The FarrCast : Wealth Strategies

We are coming close to the end of the year and the markets inch upwards into record territory. Michael talks about risk -- and how complacency can add risk to a portfolio in ways that aren't always obvious. Dan Mahaffee joins for the latest on China and an election update. And special guest Mark Hamrick helps put everything in DC and geo-politics in the big picture -- and what it bodes for 2020. Always bringing you a look beyond the headlines, it's The FarrCast! Wall Street, Washington, and The World.

Markets at new highs, bi-partisan co-operation at new lows, and The FarrCast is here to help make sense of it all! Join Michael Farr and guests Dan Mahaffee from the Center for the Study of the Presidency and Congress and Greg Valliere of AGF Investments. All eyes are on Washington, but does impeachment make a difference to the markets? Probably not, but other things in DC happening outside of the spotlight have implications for Wall Street -- and Main Street. Listen to The FarrCast and go beyond the headlines. The FarrCast: Wall Street, Washington, and The World. To subscribe to Greg Valliere's daily update Capitol Insights, go to: https://www.agf.com/ca/en/resources/email-subscription/index.jsp

The markets are climbing a wall of worry and Michael Farr talks to the experts' experts on the path from here. Jim Iuorio says the cash on the sidelines is protection against a prolonged downside, and he outlines the Fed's dilemma. Dan Mahaffee joins for a look inside the Beltway and notes President Trump doesn't pivot, which creates political headwinds -- but could contain a boost for the market. And audience favorite Jack Bouroudjian joins for his thoughts. Last year he said the easy money was done, but in December as markets approached lows, he made a bullish call on the "buying opportunity of the decade." Jack outlines his worries on the drift to extremism, and potential political turbulence that could impact markets and the economy. But in the medium-term he says "capex is a coiled spring" and that the Easy Money is starting now -- and he makes a startling call for market highs of 3500 in the coming months. Go beyond the headlines with The FarrCast: Wall Street, Washington, and The World.

Washington woke up groggy and late this morning but we promised a reaction to the Fed and the FarrCast delivers! (Even if our scheduled guest emailed last night to say there was no way they could come in to the studio after game seven.) The Fed has said they are stepping to the sidelines. What does it mean for markets? Michael gives his thoughts as the "mid-cycle correction" is complete.

Markets reached all-time highs this week but there is still cash on the sidelines. The initial GDP read for the third quarter was released this morning and it's a little better than feared. Meanwhile the investing world awaits the latest from the Fed. It's a special abbreviated pre-Fed FarrCast as Michael Farr breaks down why the economy is ok -- and while it's difficult finding value, ok is still ok. Dan Mahaffee joins for a discussion on conservatism in the age of Trump, and the latest on impeachment. Politics shape policy, and Dan and Michael look at how the shaping of those policies might play out in the economy. Plus, we share a couple of laughs on Harry Farr's birthday, four year olds and marshmallows, and Southern Fried Statism. It's the FarrCast: Wall Street, Washington, and The World.

There is a Brexit deal -- but does that really mean anything? Dan Mahaffee joins to talk about some of the economic implications of the move forward (or back) of the UK's divorce from the EU. What does it mean to be a Republican? What does it mean to be a Democrat? And what do the changing faces of the parties mean for the economy? Is anyone serious about the direction of the country? Lester Munson, a longtime Capitol Hill staffer joins Michael and Dan for a dive beyond the headlines. Plus, a catch up on the markets and more! It's the FarrCast: Wall Street, Washington, and The World.

It's the beginning of earnings season and Michael Farr welcomes Kenny Polcari to talk about what the market sentiment is, and how the investor needs to think about the sudden moves that the computerized trading produces. It's been quite a week in DC, and Dan Mahaffee helps break it down, and reminds us that when the ground shifts beneath the Presidency, it moves quickly. Finally, Michael welcomes special guest Stephanie Link of TIAA/Nuveen. Stephanie talks about what she is looking for in earnings season, and that the trade detente is meaningful for the markets -- things might be getting a little better, but they are at least less bad. It's hard to buy low and sell high, but Stephanie and Michael talk not just about stocks they like, but why they like them. Always going beyond the headlines to give you a deeper understanding of the markets, the economy, and the broader world, it's The FarrCast: Wall Street, Washington, and The World. For more information on Headstrong, the charity Kenny Polcari spoke of, go to www.getheadstrong.org

Turmoil in Washington, gyrations in the market, and uncertainty in world -- the FarrCast is here to make some sense of it all! Michael Farr welcomes Kenny Polcari for a talk on markets, a detour into taxation and how it impacts growth, and the forecast ahead. Dan Mahaffee calls in from the Center for the Study of the Presidency and Congress -- he's had a bit to study lately. He gives his insight into how the China "deal" gets smaller by the day. And special guest Robert Frick from Navy Federal Credit Union joins for wide ranging discussion on interest rates, the job markets, and the limits of supply side hammers for demand side nails. (Plus a Samuel Beckett reference!) It's the FarrCast! Wall Street, Washington, and The World. Kenny Polcari’s daily “Morning Thoughts” at www.kennypolcari.com; for Dan Mahaffee’s “Weekly Roundup” from CSPC, go to: https://www.thepresidency.org/cspc-weekly-news-roundup

The end of the quarter sees the markets end up about where they've started -- but the truth is we've had a pretty good year in nine months. Consumer optimism still holds sway.  Michael Farr welcomes regular political analyst Dan Mahaffee from the Center for the Study of the Presidency & Congress and William Reinsch from the Center for Strategic and International Studies. Dan breaks down the week in politics and Bill gives a big picture look at the China conundrum. He's sat across the table with Chinese negotiators in his career, and says while everyone agrees on the diagnosis, the prescription for the problem is not as clear. For a deeper understanding of the forces shaping our world, listen to the FarrCast: Wall Street, Washington, and The World.

