Money Life with Chuck Jaffe

Adam Hetts, global head of multi-asset at Janus Henderson Investors, says the stock market entered the year in "goldilocks mode," at all-time highs and with positive conditions, but the late-cycle economy is facing policy drag and "a lot of those risks have teeth," which is bringing recession back into the conversation. Hetts adds that with a market near record levels, it makes the current rally feel fragile, as if it's easier to move down than keep climbing, and he says there may be a correction as the market re-assesses its current standing, which could create new buying opportunities. Allison Hadley discusses a Howdy.com survey showing that many Americans would leave their job if it weren't for the need for their current health insurance coverage. Plus, Chuck answers a listener's question about fairness in setting up gift and legacy accounts for grandchildren, and Jay Woods, chief global strategist at Freedom Capital Markets, talks stocks in the Market Call.

Eric Stein, head of investments and chief investment officer for fixed income at Voya Investment Management, says that the "sequencing of policies" is impacting the market now, noting that if the Trump Administration had done supply-side reforms and de-regulation first, it would boost the market, but instead the first moves have been tariffs, which has made the market outlook tougher. Still, he's expecting a modestly positive year, buoyed in part by the market's "self-correcting mechanism" that will react to tariff policy and impact how and how long those policies stay in place. Veteran technical analyst Martin Pring of Pring Research and the Intermarket Review says that the primary trend he's seeing in the market remains bullish, and the signs that we are nearing a market top are balanced by indicators showing there's more room to run. David Callaway, founder of Callaway Climate Insights, discusses how energy stocks could be set up for a fall; they have boomed as an AI-adjacent play because artificial intelligence requires high levels of power, but got hammered when the market was disappointed in the results at companies like Nvidia. Plus Andrew Graham of Jackson Square Capital talks stock investing in the Market Call.

Greg Daco, chief economist at EY, says the national financial numbers are strong, but the high level of uncertainty has the economy nearing a tipping point and making recession more likely. He sees the potential for consumer issues and a recession, and says there is a real -- but modest -- chance of stagflation putting the Federal Reserve in a real policy bind. Sarah Wolfe, senior economist and strategist for thematic and macro investing at Morgan Stanley Wealth Management, talks about what other economists are thinking, as she highlights the March Economic Policy Survey, released today by the National Association for Business Economics. David Trainer of New Constructs revisits Carvana, a stock which has defied gravity for over a year; he says it can't shake its status as a zombie stock headed for a massive decline. John Barr, portfolio manager for the Needham Funds, discusses his aggressive growth strategy in the Market Call.

Finance professor Meir Statman, author of "A Wealth of Well-Being: A Holistic Approach to Behavioral Finance," says the headlines and geopolitical risks that have investors and consumers scrambling for a plan of action are not that different from past times, and that taking a deep breath and calming down will be a lot better than altering financial plans or stocking up and filling "that refrigerator you keep in the garage." Statman acknowledges that inflation is scary — particularly because it removes a measure of certainty from pricing — but says that acting scared has never served investors and consumers well. In The NAVigator, John Cole Scott, chief investment officer at Closed-End Fund Advisors, is back and answering more listener questions, this time on business-development companies, highlighting how they are different from closed-end funds but should be included with closed-end funds for portfolio-construction purposes. In the Market Call, Daniel Dusina, director of investments at Blue Chip Partners talks about how he finds "underappreciated quality companies."

Veteran personal finance journalist John Waggoner stops by to answer the questions that experts are getting at the grocery store, the doctor's office or anywhere someone can inquire about whether current events — and fears over the potential future of tariffs, Social Security, Medicare and more — need to be addressed by financial moves now. Waggoner notes that people who crave some certainty and comfort can make moves — like considering annuities to bolster retirement income — but he suggested keeping changes to a minimum and avoiding knee-jerk reactions. Todd Rosenbluth, head of research at VettaFi, looks at bitcoin mining — and compares the investment allocation possibilities of the crypto world versus gold and gold miners — with his pick for "ETF of the Week." Will Rhind, chief executive officer at GraniteShares talks about disruptive stocks — his firm runs the Nasdaq Select Disruptors ETF — and business-development companies in the Market Call.

Crit Thomas, global market strategist at Touchstone Investments, says that he entered the year cautious given political uncertainty and the impact of tariffs and other new policies, and that the market has moved from high levels of optimism more towards his level of concern. He's taking a wait-and-see approach to international investing now, and he's expecting higher volatility with less progress while the market sorts it out. Where the market still expects double-digit earnings growth — a key driver if returns are to achieve that level — Thomas sees more muted growth and a possible correction as forecasts are missed, leading to a year in which the market's best outcome would be high single-digit returns. Allison Hadley discusses a BadCredit.Org survey which showed that Americans say that inflation has made the cost of friendship significantly higher; more than one third of Americans say they are isolating due to cost of living. In the Market Call, Bryan Armour, director of passive strategies research at Morningstar, talks about ETFs and where active and passive strategies offer potential advantages.

