In short
Podcast Episode Notes: Drinks with Raoul Pal: Ask Me Anything
Podcast Overview Title: Drinks with Raoul Pal: Ask Me Anything Host: Raoul Pal, CEO and co-founder of Real Vision Description: A live AMA session discussing current market trends, with a focus on the momentum in the crypto space.
---
Key Themes & Discussions
Wine and Lifestyle
- Raoul shares his love for wine, particularly Rioja, highlighting the 1994 La Rioja Alta Gran Reserva 904 as an exceptional vintage.
- He emphasizes the importance of pairing wine with snacks, referring to those who do not as "philistines".
Upcoming Events
- Raoul mentions upcoming travels to Marrakesh and Dubai for events like the Global Macro Investor Roundtable and Token 2049.
- He discusses the Festival of Learning, an online event aimed at educating participants about investment opportunities in the crypto space.
Macro Trends
- Current Market Context:
- The Bitcoin halving is approaching, coinciding with a favorable macroeconomic environment.
- Central banks are expected to cut rates amid rising global liquidity, despite lingering inflation concerns.
- Global Economic Landscape:
- Discussion on the aging population and debt deflation in China.
- Acknowledgment of stimulus measures across various nations, leading to increased liquidity in the markets.
Liquidity and Investment Strategy
- Raoul explains the concept of the "Everything Code", which suggests that liquidity is necessary to manage debt payments resulting from the pandemic.
- He predicts a shift towards asset classes that benefit from debasement, particularly crypto and technology.
Crypto Market Insights
- Raoul views the current market as "macro summer," indicating a positive climate for investments.
- He discusses the cyclical nature of commodities and the resurgence of value stocks, highlighting the opportunities available in this environment.
Personal Investment Philosophy
- Raoul emphasizes the importance of technology and crypto as significant investment opportunities, particularly in the context of inflation and currency debasement.
- He urges listeners to recognize crypto as the best-performing asset class over the past decade, encouraging wider participation.
---
Key Takeaways
- Wine Pairing: Enjoying fine wine should be coupled with appropriate snacks for a complete experience.
- Market Opportunities: Current macroeconomic conditions are favorable for crypto and technology investments, with liquidity on the rise.
- Investment Strategy: Focus on debasement-driven assets, and be smart about risk-taking in the market.
- Community Engagement: Raoul invites listeners to engage with the Real Vision platform for educational resources and a supportive investing community.
---
Engagements and Promotional Content
- Festival of Learning:
- A free online event scheduled for April 18-19, focusing on investment strategies in the crypto space.
- Call to action: Join via [realvision.com/festival](https://realvision.com/festival).
- YouTube and Real Vision Community:
- Encouragement to subscribe to the Real Vision YouTube channel and engage with the broader community for richer discussions and insights.
---
Closing Remarks Raoul reflects on his journey in the financial markets, expressing a desire to help others succeed while emphasizing the importance of enjoying the process and learning from experiences. He invites listeners to join him in exploring investment opportunities in the ever-evolving landscape of macroeconomics and cryptocurrency.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Transcript
Automatic transcript. May contain errors.0:01Picture yourself on a beach, retired early and enjoying financial freedom. If this is your dream, then now's the time to level up your investing game, and Real Vision can help you. We arm you with the knowledge, the tools, and the network to succeed on your financial journey on your own terms. Take control of your future and visit realvision.com forward slash free. That's realvision.com forward slash free.
0:35well welcome everybody to i don't know what the fuck i'm doing ral pal drinks edition as ever i don't actually know what i'm doing i've done zero preparation for this in respect for you guys so but i i lie i did prepare a glass of wine and we'll talk about that in a sec and also i was a little bit late because i was toasting some almonds so these aren't the fresh toasted almonds that i've shown you guys before these are actually valencia almonds and what i've done is re-toast them and this is a real trick so you can buy shop bought almonds marcona almonds from spain or valencia almonds don't buy that shit california stuff buy the proper stuff and then you re-toast them in the oven and they get crispy and they become absolutely perfect they've got a slightly more toasted flavor and it washes down really well with a glass of wine or a glass of Fino Sherry or a glass of cava.
