Liz Ann Sonders, chief investment strategist at Charles Schwab & Co., says that the next step the stock market must take to begin a recovery involves adjusting earnings expectations, noting that several years of record earnings "set the bar too high," and now investors must adjust to lower, more realistic gains. Yes, she notes, valuations have dropped due to the bear market, pricing "a heck of a lot of negativity into the market," but it's now time for 'the E to come under pressure.' Sonders...
Jul 08, 2022•59 min
Steve Rick, chief economist at CUNA Mutual Group says that while economic growth has slowed -- causing what might be considered a "growth recession" -- the economy itself should be able to avoid a full-blown recession, as inflation eases and consumers and investors realize "they kind of overreacted a bit" to current conditions. But there's also a second Big Interview with a guy named Steve on this show, as Steve Sosnick, chief market strategist at Interactive Brokers says that the market must fi...
Jul 07, 2022•57 min
Sam Stovall, chief market strategist for CFRA Research, says that there's more pain ahead for the stock market, but that the end of the year is likely to see a bounce-back that serves as the start of a recovery. Stovall expects the Standard & Poor's 500 to hit roughly 3,200 -- which would be a 33 percent decline, and an average bear market -- before the turnaround starts around the December holidays. Thus, he says, the market will end up down for the year, but positioned for 2023 to be a big...
Jul 06, 2022•1 hr
Paula Pant, host of the Afford Anything podcast says that high inflation certainly impacts consumers emotions and feelings about money but it hasn't had much impact on their ability to achieve their financial goals, noting that people can still 'afford anything, but not everything,' with some stepped up planning to help deal with higher prices. Also on the show, journalism professor Chris Roush discusses his new book, "The Future of Business Journalism: Why It Matters for Wall Street and Main St...
Jul 05, 2022•1 hr 1 min
With the stock market off to its worst first-half start to a year since 1962, Anu Ganti, senior director of index investment strategy at S&P Global, points to her firm's analysis showing that there is "no correlation between first half of the year performance and second half of the year performance." That doesn't mean that a rally is in the offing -- with 10 of 11 sectors and roughly 90 percent of the S&P 500 stocks down this year -- but it means one is possible. That sentiment also was ...
Jul 01, 2022•59 min
Darrell Cronk, chief investment officer for Wells Fargo Wealth and Investment Management, says that investors have endured the toughest start to a year for stocks and bonds in decades, but the mounting troubles should culminate in a recession in the second half of the year, with the downturn going deeper before a real recovery occurs. Cronk says that he thinks if the Standard & Poor's 500 were to hit 3,300, valuations will be so compelling that he will be "pounding the table" to get clients ...
Jun 30, 2022•1 hr
Greg McBride, chief financial analyst at Bankrate.com, says that even though consumers are largely in better position than they were just a few years ago, they're not feeling it now as credit-card debt has been rising and savings levels shrinking in the face of inflation. As a result, the percentage of Americans saying they are uncomfortable financially has skyrocketed, with inflation as the cause because it doesn't just erode savings but it grates on confidence. Also on the show, David Elefant ...
Jun 29, 2022•1 hr
Mark Newton, global head of technical strategy, Fundstrat Global Advisors, says that a healthy consumer and a market that has solid economic footing should lead to "a recession with a small R and not a capital R." Newtons says his models show a market bottoming out in July before turning significantly higher in September, thanks largely to higher interest rates already being baked into the market's expectations. Newton says that the bear market has been in process for months, even if it was only...
Jun 28, 2022•59 min
Adam Peck, co-founder of Riverwater Partners, says it's a buyer's market right now, especially in the small-cap space with stock prices having fallen to where there are more compelling values and real long-term opportunities. At the same time, he says in the Market Call interview that those conditions put a premium on sifting through the many potential buys to hone in on the right ones. Also on the show, Jim Cullen, founder of Schaefer Cullen Capital Management makes "The Case for Long-Term Valu...
Jun 27, 2022•59 min
Jeffrey Bierman, chief market technician for TheoTrade and founder of TheQuantGuy.com, says that “much of the dirty work is behind us,” with the market now reaching a point “where the values are the most compelling I have seen in 25 years.” Bierman last appeared on Money Life in December of 2021, and was extremely cautious, expecting the market to hit a low of between 3,600 and 3,800 on the Standard & Poor’s 500 within six months. Bierman's model projects the S&P to drop to the 3,300-3,4...
