Raoul Pal: The Journey Man

Latest Episodes:

The 2025 Macro Playbook: Central Banks, Crypto & Chaos ft. Andreas Steno Larsen from Real Vision Pro & Steno Research Apr 10, 2025

Show notes

🔥 *Get FREE ACCESS to Real Vision* https://rvtv.io/3Y4t5Pw.

Steno Research founder and CEO Andreas Steno Larsen joins Raoul Pal to explore how central banks and governments are now openly coordinating to manage debt and engineer economic cycles, why this effectively removes left-tail risk from markets, and how investors can position themselves to profit from the long-term macro implications.

From inflation, crypto, and AI-driven deflation to the inevitability of currency debasement, Raoul and Andreas lay out a blueprint of what markets could look like in the future. Recorded on April 8, 2025.

📣 *This episode is sponsored by SuperAI*. Join over 7,000 attendees and 1,000 companies on 18-19 June at SuperAI Singapore. East will meet West as we bring together the global AI ecosystem for Asia's Largest AI Event. Industry leaders will converge for 2 unparalleled days, stepping into the future to explore the exponential AI age. Expect an immersive experience that will unveil the latest developments from the frontiers of LLMs, the intersection of AI and crypto, robotics, drones, SpaceTech, the societal and economic impact of generative AI, and much more.

👉 *Grab your tickets at https://superai.com with promo code REALVISION for an exclusive 20% off—only while tickets last*.

📣 *This episode comes to you thanks to Arch Public:* It’s a hedge fund in your pocket. Built for retail traders, designed to outperform Wall Street.

👉 *Download our FREE Bitcoin Algorithm right now at* https://realvision.com/arch

Timestamps:

00:00 SuperAI Singapore 2025

01:17 Intro

02:58 Andreas Steno’s career path

04:49 FX as macro playground

07:02 Macro lessons from QE

08:48 QE vs bond yields

10:27 Central banks and asset impact

11:39 Launching Steno Research

12:54 Governments + central banks = one

14:12 SVB proves full backstop

16:04 Fed needs lower yields

18:36 Forcing banks to buy bonds

20:19 Fed delay on QE

21:38 Everyone wants debasement

22:55 Hedge funds fund the deficit

24:14 QT is basically over

25:34 China dumping Treasuries?

26:48 U.S. follows Japan’s path

28:32 GDP vs debt trap

29:51 AI boosts productivity

31:41 Human value vs AI

32:51 How to tax AI?

34:11 Tariffs are permanent

36:07 Consumption tax over income tax

37:31 Inflation fears overstated

38:57 AI makes services cheaper

40:13 Tariffs didn’t cause CPI spike

42:08 Q1 slowdown is optical

44:01 Tariffs distort the cycle

45:51 No return of factory jobs

47:03 Robots + UBI future

49:00 Tariffs tax the middle class

50:26 No EU decoupling

52:18 European tech opportunity

53:39 Will EU stimulate?

55:31 China’s tariff strategy

57:18 No yuan deval, no selling

59:07 Bonds up, commodities down

1:00:57 Crypto = macro asset

1:03:33 SVB changed the game

1:06:06 Trading fund vs personal

1:08:43 System vs conviction

1:10:33 Market bottom window

1:12:18 Final thoughts + stock picks

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🍌 Get your Banana Zone swag at the Real Vision merch store: https://shop.realvision.com

Connect with me:

Twitter (X): https://twitter.com/RaoulGMI

Instagram: https://www.instagram.com/raoulgmi/

LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/

My other work:

Real Vision: https://rvtv.io/3LHYIaH

Global Macro Investor: https://globalmacroinvestor.com

The Exponentialist: https://realvision.com/thefuture

EXPAAM: https://expaam.com

Connect with Real Vision™:

Twitter: https://rvtv.io/twitter

Instagram: https://rvtv.io/instagram

Get a FREE membership: https://rvtv.io/3Y4t5Pw

Disclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf

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URGENT Market Update: Tariff Panic And Recession Fears — Raoul Pal & Julien Bittel Apr 08, 2025

Show notes

🔥 *Get my FREE PDF report to Unf*ck Your Future:* https://rvtv.io/3YOZZUe. Join us for this URGENT Update— markets are crashing, and Julien Bittel and I want to explain the big picture and help you navigate this with confidence.

