly -- debt consolidation really works, Sam McBride of New Constructs puts a big-name stock in the Danger Zone, and Peter Tuz of Chase Investment COunsel talks growth stocks in the Market Call.