Money Life with Chuck Jaffe

Jim Welsh, the strategist behind the Macro Tides and Weekly Technical Review newsletters, says that the market's underlying strength won't stop a short, fast decline of as much as 7%, but it will provide strong resistance to a full-blown correction or bear market. Welsh notes that people fear that the economy will be severely disrupted because they remember oil shocks creating recessions in the 1970s, but oil prices have much less ability "to tip the economy into recession now," so he thinks the impact of current events will be less than most investors fear. Welsh has been forecasting a secular bear market — a long reversal of fortune for the stock market — for a few years now, and he still sees one coming, but he doesn't think that starts until "the next recession" creates a situation that stalls growth and disrupts the market. Amid all of those market worries and concerns, Ryan MacDonald, portfolio manager for the Bluerock Private Real Estate Fund, says that private real estate is "uniquely boring, in a good way." MacDonald, who also serves as chief investment officer at Bluerock, says that three painful years of interest rate changes have driven values down to where they are attractive. "Entry point is the single biggest driver of future value for private real estate returns" and, on an inflation-adjusted basis, the market is now approaching valuation levels "not seen since the depths of the 2008 financial crisis." Jaime Seale discusses the 2026 home renovation trends survey from Clever Real Estate, which showed that half of all homeowners say their home is facing necessary repairs or renovations that they can't afford given current economic and personal conditions. Nearly six in 10 homeowners have nothing saved for emergency repairs , which is particularly alarming because 85 percent of homeowners spent money last year on an unplanned repair.

Sal Gilbertie, chief executive officer at Teucrium Trading — which runs commodity-oriented ETFs — says that war in the Middle East will have mostly short- and medium-term impacts on markets, commodities and inflation, noting that "If you're not already long energy, you're taking a pretty big risk by buying it now." He says he will be watching fertilizer prices — because Iran is a large producer of urea, a key ingredient in fertilizers — expecting to see some inflationary pressures, but he thinks that, too, will pass quickly. Teucrium also runs crypto funds and Gilbertie also gives his take on how leading currencies will get through the current "crypto winter." With current events in the Middle East impacting his thinking, Todd Rosenbluth, head of research at VettaFi, turns to a large-cap, low-volatility index fund for the "ETF of the Week," noting that the fund may not be the highest of flyers but it has a history of softening the blow of market downturns and troubles. Rod Yancy, founder of the Oath Money and Meaning Institute, discusses research which found that healthcare costs — premium, prescriptions, long-term care and more — are the top financial worry of American retirees entering 2026, but which also showed that a solid majority of retirees have a positive outlook this year despite current economic and geopolitical concerns. Plus, Chuck answers a listener's question about using artificial intelligence to improve personal portfolio results.

Louie Navellier, president of Navellier & Associates, says that while it is early to make any definitive statement on outcomes of military actions in the Middle East, he believes the energy industry narrowly and the domestic stock markets broadly are winning as a result of these actions. He makes the case that the dollar historically strengthens in times of conflicts, and that domestic markets enter these times much stronger than foreign markets; he's expecting the stock market to produce "a great year," though he is emphasizing gold stocks to get through and past the current headline events. Author Kim Lankford, author of "Medicare 101: A Crash Course in Federal Health Insurance," discusses the relationship consumers should have with the Medicare system, its future when it comes to financing and how to navigate the morass of rules and regulations to avoid a lifetime of higher premiums and health-care costs. Chuck and his wife Gail are nearing the age when they must make Medicare decisions and enroll in the program, so they are the real-life examples of the considerations consumers have to make. Plus, Allison Hadley, discusses a survey she did on worker happiness for Howdy.com, which found that more than half of American employees consider work to be "just a paycheck." Happiness at work involves many factors, Hadley said, noting that 93% of happy workers have clear ways to succeed on the job, compared to just 52% of unhappy workers, who feel they don't have much opportunity to advance personally or professionally.

Matt Hougan, chief investment officer at Bitwise Asset Management, says that the last six months of falling prices for Bitcoin and Ethereum represent a "normal crypto winter," the kind of downturn you see every few years, which typically lasts no longer than 11 months. He thinks the market is nearing the bottom of the cycle now, though he warns there could be more damage before any turnaround, especially with a market facing a lot of idiosyncratic events; still, he believes both crypto and global equity markets are poised for better days ahead. Hougan notes that cryptocurrency started as a "100% speculation" is evolving to where it truly becomes "as normal as gold," making it so solid that it's not really speculation at all; he says Bitcoin is roughly half way into that transition now. Long-term technical trader Mick Heyman, founder of Heyman Investment Counseling and author of "Mellow Your Money," sees the potential for the market to suffer a "shock event" — a one- or two-day decline of 10 to 15% — and a lot of volatility for the rest of this year, but he generally expects the market to push through that decline, which could get the Standard & Poor's 500 down to the 6,000 level, and then climb back higher. Heyman is not suggesting that investors trade out of the market to wait out the downturn; instead, he suggests diversifying and rebalancing, noting that "This is not a time to bet on energy or defense ...  This is not a time to bet for or against the Mag 7. ... This is a time to be sure you can handle that 10 or 15% drop." Plus, leading personal finance journalist Andrea Coombes discusses the end of the popular Direct File program from the IRS and how that is leaving consumers scrambling for free tax-filing help this year and where they can turn for help and red flags to watch for in the process.

Economist Howard Yaruss, the author of "Understandable Economics" and a professor at New York University, says that the market and the economy are strong on average, but that "chaos" — including the international tensions that escalated in Iran over the weekend, but also tariff and trade policies and more — should have investors leaning into gold. Yaruss notes that the market has seen so much speculative activity — including trillions for dollars invested into artificial intelligence infrastructure — so that when people see smaller-than-expected payback, the market and economy could go through the kind of demoralizing event that, historically, creates a recession.    Yaruss isn't the only one focused on chaos, as Vijay Marolia, chief investment officer at Regal Point Capital, talks in "The Week That Is' about "disruption" being the keyword for the week and beyond. He says that tensions in the Middle East have the potential to disrupt the oil market, noting how artificial intelligence has disrupted software stocks and, more broadly, technology companies and the market itself, but he also says that investors need to avoid disrupting their own portfolios by over-reacting to the headlines and the rapid-fire emotional swings.    Building on that theme of changes impacting the market's leading sector — and continuing a theme from recent Danger Zone segments, Kyle Guske, investment analyst at New Constructs, says that technology stocks outside of the Mag 5 are headed for trouble. And, yes, he calls it the "Mag 5" because he doesn't think two companies come close to still qualifying as "magnificent."    Plus, Herb Greenberg, editor of Herb Greenberg's Red Flag Alerts, discusses his recent coverage of Blue Owl's private credit meltdown and how the company's answers to questions on private credit may be a sign of more trouble ahead, not just for the BDC company – which has been hammered since it stopped redemptions in a non-traded BDC due to problems with some of its software lending – but for private credit markets generally. 

