BlackRock's Spiegel: Play the megatrends in medical innovation, tech staples and more

Jeff Spiegel, U.S. head of iShares megatrend and international ETFs at BlackRock, says that high inflation is not a megatrend that will last decades, but it has created an environment in which investors will want to be more selective, looking for compelling reasons for long-0term growth. Specifically, he identified infrastructure and clean energy plays, health-care innovation and cybersecurity and robotics as industries with the juice to grow now but the potential to keep growing for decades. Also on the show, Rachna Ramachandran, an analyst on the high-yield strategies team at GMO, says that junk bonds yielding 9 percent today are priced as if default rates could reach 14 percent, dramatically higher than even the most bearish observers expect, which ultimately is making it worthwhile for investors to take on more high-yield risk. And Chuck goes Off the News with veteran financial columnist Allan Sloan of The Washington Post, who notes that the storied stock winners of just a year ago -- the FAANG stocks most notably among them -- have turned into today's biggest losers.