Afleveringen
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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.”
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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.
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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.
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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.
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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.
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Frank Holmes, chief investment officer at U.S. Global Investors, sees the market as being due for a big correction after an "amazing move" over the last two years, but he also sees the market beginning a new era of capital innovation and creativity that will help to push the market back to new heights over the next few years. He notes that artificial intelligence will keep leading the way higher, though he says he typically prefers the AI-adjacent companies to the direct players in the space. He also discusses gold, crypto and more in a wide-ranging Big Interview. Todd Rosenbluth, head of research at VettaFi, looks to double down on the winners of the Nasdaq Composite with his pick for ETF of the Week, and Peter Schneider, president of Primerica, discusses the firm's latest Financial Security Monitor, which showed that recent gains in purchasing power don't have middle-income families feeling any better about their personal finances. In the Market Call, Ryan Jacob, chief investment officer of the Jacob Funds, talks technology stocks and where the next round of AI winners might come from.
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Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management Co., says that the current stock market reminds him of the late 1990s -- with a super strong dollar, a few stocks driving the market while the others are mediocre, where the American market and economy are exceptional and more -- but as economic seasons changed, it was the rest of the market that thrived. That's what he sees happening again now, so he is preaching diversification, especially toward small-cap stocks but also with international investments and commodities, as a way of growing and protecting a portfolio in 2025. In The Book Interview, financial columnist and historian Rodney Brooks discusses “The Rise and Fall of the Freedman’s Savings Bank and It’s Lasting Socio-Economic Impact on Black America,” and Eric Schoenstein, portfolio manager and chief investment officer at Jensen Investment Management discusses quality investing in The Market Call.
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Jack Ablin, chief investment officer at Cresset Capital Management, says that the market is about 25 percent overvalued, but the momentum of the market suggests that investors shouldn't worry about an immediate downturn. Ablin says that traditional value metrics show the overvaluation and says that lofty prices eventually meet up with momentum that gets exhausted, leading to "a pretty good exit point." But he notes that "Value is always early," and there "still a lot more room" for the market to run before it rolls over. In the Talking Technicals segment, Gene Peroni, founder of Peroni Portfolio Advisors, also sees the market's potential for downturn, but he says that the market has effectively ignored Wall Street adages, cyclical and seasonal factors, psychological considerations and has moved to its own beat, with a strong technical foundation that should enable it to weather storms and turn any potential downturns into buying opportunities. In the Money Life Market Call, Andrey Kutusov, portfolio manager at Seven Canyons Advisors, talks high-growth small-cap international/emerging markets stocks.
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Disagreement makes a market, and the market on Robinhood Markets was wide open on this show as David Trainer of New Constructs put the stock in The Danger Zone, but Tom Martin, senior portfolio manager at Globalt Investments, made the stock a "buy" during "Quick and Dirty" in the Money Life Market Call. Also on the show, Paula Fleming of the Better Business Bureau of Eastern Massachusetts, Maine, Rhode Island and Vermont talks about personalization scams — where people are being ripped off in multiple ways while buying personalized gifts for the holidays — and discusses how to avoid holiday frauds. Plus, Lauren FitzHugh, vice president of growth at Fruition — Money Life's newest sponsor — discusses the benefits of having all of your investment, bank and spending accounts linked together in one place, and the peace of mind that comes with better control of your finances.
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Despite headlines that have dominated the news stating concerns about the stock market and its ability to keep thriving under a new political administration, Mick Heyman, founder of Heyman Investment Counseling, doesn't see the warning signs of a terrible market. "Close your eyes, it's fear of heights, and just let the long-term trend continue on," Heyman said. He is not the only one who sees little trouble evident on the horizon, as Vuk Vuković, chief investment officer at Oraclum Capital, sees the economy being able to avoid a recession throughout 2025. Ravi Chintapalli from the Global Fixed Income team at Nuveen, says in The NAVigator that structural changes have made the junk bond market stronger, while reducing default risk; as a result, yields of 7 percent should be normal and comfortable in 2025. Plus Mac Sykes, portfolio manager at Gabelli talks financial stocks in the Market Call.