Today's show is all about digging into value, which often can be found in the scariest portions of the stock market. Of late, nothing has been scarier than the wash-out in software stocks, but in the Market Call, Adam Peck, co-founder of Riverwater Partners, says that the "massacre in the software space" has made it that the software sector is now a value priced sector for the first time in two decades. With a lot of software stocks with double-digit free cash flow yields, Peck says, making software "one of the most interesting areas of the market." The software companies troubles have spilled over into the realm of business-development companies, many of which have made loans to software companies that, in theory, could be troubled if artificial intelligence replaces the need for software as a service. Behind the theory that software companies will struggle to pay debts as artificial intelligence renders their products less useful and attractive, there are been some scary, well-publicized issues with a few BDCs. John Cole Scott, president of CEF Advisors, digs into the math that is impacting the lenders and BDCs in general. Scott, who also serves as chairman of the Active Investment Company Alliance, shows how the headlines could be creating values that make the industry more attractive, not less, for investors who understand and measure the risk.  Plus, Columbia University finance professor Ehsan Ehsani discusses his new book, "Finding Value in Numbers: The Essential Investing Toolkit to Win on Wall Street," which helps investors follow value-oriented strategies in all market conditions.

Ed O'Gorman, chief executive and chief investment officer at River Wealth Advisors, says that despite headline risks, investors need to "participate, without being overexposed" to market forces, balancing risks and approaches. He notes that recent action indicates that the market is broadening out, highlighting that an equal-weighted approach recently has delivered better results and lower returns, a sign that it's a good time to diversify and rebalance portfolios into the face of the news cycle. Bob Powell, retirement columnist at TheStreet.com and the co-founder of FinStream TV, dives into new research showing that household spending tends to decline modestly over the course of retirement, typically by small annual amounts that turn into big money over the decades of retirement. He has created a "Retirement Reality Check" that lets investors see for themselves how spending reductions -- the standard pattern, even if not conventional wisdom -- change the trajectories of retirement savings and spending. With the "ETF of the Week,"Todd Rosenbluth, head of research at VettaFi, focuses on a large-cap value fund that in its three-plus year history has accumulated what may be the most accolades and honors of any fund, getting perfect marks from both Morningstar and Lipper, with a structure and management discipline that should lead to continued future success. Plus, Emily Fanous discusses survey work she did for Credible.com study which found that 77% of Americans engaged last year in risky financial activities.

John Kosar, chief market strategist at Asbury Research, says money managers are moving from the market's racehorses to its sure-footed burros, saying it's a sign of "the very late stages of an up move or the beginning stages of the market starting to roll over." Kosar says the market has some room to correct and stay in bull market territory, but he thinks investors want to be cautious here until the rotation is complete. "I'm not saying doom and gloom and we';re done for the year," Kosar says, "but if you want to put on more risk ... this is a lousy place to do it." He's expecting a 5 to 7 percent move down, at which point the market will be much more attractive. In the Market Call, deep-value investor Michael Campagna, co-founder and senior investment analyst at Moerus Capital Management, discusses how the high levels of domestic stocks have him more interested in international investments, but he is finding plenty of opportunities around the globe,including, surprisingly, some that are derivative plays from the artificial-intelligence boom. Plus, Chuck discusses the parts of Tuesday's State of the Union address that had him scratching his head about math and political processes, and digs into statements that were made about inflation, tariffs, Social Security, the level of promised foreign investments into the United States, the scope of fraud in government programs and more.

Economist Steven Durlauf, a professor at the University of Chicago Harris School of Public Policy, weighs in on the fallout from Friday's Supreme Court decision that the Trump Administration had exceeded its authority in declaring tariffs as being necessary under emergency conditions. While the move put an end to the previously announced tariffs, Durlauf discusses the uncertain benefits of the changes, noting that there are some monies that could flow back to consumers or prices that could decrease, but that most of the impacts will be more on the policy and economy fronts than to the pocketbooks of consumers and the coffers of businesses.  David Trainer, founder and president at New Constructs, says that technology investors could be headed for trouble as he expects the sector to roll over "and take several steps back," bogged down with more balance sheets showing an overload of debt.  He notes that tech stocks have benefitted from momentum investing and buy-the-dips thinking, but if earnings slow down — as he expects — and off-balance sheet debts hit home, the sector will lag other parts of the market. Vijay Marolia, chief investment officer at Regal Point Capital says that he expects GDP numbers to come roaring back from last week's disappointment, noting that the 4%-plus growth he sees for much of the rest of the year is more than just recovering the gross domestic product lost late last year to the government shutdown. He does not expect that growth to be derailed by continuing trade-policy and tariff uncertainty, which reached new heights last week after the Supreme Court decision. Also in "The Week That Is," Vijay discusses his experience playing around on prediction markets and how that has led him to see that those platforms — which most see as a different form of gambling — will have real impacts on investment theory and strategy in the very near future.

Jose Torres, senior economist at Interactive Brokers, says the economy is strong and "not looking at a recession here," but  that hot economy benefits cyclical stocks rather than the Magnificent Seven stocks, and that limits just how much the market can gain ground. With technology "set for a down year," the other areas of the market can't generate enough gains — even in a robust economy — to make 2026 positive. He also notes the market has been running in a "three year on, one year off" cycle, and he thinks that will impact tech companies this year." Torres still expects rate cuts and thinks any downturn will be relatively short lived and not too deep, but enough for where investors should adjust their expectations. John Cole Scott, president of CEF Advisors, sizes up the prospects for the first new IPO the closed-end fund industry has seen in several years, and from a surprising source. Robinhood markets, the investment platform, will launch next week Robinhood Ventures Fund I, a concentrated portfolio of private companies. Scott, who also serves as chairman of the Active Investment Company Alliance, discusses the role private equities can play in a portfolio, as well as the challenges investors face in sizing up a fund with a net asset value entirely based on the "value" of illiquid shares that don't trade in public markets. Billy Hensley, president of the National Endowment for Financial Education discusses the group's recent poll on how American adults view their financial well-being, which found that seven of eight respondents were feeling some form of financial stress as they entered the year, with more than three-quarters of all respondents having suffered a financial setback in 2025.

Greg Daco, chief economist at EY, says the economy has been dealing with historic and conflicting economic shocks, but if it can continue the current capital investment cycle and see the productivity gains promised by artificial intelligence, it should be able to remain resilient in pushing past wobbles and weakness. Daco, who currently serves as the president of the National Association for Business Economics, discusses his concerns that growing polarization between different consumers and businesses are increasing the fragility of what he calls "the A pillars of economic growth" — affluent consumers, A.I. investment and asset-price appreciation economic growth — and how that creates "pockets of risk" that could change the cycle.  Todd Rosenbluth, head of research at VettaFi, leans into signs that the stock market has been broadening to make an equal-weight fund his ETF of the Week, noting that the balanced construction creates a very different take on the market than the traditional index fund covering the same ground. Mike Bailey, director of research at FBB Capital Partners, brings his "beat and replace" methodology back to the Market Call, discussing how secular change in industries and economies creates the upgrading opportunities he looks for.

Ryan Detrick, chief market strategist for the Carson Group, says that February and March could be "banana peel months" for the stock market to slip on, but he's not expecting a significant downturn and he says the underpinnings for the stock market will keep the bull market running through at least the end of the year. Detrick noted that the market has sent some mixed messages — with about 20% of stocks making 52-week highs while 6% made 52-week lows just last week — but he says that a strong economy with a dovish Federal Reserve can overcome geopolitical concerns, creating an environment where investors should be "overweight equities, but diversified around the globe." Dan Doonan, executive director for the National Institute on Retirement Savings, discusses their latest report, "Retirement in America: An Analysis of Retirement Preparedness Among Working-Age Americans," which has made headlines for suggesting that the average working American has less than $1,000 saved for retirement. Doonan is quick to back away from that number — because it includes the many Americans who have nothing saved and who aren't working to change that — but notes that while retirement balances are much higher for people who put in the effort, there remains a savings crisis in America.  Gil Baumgarten, founder and chief executive officer at Segment Wealth Management, brings his dividend-and-income focused approach to stock picking back to the Money Life Market Call.