1:29But today, I'm actually going on, well, it's not holiday, really. I'm working as ever. But I'm going to Marrakesh for four days for the Global Macro Investor Roundtable. And I leave tomorrow. And then I'm on to Dubai for token 2049. So it's going to be two weeks of chaos, drinking, socializing, talking macro, talking crypto, everything else. But I'm going away and I'm going to the desert and I love Marrakesh. In fact, I got married in Marrakesh. So I thought I should start with something special. So what I've got for you today is something really, truly special. And I'm sure this is not easy to get, but if you ever get a chance that is a Rioja and you know you guys know I love Rioja and I've talked about this wine a lot but this is a special one so this is La Rioja Alta Gran Reserva 904 this is the 1994 these old Riojas are so I'll just pour myself some more are absolutely fucking immortal I have drunk them from the 1950s and they're still strawberries and silk i can't describe how good these are and there's something special with the old rioca especially rioca alta and vineyard tondonia grand reserve the reserve is great and you guys cleaned it up the shelves since i've talked about that before but the grand reserve is it just immortal and impeccable for me it's one of the world's greatest wines and they're stupidly cheap versus anything from burgundy which would be equivalent these are low alcohol wines they're something like 20 years in oak barrels grand reserves only actually need to be 10 years but rioca alta and vineyard son don't know very old fashioned the alcohol level this is the crucial thing it's about 12 to 12 and a half percent because you philistines and i'll refer to you as philistines because you're probably having a drink without a snack, which is, this is how civilizations work.
3:39We've talked about this before.
3:43Most of you will be drinking overextracted, high alcohol fruit bombs that are not meant to mature, that are meant to trick your palate. It's the old American trip of adding salt and sugar to everything. And it builds flavor palette, when in fact, what you're missing is the structure and the depth. These are elegant ones. You need to have some sort of aura of elegance about you to have a wine like this because this is a wine that is complex and nuanced and fine and light it's light and alcohol but not light in flavor and depth of character these are just absolutely fucking amazing and uh it's a blessing and the good thing is my wife is climbing kilimanjaro she's my wife anush is amazing she is climbing the seven peaks right now so that's the seven the highest summits um well the highest summer in each continent in the world she's done so far she's done she's just summiting kilimanjaro as we speak she did um mount vincent's in antarctica which is bloody cold and bloody remote and she did aconcagua which is very high in argentina and then she's got uh this summer i think she's got um denali in june which is really really hard because it's so remote and cold and miserable uh then she's got mont blanc uh in the summer and then Everest next April.
5:02And then Carson's Peak in New Guinea sometime later in the year. So anyway, she's out so I can start drinking. It's 3.30 in the afternoon in Cayman, but who gives a fucking go on holiday? Right. Let's actually add some value outside of wine lifestyle and the fact that you need to have a snack. If not, you're a philistine when you drink. So let's talk macro a little bit. Macro cycle, and I've talked about this a lot. you guys have heard me. I'm going, sorry, those of you watching me on YouTube, why the fuck aren't you watching me on the Real Vision platform? And if you're watching on YouTube and you haven't subscribed to the channel, I'm just literally never going to speak to you again.
5:42So just at least add a comment, do the like thing, you know, this whole YouTube game, do that. It's good for me, gets more people and subscribe to the channel and then go across and sign up for Real Vision, realvision.com. It's not that difficult, not that many words. I know you you guys this late afternoon. You've had a couple of drinks, realvision.com. It's free. Just put in your email. You can ask me then a question as opposed to being a deaf dumb mute on YouTube. But I appreciate you anyway, I promise. Anyway, let's go macro while the questions are coming in on the Real Vision platform. There's a lot coming in already.
6:15Martin, sorry, I'm just seeing your comments 74 pounds on the vino for a 94 um la rioja alta grand reserva uh sounds a bit cheap it's not wildly expensive though i would have thought it was over 100 quid uh so maybe 150 bucks but i'm not sure but crazy cheap what it is anything in burgundy of the equivalence is thousand two thousand dollars okay back to macro i told you it's a shit show i'm never good at this thing i just get distracted and have too much fun um okay macro macro summer crypto summer we're at the phase where the bitcoin halving is happening the election cycle where they give out free candy to the kids stimulus and um we generally get well we've got the central bank who wants to cut rates even though inflation's not playing that game we'll talk a bit about that in a sec and then we've got um stimulus global stimulus cycle from the weekly global liquidity index which has been rising.
7:14So this is the part where liquidity starts going up significantly. Europeans are going to start cutting. We've already seen, I think, the Swiss cut. We're going to see a few nations cut. Latin America was first to hike, started cutting. Brazil. So we'll see the cutting cycle, global cutting cycle will pick up. We've got China with a very lackluster economy. In fact, it's a debt deflationary trap driven by an aging population and excess debt. We all know about those things because we're all living in one, whether we're living in Europe or living in the US or Japan. So they're going to stimulate more.
