Terri Spath, chief investment officer at Zuma Wealth , talks about actionable steps investors can take now — and that she has taken for her clients — to mitigate anxiety amid the uncertainty of the current US stock market. Specifically, Spath is diversifying into investments that have a negative or no correlation to the U.S. market, buying gold, long-duration Treasury bonds and stepping up exposure to Germany and Japan; despite the turmoil, she still expects the stock market to finish 2025 with ...
Apr 07, 2025•56 min
Duane McAllister, senior portfolio manager at Baird , says investors are right to be leaning into the fixed-income market as a safe haven amid current market turmoil, noting that the relationship between stocks and bonds has normalized, unlike 2022 when bonds moved in sync with stocks and investors lost money in both. With yields relatively high and holding steady, McAllister said bonds are proving their value as safe, stable holdings. Kerry Sette, head of consumer insights and research at Voya ...
Apr 04, 2025•1 hr 5 min
Tom Samuelson, chief investment officer at Vineyard Global Advisors , says the market's long-running bull market is "on thin ice right now," from a technical standpoint, having fallen below its 200-day moving average, leaving the market "at a really interesting juncture," and making him defensive, building more cash, loading up on utilities and safe sectors and waiting to see how it plays out. Samuelson says that if the market breaks down -- with a decline accelerated by reactions to government ...
Apr 03, 2025•1 hr 1 min
Jim Masturzo, chief investment officer for multi-asset strategies at Research Affiliates , says that despite the uncertainty surrounding tariff policies and geo-politics, international markets remain attractive and with a better valuation than domestic markets. But those global markets may also get a boost from the Trump Administration's plans to weaken the dollar — a dollar that Masturzo says his firm believes is currently 25 percent overvalued — so he emphasized that investors should not "figh...
Apr 02, 2025•58 min
Lawrence McMillan, president of McMillan Analysis , says the market has been in an oversold rally and is currently correcting as it comes out of that. He sees deteriorating breadth but still thinks this could be what he called "a healthy correction." McMillan says if the Standard & Poor's 500 can't hold the 5400 level, he would expect it to drop to 5000, a move big enough to put the stock market into bear market territory, a decline of 20 percent from market peaks in February. Wade Pfau , pr...
Apr 01, 2025•58 min
Harvard University economist Jason Furman — the former chairman of the Council of Economic Advisers — says that the tricky thing in forecasting now is high levels of uncertainty, particularly in terms of how much business and consumers pull back based on current conditions; if there's a recession, he says it will be spending cutbacks that trigger it. Furman notes that the average tariff rate is now back to levels from the 1940s, and while he says he'd be shocked if it triggers a Great Depression...
Mar 31, 2025•1 hr 3 min
Julius de Kempenaer, senior technical analyst at StockCharts says that the stock market at current levels is unattractive, because "the upside potential is now way more limited than the downside risk," and he expects that risk to be realized in a decline that could drop the market by another 5 percent or more. De Kempenaer says this dip won't feel much like a buying opportunity, because the market will need several months or quarters to finish a rotation and find a new base to build on. He notes...
Mar 28, 2025•1 hr
Greg McBride, chief financial analyst at BankRate.com , discusses how the site's latest survey shows that Americans are tapping into emergency savings increasingly to pay ordinary expenses . He talks about the dangerous spiral that a growing number of consumers are on, as they begin to exhaust emergency funds and have to rely increasingly on credit cards, currently carrying record-high interest rates. Rob Nestor, president of Turing Technologies , discusses the evolution of "high-conviction inve...
Mar 27, 2025•1 hr
Danielle DiMartino Booth, chief strategist at QI Research , says that she remains concerned about the economy in the short run because Congress isn't being "brisk and efficient" in delivering on the promise of de-regulation and lower taxes. Since those potential policy benefits haven't shown up — but the uncertainty of tariff policies has — she is expecting a bumpy economic road ahead. She does say that inflation may be having less impact than consumers say it is having, but she notes that consu...
Mar 26, 2025•59 min
Scott Brown of Brown Technical Insights says that the market traditionally is weak during the first quarter of a new presidential cycle, but he notes that the third week of March is also when that tends to change and the market reaches the bottom of that cycle. He says we're still in a secular bull market, with April and May historically providing some runway. As a result, Brown expects a bounce and says "It's not the time to be turning negative now," though he notes that if the seasonal rally f...
Mar 25, 2025•59 min
Dhruv Nagrath, director of fixed-income strategy at BlackRock , says that it's "easy to make a healthy return in your fixed income without taking too much risk," so while there are opportunities out the risk scale all the way out to high-yield and junk bonds, he notes that investors can stay safe and come away happy with their gains. Nagrath discusses what he expects to happen to bond yields when the Federal reserve starts cutting rates, how bonds are likely to perform relative to stocks in that...
Mar 24, 2025•59 min
The show wraps up interviews taped at FutureProof Citywide in Miami today, with Joe Terranova, chief market strategist at Virtus Investment Partners noting that the Trump Administration is not disturbed with the recent price action on the stock market, because they know that the economy must cool off to get lower interest rates and energy prices. Moreover, he notes that a prolonged tariff battle will impact earnings growth, which will be the key determinant of what the market can achieve this ye...