David Trainer, founder and president at New Constructs, says the intensity of competition in the artificial-intelligence business is setting up a path for big winners and losers, and he says that it's nearly time "to see a lot of the companies in the AI race fall out." Trainer cits cash flows turning negative, and says that accounting tricks have hidden much of the problem by allowing companies to keep some debts off of balance sheets. When focusing on what he calls the real debt level of the companies, Trainer says "the cash flow for these companies is highly negative and it cannot be sustained." Further, Trainer notes that with so much money committed to the development of A.I., there is no guarantee that the companies that get in trouble will find a market waiting to take them over once the financial troubles hit. In "The Week That Is," Vijay Marolia, chief investment officer at Regal Point Capital, discusses how last week's software sell-off isn't changing his take on how "Software will eat the world," but it is a symptom of how the speed of development is amping up investor concerns about the A.I. revolution. He also discusses how and why the "Sell America" sentiment has been building, and why the Dow Jones Industrial Average — and not the Nasdaq Composite or the Standard & Poor's 500 — is leading the way for market gains early this year. David Bach, author, "The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich," celebrates the revised, 20th anniversary edition of the book and the countless people it has helped by getting them started small towards long-term lifelong savings and living goals. Bach — who last appeared on Money Life a decade ago with the 10th-anniversary edition of the book — discusses how time and technology have changed, but how they also have helped savers reach their goals more easily.

Ted Oakley, founder and managing partner at Oxbow Advisors, says that he expects the market to be setting new highs but to challenge some serious lows, hurt by high valuations, current economic conditions and the election cycle. "This will not be a real strong year for the market, and if you make money, you will have to know where to invest and when to invest," Oakley says. He notes that he is more invested internationally in the last 18 months than he has been in years, due largely to lower valuations abroad, and he is also keeping some powder dry expecting better opportunities when the market gets shaken through patches of volatility. Chris Oberbeck, chairman and chief executive officer at Saratoga Investment Corp., says that  increases in default rates are more of a return to normal than a sign of trouble for business-development companies or the economy. Between a bankruptcy and fraud case like First Brands and softness in the software business, Oberbeck thinks that recent activity is more a hangover coming from a time of particularly low defaults, rather than a sign of something bad building up. In the Market Call, Simon Lack, managing partner of SL Advisors — which oversees the American Energy Independence Index — talks about energy and energy infrastructure stocks, as well as how current events in Venezuela are likely to affect oil stocks and energy markets.

Jonathan Treussard, founder of Treussard Capital Management, says that many investors have staked their financial lives on the stock market continuing the kind of gains it has posted since the Great Financial Crisis nearly 20 years ago. He worries that that investors haven't saved for retirement or college tuition in a world where the market doesn't deliver something close to expectations; with that in mind — and in a world where valuations are stretched and concerns are abundant — he says investors need to prepare for uncertainty, and to decide how they would feel if the market tanks and what they could do to get more comfortable with the market's potential to peak and take a protracted turn for the worse. Todd Rosenbluth, head of research at VettaFi, revisits a fund with an options overlay strategy — one he picked as ETF of the Week in 2024 when it was new — and discusses the success investors have found with it. Plus, Andrew Graham, founder and portfolio manager at Jackson Square Capital, returns to the Market Call to talk stocks.

Amanda Agati, chief investment officer at PNC Asset Management Group, says that earnings growth will be the "defining driver" of market performance in 2026, and would be the factor to watch if you could only see one. PNC is forecasting earnings growth of nearly 15% this year, "which is darned good enough to keep the market rally engaged, even with valuations being a headwind." Agati notes that while there is a "purple haze of policy uncertainty" surrounding the market, she does not expect those concerns to derail the market, noting that accelerating earnings and economic growth should power through the headlines. In the Market Call, Raymond Bridges, portfolio manager at the Bridges Capital Tactical ETF, brings his "aggressively cautious" approach to stocks, talking about where to be opportunistic now. Emily Fanous discusses the IPX1031 annual Travel Outlook survey, which showed that 94% of Americans plan to travel this year — with more than 40% planning to travel more than they did a year ago — but a large chunk of them will have their memories of those trips stirred by lingering credit card or buy-now, pay-later bills. 

Jack Ablin, founding partner and chief investment strategist at Cresset Capital, is expecting double-digit earnings for stocks generally — but only single-digit growth for the Mag 7 — and he says the broader market with moderate growth and strong economic stimulus should roll on. Ablin entered the year expecting " double-barrel stimulus" from tax refunds created by tax cuts and interest rate cuts, but now that the next Federal Reserve chairman has been selected and that he is more hawkish than expected, he sees fewer rate cuts and a market that is steady but not spectacular. One are that has been spectacular, gold, has Ablin on edge, as he says the precious metal "is telling us that, by the end of 2027, inflation will be 10 percent." He thinks that's too high, which is why he expects gold to correct. Also expecting a correction is Michael Kahn, senior market analyst at Lowry Research Corp., who says the firm's proprietary Lowry Market Health Score is in "moderately strong territory" leaving "more to go in this bull market," and yet he makes it clear that after a few more weeks or months of the positive he "could see a pretty sizeable correction." Sean Mullaney discusses his new book, "Tax Planning To and Through Early Retirement," which helps workers decide when and how they can afford to pull the plug on their working career without waiting to full retirement age to do it. 

Terri Spath, founder and chief investment officer, at Zuma Wealth says it is understandable that investors are nervous with a lot of geopolitical worries and headlines on top of a market winning streak that can't go on forever, but she says that a strong earnings outlook, a healthy economy and the market's hot start to 2026 have her constructive and positive on the year ahead, expecting more good news without the negatives of recession or a bear market. She is urging clients to go back to basics to calm their nerves, noting that the market is going through a sharp rotation away from a few leaders to a broader outlook where investors will benefit from diversification and patience. With Valentine's Day ahead this week, David Trainer, president at New Constructs, eschews the usual worrisome pick for The Danger Zone, and instead goes for something much sweeter, a home-building company that he says is particularly attractive now. With jobs and inflation data on tap for this week — and the stock market coming off a big downturn in software stocks — Vijay Marolia discusses investors' nerves and how some might be letting headlines get in the way of good long-term buying opportunities in software, and whether they will be distracted by the jobs and inflation numbers released this week. Plus, he delves into "bets" versus "predictions" and more in "The Week That Is." Plus, Chuck digs in deeper to his Super Bowl jinx -- the trend he has identified in companies that buy Super Bowl ads within seven years of their initial public offering -- to discuss which companies from Sunday's big game might be losers in the market moving forward.

