Raoul and Julian discuss that their biggest concern is the divergence between macro data and the price action in equities, whereby optimism is extremely high without much to back it up. Julian cites that since early September when the Fed started its repo facility, Apple has gone up 38%. As such, Julian argues for prudence and recommends value stocks over growth stocks in this environment. Raoul believes that liquidity provided by the Fed will not last past the first quarter of 2020 and that indicators will begin rolling back down again. Both Raoul and Julian agree that precious metals will do well going forward. Filmed on January 3, 2020.