7:49The Japanese are pretending to raise rates, but they're still running negative interest rate policies when you look at it in real terms. And we should see inflation continuing to slowly decline. Now, it's been flatlining for a while. But many of you see me tweet out a chart of previous inflation cycles versus this one. It always has this flat bit that it hooks down. If I look at the Truflation Index, the guys at Truflation have this real-time inflation index with millions of prices. That thing is now at 1.78%. It's falling. I know nobody believes me. Either way, the Federal Reserve wants to cut rates.
8:29Why? Because of the everything code. I've told you about the everything code. If you've watch the YouTube videos on the Everything Code. The Everything Code basically suggests that they have to use liquidity to monetize the interest payments on the debt. We're coming into the teeth of the interest payments now. And we're paying for the debt we issued during the pandemic. So we've got a lot of payments to do. The bond market's freaking out from this, obviously, because they're like, how can we pay for all this stuff at 5.5 % rates without issuing more and more more debt. Gold market's breaking out on the back of this.
9:03And so it should be, because the answer is going to be they're going to have to use liquidity. Will they use quantitative easing? Probably not. Why? Because we all know the trick and we know the name quantitative easing equals money printer goes burr. So what will they do? Well, firstly, they've been running down the reverse repo. It doesn't matter what the format is, but they've been running down that, which which means banks have been putting money into the market. Then they have been doing, they're still doing quantitative tightening, but they're already talking about, well, at some point we need to stop that.
9:37Of course they do, because the reverse repo is almost empty. That runs the Fed out of opportunities at this point. Next part is, what does the Treasury do? Because the Fed is basically just helping the Treasury now. Well, the Treasury has been building up the Treasury General account. That's their bank account. And then what they will do is start running that down over the election. which is liquidity flushing into the system. We've got to get through, I think Mike Howell talks about this. We've got tax season, and often that takes money out of the money markets. And then it goes into the Treasury General account, then it gets drawn down.
10:11Some people think that's liquidity negative. I'm not entirely sure, I think. But in the end, the Treasury General account will be like a trillion dollars, and they'll inject that trillion dollars nicely back into our hands, and number go up. and then all the other nations around the world were doing something similar then we've got probably basel 4 which is next year basel 4 is even tighter standards that means that the banks have to use more regulatory capital which means they need to own more bonds whatever that right find a way for the banks to own all the bonds so you can keep issuing them okay they're all doing that so that's about to happen rolls out in i think it's the uk first or europe first in like January.
10:53And then the UK is following the US, which is July. And I think Europe's in January. So we've got that whole liquidity event to come. Then we've got, oh, no, the commercial real estate market, the banks are stuck with this. What do we do? Oh, my God. Let's absorb it onto our balance sheet. So we've got that game to play as well. Plenty of games to be played for liquidity. It's just at the right time. You don't want to upset the voters who want the markets to go up. And that is a very powerful backdrop. This macro crypto summer is the powerful backdrop for assets because you're debasing currency.
11:30See my tweet from yesterday. I think I already have 5 ,000 likes or something. As people understand that currency is being debased, assets go up. The assets that have network effects, technology and crypto, go up the most. That's macro summer and the debasement cycle. Hey everyone, we're going to take a quick pause and hear a word from our partners. We'll be right back. Your favourite neighbourhood spot grows with Square. Indeed, my favourite neighbourhood spot has quickly become Todd Snyder in Williamsburg. Todd Snyder is one of my favourite menswear shops and has supplied me with all the clothes I have needed this quite hot summer.
12:12Every business has different goals, but Square is the business platform that supports them all. from opening a new location, selling something new, or just expanding their reach. Indeed, I've seen it with Todd Snyder. In Square, also, you can get real-time insights, so don't wait for end-of-day reports. Go to square.com forward slash go forward slash real vision to learn more about how your business can grow with Square. That's s-q-u-a-r-e dot com slash g-o slash r-e-a-l-b-i-s-i-o-n.
12:54However, what's interesting about Macro Summer is those of you who don't invest in crypto or don't like technology, you get to have your chance to because it's the commodity cycle. So commodities do well, Macro Summer and Macro Fall. So you've got a nice commodity boom to come. Usually, value stocks finally do something. The smaller companies tend to do something over this period. Everybody, it's a game for everybody to play. That's why it's summer. The living's easy. You can make money in pretty much anything you own. Even banks go up over summer. So it's a good period for everybody. And so whatever your strategy, you'll probably do well.