Steven Dover, chief investment officer at Franklin Templeton, says that while the economy generally looks positive, he sees it in a "rough spot, especially with those Mag 7 or A.I.-related stocks," which he said have gotten "way ahead of themselves." Dover, who also serves as head of the Franklin Templeton Investment Institute, says he doesn't see an old-fashioned recession happening, but thinks there may be rolling recessions impacting specific industries and sectors. That could lead to a situation "where the average looks great but for a whole lot of people it isn't good," the K-shaped downturn that impacts people who are lacking assets the most. Kyle Brown, chief executive officer at Trinity Capital, gives his outlook for the private credit and lending space, and notes that there could be some challenges for business development companies and private lenders late in the current economic cycle because returns from private credit generally have been declining. That has meant single-digit leveraged returns, Brown says, so "Investors are not happy." That, in turn, has led to redemptions in private funds and falling stock prices. Still, Brown says, that creates opportunities, which he sees being particularly abundant in the technology sector and amid continued capital expenditure spending. Charles Rotblut, editor at AAII Journal, discusses the latest Sentiment Survey from the American Association of Individual Investors, which shows that on a short-term basis, the recent market moves against stocks and precious metals have reduced bullishness. Neutral sentiment is on the rise, and while the market still has a bullish bias, Rotblut says the change will be worth watching as the market digests current headlines.

Barry Ritholtz, chairman and chief investment officer at Ritholtz Wealth Management, says that while the stock market has blown past multiple red flags and warning signs, investors should not be acting as if indicators like an inverted yield curve, events like war or tariffs, or a simple market winning streak are leading to some sort of fast market shift. Rather than getting caught up in the next news story, Ritholtz says to focus on diversification and common-sense long-term investing strategies, and he notes that for all of the reasons investors are nervous, he would focus on earnings, noting that if he had only one variable to look at to forecast the market's potential, it would be earnings. So long as that trend continues — and he expects it to — the market should keep gaining ground. Todd Rosenbluth, head of research at VettaFi, looks to emerging markets with his ETF of the Week, picking a classic, low-cost, long-term fund that he says can be a core holding for investors looking to increase foreign exposure. Plus, Chuck discusses comments by Elon Musk suggesting that Americans really don't need to save for retirement any more. As ridiculous as that might sound, the principal Musk is relying on is called "universal high income," and it suggests that retirement savings won't be necessary because the abundance created by productivity gains created by artificial intelligence will make it so that all future material needs are easily met. While that outcome is possible, Chuck explains why you might still want to fund your Roth IRA for a while.

Jeff Weniger, head of equity strategy at WisdomTree Asset Management, worries that there may be "an upside CPI surprise" coming in the second half of the year, but he also says there is "the risk of upside economic surprises" now, evidenced in the market action, where he sees basic materials, energy and "things that come out of the ground" like commodities and oil leading the way. Those are assets that normally lead late in the economic cycle, and he expects them to stay strong through 2026. Weniger also discusses why President Trump's recent nomination of Kevin Warsh as the next Federal Reserve chairman has Wall Street scrambling with changing expectations and outlooks. Chuck goes off the news with Bob Powell, retirement columnist at TheStreet.com, to discuss his recent piece on why "focusing on the break-even point" leads many Americans to make the wrong Social Security decision. Powell notes that break-even analysis is mostly used to formulate a bet on longevity, rather than focusing on the income and inflation-protection elements that Social Security is built to provide.  In the Book Interview, Becky Robison, author of "My Parents Are Dead: What Now? A Panic-Free Guide to the Practicalities of Death," discusses the challenges facing most people as they face, unprepared, the mortality of their parents. Robison discusses her own experience after the death of her parents which, she notes, was way different than what she was prepared for by years of watching tv and movies that had her expecting a neat, tidy and orderly process.  

Emily Roland, co-chief investment officer at Manulife John Hancock Investments, says that she may be forced to believe her eyes and is whispering to investors "This time is different," which are famously described as the most dangerous words in investing. With leading economic indicators negative for 38 months, the long time when the yield curve was inverted, three months of negative job growth and more; all of those are supposed indicators of trouble and recession, but the difference has been that the market has overcome those concerns. Roland is encouraging investors to resist the urge to trade on political headlines, or to get caught up in "fear of missing out" and jumping into parts of the market that are moving more on sentiment than fundamentals. She says it is a back-to-basics market, where investors might want to look more toward bonds as a backstop to high valuations and headline-induced nervousness. Brad Lamensdorf, portfolio manager of the Ranger Equity Bear ETF, says investors should be more nervous than they seem right now, because classic signs of trouble are building. Those factors include low money-market balances but high balances on margin accounts, suggesting that investors "are extremely aggressive and very, very off-balance here." Lamensdorf says that the market's current dividend yields and high prices make it the market "very, very expensive," at levels where some investors may feel they're not being rewarded for taking risk, a condition that is usually happening at times when bull markets are ending. In the Market Call, Brian Huckstep, chief investment officer at Advyzon Investment Management, discusses ETFs and mutual funds, which structure he prefers and which parts of the market stand out to him now.

Mo Haghbin, managing director for strategic ETFs at ProShares says it's not unusual to have a strong equity market when there's accommodative central bank policy, and he's expecting that to continue even with the Fed under direction of new chairman nominee Kevin Warsh. Haghbin says "It's a little bit of a Goldilocks situation right now," with the next year being an environment that seems "just right," and therefore is not particularly vulnerable to a bear market or recession. In "The Week That Is," Vijay Marolia, chief investment officer at Regal Point Capital, discusses spiking volatility that saw precious metals reach new highs before backing away from them, looks at mixed earnings results for four Big Tech names, and discusses the merger that Elon Musk is proposing for himself — combining SpaceX with xAI — and why the seemingly strange deal isn't actually weird. David Trainer, president at New Constructs, looks at a boutique mutual fund that on the surface looks decent but which he says holds too many dangerous stocks, which he thinks will turn three years of super-hot performance back into a long-term record of feast-or-famine results. Plus, Chuck looks at the recently announced retirement of Will Danoff, manager of Fidelity's Contrafund since 1990, and how investors should evaluate their next response, a next move Chuck himself is considering as a shareholder in Danoff's hugely successful fund.

Rob Williams, chief investment strategist at Sage Advisory Services, says that 2025 was a great year for the market, but that has the market priced to where investors should expect to capture earnings growth and interest income. "If earnings come in 10 to 15 percent and you get that but nothing else, that's still pretty good," Williams says. "If you get 4.5 to 5 percent on bonds — without much help from the Fed — that's not so bad either." It's about preparing for "less," rather than preparing for some sort of market nightmare, Williams says. In The NAVigator segment, Nick Robinson, deputy head of global emerging market equities at Aberdeen Investments, discusses how the artificial intelligence wave that has pushed domestic stock markets to record highs is readily apparent around the world — including in countries that are not necessarily synonymous with technology — and that the capital expenditure wave should continue to power emerging markets, especially if foreign companies can monetize the potential gains created by AI. He also discusses how markets are weathering geopolitical events and why they can continue to overcome worrisome headlines. In the Market Call, Brian Mulberry, portfolio manager at Zacks Investment Management — manager of the Zacks Earnings Consistent Portfolio, among other ETfs — talks about the shifts he is seeing now in the markets, but how a focus on persistent earnings can smooth out the ride of a nervous, high-growth market.

