Raoul Pal: The Journey Man

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1. Why This Isn’t the Dot-Com Bubble | Raoul Pal The Journey Man With Andreas Steno & David Mattin

   29 oktober 2026 · 1 uur 4 min

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   David Mattin and Andreas Steno join forces for a special Exponentialist crossover on The Journey Man to explore whether the AI boom is running out of steam or entering its next phase.

   They break down growing funding stress, rising GPU demand, and why the AI buildout may look very different from the dot-com bubble. They also discuss the battle between OpenAI and Anthropic, the rise of cheaper AI models, and where the next investment opportunities could emerge across energy, robotics, and the AI economy.

   Today's episode is supported by Pyth Network, the fastest-growing name in market data, packed with over three thousand instruments covering equities, commodities, FX, rates, and crypto, plus the largest set of 24/7 financial indices out there. Pyth has already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce, and has recently developed a new model for financial data distribution. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. And it’s probably the only name in market data you can check out for free. Head over to pyth.network to take advantage of their free trial.

   Timestamps:
   00:00 - Is the AI Boom Starting to Crack?
   01:37 - Are We Late in the AI Cycle?
   03:20 - Why the AI Buildout Is Entering a New Phase
   05:57 - AI Bubble Fears vs the Long-Term Reality
   07:03 - Funding Stress, Bond Markets, and the AI CapEx Boom
   09:01 - Why This Is Not the Dot-Com Bubble
   13:11 - The Earnings Signal That Could Decide the AI Trade
   15:09 - What Could Trigger a Major AI Market Selloff?
   17:27 - Why Enterprise AI Adoption Is Still Very Early
   20:59 - AI Regulation, Agent Swarms, and the Real Risks
   24:19 - The U.S.–China AI Split I…

2. Raoul Pal: Four Frameworks, One Code

   25 oktober 2026 · 40 min

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   🏆 The Real Vision Trading League is now open! The best trade ideas on the platform compete for $80,000 in cash and $20,000 in Real Vision memberships. Register for free to secure your spot.
   📈 Trading League: https://realvision.com/your-future?utm_medium=social&utm_source=youtube&utm_campaign=2026_uyf&utm_content=journey-man
   Why does growth keep slowing? Why does everything feel so expensive? Why do assets keep going up while wages feel flat? And why is AI arriving right now? Lees meer

   They sound like four different questions. Raoul Pal says they have one answer, and this film lays it out: four frameworks built over 21 years of Global Macro Investor (GMI), and the single code underneath them.

   The full story is in my new book, The Everything Code (out 3 November): https://lnk.to/everythingcode

   THE FOUR FRAMEWORKS

   1. The Everything Code. Debt, demographics and liquidity working together to drive asset prices through debasement. Why growth slows, why debt has to be rolled over with ever more liquidity, and how GMI's calls have fared, the ones that worked and the ones that did not.

   2. The Exponential Age. Every major technology going exponential at the same time, for the first time in history, each one feeding the others. Energy, compute and intelligence, and an honest look at how fast it is really moving.

   3. The Economic Singularity. The point where the economic models of the last 250 years stop working, because the economy accelerates past what our instruments can measure. Raoul's view is around 2030.

   4. The Universal Code. The framework underneath the other three. Everything is compute, and four laws (intelligence efficiency, compression, coherence and memetic selection) show up at every scale, from physics and biology to technology, culture and markets. Raoul is clear that this is his thesis: it is on firm ground, and it is not proven.

   After the four chapters comes a short section on what to own, in three layers (the token producers, the application layer and the subs…

3. Raoul Pal: My Entire Macro Framework, Explained

   22 oktober 2026 · 27 min

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   Raoul Pal unveils the GMI Dashboards on Real Vision, bringing his macro investing framework and market analysis tools directly to individual investors. He demonstrates how to track the business cycle, global liquidity, market trends, and risk using powerful AI-driven dashboards. From the free tools to the advanced Alpha and Pro features, Raoul shows how investors can identify opportunities, manage portfolios, and make more informed decisions using the same frameworks that guide his market outlook. Lees meer

   🏆 The Real Vision Trading is now open! The best trade ideas on the platform compete for $80,000 in cash and $20,000 in Real Vision memberships. Register for free to secure your spot.
   📈 Trading League: https://realvision.com/your-future?utm_medium=social&utm_source=youtube&utm_campaign=2026_uyf&utm_content=journey-man

   Today's episode is supported by Pyth Network, the fastest-growing name in market data, packed with over three thousand instruments covering equities, commodities, FX, rates, and crypto, plus the largest set of 24/7 financial indices out there. Pyth has already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce, and has recently developed a new model for financial data distribution. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. And it’s probably the only name in market data you can check out for free. Head over to pyth.network to take advantage of their free trial.