13:35Emerging markets, less so because of the dollar. The dollar has been strong in this cycle. and so because of the rates market so i'm not sure emerging markets will do that well but commodities overall value cyclical that kind of stuff should do well but you know i've had this conversation with you guys before i was the macro guy sorry glass of wine first let's tell a story so we need a little bit of a nice toasty almond and uh this is fucking good I can't express how good this is.
14:15I was a macro guy. I am a macro guy. I like the most macro guy. I find it interesting. There's a lot of macro people on Twitter with, you know, five years experience. I've been doing this 35 years. I know my game. I know what I'm good at. I'm good at this. And I know it doesn't mean I get everything right, but I just know this game. I was the macro guy that you still see on Twitter. The one that's like tech stocks that overvalued, I can't buy them. I was the guy who, after a bear market, I'm like, no, there's another leg coming. I was expecting, so I never really owned equities properly. I was waiting for the down cycle, where to make money.
14:57And then I'd look for the cheap stuff and I'd buy commodities. I could see so many people doing this right now.
15:06but it's suboptimal and i figured this out it was back in 2020 end of 2020 sometime in 2021 when i started looking at the debasement effect and i started realizing that once you divide everything by the central bank balance sheet or global liquidity or global m2 whatever measure you want that only technology and crypto outperformed and it meant that no other assets did i started realizing secular trends were the most powerful and the cyclical trend of buying commodities in the pickup. Yeah, you can make money. But I want to make a lot of money. I want to make a lot of money by owning the best assets.
15:41And then once you get into the risk-taking zone, you really fucking go for it. Because we've been given this gift. So, okay, NASDAQ, crypto. Everybody gets the NASDAQ thing. Okay, fine. We've got AI. We'll call it the AI bubble this time around. What bubble is it? It was the FANG bubble, and now it's the MAG-7 bubble, and then it's the AI bubble. It's not a bubble, for God's sake, people. I don't know why you can't understand this. It's about 8 % debasement a year. So that gives it 8 % of its 17 % performance each year in the NASDAQ. And the rest is driven by technology and adoption effects. It's just not going to stop.
16:18And the price earnings keeps going up because earnings are variable. So they don't get affected by debasement. P goes up because of debasement. So earnings grows in line with GDP growth-ish and good companies do better, bad companies do worse. But that's the kind of metric there, maybe even M2 growth. But really, currency debasement, that's what drives the P. So the P keeps going up. Okay, so it's not really expensive. You need to adjust it by all of these things. But the NASDAQ and the whole technology, I love it. I'm so deeply involved. I have a service called the Exponentialist, where I write about this with David Matin.
16:59It's a paid research service. It's bloody good. There's a portfolio attached to it. And I love it because it's some deep thinking. And I'm not going to go through it all today with you guys because it's not fair to give it all away. But I'm talking about, I think, the six years to make money before we hit a wall. And the wall is something I call the economic singularity. And that's to come where we don't even know what economies will do because everything is going to change. and that's based on that formula of GDP, trend rate of GDP growth equals population growth, productivity growth plus debt growth.
17:33Debt growth gets broken. It's just servicing of old debts. Productivity and population have been declining because of age. Add in the robots and the AI, you get infinite population. You can get infinite GDP growth. It's kind of bananas numbers. That's a story for another day. Those of you who are pro crypto and pro macro subscribers on Real Vision, or exponential subscribers and obviously GMI subscribers, you've all got it today on the platform. So you can read it at will so you can understand what I'm talking about. But we have six years to make as much money as possible. So given that all assets are driven by debasement, everything is basically driven by the business cycle and everything is correlated.
18:16Some things lead, crypto and technology lead. As the business cycle bottoms, so ISM comes across 50 commodities season cyclical plays come into play. There are some lagged things that come behind real estate and stuff. But anyway, business cycle rules are all. Everything's highly correlated. It's all driven by the everything code. So the dirty secret is this is the easiest fucking game in the world. You just divide all the asset prices by each other, look for the best performing asset. So that's what I did. And that's what I uncovered. And that's what changed everything about me. As you know, I've been involved in crypto since 2012.