Veteran technical analyst Adam Grimes of MarketLife says that the market "just doesn't look right or feel right" to keep rolling along. It's not the kind of market that can support a big move upward, and is more likely to spend the year range-bound, in a protracted "chop and flop." That doesn't mean Grimes is down on the market, because he says this could be "a healthy psychological reset;" as that reset happens, Grimes said he would cut back on active and aggressive moves and stay patient looking for declines that will represent buying opportunities. Susan Fahy, chief digital officer at VantageScore, discusses the firm's CreditGauge measure, which shows credit card balances and consumer delinquencies on the rise, although at modest levels; overall indebtedness declined, driven primarily by consumers paying down existing mortgage debt and not buying new homes. Plus,small-and mid-cap portfolio manager Lance Cannon of Hood River Capital Management returns to the Market Call, and Chuck answers a listener's question about building the conservative side of an asset allocation while worrying about sequence-of-return risk.

Bill Stone, chief investment officer at Glenview Trust, says that the stock market has priced in so much good news that it makes him want to be more cautious, looking into headline risks for potential value opportunities. Stone notes that the stock market has had previous periods with three strongly positive, consecutive years — and it could complete that process again this year — but it makes him nervous that the market could adjust and re-set. That's not pushing him out of stocks, but has muted his expectations. Charles Rotblut, editor at AAII Journal, discusses the organization's investor-sentiment survey, which shows that nervousness is on the rise, but so is bullish sentiment. Kyle Guske, investment analyst at New Constructs looks at large-cap value funds and finds an attractive pick this week — rather than looking for the standard Danger Zone trouble spot — noting that even in a category that is doing well, top potential performers stand out. Plus, author Ross White discusses his recent book, "The Tree That Bends: How a Flexible Mind Can Help You Thrive."

Legendary value manager Bill Nygren, chief investment officer at Harris Oakmark and co-manager of the Oakmark Fund, says "it's a pretty good time for investors, especially those who want to diversify away from the S&P 500 megacap technology risk," but he notes that investors who stick with the biggest stocks will find performance increasingly volatile and homogenous because the growth of the Magnificent Seven stocks has changed the way "large cap" gets defined, cutting the number of stocks that qualify in half over just a few years. "If you're a large-cap growth manager, you're either buying less growth, more mid-cap or you are accepting the fact that your portfolio isn't going to have much active share." Also on the show, Richard Stone, chief executive officer for The Association of Investment Companies discusses the similarities and differences in the closed-end fund industry between the U.S. and England, noting that activist investors have struggled to gain traction and acceptance in British boardroom battles. Plus Chuck discusses a recent conversation with his wife about financial priorities, and how they had very different outlooks on what they would spend money on in living a life where longevity is not guaranteed.

Tom Stringfellow, chief investment strategist at Argent Trust, said on Money Life last May that the market was having "Maalox moments," but the worries and concerns now make it a "Whac-a-Mole market." Despite that, he says the current conditions represent a return to normalcy, a new standard in which valuations may be permanently higher and stock prices keep rising so long as there is growth. As a result, his investment outlook is heavily centered on domestic stocks, which he thinks can deliver double-digit gains in 2025 for the third consecutive year. For his "ETF of the Week," Todd Rosenbluth, head of research at VettaFi, delves into the private credit market, something a growing number of investment analysts have been pushing but which few funds actually tackle. In the Market Call, Elliott Gue, editor of the Energy & Income Advisor, talks about income plays worth making now.

Michael Kelly, portfolio manager and global head of multi-asset for PineBridge Investments, says the market is like Star Trek, "going into a world where no one's been before," seeing new technologies like artificial intelligence become dominant, observing changes in geo-political lines and watching profits continue a trend of being high but going higher as the United States keeps getting stronger relative to the rest of the world. As a result, so long as growth continues, "the markets will come through ... so keep the seatbelt on and enjoy the ride." Author Tim Falconer discusses his new book, "Windfall: Viola MacMillan and Her Notorious Mining Scandal," reviving a tale of stock fraud from the 1960s that feels like a precursor to illegal actions seen in the markets today. Plus Jennifer White discusses J.D. Power research showing what banking and savings consumers are doing trying to get a handle on — and goose the financial performance of — accounts that seem stuck in neutral.

Jeff Rosenkranz fixed income portfolio manager at Shelton Capital Management — manager of the Shelton Tactical Credit Fund — says that what investors are facing more than sticky inflation and interest rates is sticky uncertainty. That doubt has increased volatility, especially in individual companies, industries and sectors as proposed tariffs play out, but that turbulence represents new opportunities for credit buyers, especially in intermediate term corporate and high-yield bonds. David Trainer of New Constructs puts Spotify back in the Danger Zone, noting that a recent pop in the company's stock price has inflated to the point where valuations reflect revenues so unrealistic that a 50 percent haircut in the stock would be considered mild. Plus, Ted Rossman discusses a Bankrate.com study which shows that more than 80 percent of Americans spend money on at least one of six common financial vices (alcohol, lottery tickets, casino games, tobacco/cigarettes/e-cigarettes, sports betting, and marijuana/recreational cannabis), and Scott Davies, chief investment officer at CDAM, talks small-cap stocks in the Market Call.

