This is Macro Voices with hedge fund manager Eric Townsend, the free weekly financial

podcast targeting professional finance, high net worth individuals, family offices, and

other sophisticated investors. Macro Voices is all about the brightest minds in the world

of finance and macroeconomics telling it like it is. Bullish your bearish, no holds

barred. Now here are your hosts, Eric Townsend and Patrick Sarasna.

Macro Voices episode 200 was recorded on Monday, December 30, 2019. I'm Eric Townsend,

Happy New Year. This episode of Macro Voices is brought to you by top traders on plug.com,

a podcast dedicated to quant and rules based investing, helping investors overcome behavioral

biases. Dr. Pippa Mammgren is back for our final episode of the decade and she gave us

a terrific feature interview. Just like last week, we won't have a post game segment this

week and that allowed us to let Pippa's final interview of 2019 run a little bit longer

than usual. We'll start with the knowledge doubling curve and then move on to several

other fascinating subjects. I think you're going to really enjoy this one, folks. We'll

be back to our regular show format with a post game segment and Thursday evening release

schedule starting next week on January 9, 2020. And I'm Patrick Sarasna and Eric S&P 500

seems to have at least put in a some sort of a short term top on Friday. What's your

take here? Well, you know, there's lots of year end effects to think about the so-called

January effect, which a lot of people talk about in markets. The idea behind that is that

when you have tax selling at the end of a year, then the following January, people reinvest

that money start buying again and oftentimes January outperforms the rest of the year.

I think what might be going on here is kind of a reverse January effect where we're up

25% on the S&P this year. So there's not much tax loss selling. You know, if you're trying

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