Raoul Pal: The Journey Man

• Trade Wars, AI, and Bonds: What Investors Need to Know ft. Alex Gurevich

  🔥 Get FREE access to Real Vision https://rvtv.io/4cG9k5m Raoul Pal welcomes Alex Gurevich, founder and CIO of HonTe Investments and a long-time friend of RV, to discuss strategies for navigating this shifting macro landscape. They cover key market cycles, fiscal dominance, and liquidity trends, offering actionable insights on bonds, currencies, and commodities. Then, Raoul and Alex examine AI’s rapid acceleration toward singularity and the looming energy constraints that could shape the future of computation and global growth. Recorded on April 22, 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. 👉 *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. 📣 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. 📣 *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 Unlock the potential to showcase your brand to our global audience. Contact us at [email protected] for advertising inquiries. 🍌 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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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  1:26:32
• Barry Silbert is Back: The Next Big Crypto Bet

  🔥 *Get free access to Real Vision* https://rvtv.io/3Y4t5Pw. DCG founder and CEO Barry Silbert joins Raoul Pal to recount his journey from early bitcoin investor to building DCG and its subsidiaries like Grayscale and Foundry through bull and bear markets, including the 2022 crypto crash. Silbert is now focused on his next big bet: Bittensor. He shares more about his role as the Founder and CEO of Yuma, and how Bittensor could become a decentralized intelligence network layer even more transformative than Bitcoin. Recorded on April 9, 2025. Connect with Barry and his work: Barry’s X: https://x.com/BarrySilbert DCG Website: https://dcg.co/ Yuma Website: https://yumaai.com/ 📣 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. 📣 *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 Unlock the potential to showcase your brand to our global audience. Contact us at [email protected] 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 EXPAAM: https://expaam.com Disclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf Learn more about your ad choices. Visit podcastchoices.com/adchoices

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  1:03:32
• The 2025 Macro Playbook: Central Banks, Crypto & Chaos ft. Andreas Steno Larsen from Real Vision Pro & Steno Research

  🔥 *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 Unlock the potential to showcase your brand to our global audience. Contact us at [email protected] for advertising inquiries. 🍌 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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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  1:19:00
• URGENT Market Update: Tariff Panic And Recession Fears — Raoul Pal & Julien Bittel

  🔥 *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. 📣 *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*. Unlock the potential to showcase your brand to our global audience. Contact us at [email protected] 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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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  1:38:49
• Raoul Pal & Jamie Coutts React to Tariff Fallout: President Trump, The Tariff Rollout and Crypto Markets

  🔥 *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. 📣 *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. Try it for free at https://realvision.com/arch Unlock the potential to showcase your brand to our global audience. Contact us at [email protected] 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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

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  1:10:32

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