Jim Welsh, author of "Macro Tides" and the "Weekly Technical Review," says the technical signals that have been evident since November — with the market making new highs while fewer stocks are advancing — are "a warning sign should a reason to sell appear, and I think we're going to get one of those." Welsh thinks that tariffs and the new administration's determination to use them will likely be that trigger; while he expects the market to make one more high in the short-term, he says that if tariffs have a harmful impact, the market is setting up a 10 to 15 percent pullback in the market later this year. Julia Hermann, global market strategist at New York Life Investments thinks the economy is strong enough to overcome all but an exogenous shock — something at the more severe end of Welsh's spectrum — without a recession, although her outlook remains for "a very bumpy market environment." Jim Baker, president of the Kayne Anderson Energy Infrastructure Fund, says that the energy infrastructure space — which was a huge winner in 2024, with midstream companies up an average of 50 percent — is poised for double-digit gains over the next three to five years, fueled by the power demands of artificial intelligence, data centers and other applications. Plus,Tom Plumb, manager of the Plumb Balanced and Plumb Equity funds, brings his growth-oriented approach to the Market Call.

Whitney Tilson, editor at Stansberry Research, says that while there are reasons to be nervous, the market remains near record-high levels and is not showing signs that it is over-inflated and ready to burst. Tilson notes that fundamentals are strong and the U.S. has the best-performing economy in the world, so investors have correctly priced stocks at rich levels; while that makes it harder for Tilson — a value investor — to find great companies that the market has knocked down or mispriced, it doesn't make the market scary or mean that a big downturn is building. Todd Rosenbluth, head of research at VettaFi, pursues a big yield in an unusual place — the high-flyers of the NASDAQ — with his ETF of the Week, and Cullen Roche, chief investment officer for the Discipline Funds, talks about exchange-traded funds for the long haul in the Market Call.

Tim Urbanowicz, chief investment strategist for the Innovator ETFs, says that the stock market can keep running for as long as investor sentiment remains strong, but he notes that those emotions have been at such high level that there's not much room for a setback — which could be caused by tariffs, inflation and more — without cratering the market. As a result, he thinks investors need to take advantage of current conditions — even if they are nervous — but diligent about changes in the market. Author Ryan Matt Reynolds discusses his current book, "Undoing Urgency: Reclaim Your Time for the Things that Matter Most," and Jerry Sneed, senior wealth advisor at Procyon Partners, makes his debut in the Market Call talking about stock-picking and building a portfolio amid a strong market that's facing storm clouds.

Zach Jonson, senior portfolio manager at Stack Financial Management, says current valuations "really only fall in line with 1929 and 1999, so we see substantial downside risk" to the Standard & Poor's 500, but investors can avoid "historic ber market losses" in the mega-cap stocks that have lead the market for the last two years by rotating toward the value and lagging plays. He recommends equal-weight index plays rather than traditional cap-weighted plays, and being patient with the stocks that were unloved, which will have to overcome the shifting momentum of mega caps as the market cycle changes. His sentiments about a broadening market were seconded by Patrick O'Hare, chief market analyst at Briefing.com, who says that what's coming will be more of a stock-picker's market where investors are paid for being thoughtful and discerning amid a market that's likely to be stuck in a tight range as leadership changes and amid geopolitical uncertainty. Also on the show, Chuck Bell of Consumer Reports discusses how the potential end of the Consumer Financial Protection Bureau will impact consumers, and Chip Lupo discusses a WalletHub study showing that Americans collectively will spend a record $14.2 billion on Valentine's Day gifts, with the average lovebird shelling out $186 this year.

Economist Howard Yaruss, a professor at New York University and the author of "Understandable Economics," talks about how tariffs work and why increasing the levies now could lead to stagflation — higher prices with a worse economy — depending on how consumers and the Federal Reserve react. Yaruss isn't predicting recession yet, but he does see the economy becoming more sluggish as businesses deal with uncertainty around tariffs. David Trainer, founder and president at New Constructs, has a surprising pick — a Magnificent Seven stock — for The Danger Zone, and Brian Frank, manager of the Frank Value Fund talks absolute-value investing in The Market Call. Plus, Chuck has a heartfelt message near the end of the show that long-time listeners -- and newcomers too -- deserve to hear.

Lauren Saidel-Baker, economist at ITR Economics, says the "green shoots have been forming" among leading economic indicators, showing that growth is ahead for the economy, along with a normalization as the last ripples of the Covid-19 economy are finally playing out. She expects the Federal Reserve to struggle or fail in its efforts to hit a 2 percent inflation target and thinks consumers should get used to higher prices, but even if tariffs add to upward pressure she thinks the economy can avoid a recession. Christian Munafo, chief investment officer at Liberty Street Advisors — manager of the Private Shares Fund — talks about late-stage venture opportunities in artificial intelligence and the hunt for the next unicorn in the overheated AI space. Martin Leclerc, chief investment officer at Barrack Yard Advisors talks stocks in the Market Call, and Chuck discusses his sure bet for the Super Bowl, namely that companies which recently went public that advertise on the broadcast are headed for trouble.

Thomas Winmill, manager of the Midas Fund, discusses how uncertainties over tariffs, trade wars and geo-politics have help boost gold prices by more than 40 percent in the last year — and mining-company stocks by even more — and yet the current level of concern is going to help precious metals go even higher from here. He explains why the higher prices are a particular boon for the miners, making them the market sector he thinks has the most potential moving forward. Dan Brown, director of consumer product management at KeyBank talks about the firm's recent research which showed that Americans have levels of financial stress which may not be fully warranted, contradicting other studies — including ones discussed recently on the show — by showing that 45 percent of respondents are confident they could manage a $2,000 unexpected expense. Todd Rosenbluth, head of research at VettaFi, looks to the newest bond offering from the oldest mutual fund company — one of its first ventures into running exchange-traded funds — as his ETF of the Week. Plus, in the Market Call, Wasif Latif, president/chief investment officer at Sarmaya Partners — manager of the new Sarmaya Thematic ETF — talks about the concepts and ideas that he thinks will move the market next.