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Ben Harburg, founder of CoreValues Alpha — manager of the firm's Greater China Growth ETF — says that consumers in China have over $21 trillion in household savings sitting on the shelf and that as that money starts to be spent, it will drive the Chinese market to a long recovery. That should be happening at a time when Chinese stocks "are near rock bottom" but U.S. equities have been running to record highs, making China a good diversifier for American investors looking for protection against a setback here. Todd Rosenbluth, head of research at VettaFi, turns to a free cash-flow ETF that opened in 2023 and that has risen to the top of its large-cap value peer group this year as his ETF of the Week. In the Market Call, Noland chief executive officer at Left Brain Wealth Management, returns to the show to discuss his version of growth investing; one area he particularly likes now is the big cruise companies.
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Dan Fuss, vice chairman at Loomis Sayles & Co. — one of the longest-tenured and most decorated bond fund managers in history — says that the Federal Reserve has done its job and managed to avoid most of the trouble that observers feared was coming. Moreover, it has positioned the economy and the bond market to keep humming along. Yet Fuss also singles out several factors, including climate change and geo-politics, that are not usually factors in bond investing that are having a big impact on bond investing now. WalletHub analyst Chip Lupo discusses the site's research on the best and most-popular gift cards for the holiday season, and Tobias Carlisle, founder of the Acquirers Funds, talks in the Market Call about how he practices deep-value investing at a time when the market is at record-high levels.
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Louis Navellier, chief investment officer at Navellier & Associates, says investors "have a lot to look forward to," starting with a strong ending to the year and a big January effect, but he notes that conditions are right to keep the economy chugging along and pushing through the occasional stumble and correction. That said, he notes in The Big Interview that he is worried about the potential for trouble in the private credit market — where investors have been chasing super high yields for several years — to potentially create a full-blown market crash, akin to what the market experienced in 2008. Navellier also talks about his stock-picking methodology and his grading system in The Market Call. In the Talking Technicals segment, Xander Gray, founder and chief executive officer at XG Capital Strategies says that there's a recession and significant market drop coming, likely to start before the end of the first quarter of the new year. The recession is the fallout of the inverted yield curve; while many experts have said the economy will avoid the downturn that typically comes with that condition, Gray says there are plenty of reasons why investors should remain defensive now.
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Todd Kellenberger, portfolio manager for public REITs at Principal Asset Management, expects that the Federal Reserve will make two to three interest rate cuts in 2025, but that the way rates move will be the real determinant in how the year plays out for real estate investors. Kellenberger says that the central bank's actions will be determined by inflation and jobs data, but he notes that if rates stay benign it will still be a good market for real estate, with the potential for much more if rates move more and the economy has a soft landing where real estate fundamentals improve. He gives his outlook for a variety of REIT types in a wide-ranging Big Interview. David Trainer, founder and president at New Constructs puts MicroStrategy Inc. in the Danger Zone, noting that the company is essentially a costly, leveraged play on bitcoin with more risk than an investor would face just owning cryptocurrency directly. And Michael Lowenberg, portfolio manager for the Modern Capital Tactical Income fund, talks in the Money Life Market Call about what he looks for in closed-end funds.
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Brandon Thurber, chief market strategist at Regions Asset Management, says the market is looking strong for the next 12 to 18 months, provided it can avoid a big earnings shortfall. With high earnings expectations, he sees earnings pressure overhanging a market that is overbought but which still has pockets that represent good values. Thurber sees the market broadening out, with mid-caps being part of the rally but small companies likely to keep struggling, delivering moderate growth despite increased levels of volatility than investors have seen this year. Likewise, Buck Klintworth of Chase Investment Counsel — co-manager of the Chase Growth Fund — says that all of the market's underlying fundamentals are positive right now, and he suggests to stick with a friendly trend, even though they should look for "any cracks that begin to develop" that could be signs that the economy is turning. Kevin Mahn, president and chief investment officer at Hennion & Walsh Asset Management — which runs the Smart Trust Unit Investment Trusts — expects that rate cuts in the next two years will drive investors to turn for income alternatives "since they can't find the 5 percent in the short-term CDs any more." That will drive investors toward business development companies and leveraged municipal closed-end funds, and he discusses the benefits of playing those areas of the market using unit investment trusts.