Chun Wang, senior analyst and portfolio manager at the Leuthold Group, says that the economy should perform well in 2026, with the mid-term election feeling more like a presidential election because fiscal and monetary policy should be aligned to prove something to voters, rather than the typical mid-term doldrums. Still, Wang believes that the wealth effect that has kept the economy out of a recession would be threatened by a market downturn, which means that a bear market would likely cause a recession. Wang says the near-term biggest macro risk is outside the U.S., most notably rising bond yields in Japan that, if they keep rising, "would cause a major disruption in this global risk rally."  Todd Rosenbluth, head of research at VettaFi, looks to small-caps this week, picking a Fidelity fund that takes a strategic, computer-driven, broadly diversified approach to the sector, providing moderately active management rather than the "significantly aggressive active management" that comes with a bottoms-up gunslinger picking stocks. In the Market Call, Jonathan Smucker, portfolio manager at Marietta Investment Partners, discusses his approach to stock picking, melding top-down macro analysis with thematic investing before finishing with a bottoms-up analysis to confirm his direction.

Scott Ladner, chief investment officer at Horizon Investments, says the market entered the year "with some pretty nice tailwinds all hitting at the same time," which has the economy set up for growth that he thinks will push the stock market to its fourth straight year of double-digit gains. Ladner recognizes that the market is enjoying current conditions, but he doesn't see major risks as being high-probability events this year, and instead finds his discomfort and nervousness in riding along with the consensus that conditions are so good. In the Book Interview, Danny Funt discusses "Everybody Loses: The Tumultuous Rise of American Sports Gambling, which looks at the evolution of the gaming industry to the detriment of most people attracted to it, and the worrisome methods that the industry's power players are using to bleed sports gamblers dry. Jaime Seale discusses the Millennial Home Buyer Report for 2026 out from Clever Real Estate, which found that 40% of millennial home buyers say they 're desperate to buy a home this year, so much so that a high percentage of them would spend half or more of their monthly income on a home. That's bad financial math, which shows why so many feel the American Dream of home ownership is slipping away.

 Brian Levitt, global market strategist at Invesco, says he is watching but not worried about geopolitics, the interest rate environment and more because the current business cycle is strong enough to continue through the year. Levitt entered the year with a mindset of rebalancing and diversifying to take advantage of areas like international investments and small-caps that have been underweighted in portfolios, and he says foreign stocks should benefit all year from weaker dollar conditions. Dollar strength is one of four key market signals — corporate bond spreads, transportation stocks and inflation expectations are the others — that he is watching right now as gauges of continued market and economic strength. Brian Moody, executive editor at Kelley Blue Book, discusses price trends among new cars — elevated, but stable — used cars and what consumers can do in an effort to get better prices no matter what they are buying. He also discusses Chuck's recent search for and purchase of a new car, and talks briefly about what he drives and why. Lester Jones, chief economist for the National Beer Wholesalers Association, discusses how the January 2026 Beer Purchasers Index doesn't show an end to the "beer recession," he was seeing in the numbers last fall, but it does show that sales have started to pick up from levels that had gotten ugly. That resurgence — a forward- looking indicator since it measures the sale of beer that will be available to the public in several months — could be a sign that economic consumption could be up in 2026, a phenomenon not just limited to beer.

Talley Leger, chief market strategist at The Wealth Consulting Group, says the market is facing seven different headwinds, but that it has 10 tailwinds, all blowing to overcome potential troubles to where he expects the Standard & Poor's 500 to  reach 8,500 this year. That would make 2026 the fourth consecutive year with double-digit market gains, but Leger is confident in his pick, noting that easing financial conditions — including a few more rate cuts from the Federal Reserve — should support economic re-acceleration to let the rally roll on. Leger is not the only one who is optimistic, as the latest Business Conditions Survey, released today by the National Association for Business Conditions, showed that the nation's economists have mostly factored recession out of the picture for this year. While the economists do see potential overhangs from tariffs and other policies impacting business, they say that spending plans in their companies — but more broadly for the economy at large — should fuel continued growth. Vijay Marolia, chief investment officer at Regal Point Capital, is also optimistic for the future, coming off of the World Economic Summit at Davos — where he says the lesson was to keep watching geopolitics without over-reacting to them by overhauling your portfolio. Further, in "The Week That Is," he discusses how the market is reacting to feelings rather than fundamentals in the current earnings season, and how it's still not too late for investors to reconsider their commodities holdings, even after gold and silver popped again last week, with silver reaching fresh highs above $100. David Trainer, founder and president at New Constructs, puts five different technology stocks — including Magnificent Seven member Meta Platforms and tech giant Oracle — in "The Danger Zone," noting that they have troubling balance sheets that have created significantly misleading stock valuations, which he says will not hold up once the market recognizes the potential for trouble.  

Ted Benna, the father of the 401(k) -- who first recognized the potential in Section 401(k) of the tax code to boost retirement savings and who developed the first plan -- ax code, he recognized its potential and developed the first plan -- says that the Trump Administration's proposed plan to allow 401(k) savers to put some of their monies toward home down payments is a positive change that is overdue. He is not worried that the change will somehow endanger savers or widen the retirement crisis and notes that the change would make rules consistent across various types of tax-advantaged retirement accounts. Benna also discusses the Radish Plan, his new vision for how 401k plans can be used by employers to create incentives that boost employee-retention and productivity. John Cole Scott, president of CEF Advisors, reviews the key takeaways from his firm's fourth-quarter review of action in the closed-end fund industry, focusing on fund consolidation trends that have occurred in the middle of booming asset growth for the industry, as well as discount levels and whether narrowing discounts set up 2026 for more muted results.  A day after joining Chuck to discuss his new book "Your Perfect Portfolio: The Ultimate Guide to Using the World's Most Powerful Investment Strategies," Cullen Roche of the Discipline Funds puts his personal disciplines and preferred investment strategies to work talking ETFs in the Market Call.

Dominic Pappalardo, chief multi-asset strategist at Morningstar Wealth, discusses the firm's outlook for 2026, noting that the market has rewarded the sellers of artificial intelligence technologies, but at some point the buyers of AI technology will "need to show material gains from those investments" to justify the spending and maintain AI profits. As a result, he is cautious on artificial intelligence and technology stocks, but he is positive on the market and says he expects to see strong opportunities in small-cap stocks and international plays, particularly in emerging markets. Cullen Roche discusses his new book, "Your Perfect Portfolio: The Ultimate Guide to Using the World's Most Powerful Investment Strategies," which examines what it takes to apply some of the most famous investment strategies of all time to an individual investment portfolio, and what to expect for results. Roche, who is founder and chief investment officer of the Discipline Funds, also discusses why it is more important for investors to focus on "you" rather than on "perfect." Plus Todd Rosenbluth, head of research at VettaFi, revisits a fund that he made the ETF of the Week last year to give it the honor again. Repeats are rare in ETF of the Week history, but results alone might deserve it here; the fund he picked — tied to cryptocurrency — has had three stellar calendar years and is already up more than 33 percent for the first few weeks of 2026.  

Peter Chiappinelli, chief investment officer at Ballentine Partners says "When everyone is talking about a bubble, I sleep much, much better at night, because it means we're probably not in one." He makes the case that valuations are high — which could hold down potential earnings moving forward — but that they still justify the market action we have seen. He's cautiously optimistic that gains can continue, with his worry being the geopolitics, but he says the market has overcome plenty of exogenous shocks in recent years, and that recession risk is "almost nil" so that investors should expect volatility in which bad news is amplified but not turning conditions ugly. Laks Ganapathi, chief executive officer, at Unicus Research — an independent short-only research firm — makes her debut in the Market Call, discussing the disciplines of short-selling and whether a long stock market rally fueled by just a few companies has left her with an abundance of potentially lagging companies to choose from. Plus, Chuck talks about the changing life conditions — and then the monetary realities — that led him to make a big personal finance decision he never would have believed just a few weeks ago, replacing his old beater of a car with a new vehicle which he is leasing. Chuck's last new car purchase was nearly 40 years ago; he says that buying a used car to replace the old one made sense, until it didn't.