Charles Piller, author of "Doctored: Fraud, Arrogance and Tragedy in the Quest to Cure Alzheimers," discusses how research into one of the world's most devastating health scourges has been held back by the egos and profit motives of some of the leading researchers, and what they have done to keep their research in the spotlight even as more science shows that it might be leading to the wrong conclusions on how to combat the problem. Lindsay Theodore of T. Rowe Price talks about new research — and a planning guide created from it, that looks at life and long-term care planning for the second half of retirement, noting that for many people the golden years are two different stages that require separate financial focus to plan for correctly. Plus Dan Kim, director of research at Saturna Capital — manager of the Sextant International fund — brings his long-term focus to finding disruptive stocks to the Market Call.

Craig Callahan, chief executive officer at ICON Advisers, says the stock market is trading near its fair value, but that it has enough earnings momentum to push out an average year of gains — something in the range of 9 to 11 percent — and that it could do better if profits come in above expectation levels. He does anticipate more volatility, but figures the underlying value of stocks — especially those with quality management — should overcome headline risks. Mish Schneider, chief strategist at MarketGauge.com, says that market hysteria about headlines — and particularly some of those being created over the weekends while the stock market is closed — is creating opportunities, especially for volatility traders. Plus, in the Market Call, Matt Stucky, chief portfolio manager of equities for Northwestern Mutual Wealth Management, talks about being picky in selecting stocks that can thrive in current conditions.

Emily Roland, co-chief investment strategist at John Hancock Investment Management, says "the soft landing narrative right now is alive and well," but she is watching initial jobless claims and and high-yield bond spreads, both of which have been at levels showing continued economic strength and which aren't signalling any change in that trend. She does say that investors should temper expectations because the market sits at 22 times forward earnings, with the historic peak being 24 times; while that gives some room for more upside, it suggests that solid earnings and great balance sheets -- trading at reasonable prices -- will be essential for delivering positive results. David Trainer, president at New Constructs, puts Quantum Computing in "The Danger Zone," warning that a recent decline that cut the stock price in half didn't go nearly far enough given a lack of profits and a questionable business model. Craig Giventer, managing director of portfolio strategies for Focus Partners Wealth, talks about the importance of finding "good businesses at fair prices" -- rather than bad businesses at bargain levels -- in the Market Call.

The show — like the stock market and economy — moves in a lot of directions today, with Ron Sanchez, chief investment officer at Fiduciary Trust Company International, saying that there's a "high degree of clarity around the economy," — a level of sustainability and durability that he thinks will last at least through 2026 — balanced out by a host of policy and regime changes ahead that could impact monetary and fiscal policies, regulation, trades and tariffs and more. He thinks the uncertainty being played over a strong economic backdrop should ensure that the market avoids significant trouble. Jeffrey Bierman, founder of TheQuantGuy.com and chief market technician at TheoTrade, says the stock market is setting up for a "garden-variety, nothing-to-panic, maybe 10 percent corrective move in the market," but that once that is done stocks will consolidate and the market will start to climb higher again. Neither guest thinks big gains are likely in 2025, but both think that high single-digit gains are likely. Also on the show, John Cole Scott of Closed-End Fund Advisors answers audience questions on closed-end fund investing in The NAVigator segment and Chip Lupo discusses a WalletHub survey which showed that some 40 percent of Americans think their bank is taking advantage of them.

Nanette Abuhoff Jacobson, global investments strategist for the Hartford Funds, is expecting a positive year for 2025, with a broadening market and solid earnings growth driving it forward, but she expects the drive to a third consecutive year of double-digit gains to be more volatile. That volatility represents an opportunity, she said, because fantastic companies become cheap when the markets get frothy but their underlying fundamentals don't change. Jacobson is leaning towards domestic stocks, but she noted that investors do not want to forsake international stocks, because they represent a good value at a point where domestic markets are pricey. Economist Lester Jones discusses the latest Business Outlook Survey from the National Association for Business Economics, which showed that economists think sales and profits are holding steady in current conditions, despite rising costs and increasing uncertainty over economic policy. Todd Rosenbluth, head of research at VettaFi, looks at a Bitcoin fund that uses options to eliminate downside risk as his ETF of the Week, and Geoff Garbacz, partner at Quantitative Partners, mixes technical analysis with a macro outlook in examining some popular stocks in the Money Life Market Call.

Mark Luschini, chief investment strategist for Janney Montgomery Scott, says that "the U.S. economy seems to be in pretty good shape," noting that there's a healthy amount of momentum — built on the strength of the labor market — that is creating solid underpinnings to will keep the economy and the stock market in a good place at least through 2025. Luschini thinks that earnings expectations — which he sees as a key for stocks continuing to post gains — are reasonable right now, though he does expect the market will be more volatile around news events, especially as it relates to earnings. Mark Hamrick, Washington bureau chief for Bankrate.com, looks at their latest "emergency savings report," which showed that just 41 percent of Americans would use their savings to pay for a major unexpected expense, like a $1,000 car repair or medical emergency treatment. In the Market Call, Ken Applegate, portfolio manager for the Wasatch International Growth and International Select funds, talks global small-cap investing.