18:59But I really started to realize that if I divide S &P by cryptos down 99.98%, if I divide gold by Bitcoin, then 99.99%. If I divide oil stocks, if I divide emerging markets, if I divide world equities, 99.99%, They're all down since 2012 versus Bitcoin. And technology, the secular bull market that's made everybody a fortune, down 99.93%. Right. So everything goes down 99.9 % over time versus crypto. But it's not over that, what, 10 years time horizon, 12 years time horizon. Actually, when you look at it, crypto is the best performing asset in the world, three out of four years. Fourth year, it's the worst performing asset.
20:02Then it's the best performing for three years. Then it's the worst performing. This keeps going on. Bitcoin, even with three or four, three 80 % drawdowns-ish, 75%, whatever the average is, still has done about 140 % a year returns. Let me just repeat that. Annualized return of Bitcoin is 140 % a year since 2012. You can own any VC fund. You can have any other asset class. Nothing comes fucking close. 20 million percent returns since 2012. 20 million percent. Since I started Real Vision, Bitcoin is 450 ,000 percent returns. And we started talking about it. But ETH came a cycle later, a couple of cycles later, actually.
20:59Well, ETH is about 160 something percent. It's 165 percent returns annualized. It's been around less. Solana, 200 % returns, annualized because it's been around less, earlier on the network effect. I don't know if you can get your heads around this. And if you're not a crypto investor, I simply don't understand why when you've got the best performing asset class of all time, the fastest adoption of any technology in all time outside of AI, the largest generation and fastest generation of wealth in the shortest period of time, why you'd not be involved? It's just bananas to me. It's a scam. All you're doing is helping yourself disappoint your future self.
21:50An asset is future deferred consumption later. And you want your assets to be worth as much as possible because you're taking risk with that money by locking it up. So therefore, you should be compensated for that risk. your future self will go, well done, Raoul. 10 years ago, 15 years ago, you bought this stupid thing called Bitcoin. It's now up 20 million percent. Thank you. That's great. I can go and buy a house or go on a world cruise or buy a mega yacht. Oh, I bought gold mining stocks. They've gone nowhere for 40 years. But Raoul, my purchasing power has gone down. What the fuck? What was your earlier self-thinking, Raoul, you moron?
22:24No, it's nothing against gold. Gold does absolutely fine in the basement just doesn't make you rich it's a great wealth preservation tool so anyway that's what i got to and it's not because i'm like this singular focus bitcoin or blockchain is crypto is everything it's because it is everything when it comes to what i'm trying to do for myself which is deliver my vision to my future self of what I would like. And technology does that pretty well too. So anyway, I think this space is going from two and a half trillion to maybe 12 trillion this cycle to 100 trillion by let's say 2032. That'd be the largest, fastest wealth accumulation of all time.
23:14I'm not going to talk about my NFT thesis, but it's built on that thesis that there is going to be trillion dollars of new wealth created to be the largest amount of new wealth created in all history. That's, by the way, twice the size of the 100-year accumulation of wealth of the S &P 500, just to get your heads around what it is. Maybe I'm wrong. Maybe I'm wrong by 50%. So 50 trillion. So it's the same as the S &P over 100 years. 25 trillion, half the amount the entire US economy had generated in equities over the last 100 years. you know it's bananas anyway it's also a lot of fun um couple of things before we move on and start answering all of the questions please answer the questions i see there's millions of them going let's go back to youtube thank you for joining us on youtube i love it please subscribe because i actually do quite a lot of really cool content i think you you really enjoy it so just subscribe it'll ping you when it comes um if you can say nice things about me in the comment section that'd nice uh what wine you're drinking or drinks i know some of you um maybe having an aperitivo of some sort um americans will probably be drinking whiskey just before dinner which is weird canadians it's weird anyway and the aussies it's the morning in australia right now so they're probably drinking beer because that's a breakfast drink in australia um commandments so youtube channel you guys thank you for joining please please subscribe i can't believe i've got a million fucking twitter followers and 40 000 or 38 000 youtube subscribers i would love to see this over 50 000 by the end of this and that's you guys i can't pick the button myself we don't cheat in this world so you guys can you get me over 50 thousand subscribers to the channel i greatly appreciate it just do your thing you like my stuff you're one of the twitter million you know maybe just say thank you by clicking the subscribe button and also leave a comment what you're drinking um and also um a like because that'll help get the algorithm going so more people can press the subscribe button and you guys will actually do something for me for once as opposed to just taking from me and those of you who are feeling generous, I would really appreciate if you go to the Real Vision platform.