Alan Thomson, chief executive officer at Intervallum Technologies — which has developed a factor-rotation index based on evolving market conditions — says that the market's strong conditions are "durable," but that a "fragile" macro environment has created stresses. This makes for a "thin-ice state," where the market shows stability and could stay that way for the foreseeable future, but the underlying risks can not be ignored. He noted that should not put investors out of the market, but should instead have them aware that trouble is possible and to factor downside risk potential into their near-term outlook. Vijay Marolia, chief investment officer at Regal Point Capital, looks at the big start that the latest earnings season got off to last week thanks to some brand-name financial companies, and he talks about two companies that he thinks are must-watch news as earnings season transitions to more of the consumer and industrial names. He also discusses what he's looking for in companies from all industries to make sure they are staying on top of opportunities in the business world. David Trainer, founder and president at New Constructs, put five different stocks in the Danger Zone this week, noting that he expects them all to miss earnings estimates because Wall Street has been listening to whisper numbers or allowing legal accounting tricks to artificially inflate the numbers.  Plus, Chuck answers a listener's question about whether he can keep contributing to a Roth IRA now that he has retired.

Martin Pring, publisher of the InterMarket Review and chief investment strategist at Pring Turner Capital Group, says that "all measures of valuation ... are up in the stratosphere,"  which means the market is entering "a very dangerous period on a long-term basis." For now, however, Pring stressed that "trend trumps level," meaning that the valuations won't derail the market on their own, because the trend has remained to the upside. Still, he says that could happen soon, noting that the market has been climbing a big mountain during the current rally, but it is currently nearing "the death zone," where it runs out of oxygen. Ryan Kimmel, fixed income allocation strategist on the macro allocation team at DoubleLine, discusses the dilemma investors are in as the U.S. Bureau of Labor Statistics faces challenges in producing monthly employment figures, noting that the issues are more about declining survey participation than they are any sort of politicization of the numbers. Kimmel says lower response rates force the statisticians to rely on "imputed data," which then requires bigger, more dramatic revisions, which can reduce public trust in the numbers. He notes that the key number he is watching will be initial jobless claims; he currently pegs the probability of recession at 30 to 50 percent, but says it would go significantly higher if initial jobless claim trends shift higher. Stephen Davis, closed-end fund product specialist at Nuveen, says that price returns exceeded net asset value (NAV) gains for closed-end funds in 2025, which means that discounts were narrowed. With those thinner discounts, it could be hard for that trend to continue in the new year. Still, Davis sees potential opportunities in municipal bond and senior loan funds in 2026.

Ben Cook, portfolio manager for the Hennessy Energy Transition Fund, says that the removal of Venezuelan president Nicholas Maduro "will do little to change the global balance for the supply of crude oil" and says the situation is unlikely to have much price impact. He worries more about how tensions in Iran and the Middle East could impact markets if they take a turn for the worse. Cook also notes that government policies have changed investment prospects in classic energy companies compared to alternative energy developers and says he expects that trend to continue. With the stock market again flirting with record highs, Todd Rosenbluth, head of research at VettaFi, looks to an actively managed large-cap fund as his "ETF of the Week," saying that the T. Rowe Price U.S. Equity Research fund  can serve as an adjunct or replacement for a classic index fund in a portfolio, especially for investors hoping to gain an active edge. Chip Lupo discusses the latest credit-card debt survey from WalletHub.com, which showed that nearly 40 percent of consumers expect to have more credit-card debt at the end of the year than they have now, with roughly the same percentage of Americans feeling like they will carry credit debts for the rest of their lives. Plus, Chuck goes off the news on the request that the NCAA recently made to securities regulators to suspend "prediction markets," which are regulated differently from gambling — and are treated more like investments by law — but which have the potential to improperly influence outcomes, athletes and the investors/gamblers drawn to them.

Rob Haworth, senior investment strategy director at U.S. Bank Asset Management, says that he expects the stock market to overcome the worries and concerns that could make for volatile times, en route to a fourth-straight year of double-digit gains in 2026.  by the time the year is done. Haworth says his target for the Standard & Poor's 500 this year is 7,625, though he says he won't be surprised to see a double-digit decline somewhere along the way. Doug Fleener, author of "Start With What If: Weekly Questions to Spark Immediate Change and Growth," talks about how taking a pause to ponder change, asking a simple what-if question and then making a decision can lead to fresh thinking and life changes by getting people past the habits, fears and mindsets that limit or impact their actions. Plus Chuck discusses President Trump's proposal for capping credit card interest rates at 10 percent, a move the president wants in place by next week. Chuck says that however well-intentioned the idea is — and there has been bi-partisan legislation proposed for this kind of action in the last few years — there would be consequences beyond what shows up on a monthly account statement.

Warren Pierson, co-chief investment officer at Baird Funds, says that investors should be concerned with factors like rate cuts, the independence of the Federal Reserve, sticky inflation and more, but in spite of all of those factors, "We still see good value in the bond market ... and investors don't have to take a lot of risk to get that value." He discusses how to unlock that value and much more in the Big Interview. On the stock market front, Lawrence McMillan, president of McMillan Analysis and editor of the MarketWatch Options Trader, says he is bullish about stocks right now, with most technical indicators pointing upward. McMillan does expect the market to broaden out and says volatility may increase but so long as the VIX volatility index doesn't show too much stress, he thinks the rally can continue. The Book Interview today makes a rare foray into fiction, as author Frank Hamlin discusses his novel, "Skinny Dipping at Low Tide: A Saga of Squeezed Shorts, Shattered Dreams, and Embarrassing Riches" The book, released today, is fashioned loosely on GameStop and other meme stock situations — Hamlin was working at GameStop when it became a popular meme stock — and delves into what happens on the inside of a company when its stock goes viral and the fortunes of investors seem disconnected from business operations and tied entirely to sentiment.

It's a wide-ranging day on the show, starting with "The Week That Is," where Vijay Marolia, chief investment officer at Regal Point Capital, says that while the latest Jobs Report showed that unemployment remained high, investors and observers should not worry as current levels represent nearly full employment, particularly at a time when people can hold jobs in new and different ways. That gives the Federal Reserve room to cut rates, Marolia says, especially if it is willing to settle for inflation running closer to 3 percent rather than pushing to get to its historical target of 2 percent. As a result, Marolia says investors have to prepare and invest for higher inflation, especially in an environment where tariffs are fueling economic growth, because no matter what happens with the tariff case in the Supreme Court or the inflation numbers ahead, prices will not be coming down. David Trainer, founder and president at New Constructs, digs into artificial intelligence and how it is making classic stock-picking and fund-management techniques obsolete, because he believes it eliminates much of the edge a manager can gain by trading actively. He does agree with a recent interview with David Snowball of MutualFundObserver.com who said that less is more when it comes to active management, but says that A.I. — and having the best possible A.I. — is now the big determinant of which strategies can win on Wall Street. John Yoegel, author of "Real Estate Investing in Plain English. Definitions. Examples. Uses" discusses the real estate market and the ins and outs of buying income-producing properties as an alternative to stocks, bonds and cash. And Chuck discusses the latest concerns over the Federal Reserve's independence after Fed Chair Jerome Powell pushed back on Sunday against a Justice Department's investigation into his previous congressional testimony, and discusses how the allegations could impact outcomes in ways that go well beyond rate cuts.