Jun 24, 2022•59 min
Jack Janasiewicz, portfolio strategist for Natixis Investment Managers, says that the market's drawdown and valuations have performed in line with expectations for a typical recession, and while the third key component of a slowdown -- a big decline in earnings -- hasn't happened yet, he says the market is closer to having fully discounted current events, meaning that "We are closer to the end" of the downturn than the beginning. Also on the show, Tom Lydon, vice chairman at VettaFi, makes a Chi...
Jun 23, 2022•1 hr 1 min
Noted value investor Vitaliy Katsenelson, chief investment officer of Investment Management Associates -- who was on Tuesday's show discussing his new book, “Soul in the Game: The Art of a Meaningful Life” -- returns to the show for a discussion of current market conditions and notes that investors in bull markets see their time horizons lengthen, but that time becomes shorter when investors are facing a downturn and see their assets shrinking. He warns against allowing the current market troubl...
Jun 22, 2022•1 hr
Ben Hunt, chief investment officer at Second Foundation Partners and the publisher of Epsilon Theory, says investors need to reduce their debts and balance sheet and to "reconnect with the real economy wherever you can" in order to ride out the coming storm that he sees playing out while the stock market digests interest-rate hikes and measures designed to curtail inflation. While Hunt says he is rooting for the scenario where there's a quick recovery after "a nasty recession," he says investors...
Jun 21, 2022•1 hr
Veteran market observer Ralph Acampora, who helped develop market analytics and who is recognized as a pioneer in technical analysis, says the stock market had been setting up major tops for a while, with the charts implying that the downturn would be roughly 30 percent from top to bottom. With that in mind, Acampora foresees "at least another 10, 12, 15 percent for the Dow and the S&P 500 on the down side," before any real recovery can start. Also on the show, Larry Holzenthaler, investment...
Jun 17, 2022•59 min
Michael Gayed, portfolio manager for the tactically managed ATAC Funds says the Federal Reserve should have raised rates even more than it did Wednesday -- when the central bank made its biggest rate hike in almost 30 years -- because market and economic pain is inevitable and could be long-lasting, but there is growth potential once the market passes the troubles and starts a new recovery. This show also features Tom Lydon, vice chairman at VettaFi.com, making a brand new fund his ETF of the We...
Jun 16, 2022•59 min
Victoria Greene, chief investment officer at G Squared Private Wealth, says that investors should look at where they can be best off given current global economic conditions, and says that will bring investors to large-cap domestic value stocks, and she notes that investors may not want to pursue broad diversification because the strategy tends to struggle during times of stress. "It only works when the market is working," she says, "and right now the market isn't working." She expects a recessi...
Jun 15, 2022•59 min
Dan Zanger, founder of Chartpattern.com, says "The 1970s are here again," bringing the dangers of persistent inflation back into play, creating long-term financial pain and putting the stock market in jeopardy of falling "50 to 65 percent before this is over." Zanger expects a protracted downturn, with no quick snap-back because the Federal Reserve can't prime the pump by lowering interest rates. "The sooner you get out and stay in cash," he says, "the better off you are going to be." Also on th...
Jun 14, 2022•59 min
Victoria Fernandez, chief market strategist at Crossmark Global Investments, says that a recession is coming, but it's not imminent due to the economy's underlying strengths, including active consumers, corporate balance sheets and the labor market. While waiting for a recession to arrive late next year, Fernandez says investors should be taking advantage of down days in the market to buy up names that are on sale and better balance a portfolio to get through trouble. Also on the show, Ed Slott ...
Jun 13, 2022•59 min
Michael Mullaney, director of global markets research at Boston Partners says that consumer demand should support the economy for the remainder of 2022 "without significant dire consequences," but he notes that 2023 is "another whole can of worms" and the Federal Reserve's plans to squash inflation is likely to have side effects that create a recession in 2023. Mullaney talks about the market's fundamental and technical sides, identifies segments and sectors he expects to lead and lag, and more ...
Jun 10, 2022•58 min
Catherine Stienstra, head of municipal bond investments at Columbia Threadneedle Investments, says that the sharp sell-off that set bonds off to a bad start to the year -- and scared many investors out of the bond space -- has reached a pivot point, so that investors are now looking at "a rare opportunity" to get back in with higher yields and attractive valuations. Also on the show, Tom Lydon, vice chairman at VettaFi, makes a play on the dollar recently hitting a two-decade high against global...