25:30It is fucking free to join. We've built everything from AI to pricing, charting, analytics, to transcriptions for every video, to a global map of the world where you can interconnect and connect with people. We've built everything for you guys. It's free. So again, if you actually feel like you want to have some sort of generosity of spirit and you would like the universe to give you karma um then maybe please just join realvision.com oh no it's such hassle i've got to get off youtube or i don't care i'm frankly not interested so i'm gonna just wait while you do that hey everyone we're gonna take another quick break and hear a word from our partners we'll be right back
26:17i can wait a long time i've got two-thirds of a bottle of wine to go i've got a bottle of almond So firstly, the YouTube channel. Focus, focus. Now you're all ADD and you want your drink. YouTube channel, like, subscribe, and then pop over to Real Vision where you can ask me a question and you can check in and say, hey, I've just come over, put it in the chat to prove because I don't believe you. Because you all are lazy. It's like, oh, I'll do it another time. And then you don't do that. I've got KPIs to beat. It's all about new subscribers to the free channel. I'll wait around a bit. Time is money.
27:06I'll get that in focus. It's not going to focus. It's amazing. Okay. On to the questions.
27:22I'm just randomly, Tim Harris, RAL waiting. Yes, I am waiting for you guys to take action. Realvision.com. Go over, just pop over, another browser, do that, sign up. You can stay watching on YouTube if you're lazy, or you can actually ask questions and join the community. Okay, Sabesh, very long, subscribe to Real Vision. Lucky for me, I happen to catch your show live. Thank you for all the education. Thank you for being part of it. It's only about you guys. It's a community more than anything else. it's not a fucking ral dog and pony show um alex ral infinitely grateful for teaching me about macro and liquidity and wine um i've lost it now so many uh ismc playing out brilliantly thoughts on sticky inflation as i said i think it's a lagging cosme palatio ral triumphs jesus christ don't teach me about spanish wine um steve friedman appreciate you ral okay enough of the Raoul, we love you.
28:18On YouTube, you can do that, but on the platform, I know you do because you're here. Lacey Malarkey. Lacey, watching you on YouTube and just joined RV. Hell, brother. Welcome to the fucking madhouse. It's the best community in the world and it's an incredible platform with the best content you've ever seen. It's not a YouTube experience. It's something different. So I'd love you to tell us when you do. Okay. I'm going to try and go through these.
28:49Hangout handout. Hangout hangouts. How do you feel about the community creating a don't fuck this up token? I love it. I actually don't. I love the fact the community is doing stuff together. It's great. A mean coin is literally the definition of fucking it up. I want to make it absolutely clear to you guys is I obviously own mean coins. I don't own any of this because I don't want to look like I endorse it because I don't want to get fucking roasted by evil. Bitcoin maximalists in 18 months time to say, you forced people to buy this stuff and it went down. But I'm still scarred from that in the last cycle.
29:25I cannot believe how fundamentally evil people are and how much they lie for their own gains. This whole Terra Luna thing, all of it, it's all lies and it drives me insane. So they will try and hang me for it. And so if you can remember this moment where I said 1 % of my entire portfolio is in that, is in meme coins. i didn't buy don't fuck this up because i don't want to get crucified by people i don't endorse it but i also understand why it's fun to do why it's great for the community to do why who knows it might make money um if you can get enough people to understand the don't fuck this up message but if enough people understand it they're kind of fucking it up so please play around have fun with it but it's it's it's um i'm probably too burnt to be actually honest um and i'm still i got attacked this weekend.
Read the full transcript
30:16People cut that Luna thing down like I was promoting Luna. Everybody knows that I keep track of every single investment. It's published. I have a 19-year track record in Global Macro Investor, which is without question the best published track record of any research service and maybe any fund in the world. I'm incredibly proud of it. That's with some terrible years in the middle. At no point have I ever owned Luna. Never recommended it. never published about it. Remy Tito wrote an article about it when he was at Global Macro Investor. It never got published, as far as I believe, to pro-macro subscribers.
30:55I maybe mentioned it three times. Anyway, I'm still scarred by that, as you can tell. Anyway, Hilton, I love the Rowell Dog and Pony Show. It's fucking exhausting for me. It's all right for you, but at least I can say thank you because you're a subscriber. You're not one of those YouTube layabouts who just doesn't do anything and expects to be entertained for free. The Dog and Pony Show. Right. more questions i'm going to the beginning simon de santos 1994 what country spain it's a rioca jesus christ man are you even why are you even a member of real vision if you don't know that uh it's amazing um spanish almonds and wine you shouldn't have left spain i actually left spain spain is literally my favorite country in the world i left spain because it was very hard to find intellectual capital people the united states and its environ around people in technology crypto and other things are really of different mindset and i'd done the kind of semi-retirement thing and i was bored there's a limit to the amount of drinking and nightclubbing you can do in a party town in Spain.