Ed Clissold, chief US strategist at Ned Davis Research is expecting a modest year of gains for the stock market in 2026, and he says that would be better for investors because another year of double-digit gains — the fourth straight year at that level — has only happened one other time, as the Internet bubble of the late 1990s was inflating. Clissold said he expects 2026 to be a 6-7 year, to borrow from the popular meme with the kids, noting that it will be a decent return delivered after a good start to the year, a middle period of struggles and a strong finish. Michele Schneider, chief strategist at MarketGauge.com, says she expects the stock market — as measured by the Standard & Poor's 500 — to have a flat year, with 7,000, a level barely higher than the market is at now, being roughly her high for the year. Within that flat year ahead, Schneider is expecting a rough go in terms of volatility; she also said that other indexes and sectors — most notably the small-cap Russell 2000, but also transportation, retail and biotechnology — represent opportunities to do better than the broad market in the year ahead. Plus, Kimberly Flynn, president at XA Investments, discusses the just-launched XAI Interval Fund Credit Index, which tracks the performance of non-listed closed-end interval funds and tender offer funds in the alternative-credit space, and how having the benchmark should help investors as they look at adding private credit and other alternatives to their portfolios. 

Liz Ann Sonders, chief investment strategist at Charles Schwab & Co. discusses her outlook for 2026. where she expects to see a broadening out — with more than just the mega-cap names driving stocks higher — but says investors will "have to do homework" to make the right moves amid heightened volatility and instability. She discusses how 2025 was not as far away from expectations as many people think, why she doesn't see a recession ahead but worries that rate cuts and threats to Federal Reserve independence could change that, and discusses "the three C's of the artificial intelligence cycle," and how the economy has moved from creating AI to catalyzing it and now to cultivating how it can impact businesses and the economy. Todd Rosenbluth, head of research at VettaFi, looks at a month-old actively managed liquid alternatives fund as his "ETF of the Week." And in the Market Call, David Snowball, founder of MutualFundObserver.com looks at funds and ETFs and warns about many newfangled products like the one Rosenbluth recommended, advocating for investors to keep things more simple, arguing that "The best thing we can do is make a good plan, find reasonable managers, and walk away."

Michael Mullaney, director of global markets research at Boston Partners, says he expects the stock market can produce another year of modest gains, without a recession, but he notes that his concerns are the potential for Federal Reserve policy mistakes and whether consumer spending can remain strong. He says the top two quintiles of consumers — the upper portion of a K-shaped recovery — are flush right now, and they make up about half of the economy's total spending and should be able to provide a tailwind that helps the market ride through any slowdown period. George Schultze, founder of Schultze Asset Management — the author of "The Art of Vulture Investing" — discusses buying (or short-selling) distressed securities in current market conditions. Plus, Chuck answers a question from a listener who felt her financial adviser was pushing her to make decisions that she thought were, at best, sub-optimal, and at worst a breach of financial responsibility. Chuck — who has written two books on choosing and working with financial advisers — thinks the problem is communications and expectations, which should make it straightforward to fix.

Jared Lou, portfolio manager on the emerging markets debt team at William Blair, says that the outlook for Venezuela and its place in the investment world has "dramatically changed" with the removal of president Nicholas Maduro. Lou noted that Venezuelan debt should be able to be restructured now, creating "a much better future than they had just a few days ago." Lou says emerging markets are well positioned for a big year in 2026, with continued dollar weakness also contributing to tailwinds.   WalletHub.com released its list of the "Best Credit Cards for 2026" today, and Chip Lupo, an analyst for the site, discusses not only some of the best deals but why consumers may want to be shopping for new credit cards now, even if they don't need one, noting that many credit deals have changed and improved. He says card users who fail to keep up with their perks and benefits will lose out and waste some of their credit dollars. Cecilia Amo, founder of Amo Law Legacy Planning discusses how consumers who want to avoid estate planning may doom their families to problems with probate, lost assets and much more. At a time of year when many people are trying to improve their financial lives, she talks about how estate planning does not have to be difficult, and the peace of mind it provides.

Craig Johnson, chief market technician at Piper Sandler, says three consecutive years of stock market gains aren't going to come to a dead stop, but he does think the market's pace will slow down in 2026, where he has a target for the Standard & Poor's 500 of 7,150. Johnson expects a strong first quarter, but suggests investors might want to start building up cash for a pullback that could occur in the second or third quarter, noting that this market is "acting more like a light switch than a dimmer," meaning it will have on-off volatility rather than more gentle moves. David Goerz, chief executive and chief investment officer at Strategic Frontier Management, sees the market reaching a similar peak — he picked 7,200 on the S&P as his target — and also forecast a correction or downturn in the spring or early summer, but he says that the fundamentals behind his process suggest that small-caps and international stocks will be the areas that ultimately carry the market higher. In "The Week That Is," Vijay Marolia, chief investment officer at Regal Point Capital, discusses how Venezuela — in the news due to the arrest of its president — should not be overlooked for its economic impact, despite being a frontier market, discusses how energy markets will sort out the issues there and talks about how capitalism continues to show its dominance over socialism.

Bob Doll, chief investment officer at Crossmark Global Investments, returns to the show to discuss his 10 forecasts for the year ahead, when he is expecting "a good, but not a great year" as the market navigates "a high-risk bull market." Doll, a Wall Street veteran who has been making annual forecasts and predictions for decades, says that every year has plenty of uncertainty, but he says it feels like there is more now. He's expecting positive economic growth, sticky inflation and earnings that are lower than analysts expect, which will put a cap on the market's ability to generate gains. John Cole Scott, president of CEF Advisors — the chairman of the Active Investment Company Alliance — reviews the forecasts he made a year ago for 2025, grading his wins and losses on everything from inflation levels and Treasury yields to discount levels and the performance of five funds he identified as potential buys. Plus, Chuck talks about how investors are caught in a cyclone of emotions — suffering from higher inflation while benefiting from a stock market that has been defying gravity — and how a straightforward to-do list for the new year can provide more financial stability and clarity for 2026 and beyond.

Phil Rosen, co-founder of Opening Bell Daily, discusses his recent piece on "The 10 stocks Wall Street is most bullish on for 2026" — as well as the ones analysts think will underperform the most. These aren't his picks — in fact, Rosen is clear that they're not in his portfolio -- but instead they represent where analyst estimates are most disconnected from the current stock price; while that condition could mean the stocks are poised for take-off, it also means they could be particularly impacted by an earnings miss or any problem that shakes up analysts. Justin deTray, managing director at Wealthspire Advisors, discusses how the biggest determinant of returns is investor behavior — managing loss aversion, recency bias, anchoring and other personality traps — rather than asset allocation, and what that means for how investors should re-position their holdings entering the new year. Todd Rosenbluth, head of research at VettaFi, revisits three of his "ETF of the Week" picks from 2025 to note which ones worked particularly well in terms of both performance but also in terms of attracting assets in a crowded ETF landscape. (Warning, one of these picks is a fund that can be labeled as "boring" due to its assets and investment style, but where returns are enviable compared to peers.) Plus, Chuck talks about five ways he hopes to improve his life — the behaviors he wants to change or things he wants to get done — that will help him in 2026 but also, he believes, for all the rest of his years.

