Continuing with their retrospective on 2019 and looking ahead to 2020, Max and Stacy examine the year-end charts from 2019 as the NASDAQ (up nearly 40%) parties like it’s 1999 - when the index rose by 85%. Could 2020 bring even higher returns? The massive end-of-year rally in the stock markets matched the Fed’s v-shaped recovery in its balance sheet, which ballooned by over a hundred billion per month in the final third of the year. Should anyone fight the Fed? Or should they ride their free money helicopter to ever-higher highs? In the second half, Max talks to Mitch Feierstein of PlanetPonzi.com about the euphoria in the markets, discussing how long it might last and how big the Fed’s balance sheet might grow. Mitch admits that he predicted 2019 incorrectly because he looked at fundamentals rather than at the willingness of the Fed to print money with such enthusiasm. How long it may continue is anyone's guess, but the higher the bubble goes, the bigger the eventual fall will be.