Steven Dover, chief market strategist for Franklin Templeton — the head of the Franklin Templeton Investment Institute — called the DeepSeek news that roiled the market over the weekend and into Monday "a Sputnik moment," comparing it to when the Russians stepped up the space race and the rest of the world responded. "If it's true that something is coming out that is much cheaper and easier for companies to use, that is going to incease the efficiency and productivity of the economy and help the broad market significantly," Dover said. He noted that the weekend's news — and the start of the new Trump Administration — have not shaken his outlook for 2025, when he sees low double-digit gains, a broadening of the stocks that are working and heightened volatility, but no recession. Tom McClellan, editor of The McClellan Market Report, talks about how he believes that liquidity concerns are being overlooked by investors now, but they have him fully short the market. He notes that "event risk" tends to be heightened when liquidity is impaired, which could add to market volatility now; he pointed out that the DeepSeek news highlighted market overconfidence because investors were unprepared for weekend event risk. In the Market Call, Max Wasserman, co-founder and senior portfolio manager at Miramar Capital, talks about building a portfolio around dividend payers, with a mix of high- and low-growth companies.

Brad McMillan, chief investment officer for Commonwealth Financial Network, says that investors are nervous and have plenty of worries, but that there is a disconnect between those negative thoughts and what's actually going wrong because conditions continue to look good and be mostly unaffected by the worst things investors are scared of. That's a big reason why McMillan is optimistic now, noting as well that "The worse the rest of the world looks, the better we look because there's nowhere else to be;" while he expects heightened volatility, he also expects stocks to deliver low double-digit gains again this year. David Trainer, founder and president at New Constructs, puts the entire utility sector in the Danger Zone, noting that the vast majority of companies in the sector are unattractive or worse. Ted Rossman discusses a Bankrate.com study showing that nearly one in four rewards cardholders left free money on the table last year. Plus Jon Wolfenbarger, founder and chief executive officer at BullAndBearProfits.com, brings his stock and ETF strategies to the Market Call.

Barry Ritholtz, chairman and chief investment officer at Ritholtz Wealth Management, says that investors love a good story, but they tend to put too much stock in them and right now they are looking at a lot of things that either "can't" happen or "must" happen after two big-gain years for the market and they're making misguided decisions. He notes that the economy is likely to continue to avoid recession, especially as the 2020s will be looked back on as a period that pushed technology forward and created productivity and other gains that helped a mature economy keep growing. Chris Vermeulen, chief market strategist for The Technical Traders, discusses why short-term concerns have him on the sidelines right now -- even with the market potentially set to gain another 5 to 8 percent before he expects a downturn -- and what he will need to see to feel comfortable moving back into the market. In The NAVigator segment, Miguel Laranjeiro, investment director for municipal debt at Abrdn, says the appetite for muni-bond assets has been growing at a point when "tax-exempt yields look really attractive."

Jennifer Martin, vice president of global equities for T. Rowe Price, says that artificial intelligence is creating "contestable markets," which means that "Every company has to keep spending." That creates an economic imperative -- regardless of economic and market conditions -- that should help the stock market power through adjustments to the new administration's policies and concerning economic conditions. Martin discusses T. Rowe's 2025 Outlook, and how it has changed in the two months since it was issued, but she noted that the U.S. economy is set for another year of growth, and that value plays and small-cap stocks could be strong for international markets. Todd Rosenbluth, head of research at VettaFi, looks to a long-term dividend payers for both income and growth in his ETF of the Week, and Ken Mahoney, chief executive officer at Mahoney Asset Management, brings his "GPS method" for picking stocks and ETFs to the Market Call, looking to ride companies and sectors where the players are beating estimates and raising their earnings guidance.

Scott Ladner, chief investment officer at Horizon Investments, says that the stock market will need earnings growth to generate returns in 2025, but that those gains should run roughly equal to the level of earnings growth, leaving the market set up for low double-digit gains in 2025. He says that technology continues to provide a tailwind to the market, though henotes that the artificial intelligence evolution makes for a moving target where investors might want to gravitate towards industries that are adjacent to AI, making money off of the companies and sectors that use AI to drive profit gains. Ladner — whose firm practices goals-based planning — noted that while the U.S. economy remains the world's strongest, it would be a mistake to ignore international markets now. Leigh Purvis, prescription drug policy principal at the AARP Public Policy Institute discusses her research into showing that prices on brand-name drugs have been rising much faster than the rate of general inflation for decades, creating challenges — particularly for Medicare Part D enrollees — that many people have addressed by not refilling prescriptions or by skipping doses to make prescriptions last longer. Plus Dan Crowley, partner at Nightview Capital — portfolio manager of the Nightview Fund — brings his concentrated growth approach to the Market Call.

Bryce Doty, senior portfolio manager at Sit Investment Associates says that "the elephant in the room" for the economy is the growing federal debt, now up to $36 trillion, which puts the Federal Reserve "in a pickle," because the debt will continue exploding if interest rates don't fall, but inflation could get out of control if the central bank cuts rates too fast. Doty sees an economy that will struggle to overcome that pressure, consumers that are reaching the limits on their spending and more, yet he doesn't foresee a recession this year just a slowdown that likely won't last long because he foresees the economy reaccelerating before year's end. David Trainer, founder and president at New Constructs celebrates Monday's holiday — which delayed his weekly appearance on the show — by discussing an undervalued, dividend-paying steel company stock as he turns his weekly Danger Zone into "The Attractive Zone," and financial psychotherapist Vicky Reynal discusses her new book, "Money on Your Mind" The Unconscious Beliefs That Sabotage Your Financial Well-Being – and How to Break Free."

