Money Life with Chuck Jaffe

Edward Yardeni, president and chief investment strategist at Yardeni Research, says "there's a lot of funky stuff going on in the labor market," and that reduced interest rates may not change conditions but could instead impact the market and contribute to a melt-up that helps the bull market roll on. While melt-ups do tend to be followed by a regression, Yardeni does not see the market reversing too sharply; he's not currently worried about a recession and instead says the current decade is a new Roaring '20s, though he notes that this go-round is unlikely to end in another Great Depression, and instead thinks that current conditions can also turn the next decade into the "Rolling '30s." Jason Brown of The Brown Report — the host of the "Five-Year Millionaire"podcast — says that the technicals are giving him "a lot of reasons to be bullish" without "much to slow it down" on the horizon. That should have investors digging deep on A.I. stocks, especially on any pullbacks or declines, where he says the long-term potential of the new technologies will reward investors who are able to remain patient through volatility. Axel Merk, the head of Merk Investments and the Merk Funds, but also chief investment officer of the ASA Gold and Precious Metals Fund, says there is no real end in sight for the current gold rally, due to the start of rate cuts, a weakening dollar and persistent geopolitical risks, including tariffs. ASA Gold, which invests largely in junior mining companies, is up more than 100 percent year-to-date — compared to roughly 40 percent gains for physical gold ETFs — but still carries a double-digit discount; Merk explains in "The NAVigator" why that unusual situation is logical given current market conditions.

Brad McMillan, chief investment officer at Commonwealth Financial Network, says that while stock market valuations look high, "they're not crazy either," because the companies are making money at levels that justify the higher prices. He says he is leaning towards value — and holding cash while waiting for buying pullbacks — and away from the biggest names, noting that the Magnificent Seven stocks are "where the risk is." He's not expecting a recession, noting that employment is holding and consumer spending is strong, conditions that normally forestall economic downturns. Todd Rosenbluth, head of research at VettaFi, says the long-awaited rally in small-cap stocks may be in the offing, as he picks a small-cap value fund from VictoryShares as his "ETF of the Week." Jeffrey DeMaso, editor of The Independent Vanguard Adviser, brings his "buy the manager, not the fund" approach to Vanguard's funds and ETFs, but also talks about the areas of a portfolio where investors will want to go outside of the world's biggest fund company to get real complete a well-diversified portfolio.

John Blank, chief investment strategist and chief economist at Zacks Investment Research, says the conditions are increasingly bringing back the spectre of a recession, with the odds of a protracted economic slowdown now standing at about 50 percent. Moreover, he doesn't believe that the widely anticipated interest rate cuts from the Federal Reserve today will really do anything to alter that course. Blank says that the recession could trigger a stock market sell-off that could cut valuations by more than 40 percent, though he does not think that any such decline will be long-lived. Allison Hadley discusses research she did for NC Solutions which showed that 73% of Americans say little treats are crucial to quality of life; as a result, they're spending an average of $360 a year on $5 indulgences like chocolate, coffee, and candles. Scott Bennett, founder of Invest With Rules brings his trend-following methodology to the Market Call, where he helps to prove the adage that "disagreement makes a market" by coming to the opposite conclusion on a stock covered by John Dorfman of Dorfman Value on yesterday's show.

Adam Rozencwajg, managing partner at Goehring and Rozencwajg — a fundamental research firm that focuses on making contrarian natural resource plays — says that the rally in gold is far from over, and that "until it gets to at least the long-term average [of its value relative to the market], you are in an aggressive bull market, an aggressive accumulation phase." That average would take gold to about $8,000 an ounce, meaning the asset has room to double. Rozencwajg also talks oil and why he likes it despite status as "the most hated asset class in the world." Ryan Redfern, chief investment officer at Shadowridge Asset Management, says that correlations are so high that "you stick with the big stuff, the S&P and Nasdaq," rather than diversifying into small-caps and international stocks, which have had occasional runs but which haven't gained long-term edges on the classics. He sees the market as having a "knee-jerk reaction to news" like potential rate cuts this week, but says that sets up the market for a seasonal run into the end of the year. John Dorfman, chairman of Dorfman Value Investments, brings his class price/earnings-driven style to stocks in the Market Call.

In this insightful discussion, veteran financial advisor Paul Merriman shares his thoughts on ETF vs. traditional funds and the evolving landscape of crypto. Paula Pant highlights how inflation alters our perceptions of affordability, while also tackling America's housing crisis. Joe Saul-Sehy reflects on the changing creator economy and the significance of reliable content in the finance space. Their engaging conversations provide practical insights for listeners navigating the complex world of personal finance.

In this engaging discussion, John Cole Scott, a closed-end fund expert, shares insights on investment strategies. Ravi Wadan reveals how DriveMatch.com simplifies pre-negotiated car leases. Nik Johnson emphasizes small daily choices for building generational wealth, while Gwen Merz-Joiner reflects on her journey from frugality to finding happiness and balance. Adam Bergman highlights the growing access to alternative assets in retirement plans, transforming investment strategies and opportunities. These insights inspire a fresh approach to personal finance.