Willie Delwiche, investment strategist at Hi Mount Research, says that investors may be expecting too much from the domestic stock market, which makes it more likely to disappoint them even if it delivers modest gains. He's more excited about the prospects of international stocks and the commodities market, where he says the values — relative to the domestic market — remain attractive and there is more room to run.   With year-end upon us, Chuck talks about some personal finance realizations he has made this year that have him adjusting his thinking for the future, to better balance money and happiness. He's discussing research which shows that how someone receives their income may be a bigger determinant in their happiness than how much money they have, and how financial security is not just about the number at the bottom of a net worth statement. Plus, Stephen Akin, founder of Akin Investments brings his stock-picking mix of technical momentum indicators and fundamental analysis back to the Market Call.

Vijay Marolia, chief investment officer at Regal Point Capital, says that while artificial intelligence dominated the media landscape for moving the market in 2025, he says that monetary policy was a bigger story for investors, moving gold, silver, precious metals to much bigger gains.  "Commodities told the story of 2025," Marolia said in "The Week That Is," and while he expects AI to continue to be a big story, he said investors should be paying more attention to gold and precious metals. Marolia also talks about the year ahead, one where he expects increased merger and acquisition activity, improvement for value stocks and small companies, a rebound in cryptocurrency and more. Chuck talks about goals versus resolutions for the year ahead, advocating for having a personal system that helps provide focus on personal growth and progress so that you can make the most of the year ahead. Plus, the show revisits a recent conversation with Sam Stovall, chief investment strategist at CFRA Research,who said that the bull market after celebrating its third birthday is in a position to keep running and producing positive returns for longer. He's expecting a modest up year in 2026.

John Cole Scott, President of CEF Advisors, relies on his massive stores of data to look ahead for 2026, and he foresees no recession, lower inflation and modest GDP growth for 2026, with less volatility due to the interest-rate picture but more market tension due to the global macro picture. Scott also discusses what he sees happening in the closed-end fund industry, and he selects five funds — including one that has been in the news recently for problems that raised its discount — that he's expecting big things from in the year ahead. Long-time business journalist Allan Sloan — a seven-time winner of the Loeb Award, business journalism's highest honor — returns to the show to discuss his recent piece for Barron's  in which he discussed his admiration for the way Michael and Susan Dell recently committed $6.25 billion of their own money to give 25 million kids $250 each to invest in mutual funds. But he doesn't like the mechanics of the new Trump accounts that are the vehicle for those young savers and he says their impact on changing lives will be much more limited than the hype is making it out to be. Plus, Chuck talks about avoiding mistakes that result in financial punishments if not completed by year's end: failing to take required minimum distributions and failing to spend down dollars set aside in Flexible Spending Accounts. He cites Vanguard data showing that the RMD problem is much bigger than many people expect, and he suggests ways that heatlh-care savers can legally spend down their accounts while there is still time.

Steve Sosnick, chief market strategist at Interactive Brokers, is a market veteran who wasn't allowed to make annual forecasts until this year, and he's starting with an outlier, calling for the Standard & Poor's 500 to lose about 7% in 2026. Sosnick says a key issue for the market is investor expectations which are now so high that "it's hard to outpace that." Sosnick doesn't think the market is going in the tank, but he says that if investors see it struggle and lose some of their "buy-the-dips" nerve, it will create headwinds that will be hard to overcome. Travis Prentice, chief investment officer at Informed Momentum, brings his stylized investment methodology — which tries to find the stocks that are outperforming, but that also represent businesses that are improving — to the Market Call, and talks about where he is "finding the mo" now. Todd Rosenbluth, head of research at VettaFi, reviews the year in exchange-traded funds, from the growth in the industry and the action in new funds to the emergence — thanks to new rules — of ETF share classes for established funds, a change that could be the defining story in the industry in 2026.  

Gene Peroni, founder and president at Peroni Portfolio Advisors, expects a "broad-based, well-balanced market advance" with a number of sectors and themes doing well in 2026. Peroni expects the small- and mid-cap advance that we have seen late this year to become full-blown leadership in the new year, but he's not down on large-caps either, putting a target of 53,000 on the Dow Jones Industrial Average for the year, which would represent roughly a 10 percent gain. He is concerned about heightened volatility, but does not see any oversized drawdowns in the offing. Bob Doll, chief investment officer at Crossmark Global Investments, returns to the show to put his forecasts from a year ago up to scrutiny. In a long career on Wall Street, Doll has become known for making 10 annual predictions — and he will unveil his forecasts for 2026 on the first show of the new year — and it looked in the middle of 2025 that his picks were all going to be on the money. The end of the year put a wrench into those plans, but he explains why and where things turned. Allison Hadley discusses a study done for Howdy.com based on a search that has been rising dramatically in popularity on Google, about "Is college worth it?" The survey found that holders of computer science degrees overwhelmingly felt that college was worth the expense, but a shrinking number of people think that degrees will be as valuable in the future, with many noting that artificial intelligence reduces the need for formal education. 

Brian Jacobsen, chief economic strategist at Annex Wealth Management, says 2026 will be a year in which valuations and fundamentals really matter, as the broad market will see more volatility and will have less momentum. After three straight years of gains around 20% annually, Jacobsen says investors will need to curb their enthusiasm and settle for gains that, at best, he thinks will only get to high single-digit levels. He says that valuations in large-cap stocks "have created too many vulnerabilities for us to really sleep well at night," which is why he favors international, small- and mid-cap stocks and value stocks for the year ahead. David Trainer, founder and president at New Constructs, puts the focus squarely on stock pickers in this week's Danger Zone, discussing the benefits — or more importantly the drawbacks, behind active management.  Plus, in "The Week That Is," Vijay Marolia, chief investment officer at Regal Point Capital, tells the tale of two tech stocks — one living through the best of times, another the worst of times — covers the evolving battle for content creators and distributors, and offers a holiday wish and suggestion for investors.

Brent Schutte, Chief Investment Officer at Northwestern Mutual Wealth Management Co., sees "a lot of different parts of the U.S. economy that aren't working," and while the market and economy have overcome those concerns to this point — and may have the strength to keep that up — he is concerned about the potential for a fall and says investors need to be diversified properly to ride out the year ahead. "Diversification doesn't pay all the time," Schutte says, "but it often times makes up for all the costs that it has in periods where whatever you want to concentrate in actually doesn't work. And that's where I think diversification going forward is not only a risk management tool, but it's also a return enhancer." Schutte sees the market broadening out but delivering only modest gains, and says he is more concerned about recession than most experts, because many analysts and investors are so focused on the upside that they have missed warning signs. Alessandro Valentini, fundamental portfolio manager at Causeway Capital Management, says that the gains in foreign stock markets this year were not just about currency fluctuations and he believes there is more potential for growth in 2026 as concerns over tariffs continue to diminish, the dollar produces a smaller tailwind — or at least no resistance — and low valuations create more potential for upside. Richard Stone, chief executive officer for The Association of Investment Companies — the British equivalent to the Active Investment Company Alliance — discusses differences in the activist investor cultures in the United States and Great Britain, including how "venture capital trusts" — the British equivalent of business-development companies — have tax advantages that make private credit investing much more palatable, but also why interval funds (known in England as "long-term asset funds") are a model that has stirred some controversy with investors.