Daniel McCormack, head of research for Macquarie Asset Management, says that heightened volatility in 2025 should make investors want to stay nimble and flexible, but he expects reasonable growth and a healthy environment. Sharing his outlook for 2025, McCormack says he expects China to begin "exporting inflation again," which could the U.S. back above a 3 percent inflation rate, which might slow down the pace of rate cuts, but it won't throw the economy into a recession. Larry Holzenthaler, portfolio manager for First Eagle Alternative Credit, gave his outlook for credit markets in 2025, noting that after avoiding default troubles when rates were rising, the picture is better now, particularly in private credit. Jennifer White discusses a J.D. Power study showing that consumers don't think their bank will help them out in an emergency, and how banks might be more helpful than customers expect, and Chuck answers a listener question about sequence-of-return risk.

Bob Elliott, chief investment officer for the Unlimited Funds, says investors entered 2025 with "euphoric expectations," but at a time when the market was going through a tightening, which is a set-up for the market to be flat or down for a few months. He says investors should curb their enthusiasm if they expect the market to perform as well as it has in the last two years, though he makes it clear that there are still good times to be had, just at the levels of 2023 and '24. Author Paul Podolsky discusses "The Uncomfortable Truth About Money," which is his latest book, focused on "living with uncertainty and [thinking] for yourself." Todd Rosenbluth, head of research at VettaFi, looks to the banking sector for his ETF of the Week.

Ryan Detrick, chief market strategist for the Carson Group, says growing earnings and profit margins are creating a dual tailwind for the stock market, and while he cites plenty of reasons for concern — including the potential for a double-digit market decline in the first half of 2025 — he's "not scared that the bull market is over." In both his 2025 outlook — released Tuesday — and in today's Big Interview, Detrick called for double-digit market gains, inflation that comes under control and allows the Federal Reserve to cut interest rates later in the year, and a change in market leadership that has him leaning into rebalancing and diversifying portfolios, with particular attention paid to financial, cyclical and industrial companies. Chip Lupo discusses a WalletHub survey which showed that more than 1 in 10 Americans blew up their credit card debt over the holiday season, and that more people are carrying debt without any plan on how to pay it off. In the Market Call, it's discount shopping in the closed-end fund aisle with Eric Boughton, chief analyst for Matisse Captial and manager of the Matisse Discounted Closed-End Fund Strategy fund.

Scott Helfstein, head of investment strategy for Global X ETFs says "Investors had better be ready for some chop" in 2024, but he thinks fundamentals are good and expanding and the market will broaden so that the economy and market pick up in areas that have not done well of late. Those conditions may create a volatile market but should help fight off a slowing pace of interest rate cuts. Helfstein sees several themes leading the way, most notably artificial intelligence — both the providers and the AI infrastructure — but also power companies, and then infrastructure investing. His take on infrastructure — particularly in the power business — aligns with that of Rob Thummel, portfolio manager of the Tortoise Energy Infrastructure Corp. (TYG) Fund, who lays out his case for the sector in the Market Call. Plus, Willie Delwiche of Hi Mount Research makes a technical case for the market to take a breather before it can get re-achieve record highs, and Chuck Bell of Consumer Reports discusses a recent federal proposal to ban the inclusion of medical debt on credit reports.

Dec Mullarkey, head of investment strategy at SLC Investments, says that when there is a lot of uncertainty and geopolitical risk, the United States economy and markets benefit from the situation, even if the unrest is partially caused by the U.S. As a result, while many observers worry about what might change under the new Trump Administration, Mullarkey expects economic stability, noting that "given all the headwinds we all can think of, [the U.S.) is better fortified than any other economy right now to sustain continuous growth this year. ... The rest of the world is more at risk." David Trainer, founder and president of New Constructs, revisits Sweetgreen, which he put into the Danger Zone in 2021 and subsequently named a "zombie stock," which has bounced back significantly this year, setting it up for another fall. Plus, John Dorfman, chairman of Dorfman Value Investments brings his classic value style to the Market Call.

Liz Ann Sonders, chief investment strategist at Charles Schwab & Co., says that while the stock market has done well at the index level — where a few big names carried the benchmarks to big years — the fuller story has been told at a lower level, where the market has had more struggles and there have been rolling recessions in various areas of the economy without triggering a full-blown, broad-based downturn. She says those conditions will persist for at least the first half of 2025, with the market continuing to roll on if earnings remain strong; to that end, she noted that the market's current expectations — calling for 14 percent earnings growth — seem high, which should make investors cautious at least until they see forward-looking estimates. Mark Gatto, co-founder and co-chief executive officer at CION Investment Group, says that global infrastructure spending estimated at as much as $3 trillion annually worldwide is creating an asset class that can overcome political challenges and that has significant earning potential, which is why his firm recently announced plans for the new CION Grosvenor Infrastructure Fund. And in the Market Call, Jason Browne, president of Alexis Investment Partners and the Alexis Practical Tactical fund talks about ETF investing.