   Timestamps:
   00:00 - Raoul Pal’s New GMI Dashboards
   02:03 - Why Raoul Built These Tools for Investors
   02:49 - The “Compression” Framework: What Matters Right Now?
   05:35 - Macro Investing Tool: Business Cycle and Liquidity
   07:41 - Financial Conditions, Liquidity, and the Cycle Clock
   09:14 - The Everything Code vs Market Trends
   10:17 - The Risk Monitor: How to Size Portfolio Risk
   10:56 - The Full Macro Dashboard: Liquidity, Bitcoin, and Nasdaq
   13:43 - Inside the Pro Dashboard
   16:16 - Portfolio Tripwir…

4. The Secret to Long-Term Investing with Raoul Pal | The Journey Man

   16 oktober 2026 · 39 min

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   Raoul Pal kicks off the Festival of Trading by revealing his personal investing philosophy and why he shifted away from short-term trading toward long-term compounding. He explains how he uses macro trends, liquidity, technical indicators, and risk management to identify opportunities across Bitcoin, Ethereum, Solana, Sui, and technology stocks. Raoul also walks through his approach to position sizing, volatility, and finding attractive risk-reward setups while avoiding the pitfalls of overtrading. Lees meer

   🏆 The Real Vision Trading is now open! The best trade ideas on the platform compete for $80,000 in cash. Register for free to secure your spot. 📈 Trading League: https://realvision.com/your-future?utm_medium=social&utm_source=youtube&utm_campaign=2026_uyf&utm_content=journey-man

   Today's episode is supported by Pyth Network, the fastest-growing name in market data, packed with over three thousand instruments covering equities, commodities, FX, rates, and crypto, plus the largest set of 24/7 financial indices out there. Pyth has already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce, and has recently developed a new model for financial data distribution. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. And it’s probably the only name in market data you can check out for free. Head over to pyth.network to take advantage of their free trial.

   Timestamps:
   00:00 - Raoul Pal’s Trading Philosophy
   01:12 - How Raoul Approaches Investing and Risk
   03:47 - The Compounding Machine: Why Secular Trends Matter
   05:08 - Business Cycles, Liquidity, and Portfolio Positioning
   06:05 - How to Size Positions Using Volatility
   08:59 - Tesla: Finding Entries in a Secular Uptrend
   11:08 - Using Trend Indicators, Stop Losses, and DeMark Signals
   14:59 - Why the Dollar Matters for Liquidity and Markets
   17:15 - Ethereum: Measuring the Long-Term Opportunity
   20:46 - Ethereum’s Risk/Reward and Potential Up…

5. The AI Job Shock Is Coming

   8 oktober 2026 · 59 min

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   Raoul welcomes back Emad Mostaque, Founder & CEO, Intelligent Internet, to explore how rapidly improving AI agents are crossing from impressive tools into genuinely useful, economically disruptive workers capable of transforming productivity, businesses, and entire industries. Raoul and Emad also discuss collapsing intelligence costs, robotics, labor displacement, energy and compute constraints, and what the acceleration of AI could mean for markets and the global economy. Lees meer

   Today's episode is supported by Pyth Network, the fastest-growing name in market data, and probably the only one you can check out for free. They’ve developed a new model for financial data distribution and they’ve already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce. Three thousand-plus instruments across equities, commodities, FX, rates and crypto, plus the largest set of 24/7 financial indices out there. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. Head over to pyth.network to take advantage of their free trial.
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6. AI Needs Crypto with Ran Neuner

   1 oktober 2026 · 1 uur 18 min

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   Raoul welcomes back Ran Neuner, co-founder of OnChain Capital, to discuss why Ran believes crypto is entering its first real bull market, driven by genuine product-market fit, growing protocol revenues, tokenization, and an altcoin-led cycle. Ran argues the much bigger opportunity is the convergence of AI agents and blockchain, with potentially billions of agents using crypto rails for always-on transactions. Recorded September 23, 2026. Lees meer

   Today's episode is supported by Pyth Network, the fastest-growing name in market data, packed with over three thousand instruments covering equities, commodities, FX, rates, and crypto, plus the largest set of 24/7 financial indices out there. Pyth has already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce, and has recently developed a new model for financial data distribution. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. And it’s probably the only name in market data you can check out for free. Head over to pyth.network to take advantage of their free trial.