In this special update, Raoul Pal and Julien Bittel are here LIVE to share their analysis of what transpired last week, the new reality of global trade wars, and where markets could move next. Then, they'll take questions directly from RV Plus and Pro members.

📣 This episode comes to you thanks to Arch Public. It’s a hedge fund in your pocket. Built for retail traders, designed to outperform Wall Street. Try it for free at https://realvision.com/arch

📣 Today’s sponsor is Plus500 US. Take your trading to the next level with cross-market contracts, from precious metals to key indices, and more. Whether you’re a seasoned trader in the Futures arena or brand new, Plus500’s user-friendly trading platform offers you the advanced tools, market insights, and quick execution you’ve been looking for.

👉 Get started with Plus500 for as little as $100 at https://us.plus500.com. Trading in futures involves the risk of loss.

👉 *Grab your tickets at https://superai.com with promo code REALVISION for an exclusive 20% off—only while tickets last*.

Unlock the potential to showcase your brand to our global audience. Contact us at partnerships@realvision.com for advertising inquiries.

Connect with Julien Bittel:

Twitter (X): https://x.com/BittelJulien

LinkedIn: https://www.linkedin.com/in/julien-bittel-cfa-57658037/

Connect with me:

Twitter (X): https://twitter.com/RaoulGMI

Instagram: https://www.instagram.com/raoulgmi/

LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/

My other work:

Real Vision: https://rvtv.io/3LHYIaH

Global Macro Investor: https://globalmacroinvestor.com

EXPAAM: https://expaam.com

Disclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf

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Raoul Pal & Jamie Coutts React to Tariff Fallout: President Trump, The Tariff Rollout and Crypto Markets Apr 04, 2025

Show notes

🔥 *Get my FREE PDF report to Unf*ck Your Future:* https://rvtv.io/3YOZZUe. Join us for a special live edition of The Journey Man...

In this special live episode, Raoul Pal welcomes Real Vision chief crypto analyst Jamie Coutts to break down how U.S. President Donald Trump's tariff rollout will affect macro and crypto markets for the foreseeable future. You don't want to miss this one.

👉 *Grab your tickets at https://superai.com with promo code REALVISION for an exclusive 20% off—only while tickets last*.

📣 This episode comes to you thanks to Arch Public. It’s a hedge fund in your pocket. Built for retail traders, designed to outperform Wall Street. Try it for free at https://realvision.com/arch

Unlock the potential to showcase your brand to our global audience. Contact us at partnerships@realvision.com for advertising inquiries.

Connect with me:

Twitter (X): https://twitter.com/RaoulGMI

Instagram: https://www.instagram.com/raoulgmi/

LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/

My other work:

Real Vision: https://rvtv.io/3LHYIaH

Global Macro Investor: https://globalmacroinvestor.com

EXPAAM: https://expaam.com

Disclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf

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Why This Billionaire Investor Thinks Value Investing is Back ft. Mark Holowesko Mar 27, 2025

Show notes

🔥 *Get my FREE PDF report to Unf*ck Your Future:* https://rvtv.io/3YOZZUe. Raoul Pal welcomes Mark Holowesko, partner and CEO of Holowesko Partners, to share his journey from working with Sir John Templeton to founding his own value-focused investment firm. Raoul and Mark also dig into global macro trends, market risks, and where Mark sees the best investment opportunities today. Recorded on March 20, 2025.

📣 *This episode is brought to you by Bitwise Asset Management*. Bitwise has been all-in on crypto since 2017 and has more than 20 crypto-based products to help investors get the necessary access. Bitwise manages the world’s largest crypto index fund, one of the top Bitcoin ETFs, and one of the largest institutional Ethereum staking solutions. Bitwise has over $10 billion in assets under management and over 100 people in the US and Europe to help manage everything from ETFs to private alpha strategies to SMAs for large investors.

👉 *Check out Bitwise at https://bitwiseinvestments.com and let them know that Real Vision mentioned them*. Carefully consider the extreme risks associated with crypto before investing

👉 *Grab your tickets at https://superai.com with promo code REALVISION for an exclusive 20% off—only while tickets last*.