32:15I really wanted to do something more with my life, achieve another thing. I'd have a successful career. But I want to see how far I can push myself. And I had to be out of Spain today. Europe is a nation of call spread, is a continent of call spread buyers. And the US is a nation of call option buyers. and i think the asians are probably a nation of i know three x course call buyers it's like it's that it's that opportunity mindset in europe it's like yeah you can make some money doing this you can have a good living and it'll be fine you can have a great living but nobody wants you to try really hard and really try and think big or have big ideas um and that but i still love it so anyway that's me just philosophizing about why um okay la rioca alta 2015 still good or is 2014 these things are immortal really come to me when you're worried whether the 1954 is still ready to drink i drunk the 1952 it's all it's epic um uh rail just shitting on us americans i've just given you the compliment i've come this way because of you guys yeah yep you put sugar in your bread you drink fucking awful wine with 15 and a half percent alcohol because you think it makes you look sophisticated swirling it around while drinking fucking concentrated blackberry juice with Everclear in it.
34:00And your awful sense of dress, nothing like bloody wranglers with white trainers and tucked in polo shirts. I mean, awful. But Christ, you guys are amazingly inspirational. And I, you know, I just, I love being around the US. Even though your food's pretty fucking shockingly poor as well. and your diet is the worst on earth um but it's americans actually make america special even though there's so many batshit crazy ones on mass so nice and uh so inspirational so thank you because you inspired me so i may bash americans for being uncivilized philistines i actually love you uh nice new haircut well noticed i got my haircut today for you guys well actually it's nothing to do with you guys i don't really care about you because you're watching me on youtube and you haven't come across to the real vision platform so i didn't get my hair cut for you um i did because i'm traveling for three weeks marrakesh and then um dubai um
35:13rv dan aura of elegance leaves me out are you elegant in any way dan no you're just lovely and i love you how you are you don't need to be elegant um joseph orgione spitting truth fire u.s wines are too sweet a good barolo is nice yeah but you fuckers have also fallen for the robert parker oh let's make it 15 percent barolos used to be kind of 13%, 13.5, a bit stronger than the old Bordeaux and Burgundies were. They've all ratcheted up to 14, 14.5, and I've had Barolos now that are 15.5. Completely ruined it just to appease the Americans because they've got a lot of money and they're dumb. Okay, I am joking.
36:04I actually love you guys.
36:08Okay, Constantine, you promote... uh jamie rogers concentrated blackberry juice with everclear that is true that is american wine in a nutshell we'll call it screaming eagle and we'll charge you 10 grand a bottle for it really um some things are actually better with age um and wines that can age are nice that's why they're valuable um you promote historical digital art with a strong thesis however x copies Is that reach for many investors? No, he's not. You can buy him for Point Port Reef. There's plenty of X copy. Blah, blah, blah. Curio cards. Don't know anything about it. So you can read in the comments if you're interested in it.
36:57Ground Reservo Rioja. YouTube, what's that? Harry, I love you. That's why you're on the Real Vision platform because you know what a proper Real Vision experience is like. when bitcoin moons i'll have real on draft at home so let's talk about bitcoin moon we are beautifully consolidating around the all-time highs we usually do this um if i look at my salon chart it's been about a month now i love this a month consolidation bitcoin it's all-time highs coming into the halving coming into the liquidity season coming into the election season you know what that means the banana zone awaiteth the banana zone is when it goes that lies ahead of us my friends that is altcoin season that is a very very magic paul gara look this is the producers harassing me don't forget the festival of learning i haven't forgotten the fucking festival i'm getting into my own time i can't just get hit him with the hit him with the next action point i've given them the action points join the platform is the thing so uh the producer is trying to tell me tell you about the festival of learning i'll tell you in a bit don't worry i've got i've got your back because it actually is it's cool super cool and it's free um okay never a dull down real vision no it's not particularly around here because it's utter chaos um
38:33guy edwards grabbed a packet of pickled onion monster munch to elevate my social standing this is to 99 of the people watching this this is an englishman clearly is an englishman who is speaking gibberish he is not he's speaking poetry pickled onion monster munch whilst a carcinogenic death snack is so addictively delicious i can't comprehend it and i it reminds me of when i was 13 years old at school thank you guy for doing that uh peter morris great content real vision app he's on the app we've got amazing apps uh there's a brand new um ios app if you haven't got it sort that out uh it's amazing to watch even if it's free you can watch it there all great uh the android app is out any day now um bavin finally have moved from youtube to real vision bavin thank you my friend and welcome you sound like poladia first name indian surname weird it's like me uh indian surname first name weird martin who's come back with the price check on the wine that was the for 2015 i told you bozo 175 pounds for the 1989 yeah 94 is a fucking great year it's probably that so 200 and something dollars a bottle um i'm drinking this for you guys actually it's for me but it's so good i cannot express how good it is honestly i'm not i'm not exaggerating It's just epic.