Jun 09, 2022•59 min
Paul Gruenwald, chief economist for S&P Global Ratings, says that despite the gloom being caused by high inflation, war and more, "If you step back, we're not in a terrible place." He notes that if inflation can be controlled and the labor market stays at current levels of full employment, that should lead to a good outcome once tensions ease. Gruenwald says that a big market decline, recession or proverbial day of reckoning is not a foregone conclusion; if the economy can be guided to a pat...
Jun 08, 2022•1 hr
Jeanette Garretty says there is a very real risk of recession in the next nine months, but she sees no reason to expect anything worse than a "garden-variety, U.S. economic recession, with a couple of quarters negative and then a fairly quick rebound in economic activity with the markets leading" that recovery. Garretty notes that there are risks that could exacerbate problems and make a downturn more severe, but she sees inflation pressures easing significantly come early 2023 and recovery to f...
Jun 07, 2022•1 hr
Axel Merk, president and chief investment officer at Merk Funds and Merk Investments, says investors need to be cautious about accepting current market risks and keep an eye on their sleep factor "because whatever [investment] thesis you have, it will be tested." Merk notes that he is hesitant facing today's economic conditions because there are still a lot of possible outcomes based on anticipated action from the Federal Reserve and the stock market's response to the news. Also on the show, Cha...
Jun 06, 2022•59 min
Laura Martin, equity analyst at Needham & Co., says that streaming technology companies saw their maturation curve speed up during the pandemic, with the fallout being current pricing pressures as consumers wise up to the various pricing models that best meet their needs. She also discusses ad-tech and big-tech stocks and U.S.-China trade tensions in a wide-ranging Big Interview. Also on the show, Max Wasserman, senior portfolio manager at Miramar Capital talks about how investors should dea...
Jun 03, 2022•1 hr
Noted market bear Harry Dent -- who called for a 50 percent market crash when he was last on the show in late May of 2021 -- says that efforts made to prolong the bull market have exacerbated the trouble that the financial world must now slog through "the crash of our lifetimes." He's calling for a recession and a massive market downturn -- saying the Standard & Poor's 500 is due to fall roughly 85 percent from its peak before it's done -- that has only just begun. Dent foresees a long marke...
Jun 02, 2022•1 hr 1 min
Lindsey Bell, chief markets and money strategist at Ally Invest, says that investors are engaging in a proverbial flight to quality by moving from the individual stocks and the security picking that fueled their interest in the market during the rebound from Covid to buying indexes and holding the market despite broader declines happening now. It's not the traditional way that investors seek safety, but Bell says that new investors are taking different paths as they get more involved in the mark...
Jun 01, 2022•1 hr 1 min
Andrew Patterson, senior international economist at The Vanguard Group, says that recession "is not our base case right now," because economic growth is coming in at reasonable levels, even if it is taking longer than the Federal Reserve was hoping for to achieve that healthier level of activity. Patterson thinks GDP growth can be back to its long-term trend levels by the end of the year. Kathryn Kaminski, chief research strategist at AlphaSimplex Group, talks about alternative investing and how...
May 31, 2022•59 min
Emily Roland, co-chief investment strategist at John Hancock Investment Management, says the bond market is pricing in 11 quarter-point rate hikes from the Federal Reserve this year, and with three in the books through May, she believes the Fed will step back from its plan and that rates will not move up as much as anticipated. As a result, she is expecting a bond rally that will help fixed-income play its traditional role as a volatility damper in portfolios. Roland says the economy looks to he...
May 27, 2022•59 min
Ron Sanchez, chief investment officer at Fiduciary Trust Company International, says that while the stock market will remain particularly challenging as it waits to see how successful the Federal Reserve will be in helping to curb inflation and keeping the economic pump primed, the bond market has seen yields rise to levels that are attractive right now despite the higher inflation rates. Sanchez expects the market to improve later this year, but to remain choppy throughout. Also on the show, To...
May 26, 2022•1 hr 1 min
Doug Loeffler, executive vice president of investment management at Sierra Investment Management, says his firm is mostly in cash right now because current conditions look like a "very sustained equity drawdown," and while he expects to see the market rally later in the year, he says this is a time for investors to take what the market is going to give them, rather than "trying to tell the market what to do." He's part of a wide-ranging show that also features Kathy Chu, correspondent for TruthD...
May 25, 2022•1 hr
