It is with great sadness that Money Life acknowledges the death of Michael Falk of Focus Consulting Group, who had become a friend to our audience as he and Chuck chronicled his battle with ALS as it mixed with his insights around money, the financial world and life. Michael had become the last interview of every calendar quarter, and his spirit and energy were there to the end; here, in tribute, is our final interview with Michael, which aired Sept. 30.

Chuck talks one final time with Michael Falk of Focus Consulting Group

David Giroux, manager of T. Rowe Price Capital Appreciation -- which has one of the best track records in the fund world under his long stewardship -- is 'highly confident' that inflation will return to more normal levels in the 2 to 2.5 percent range, but he doesn't think the market will suffer a massive downturn or crash en route to that transition. Instead, he expects a choppy market that leaves room for stocks trading at good relative values to generate reasonable returns regardless of what the market does next.

T. Rowe Price's Giroux: Easing inflation, relative bargains, no crash in sight

Bill Nygren, co-manager of the Oakmark Fund -- whose three-decade track record has made him an investment legend -- said on the Feb. 25 Money Life that investors must look past distressing news from Ukraine and alarming headlines about interest rates and inflation to focus on the long run, because none of 'the events we are seeing in the world today will meaningfully affect our estimates of business value.' As a result, it's a good time to invest.

Oakmark's Nygren: Focus on the long term, not on current events and chaos

Talk about compelling sales pitch; zero interest charges on a credit card -- EVER! -- plus 20 percent cash back on all purchases for life! Chuck is ready to go, he just wants to know which bank is offering the deal. Listen to the conversation unfold with cold-callers pitching Chuck that too-good-to-be-true deal, and learn more about what the bad guys are trying to get from you and how you can spot trouble in financial product offers.

Yes, Chuck wants a no-interest credit card paying 20 percent back!

Laura Geritz, founder and portfolio manager at Rondure Global Advisors, says that the market has changed sufficiently to where investors should be looking at the current rebound as a selling opportunity, a chance to cash out of riskier stocks that are having a bounce, rather than hanging onto those securities and buying more the next time prices are down. She notes that deglobalization makes it more important than ever for investors to buy great stocks at reasonable prices and makes a case that the Chinese economy -- which she calls "out-of-sync with the rest of the world" -- is poised to recover while the rest of the globe struggles with inflation problems.

Rondure's Geritz: Today it's not 'Buy the dips,' it's "Sell the risk-on rally'

Christopher Davis, chairman and portfolio manager at Davis Advisors and the Davis Funds, says that the market's 2023 decline has hurt stocks that are "growth pretenders" but has positioned many "durable, resilient growth companies" as solid buys for investors with long time horizons and a value-investing bent. He mentioned Google, Capital One Financial and Applied Materials as examples of companies where investors can buy future earnings at a big discount, which should make for greater returns in time.

Davis Advisors; chairman says the blue-chips of the future are on sale now

Lisa Shalett, chief investment officer for wealth management at Morgan Stanley says that an earnings recession is coming, and it won't matter if the economy has a soft or hard landing. As a result, she is urging caution and defensive positioning -- particularly in fixed income -- rather than leaning into the market's recent rally.

Morgan Stanley's Shalett: The economy's next story is an 'earnings recession'

Legendary fund manager Bill Nygren of the Oakmark Fund says that investors should stay out of the current conflict between the technicals -- calling for a rally -- and fundamentals forecasting a decline, to stick with high-quality, cash-generating businesses at reasonable prices. "There are a lot of stocks today at single-digit P/E multiples," he says, and investors who snap them up and let them run for five years "will be pretty happy that they invested at a  time that seemed as chaotic as this past year seemed."

Oakmark's Nygren: Ignore the market's mixed signals and buy stocks now

Bryce Doty, senior portfolio manager at Sit Investment Associates says that the problem at the heart of the current banking crisis is the speed that the Federal Reserve raised interest rates, noting that it was nearly impossible for bankers to adjust their portfolios to absorb bond losses driven by those higher rates. Now, Doty says, the Fed should take steps to help inject liquidity back into the market; it will slow progress made on inflation but give institutions a breather and stabilize the banking system.

Money manager Doty says bank woes are 'NOT a default problem'

Veteran bond fund manager Dan Fuss, vice chairman at Loomis Sayles & Co., says the current economic picture reminds him of the 1970s, but the twist is that the political climate will have a big say -- with its actions more important than anything the FederalReserve is doing -- on how things play out.

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