Raoul and Julian discuss that beneath the surface, there is an undercurrent that differs from what the broad market narrative is. They dive into parallels between the 2001 highs and today’s current setup with regards to various indices and indicators, how underlying dynamics of the economy and international trade may soon force CEOs to cut jobs, and how a steepening yield curve is a potential warning sign of a looming recession. Raoul and Julian advocate that investors should analyze their portfolios heading into year-end and understand their exposure to illiquid funds in order to protect themselves against the potential risk of a liquidity event. Filmed on December 4, 2019.