Mar 21, 2025•1 hr 3 min
Caleb Silver, editor-in-chief at Investopedia , says that uncertainty is kryptonite to investors and he worries that the longer current worries about tariffs, inflation, recession and more drag out, the more people could stop believing in long-term investing and stop their "relentless bid" where they put money into retirement plans with every paycheck. The market will keep going — perhaps slower, and possibly with a bear market and a possible recession — so long as the money keeps flowing, and h...
Mar 20, 2025•1 hr 2 min
Emily Roland, co-chief investment strategist at John Hancock Investment Management , says she is minimizing geopolitical inputs right now because it's impossible to make investment decisions around uncertainty. She says it's particularly important right now to focus on fundamentals and what's real — "We're investing in companies not countries" — and she is not buying the long-term hype on Europe because she says the recent rally doesn't have a strong foundation to stand on. That's one of four in...
Mar 19, 2025•59 min
Money Life goes to the beach for the rest of this week, with Chuck conducting interviews at FutureProof Citywide, a festival for financial advisers held on Miami Beach. His first conversation at the event was with veteran CNBC personality Ron Insana, now the head of wealth at QuantumStreet AI , who says investors are right to be concerned about current levels of valuation and also geo-political policy uncertainty, but who doesn't see market issues extending to a level of a crash or crisis. The s...
Mar 18, 2025•59 min
Jonathan Treussard, founder of Treussard Capital Management , says that the current market decline is not a real surprise, but the whipsaw of emotions — moving from a can't-miss certainty that things were going up to hand-wringing today — is taking investors by storm, making them want to take actions even when the best strategy is to ride this out. "Success grows in silence, and the market is really attuned to noise," Treussard says. "Your job is to sit there with peace in your heart and focus o...
Mar 17, 2025•58 min
Doug Ramsey, chief investment officer at The Leuthold Group , says that stock market swings have had increasing impact on economic growth and the rate of inflation in recent years — "Price is a fundamental," he says — and that means the current downturn in the stock market could deliver a recession. At the same time, if the market moves from current correction-levels to bear-market levels, he expects inflation to then ease up and to help drive a potential recovery. Charles Rotblut, editor at AAI...
Mar 14, 2025•59 min
Shelly Antoniewicz, chief economist at the Investment Company Institute , says that consumers currently expect that they will wind up paying about half of the costs added to goods by tariffs — meaning they will pay 10 percent more when an item is facing a 20 percent tariff — and she says that a cutback in consumer spending would dramatically change the economic picture, since it makes up about two-thirds of GDP. Along with declining consumer sentiment, Antoniewicz says that investors are reactin...
Mar 13, 2025•58 min
Kristina Hooper, chief global market strategist at Invesco , says she is still holding to the optimistic scenarios she had entering 2025, but she acknowledges that the potential for a recession grows by the day, given tariffs, a potential resurgence in inflation, fiscal pressures resulting in cuts to government spending and more. Still, Hooper's base case remains positive and she warns that investors can't afford to get spooked out of the market by short-term temporary declines. Jordan Grumet of...
Mar 12, 2025•1 hr 1 min
Brian Nick, head of portfolio strategy at NewEdge Wealth , says nervous investors should not be rooting for interest rate cuts, because they would be cheering for the economy to get worse, and the stock market would likely suffer as that happens. On the current suffering, Nick is not cowed by the last few days, noting that the "abrupt switch" in markt mentality is not the end of the bull market and economic growth cycles. He says the chances of recession are up, but that investors should diversi...
Mar 11, 2025•58 min
Jeanette Garretty, chief economist at Robertson Stephens Wealth Management , says the economy remains on a solid growth path, generating new job creation and steady unemployment that should prop the economy up against trouble. That said, she acknowledges that consumers are scared and may be starting to hesitate, which could quickly change the circumstances. Garretty notes that the stock market is pricing in what it expects to see from the economy in roughly nine months, and concerns over tariffs...
Mar 10, 2025•1 hr
Ed Clissold, chief U.S. strategist at Ned Davis Research says that he expects the stock market to back off of its current "pretty elevated" levels as it prices in a discount for uncertainty. "Whether or not you think in the long run that changes by the Administration are good or bad, while we go through them means that probably valuations need to be lower," Clissold says, noting that the discount will be accompanied by choppier market action, heightened volatility and more pullbacks and correcti...
Mar 07, 2025•57 min
Meb Faber , chief executive and chief investment officer at Cambria Investments , says that the cheap global stock markets are up 15 percent already this year, where the United States has been flat — "if you heard about geo-politics, you'd assume the opposite" — and he says that investors should be moving away from domestic issues to buy more global companies. Faber promises — and delivers — "a warning, an idea, a curiosity and something you've never heard of before" in today's Big Interview, an...
Mar 06, 2025•59 min
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 correcti...
Mar 05, 2025•1 hr 3 min
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...
Mar 04, 2025•59 min
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 othe...
Mar 03, 2025•1 hr 1 min
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 ...
Feb 28, 2025•1 hr
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 k...
Feb 27, 2025•59 min
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 ...
Feb 26, 2025•57 min
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 looki...
Feb 25, 2025•1 hr 1 min