Boy was there!  Michael Farr talks with Dan Mahaffee to break down the President's approach to Ukraine, the opening of impeachment hearings, and the potential political fallout. Our special guest this week is Heather Long of the Washington Post, the top journalist covering the Federal Reserve in the country and she shares her insights on the decision making engine of the Fed, and thoughts on what comes next. BUT FIRST! What's repo, and why does it sound scary when they talk about it? Andy Mathes helps Michael break down the credit crunch in the repo markets, why it matters, and how the Fed used their tools to deal with it. Plus -- how to invest in bonds in the low-interest rate universe. Always bringing you insights from experts and insiders, it's The FarrCast: Wall Street, Washington, and The World.

Lots of nervousness in the news: Strike at GM, attacks in Saudi Arabia, Fed meeting starting, all the while Brexit and China trade still loom. Don't be nervous -- listen to The FarrCast! This week's Michael welcome regular political analyst Dan Mahaffee and long-time investor and blogger, Haven Pell to the show. Dan gives an overview of what we know now about the Saudi attacks -- and that a military response is inevitable. A discussion with Haven Pell on the central banks takes us to questions of leadership. Are politicians of all stripes becoming more cheerleader than coach? Always bringing you insight into what is happening in the world and what shapes our economy -- it's The FarrCast: Wall Street, Washington, and The World. For a daily summary of markets, headlines, commodities, and futures before the markets open, subscribe to The FarrCast Three Minute Morning Brief. Each Friday, Dan Mahaffee and The Center for the Study of The Presidency and Congress writes a summary of the week's news from a Washington insider perspective. To read Dan's (and his colleagues) work, go to: https://www.thepresidency.org/cspc-weekly-news-roundup Thanks to special guest, Haven Pell for appearing on the FarrCast. His new blog is at www.pundificator.com .

It’s a holiday week, but there’s too much going on for the FarrCast to start our summer break just yet! Michael starts with a discussion on the markets with Jim Iuorio. We are at record highs, but there could be danger if we break away from fundamentals. Jim reminds us there is no sure way to time the market – don’t be greedy and rebalance your risk, but remember the markets can stay irrational. Political analyst Dan Mahaffee calls in for a two segments – with the events of the last week there is too much for just one! At the G20, trade negotiations got back on track, but nothing is really any closer to resolution. Dan says we are starting the cycle of negotiations again, but there is too much of a gap between China and the US. The markets are happy for now things are getting worse but the impasse over economic structure, technology transfer, and state control remain. In the third segment, Dan talks about the other big event of the weekend, the President setting foot in North Korea. The event has significant symbolic ramifications that could evolve into very concrete problems. The Iranians may be learning lessons from North Korea that we’d rather not teach. Is there an off-ramp for the Iranians in their confrontation with the US? Bringing you conversations with experts and insiders on the issues that shape our world, it’s The FarrCast: Wall Street, Washington, and The World.

Michael welcomes back Stephanie Link to the FarrCast. She reminds us, you can't get obsessed with the day to day and as a long term investor you have to look at the underlying health of the economy. Interest rates are low and employment is strong, so while the growth is slowing. There are so many moving parts, the narrative is always changing, so look for quality.  Dan Mahaffee joins us remotely after a first hand exploration of the struggles of infrastructure on the East Coast. The Iranian situation has seen a climb-down from the President on military retaliation, but a new series of sanctions targeting the shadow economy of the Iranian hierarchy. Dan walks us through the dynamics in Iran -- and how the economic pain in Iran has served to turn some of the rural populace towards the clerics, not away. For our third segment, Michael welcomes Ned Davis, founder of Ned Davis Research -- one of the greats of the business. Ned begins by telling us from his study of crisis events -- news may cause market turmoil but it's usually short-term. It's important to watch fundamentals and ignore the noise. Ned shares his wisdom and insight from his objective, data-driven research. He's cautious, but still thinks the markets have room to run. Every time is different, and Ned tells us what he's watching.

We’ve got another new FarrCast for you tonight! The markets surged today and we are within 1% of all-time highs. The situation is so desperate that the markets need the Fed to step in to prop the markets up. Well, that doesn’t make sense when you say it out loud, but Michael does his best to explain that what the markets want might not be what the economy needs. Dan Mahaffee joins us to explain the third rail of Beijing politics. It’s been a remarkable week in Hong Kong, and the situation has ramifications beyond the port, and indeed beyond China as well. Our special guest tonight is Richard Thompson, one of the leading experts on pharmaceutical policy in the US. He begins by explaining how the trade fight impacts drug prices (it does!) Pharma regulation is a tangled web and is littered with policies that had unintended consequences both for medicine and for the economy. Dick helps to untangle and give us a clearer picture of the issues that impact the economy, the markets, your wallet, and everyone’s health.

The markets roared up this week, but Michael is worried the markets might be a little too ebullient and has talked itself into thinking a Fed cut is coming. And perhaps Chair Powell gave some fuel on that fire. Michael says that pulling the trigger and lowering rates too soon might cause the kind of imbalances that can threaten the bull market. Dan Mahaffee joins for the second segment for a wide ranging discussion on the latest from China, the White House, and Capital Hill, and gives us a quick preview of the G20 meeting. For our third segment, Michael welcomes Robert Frick, Corporate Economist from Navy Federal Credit Union, the largest credit union in the country. With eight million members at Navy, Bob is an advocate for their jobs, and is always looking at the labor markets. Listen his for his thoughts on the slow down in job creation numbers -- concerned, perhaps, but its still a strong economy. Coming to you every week with insights from experts and insiders, it's The FarrCast: Washington, Wall Street, and The World.