Johnson Financial's Ceci: Rally is ride-or-die on earnings growth
Dominic Ceci, chief investment officer at Johnson Financial Group, says "people are only going to pay so much for this market," which means that something besides price will have to attract continued investment. That source will be earnings, as Ceci says that strong earnings growth has powered the market this year and will carry it for as long as they stay strong. Ceci says the economy and market will get a boost moving forward from tax policies, the rate-cutting cycle, continued AI capital spending and more, which is keeping the risk of recession low for the next year. Wayne Park, chief executive officer at Manulife John Hancock Retirement, discusses the firm's inaugural Longevity Preparedness Index (done in conjunction with MIT AgeLab), a new benchmark for measuring the readiness of American consumers to live well in older age. The measure looks beyond finances, which is why higher incomes don't improve some overall scores for issues like personal care. In all, the index found that Americans are largely underprepared for living out their retirement, landing a D grade with an average score of 60. Plus, Ardal Loh-Gronager of Loh-Gronager Partners returns to the show after last week's appearance in the Market Call to discuss his recent book, "The Perceptive Investor: The Art, Science and Temperament of Successful Value Investing."
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Westwood's Helfert: Not your father's market, but the rally's not done yet
Adrian Helfert, chief investment officer for alternative and multi-asset investments at Westwood Holdings Group, says that a stock market that has averaged a 17% annualized gain for well over a decade "is not the equity environment that my dad knew," but while over-sized gains make investors worry that trouble must lie ahead, he thinks the market will roll on for as long as earnings continue to grow. Helfert says there's about a 30 percent chance of a recession in the next 12 months, enough to worry about -- and to prompt investors to diversify -- but not enough to head to the sidelines. With the stock market keeps flirting with record highs, Mark Hulbert, editor of the Hulbert Financial Digest, talks about a column he wrote recently for MarketWatch in which he noted that peaking markets don't actually make it any easier on money managers trying to pick winners. Beth Pinsker, financial planning columnist at MarketWatch, details the hard dynamics and impossible decisions she faced when she became financial caretaker for her mom. Pinsker's book, "My Mother's Money: A Guide to Financial Caretaking," is out today and it contains lessons not only for those who will take over affairs for parents, but for seniors who don't want to leave a burden to their children. (Bonus: You will learn the importance of making sure your financial accounts have a "trusted contact.")
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'The Vixologist' says the market is still 'fussing around' with uncertainty
Jim Carroll, senior wealth advisor and portfolio manager at Ballast Rock Private Wealth — known as the "Vixologist" on X — says that the Trump Administration is living up to the idea that it can "Make Volatility Great Again," as seen by record stock markets, but notes that the actions have raised uncertainty and made investors nervous. He says the stock market and economy are still "fussing around" with tariffs and other geo-political risks that could send the market for a loop, and says investors should be protecting themselves against a correction, though he notes that movement could be a steep decline in prices or a long period of sideways. David Trainer, president of New Constructs puts another electric-vehicle maker in the Danger Zone, noting that while he dislikes a lot of the metrics for the industry, this company has been a stinker before and is poised to crater again, even as it has rebounded from huge past losses to gain more than 66 percent this year. Charlie Bobrinskoy, vice chairman and head of investment group at Ariel Investments — manager of the Ariel Focus Fund — brings his focused value investing style to the Market Call. Plus, Chuck discusses the results of his annual Halloween "Cash or Candy, Trade or Treat" experience with the kids, where he gave away two big jackpots and a lot of candy, but double-disappointed a few of the trick-or-treaters.
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BondBloxx' Bianco says the Fed could be done after one more cut
JoAnne Bianco, senior investment strategist at BondBloxx, says that she doesn't expect there to be a need for a protracted cycle of rate cuts and makes the case that the Federal Reserve and the economy might be best served by stopping after one more cut, even if it waits through December to do it. Bianco says that markets -- particularly equity markets — want rate cuts — want rate cuts but could be overly optimistic about the impact that reductions would have when it comes to promoting spending, helping the labor market and more. Kendall Dilley, portfolio manager, Vineyard Global Advisors says "It's a really healthy bull market right now" with the potential for the Standard & Poor's 500 to top 7,000 by year's end. Dilley added that the charts aren't showing the kind of big tops that suggest that momentum is starting to wane, so while valuations are elevated and "the market has priced in a lot of good news," he still thinks declines should be viewed as buying opportunities. Ravi Chintapalli, portfolio manager on the Nuveen Global Fixed Income team, says that he has never seen a high-yield market that has been higher quality than what he is seeing now. That helps to explain tight spreads, and suggests investors shouldn't shy away from high-yield because they're being compensated for "the true level of default risk in the market." In the Market Call, Tobias Carlisle, founder of the Acquirers Funds, talks deep-value investing and how it works in a market dominated by a few big names. Carlisle recently wrote a book comparing the value investing tactics of Warren Buffett with "The Art of War" tactics of Sun Tzu.
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TCW's Whalen: Recession odds down, but volatility rising
Bryan Whalen, chief investment officer and head of fixed income at TCW says he's now putting the odds of a recession at 60 percent, down from 80 percent at the start of the year, but he suggests that even in a no-landing scenario, investors can expect dramatically higher volatility as stock and bond markets head into 2026. Whalen pointed out that with rate cuts starting to take hold, investors may want to keep some powder dry for the opportunities he sees ahead as the market responds to how the Fed plays out the cycle. In the Market Call, Ardal Loh-Gronager, founder of Loh-Gronager Partners — the author of "The Perceptive Investor: The Art, Science and Temperament of Successful Value Investing" — discusses his take on value investing, which is a mix of classic Warren Buffett style with a bit more trading and a broad industry-based focus as a starting point. Plus, as investors deal with the latest interest-rate cuts, Todd Rosenbluth, head of research at VettaFi, picks an actively managed municipal bond fund as his "ETF of the Week."
Money Life with Chuck Jaffe is leading the way in business and financial radio. The Money Life Podcast is a daily personal finance talk show, Monday through Friday sorting through the financial clutter every day to bring you the information you need to lead the MoneyLife.
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