📣 This episode comes to you thanks to Arch Public. It’s a hedge fund in your pocket. Built for retail traders, designed to outperform Wall Street. Arch Public is doing a HUGE giveaway to end the month of March. We want to see you at The Bitcoin Conference in Vegas May 27-29. We are giving away TWO Industry Passes and an invitation to Arch Public’s Invitation-Only Dinner in Vegas. Here’s how you make yourself eligible for our giveaway:

👉 1) *Download our FREE Bitcoin Algorithm right now at https://realvision.com/arch & 2) Follow @tryarchpublic on X. Over the next week we will choose a winner and announce the Bitcoin Conference package in full! See you in Vegas!*

👉 Get started with Plus500 for as little as $100 at https://us.plus500.com. Trading in futures involves the risk of loss.

Music license ID: 359958

Unlock the potential to showcase your brand to our global audience. Contact us at partnerships@realvision.com for advertising inquiries.

Connect with me:

Twitter (X): https://twitter.com/RaoulGMI

Instagram: https://www.instagram.com/raoulgmi/

LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/

My other work:

Real Vision: https://rvtv.io/3LHYIaH

Global Macro Investor: https://globalmacroinvestor.com

The Exponentialist: https://realvision.com/thefuture

Disclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf

Learn more about your ad choices. Visit podcastchoices.com/adchoices

🔴 Will Crypto Recover Ever Again? Drinks With Raoul (Round 15) Mar 20, 2025

Show notes

🔥 Join Real Vision for FREE if you want to see the Q&A part of this show: https://rvtv.io/3Y4t5Pw

👉 Want to get your questions answered by Raoul? Join RV for free here https://rvtv.io/3Y4t5Pw and get all our exclusive member perks.

Raoul Pal is back with another after-hours AMA session for the RV community. He’ll dive deep into the latest developments in crypto and macro, sharing key insights and plenty of alpha along the way. Plus, he’s fresh off a holiday trip and ready to spill the details. The Q&A segment of today’s show is exclusive for Real Vision members — jump in the comments section to join the conversation.

As usual, we'll discuss wine, culture, sophisticated snacks, crypto, the banana zone, the Everything Code, lifestyle chips, and our big-picture outlook at Real Vision

👉 Get started with Plus500 for as little as $100 at https://us.plus500.com. Trading in futures involves the risk of loss.

📣 This episode comes to you thanks to Arch Public. It’s a hedge fund in your pocket. Built for retail traders, designed to outperform Wall Street.

Arch Public is doing a HUGE giveaway to end the month of March. We want to see you at The Bitcoin Conference in Vegas May 27-29. We are giving away TWO Industry Passes and an invitation to Arch Public’s Invitation Only Dinner in Vegas. Here’s how you make yourself eligible for our giveaway:

👉 1) *Download our FREE Bitcoin Algorithm right now at https://realvision.com/arch

👉 2) Follow @tryarchpublic on X. Over the next week we will choose a winner and announce The Bitcoin Conference package in full! See you in Vegas!*

Unlock the potential to showcase your brand to our global audience. Contact us at partnerships@realvision.com for advertising inquiries.

Connect with me:

Twitter (X): / raoulgmi

Instagram: / raoulgmi

LinkedIn: / raoul-pal-real-vision

My other work:

Real Vision: https://rvtv.io/3LHYIaH

Global Macro Investor: https://globalmacroinvestor.com

The Exponentiliast https://realvision/thefuture

EXPAAM: https://expaam.com

Disclaimer: https://media.realvision.com/wp/20231...

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Why the Market is Panicking—And What Comes Next w/ Andreas Steno Mar 20, 2025

Show notes

🔥 *Get my FREE PDF report to Unf*ck Your Future:* https://rvtv.io/3YOZZUe. In this special edition of The Journey Man, Raoul Pal is releasing Andreas Steno Larsen’s most recent monthly State of the Union discussion. Every month, Andreas walks us through his current macro framework and takes questions live from the audience. These shows are exclusive for the Pro Macro community, but with markets at such a pivotal moment, we wanted to share some of the alpha with you, too. Recorded on March 11, 2025.

📣 *This episode is brought to you by Bitwise Asset Management*. Bitwise has been all-in on crypto since 2017 and has more than 20 crypto-based products to help investors get the access they need. Bitwise manages the world’s largest crypto index fund, one of the top Bitcoin ETFs, and one of the largest institutional Ethereum staking solutions. Bitwise has over $10 billion in assets under management and over 100 people in the US and Europe to help manage everything from ETFs to private alpha strategies to SMAs for large investors.