   TOKEN2049 Singapore, the world's largest crypto event, returns to Marina Bay Sands on 7–8 October. 25,000 attendees, 500 exhibitors, 300 speakers and 1,000 side events take over the city during TOKEN2049 Week. On stage: Raoul Pal (Real Vision), Jeff Yan (Hyperliquid) and Shayne Coplan (Polymarket). The Real Vision community gets 10% off tickets, claim yours. https://checkout.token2049.com/events/asia?promo=realvision10&utm_source=newsletter&utm_medium=email&utm_campaign=realvision&utm_id=realvision

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7. Solana, Tokenized Stocks, and Backpack w/ Armani Ferrante | Raoul Pal The Journey Man

   24 september 2026 · 56 min

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   Raoul Pal welcomes Armani Ferrante, founder of Backpack and Mad Lads, for a conversation on Solana, tokenized stocks, prediction markets, AI agents, and the future of global finance. Armani explains how Backpack is working to bring regulated financial markets onchain, why tokenized equities could open access to U.S. stocks around the world, and how crypto rails may become the global API for finance. Lees meer

   Today's episode is supported by Pyth Network, the fastest-growing name in market data, packed with over three thousand instruments covering equities, commodities, FX, rates, and crypto, plus the largest set of 24/7 financial indices out there. Pyth has already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce, and has recently developed a new model for financial data distribution. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. And it’s probably the only name in market data you can check out for free. Head over to pyth.network to take advantage of their free trial.

   TOKEN2049 Singapore, the world's largest crypto event, returns to Marina Bay Sands on 7–8 October. 25,000 attendees, 500 exhibitors, 300 speakers and 1,000 side events take over the city during TOKEN2049 Week. On stage: Raoul Pal (Real Vision), Jeff Yan (Hyperliquid) and Shayne Coplan (Polymarket). The Real Vision community gets 10% off tickets, claim yours.
   URL: https://checkout.token2049.com/events/asia?promo=realvision10&utm_source=newsletter&utm_medium=email&utm_campaign=realvision&utm_id=realvision

   🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF

   Timestamps:

   00:00 - The Future of Crypto: Bringing the Global Economy On-Chain

   02:49 - Armani Ferrante’s Journey Into Crypto and Solana

   06:26 - Surviving FTX and Betting on Solana’s Comeback

   10:10 - How Backpack Plans to Build the Future of Finance

   11:51 - Why Crypto’s Next 100x Will Come From Mainstream Adoption

   16:03 -…

8. Why Crypto Could Be Near A Major Turning Point w/ Richard Galvin

   17 september 2026 · 54 min

   Afspelen
   Raoul Pal welcomes back Richard Galvin, Co-Founder of Digital Asset Capital Management to break down why crypto may be nearing the end of its long, frustrating reset. They discuss why DeFi volumes, tokenization, AI agents, trading bots, stablecoins, and 24/7 markets could dramatically expand crypto’s addressable market. They also explore Bitcoin, Zcash, Hyperliquid, Robinhood’s rapid growth, crypto VC, and why the application layer may be one of the most mispriced areas of the market.Today's episode is supported by Pyth Network, the fastest-growing name in market data, packed with over three thousand instruments covering equities, commodities, FX, rates, and crypto, plus the largest set of 24/7 financial indices out there. Pyth has already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce, and has recently developed a new model for financial data distribution. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. And it’s probably the only name in market data you can check out for free. Head over to pyth.network to take advantage of their free trial.TOKEN2049 Singapore, the world's largest crypto event, returns to Marina Bay Sands on 7–8 October. 25,000 attendees, 500 exhibitors, 300 speakers and 1,000 side events take over the city during TOKEN2049 Week. On stage: Raoul Pal (Real Vision), Jeff Yan (Hyperliquid) and Shayne Coplan (Polymarket). The Real Vision community gets 10% off tickets, claim yours.URL: https://checkout.token2049.com/events/asia?promo=realvision10&utm_source=newsletter&utm_medium=email&utm_campaign=realvision&utm_id=realvision Lees meer

   🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF

   Timestamps:
   00:00 - Is the Crypto Bottom Finally In?
   01:52 - Richard Galvin on the State of Crypto Markets
   03:21 - Why Crypto Trading Volumes Signal a Cycle Bottom
   05:15 - The Biggest Edge in Crypto: Patience
   06:07 - Why Wall Street Is Moving On-…