Rob Arnott, chairman and founder of Research Affiliates, says that current markets resemble the dot-com markets in the narrative that everything is about to change due to technological advancements, but he notes that the dominant tech players from the year 2000 failed to beat the Standard & Poor's 500 index over the long-term future. He says that could happen again today with the artificial intelligence stocks, with the technology changing the world but the stocks having a less clear path forward. Arnott notes that the narratives have made the mega caps overvalued and the comparison to the dot-com era could continue with a market downturn, but he sees plenty of opportunities for investors who are willing to pursue deep value and small-cap strategies, as well as liquid alternatives and non-U.S. stocks to "have a decent shot at high single-digit returns" this year. Todd Rosenbluth, head of research at VettaFi, makes the exchange-traded version of a classic Fidelity fund his ETF of the Week, and Rob Lutts, president and chief investment officer at Cabot Wealth Management brings his classic growth investing style to the Market Call.

Bob Doll, chief investment officer at Crossmark Global Investments, foresees some slowdown in consumer activity this year — with middle-income consumers beginning to struggle — and he says that will lead to a sluggish economy with higher unemployment. He expects inflation to remain sticky, which will push the Federal Reserve to make fewer rate cuts — he says it's possible they make no rate reductions this year at all — though he does believe the economy can stave off a recession. He reviews his 10 forecasts for the year ahead in The Big Interview. But he's not the only guest gazing into the crystal ball for 2025, as Greg McBride, chief financial analyst at BankRate.com, talks about what to expect from interest rates on everything from mortgages to savings accounts over the next 12 months. And in the Market Call, David Allen of the Octane All-Cap Value Energy ETF talks about finding under-the-radar issues in the energy sector.

Kristy Akullian, head of iShares Investment Strategy for the Americas at BlackRock, says that "the most important thing we're watching is earnings" as an indicator for the year ahead, noting that in 2024 more of the performance came from earnings growth than from multiple expansion, particularly for the parts of the market like large-cap growth companies that had a banner year. While the stock market is still looking for interest rate cuts, Akullian says that earnings can overcome any disappointment that is likely as the Federal Reserve slows the pace of rate cuts. For the year ahead — and iShares released its outlook for 2025 today — she is expecting modest gains, no recession, and continued struggles for international markets and small-cap stocks. Kim Blanton, who writes the Squared Away blog for the Center for Retirement Research at Boston College, discusses research which shows that delaying Social Security pays off for couples, but particularly for high-income families who get the best possible outcomes by being patient and who — because of their income — can afford to wait to achieve that outcome. Plus, Chuck answers questions about Morningstar and VettaFi and mutual fund research and ratings.

Brian Jacobsen, chief economist at Annex Wealth Management, says that 2025 is likely to see the leaders from the last few years move sideways while the rest of the market "can get some more traction and play a little catch-up." He notes that if the market broadens out and those other companies see earnings growth, it can keep the bull market rolling and offset a slowdown in rate cuts from the Federal Reserve as the central bank responds to sticky inflation by slowing its pace of rate reductions. Scott Krase, wealth manager at Connor & Gallagher OneSource, makes his debut in the Market Call, talking about ETFs and how they particularly provide access to alternative asset classes in ways that ordinary investors can benefit from in current conditions. Chuck also reviews what he has long called his "change experiment," where he saves all of his cash below $10 bills, and how much that added up to not just in 2024 but since he started doing it in 2020.

Bob Doll, chief investment officer at Crossmark Global Investments, says that 2024 proved most pundits wrong, as they forecast years that were much more modest than the 25 percent that the stock market gained, with more economic struggles and more interest rate cuts from the Federal Reserve. His forecasts, however, proved mostly right, as he reviews 2024 in today's Big Interview. Speaking of a review of the year just finished, John Cole Scott of Closed-End Fund Advisors — the chairman of the Active Investment Company Alliance — looks back at the prognostications for the closed-end fund industry that he made a year ago and how the data now shows nearly all of them to have been correct. And as for prognostications, Adam Peck, co-founder of Riverwater Partners, makes a big one in the Market Call when he says that the cycles that have favored large-caps over small stocks are now long in the tooth, which is why he is expecting small-caps to outperform over the next 15 years.

Sam Stovall, chief investment strategist at CFRA Research, says 2025 will finish up a positive year, but it will likely be a year of single-digit gains that will be a struggle to achieve because the market is starting the year with stretched valuations and other headwinds. While he doesn't see a recession in the offing, Stovall sees other conditions making the market sluggish, ranging from the presidential cycle to the regular run of a bull market and more. Todd Rosenbluth, head of research at VettaFi, reviews the big stories in the exchange-traded fund business from 2024 and how some of those issues will keep playing out for ETFs and investors in the new year. Plus, in the Market Call, Jeff Auxier of the Auxier Focus Fund discusses business-centric, long-term investing.

Jim Lee, founder at StratFi, says investors can be "reasonably optimistic" about the first half of 2025, but says that by the time June rolls around "I'd start to get careful." Among the technical indicators Lee leans on is the "Kitchin Cycle," which runs 180 weeks (or three and a half years) and has a solid record over the last century, and the cycle is showing a market peak at the start of March in 2025. Less says the market has the momentum to keep rolling, but not too far past that peak in the Kitchin Cycle. Also on the show, Dana Miranda of the Healthy Rich newsletter discusses her new book, "You Don't Need a Budget: Stop Worrying About Debt, Spend Without Shame and Manage Money with Ease," Rita Assaf discusses the annual Financial Resolutions Study out from Fidelity, which showed a strong desire for "a year of living practically" in 2025, and Chuck discusses ways to measure the success of 2024, and how it fits into the big picture of both the market and of our personal lives.

