This is a special edition of Macrovoises with hedge fund manager Eric Townsend.

The premier financial podcast targeting professional finance, high net worth individuals, family

offices, and other sophisticated investors.

Now for this special edition of Macrovoises, here's hedge fund manager Eric Townsend.

Macrovoises All Stars Episode 90 was recorded on January 27, 2020.

I'm Eric Townsend. All-Star Juliet Ticlerk, founder of JDI Research, is back with us this week.

This episode of Macrovoises All Stars is brought to you by toptradersonplugged.com,

the leading podcast when it comes to quant and rules-based investing.

I'll tell you how to claim a free copy of their new guide to the best investing books ever

written at the end of this episode.

Juliet, happy new year. It's great to have you back.

We left you in mid-December, cautiously bullish on stocks,

but warning that the cyclical uptilt that you had forecasted since August was getting kind

of long in the tooth. Where do we stand now?

Hey, Eric. So, in 2020, we already had World War Three, and now a global pandemic is upon us.

But it is still time indeed. Sweden has left, in fact, to wish you, and of course, all your

listeners a happy and prosperous new year. To get back to JDI Research Outlook,

our optimistic Q4 2019 outlook, and you notice here that I'm not saying our optimistic 2020

outlook, relied on fair-set valuations, ample liquidity provision by global central banks,

and a stabilization in global activity. Inventories had indeed depressed,

hit like really depressed levels on the manufacturing side in August, and that is a tell-tale sign

offering hope of stabilization. From there, we had decreasing pessimism chased by rising optimism,

...