9. The Best Trade Is Still Ahead with Jordi Visser | Raoul Pal The Jounry Man

   10 september 2026 · 1 uur 13 min

   Afspelen
   Raoul Pal welcomes back Jordi Visser for a wide-ranging conversation on AI, Bitcoin, tokenization, bonds, productivity, and the future of markets. The guys explore why the panic around bond yields may be overdone, and how AI-driven productivity is already showing up in corporate profits. Then they break down how tokenization could disrupt asset management, why 24/7 markets may favor bots over humans, and why the next phase of crypto may be about far more than just price. Lees meer

   Today's episode is supported by Pyth Network, the fastest-growing name in market data, and probably the only one you can check out for free. They’ve developed a new model for financial data distribution and they’ve already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce. Three thousand-plus instruments across equities, commodities, FX, rates and crypto, plus the largest set of 24/7 financial indices out there. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. Head over to pyth.network to take advantage of their free trial.

   TOKEN2049 Singapore, the world's largest crypto event, returns to Marina Bay Sands on 7–8 October. 25,000 attendees, 500 exhibitors, 300 speakers and 1,000 side events take over the city during TOKEN2049 Week. On stage: Raoul Pal (Real Vision), Jeff Yan (Hyperliquid) and Shayne Coplan (Polymarket).

   The Real Vision community gets 10% off tickets, claim yours.
   URL: https://checkout.token2049.com/events/asia?promo=realvision10&utm_source=newsletter&utm_medium=email&utm_campaign=realvision&utm_id=realvision=

   🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF

   Timestamps:
   00:00 - AI Is Creating Infinite Demand
   02:51 - Why the Bond Market Panic Is Overblown
   05:05 - Bessent, the Dollar, and the Yield Curve
   08:14 - AI Productivity Is Transforming the Economy
   13:35 - AI Agents and the Explosion in Compute Demand
   15:20 - Why Tokenization Could Transform Gl…

10. Crypto, Stocks, and Liquidity: The Truth They Won't Tell You | Drinks With Raoul Pal - September 3, 2026

    4 september 2026 · 1 uur 3 min

    Afspelen
    Get those bud lights ready and those Doritos bags open, because it's time for another episode of Drink with Raoul. Raoul Pal cuts through the chaos with an urgent update on what’s really driving the market selloff. He’ll walk you through the broader macro picture, where we are in the business cycle, and what the extended cycle theory tells us about what’s next. This is about zooming out, understanding the structure beneath the surface, and staying focused while others lose their heads. Expect alpha, clarity, and yes... some snobby snacks and wine talk to take the edge off. If you need perspective, you’ll find it here. Lees meer

    Today's episode is brought to you by TOKEN2049. TOKEN2049 Singapore, the world's largest crypto event, returns to Marina Bay Sands on 7–8 October. 25,000 attendees, 500 exhibitors, 300 speakers and 1,000 side events take over the city during TOKEN2049 Week. On stage: Raoul Pal (Real Vision), Jeff Yan (Hyperliquid) and Shayne Coplan (Polymarket). The Real Vision community gets 10% off tickets, claim yours.

    https://checkout.token2049.com/events/asia?promo=realvision10&utm_source=newsletter&utm_medium=email&utm_campaign=realvision&utm_id=realvision

    🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF

    Timestamps:
    00:00 - Drinks With Raoul: Napa Valley Edition
    02:18 - The Everything Code Is Coming
    15:14 - Meet Raoul Pal AI
    18:02 - What Happened to the Banana Zone?
    21:09 - The Everything Code Framework
    24:51 - Demographics, Debt, and the Liquidity Machine
    28:09 - Why AI Could Trigger a Productivity Boom
    31:39 - Financial Conditions and the 2027 Business Cycle
    33:40 - Why Raoul Expects the Dollar and Rates to Fall
    36:44 - Excess Liquidity: The Key Signal for Bitcoin
    39:26 - Why Bitcoin Could Be Ready to Catch Up
    42:00 - Bitcoin, Ethereum, Solana, and Zcash
    46:32 - Raoul’s Sui Thesis
    48:30 - Tesla, Circle, SpaceX, and Robinhood
    51:26 - The Yen, Dollar, Bonds, and Gold
    57:16 - Why Raoul Thinks the Crypto Cycle Isn’t Over
    Lear…

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