Podcast

The Bull Market: A Bubble of “Epic Proportions”

July 6, 2021

We are celebrating the launch of WEALTHTRACK’s18th season on public television this week! We feel so fortunate to serve you.

When WEALTHTRACK launched in July of 2005 our mission was to help our audience and ourselves build financial security to last a lifetime through disciplined, long-term, diversified investing. We vowed to seek out the best minds in the financial business to guide us.
This week’s guest is unquestionably one of them.
We’ll be joined by legendary value investor Jeremy Grantham, Co-Founder of the global investment management firm, GMO, Grantham is known for his prescient calls about market extremes and game-changing turning points. I will add that being far out of consensus is never popular.
He saw the tech stock bubble inflating in 1997, three years before it actually burst. It was an early call that cost GMO half of their asset allocation book of business at the time.
In the late 2000’s he warned of the developing subprime mortgage and credit bubble and came close to calling the actual 2008 bull market peak. He then called the market bottom nearly to the day in March of 2009.
When Grantham appeared on WEALTHTRACK in 2018 he was predicting a possible market melt-up, a powerful late-stage two to three-year-long market rally before an inevitable decline.
He got the melt-up right, even when figuring in the brief, 2020 pandemic induced bear market. And of course, the bull continues to this day. The U.S. stock market had an impressive first half of the year. The S&P 500 gained 14.4% to close at 4297.5, it’s 34th record close for the year.
Grantham will explain why he is calling this a bubble of epic proportions and suggest ways that investors can handle it.

WEALTHTRACK # 1801 broadcast on July 02, 2021

More info: https://wealthtrack.com/jeremy-grantham-shares-his-most-compelling-evidence-that-we-are-in-a-bubble-of-epic-proportio

Investing in a Speculative Market: Thoughts From “The Intelligent Investor”

June 26, 2021

For financial historians and serious market observers, the current era has all the signs of a developing market bubble.
Money is abundant, a wide range of financial assets have risen to record or near-record levels, and enormous amounts of money are flowing into stocks. Private equity funds are flourishing and bonds continue to attract huge sums.

Demand for residential real estate is soaring as are home prices. And despite recent dramatic declines, innovative products such as digital currencies have appreciated at breathtaking speed.

Speculative trading by individual investors has also increased as a new growing community of online traders has emerged as a potent market-moving force.
The combination of all of these forces caused me to reach out to this week’s WEALTHTRACK guest.
We’ll be joined by Jason Zweig, a leading financial journalist who since 2008 has written the widely read The Intelligent Investor column for The Wall Street Journal. Zweig will share his analysis of the current market climate and advice for investors.

WEALTHTRACK #1752 broadcast on June 25, 2021

Economic Recovery: Massive Problems Ahead [2021]

June 20, 2021

How strong and lasting is the current rebound we are seeing in the economy? What about the resurgence in inflation? Those are major debates raging on Wall Street right now.

This week’s WEALTHTRACK guest is looking beyond the current rebound and focusing on what he sees as massive problems which will act as drags on recovery.
Robert Kessler, Founder, and CEO of Kessler Investment Advisors, a manager of fixed-income portfolios with a specialty in U.S. treasuries.
Even before COVID, Kessler has been warning about economic and stock market risk.
On the program this week, he will discuss why he believes those risks have been exacerbated and the market is in a danger zone.

WEALTHTRACK #1751 broadcast June 18, 2021

More info: https://wealthtrack.com/exclusive-with-robert-kessler-on-why-100-years-of-stock-market-history-are-signaling-danger/

Inflation Is Temporary: Bullishness on the Economy & Markets Is Wrong

June 13, 2021

The consensus for the economy is bullish. After a 6.4% annualized increase in real GDP, that’s without inflation, in the first quarter, recent forecasts are for 10% GDP growth in the second quarter, 7.5% in the 3rd, and 5% in the fourth.
As for inflation expectations, they are up. Again the consensus is that the combination of a rapidly rebounding economy, supply shortages, and tight labor market will lead to a sustained rise in prices.
The most prominent skeptic on that front is Federal Reserve Chairman Jerome Powell and other Fed officials who believe the price increases we are seeing now are transitory.
This week’s guest, influential economist Dave Rosenberg is in the Powell camp on this one and believes the recent jump in inflation is temporary and that the overall bullishness on the economy and markets is wrong and will be challenged before the year ends.
Dave Rosenberg is the outspoken and often contrarian Chief Economist and Strategist at his independent economic consulting firm Rosenberg Research.
I began the interview by asking Rosenberg why he is as convinced that the bullish consensus is wrong as he was when he went against the crowd at the height of the tech bubble in 2000 and the housing bubble in 2007.

WEALTHTRACK #1750 broadcast on June 11, 2021

More Info: https://wealthtrack.com/why-david-rosenberg-is-convinced-that-the-bullish-consensus-about-the-economy-and-markets-is-wrong/

For more detail about the evidence behind Dave Rosenberg’s convictions, he is generously sharing a recent comprehensive report, “No New Era” with us.
https://bit.ly/3io9XHu

New Opportunities and Challenges for Bond Investors

May 21, 2021

Times they are a-changin’…
With COVID vaccinations becoming widespread, savings rates high, and consumers ready to spend, the economy is reopening and rebounding with gusto.

All of these developments are creating new opportunities and challenges for bond investors.

Bond prices fall when interest rates rise and vice versa. After a 40-year bull market in bonds, with interest rates declining to record lows, has the bottom finally been reached after many false starts? How real is this uptick in rates and what does it mean for bond investors?

Our guest on WEALTHTRACK this week is Mary Ellen Stanek, Chief Investment Officer of Baird Advisors, and President of the Baird Funds, where she heads up the Fixed Income Team overseeing $91 billion dollars worth of bond investments.

Stanek discusses the rapidly changing conditions and her team’s all-weather bond strategy in what she calls uncharted waters.
WEALTHTRACK Episode #1747 broadcast on May 21, 2021
More Info: https://wealthtrack.com/new-opportunities-and-challenges-for-bond-investors-with-top-rated-bond-manager-mary-ellen-stanek/

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