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Lauren Sanfilippo, senior investment strategist for Bank of America Merrill and Private Bank, says that the market has reached highs on the backs of a few stocks, but that it is now rotating away from those popular trades. That will reward investors who stay balanced and diversified as the market broadens out next year, moving away from the Magnificent Seven stocks and a few names driving results to rewarding more companies with solid balance sheets in sectors from defense to technology, industrials and more. Todd Rosenbluth, head of research at VettaFi, makes a short-duration, actively managed fixed-income fund his ETF of the Week. WalletHub analyst Chip Lupo, discusses the site's research into how average rates on department-store credit cards have popped to roughly 33 percent, but also how consumers looking to deferred interest deals wind up paying more because they don't understand how the programs work. Plus, Chuck answers a listener's question about paper stock certificates.
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Simeon Hyman, global investment strategist at ProShares, sees "rational exuberance" on today's market, noting that the stock market is a little bit expensive but not dramatically above long-term normal forward earnings numbers, and he notes that expectations are reasonable, a little high but reasonable. Further, he suggests that all-time low levels of leverage and little debt on the books of the Standard & Poor's 500 is "a significant risk offset" to the current worries that make investors nervous. Author Michael Sincere — who writes the Long-Term Trader column at MarketWatch — discusses his new book, “Help Your Child Build Wealth: A Parents' Guide to Teaching Children to be Successful Investors,” and then sticks around to discuss technical analysis and how he sees the market moving on from the election and through the change of administrations into 2025.
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Josef Schuster, president of IPOX Schuster, says that the market for initial public offerings isn't just hot right now — it has outperformed the stock market this year, despite the market having gone up to record-high levels — but it is safer than it has been in years, with fewer issues going public and with much of the risk of default having been shifted to the pre-IPO market. And while artificial-intelligence plays have gotten a lot of the headlines and attention, Schuster says that industrials and other sectors have seen more stable and generally more profitable IPO activity. Lester Jones, chief economist for the National Wholesale Beer Association says that the November Beer Purchasers Index shows a highly unusual but completely neutral outlook for distributor sentiment, meaning the industry can't tell if times are bullish or bearish with year-end in sight. Plus college financial aid advisor Jack Wang, host of the new "Smart College Buyer" podcast, helps Chuck answer a listener's question about college loans coming due, and jeopardinging an unprepared parent's finances.
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Bill Smead, manager of the Smead Value Fund, (SMVLX), says that the market has "all the pre-conditions for the [Standard and Poor's 500 to do very poorly," noting that current conditions are the "antithesis of 1980," when everyone got excited about Ronald Reagan took office at a time when stocks were cheap and inflation and interest rates are high. This time, he says, people are getting excited "at the end of a huge run .... a financial euphoria episode." He says in the Market Call that these conditions will lead to strong market performance over the next two decades, but to much tougher sledding over the next few years. One area that investors might turn to for relief would be gold, which has been on a big run in 2024 to get to record-high levels, and Everett Millman, precious metals specialist at Gainesville Coins, says he thinks that precious metals rally and gains are sustainable for at least the next 18 months — even if it goes through a short-term correction caused by profit-taking — because the conditions that have created the rally are likely to remain in place. Plus, Allison Hadley discusses a study fone for Luke Zion Jewelry which showed that Americans spend nearly $1,500 a year on "fashion."
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John Cole Scott, president of Closed-End Fund Advisors and the chairman of the Active Investment Company Alliance, looks at how discounts have narrowed in closed-end funds amid the strong market this year, but he digs into his firm's data to find three closed-end funds and one business development company trading at attractive discounts to make them appropriate picks for year-end portfolio moves. Julia Toothacre discusses a ResumeTemplates.com, study showing that six-in 10 employees will be shopping Black Friday sales while at work today, Chuck discusses the ultimate financial gift to give your relatives this (and every year) -- so that you can get your shopping done before the shopping season even starts in earnest -- and Eric Marshall, president of Hodges Capital Management, talks small-cap investing in the Market Call.
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