Money Life begins the first of three days of interviews from FinCon 2025, the annual gathering of financial content creators, which this year is in Portland, Ore., and which lets Chuck showcase a wide range of subjects. Today, those subjects include: — college savings and the changing landscape of consumers paying off college debt with Robert Farrington of TheCollegeInvestor.com. — crushing medical debt, and an unusual way for consumers to get out from under it with Jared Walker, founder of the non-profit fintech start up Dollar For. — a conversation that Chuck thinks may be the most unusual of his long career with comedian turned financial coach Lauren Baker, who also goes by the name "Firenze, the friendly FIndom" and whose interview will introduce you to the world of financial domination. — "How Financial Stuff Works," the long-hoped for literacy project of financial adviser Alex Whitehouse. — the changing state of financial content creators, what's dead, what's next and how artificial intelligence will impact it all with FinCon's founder, Philip Taylor of TheCreatorCPA.com. Plus, every Thursday on Money Life starts with the ETF of the Week, and Todd Rosenbluth, head of research at VettaFi, makes a multi-sector bond fund from a veteran fund manager his pick this week.

Jillian Johnsrud, the podcaster behind "Retire Often," and the author of a new book out this week that goes by the same title, says that a lot of people mess up their retirement lifestyle by not preparing for it with smaller retirements — lasting a month or more — during their prime working years. Not only do these smaller times allow people to recharge and rejuvenate, they become dry runs for the real thing, allowing pre-retirees to sample ideas and then plan how to execute the best concepts. Johnsrud — who says she has retired at least a dozen times despite only being in her early 40s — says that small retirements are achievable, even by workaholics (like this show's host) with some foresight and planning. Chuck Carlson, chief executive officer at Horizon Investment Services — longtime publisher of The DRIP Investor newsletter — returns to the show to help Chuck answer a listener's question about how to deal with an inherited portfolio of stocks all held in dividend reinvestment programs. Chip Lupo discusses the 2025 Money and Relationships Survey from WalletHub, which showed that nearly one in three people think their relationship is limiting their financial growth, with communication (or a lack thereof) being at the heart of the problem. And Chuck starts his interviews from FinCon '25 in Portland, Ore., by chatting with Doug Nordman of MilitaryFinancialIndependence.com, who says that while current events have some military members reconsidering their work choices, that action is appropriate and happens in all times, but it doesn't mean that military families will be abandoning their financial plans even if they change careers before achieving military status that could set them up for life.

Conrad Doenges, chief investment officer at Ranger Investment Management — manager of the Ranger Small Cap and Ranger Micro Cap funds — says that smaller companies have suffered as an asset class because corporate earnings have struggled to meet growth expectations. While there is an expectation that small companies will benefit from a cut in interest rates and from deregulation policies from the government, Doenges says in the Market Call that earnings expectations remain muted, so the long awaited rally in small caps could come, but be less than investors have been waiting for. Jeffrey Ptak, managing director at Morningstar Research Services, discusses his recent research into funds that have massive amounts of success to become darlings of the media and of investors, and how they tend to disappoint just after the flood of money comes in. While the results are not surprising, Ptak says it is more than just the typical "regression to the mean" that knocks these hot funds from the ranks of top performers. Allison Hadley discusses a mid-year tariff survey from Bid-on-Equipment.com which showed that 1 in 5 Americans are stockpiling goods trying to beat price hikes, even though they mostly had to guess on which goods to purchase until tariff policies were firmed up. The survey also showed that nearly 80 percent of consumers are changing their spending habits, mostly by cutting back, which could be a bad sign for the economy moving forward.

David Giroux, chief investment officer at T. Rowe Price — named Morningstar's Outstanding Portfolio Manager for 2025 for his work at T. Rowe Price Capital Appreciation — says his allocation fund is holding near its highest levels ever of bonds, specifically intermediate fixed-income, largely because he thinks stocks are overvalued and real growth will remain hard to find. Giroux — who has beaten the average peer in his Morningstar asset class for 17 consecutive years, the longest streak in the entire fund industry — has long disdained investing in foreign stocks and says the rally that 2025 has produced overseas is an anomaly and that no one "should ever feel a need to own an inferior index just for diversification purposes." In the wide-ranging interview, Giroux says that the Magnificent Seven stocks have actually been the Mag 6, plus Tesla, saying that the car maker has no business being in the portfolio of leading securities. David Trainer, president of New Constructs, put Klarna in The Danger Zone in April, when the buy-now, pay-later financial firm was attempting to go public but put off the process in the face of the market's drop after "Liberation Day." Now the company is back attempting an initial public offering, and that brings them back under Trainer's scrutiny again, before they ever get launched as a stock. Natalia Brown, chief consumer affairs and creditor relations officer for National Debt Relief, discusses the firm's survey showing that six in 10 American parents are going into debt for their children. She talks about what parents are foregoing for their own lives to help the kids, and what they are paying for that puts them into debt.