Whether it is making resolutions, setting goals or establishing targets, Chuck has tried every kind of plan for financial self-improvement over his decades as a personal finance journalist, and today he talks about the importance of having a system that helps you focus on making progress and how to set yourself up to end 2025 better off than you are now. Also on the show, author Steven Foerster discusses his latest book, "Trailblazers, Heroes & Crooks: Stories to Make You a Smarter Investor," and Aniket Ullal, head of ETF data and analytics at CFRA Research talks exchange-traded funds in the Market Call.

Matt Hougan, chief investment officer at Bitwise Asset Management, says that the real story in cryptocurrency in 2024 has not been the massive gains in Bitcoin -- which is up about 120 percent year-to-date -- but the way the business has matured, adding crypto ETFs from some of Wall Street's biggest firms. Coupled with the new administration, which is crypto-friendly, it makes Hougan more positive about his outlook for the future, which he says includes plenty of room for crypto to run higher in 2025. John Cole Scott, president of Closed-End Fund Advisors, digs into his mountain of data to divine the stories he anticipates to be central to the closed-end fund landscape in the new year, and also delivers the names of five funds that he thinks are poised for breakout performances. Plus, financial adviser Patti Brennan helps answer the big question most investors want to know for the new year and beyond, as she discusses her new book, "Am I Going to Be Okay? Timely Intelligence, Actionable Ideas, Answers to the Questions that Really Matter."

Teralyn Pilgrim, author of "No Scrap Left Behind: My Life Without Food Waste," says that Americans are wasting significant dollars each month, simply with how they buy and use their groceries. She's not preaching radical lifestyle change as much is simply trying to plan and use food purchases efficiently to reduce or eliminate food waste. Todd Rosenbluth, head of research at VettaFi, reviews the year that was for ETFs; Kevin Roth, head of research for the CFP Board of Standards discusses the group's annual Debt and New Year's Resolution Report, which clearly shows that finances play a big role in New Year's resolutions. Plus,Sam Fleming, co-founder / chief technology officer at Moat Metrics, brings his firm's methods into focus in the Money Life Market Call.

Avi Gilburt, founder of Elliott Wave Trader, says the market is in the final throes of a bull market that has been in place for nearly a century, noting that while there may be one more high or buying opportunity before things are exhausted, he sees the market turning in the next few months, noting that the Standard & Poor's 500 decisively breaking the 5400 support level would be a sign that a bear market has begun. Then, Daniel Crosby, host of the Standard Deviations Podcast, discusses his new book, "The Soul of Wealth: 50 reflections on money and meaning;" After that, Allison Hadley talks about a new CardRates.com study showing that nearly half of Americans expect to return 1-3 gifts this holiday season. And in the Market Call, Scott Martindale, chief executive at Sabrient Systems, talks about picking "high performance stock portfolios," using the methods of Sabrient's founder, David Brown, who recently released a book on building a portfolio based on high-octane stocks.

Amanda Agati, chief investment officer at PNC Financial Services Group, says investors who are worried about the Federal Reserve not cutting interest rates as much as previously expected are missing the idea that it's a sign of a solid backdrop for economic growth. She notes that the market and investors "crave the sugar high from more policy accommodations," and are overlooking the potential for the market to move forward in 2025. "We're not going to put up the same kind of returns we did in the last two years," Agati says, "but I think the market can grow at a pace that aligns with earnings growth;" she says earnings could grow at a pace of 10 to 15 percent year over year. Financial adviser Harmon Kong, discusses his new book, "Values Over Valuables: Daring to Live the Life Money Can't Buy" and — speaking of what money can't buy — Melissa Stephenson discusses a Solitaire Bliss study which showed that many Americans are unable to afford travel and time off, making finances a big part of why many Americans will celebrate the holidays alone this year. Plus, Cynthia McLaughlin, investment editor at AAII — lead editor at VMQ Stocks — talks about value, momentum and quality investing in the Money Life Market Call.

Mary Ellen Stanek, chief investment officer at Baird Advisors — president of the Baird Funds — says that the need to slow interest rate cuts has been building for a while, but that it's a sign of a strong economy and it's good for bond investors, without taking all of the starch out of the stock market. She says this week's news from the Federal Reserve about slowing cuts doesn't change Baird's forecast for 2025, noting that they expected good values in bonds through the new year and that those yields only got better with the latest announcement from the central bank. Amanda Agati, chief investment officer at PNC Financial Services Group, discusses the wild rate of inflation seen in the firm's 41st annual Christmas Price Index, which this year showed that the cost of buying your true love the gifts from the 12 Days of Christmas would set you back nearly $50,000. Bryan Piccirillo discusses an Edward Jones survey which showed that 81 percent of Americans are confident in their ability to keep their financial resolutions — the big ones being building a savings account, paying off credit card debt and increasing income — despite the terrible success rate that resolutions normally have. Plus, Ken Burdon, a partner in the registered funds practice at Simpson Thacher and Bartlett, discusses how the return of President Donald Trump might benefit closed-end funds.