Raoul and Julian discuss apparent cracks in US consumer strength against the possibility of reflation trades. They touch upon the dismal state of the car sector and ISM/employment numbers that, while for the time being are neither here nor there, are showing signs of strain. The two agree that we will likely know by Q1 2020 the ultimate path the consumer and economy take. They also discuss excessive investment and the bursting of the venture capital bubble. Filmed on November 1, 2019.