40:20I had on my birthday recently, had a bunch of friends here. I think it was the 1970 Tondonia Grand Reserva. That literally is my favorite wine on earth. Not easy to get, although you can get it from the vineyard itself. Not easy. Oh, my God, that wine. Silk and strawberries. and it's 54 years old. I mean, it's two years younger than me and it looks a lot better than me. It tastes a lot better than me. Okay, sorry, I'm really behind on the questions. David Valancius, any take on the HiveMapper honey tokens? I have plenty of those. Love HiveMapper as a project. No idea whether the token does well.
41:10It's a great project.
41:17um chris nyers never heard of you um not all boomers are spending monies we're just being strategic with our money i didn't accuse you of spending your money i know you you're a tight fisted old git you haven't spent any of your money um so i don't i don't really know what you mean but you are being strategic without money um and chris nyers is a friend
41:44uh guillaume um the genitalia or whatever your surname is do you think this cycle will be smaller since people have less money to spend compared to 2021 a personal savings growth not smaller but just less madness of consumption doesn't mean it's going to be a particularly weak cycle or anything else so interesting uh tim uh rokemper sole congestion still bullish your views so let me check this out my blockchain is struggling because everybody loves it so much that everybody wants to use it and it's congested with traffic oh and dev team fix this ethereum's been through this bitcoin's been through this this is a fucking right of passage It's beautiful to see, beautiful to see.
42:37It'll be fixed and it will explode. It is literally what you want. Ask any product manager. They want their product to break because so many people are using a feature.
42:51Hilton, you're asking a lot of questions, Hilton. Hilton tenant, I presume that's not your real name. I presume you live in a Hilton hotel because they're so cheap that's probably cheaper than housing. They're also awful hotels.
43:08If you still have Bitcoin in your portfolio, if I do, I have one, the posterity, would you still risk moving into Solana for the next cycle or wait for the next run up first? Actually, I look at the Bitcoin Solana cross and the ETH Solana cross. I think it massively outperforms both going from here. So yes, I'm still very bullish on a relative basis versus all the others. RJ, everyone's always interested in my watches. So let me talk through my watches because like wine, people care about this stuff. I'm generally a Rolex fan. So I have a white-faced Daytona, green-faced gold Daytona, which is my special one.
43:57I have a Rolex Sea Dweller that I bought with my bonus in 1996. I have a Rolex Milgauss, orange face with the orange lightning bolt. I have a Cartier. I've always loved Cartier. It's a very beautiful brand. I have the larger face, the curved face Santos de Cartier. And I have an Apple Ultra, whatever. And that, which is my kind of dive, roughy-toughy Amiga Seamaster with the orange rock skin leather strap.
44:45That's it. So I don't massively collect watches, but I do like Rolexes. And I like watches a bit. Men, yeah, jewelry. I mean, that's not really jewelry. It's ragtag old shit that I collect when I travel around the world. That's all we've got. Girls can wear this and that and all sorts of stuff. And all we get is bloody a watch. That's all we've got. I mean, I wear fucking Converse or flip-flops or bare feet. I don't even have nice shoes. My Converse are cool because I kind of change the colour of the laces versus the thing, do all of that stuff. But we don't have much. So us men, we need to be able to show off somewhere.
45:24Um... Okay, I'm scrolling down. Alan Azar, would you buy residential real estate now and wait till later? EG, San Diego, California. Never wait. I know. It's not a timing market. It's not the stock market. It's about life.
45:47It's too important. Prices go up over time. Some markets will soften and blah, blah, blah. you know just it's i wouldn't i wouldn't worry about it it's not like you're doing a mark to market not you're going to sell it you're living in it it's just a lifestyle ratchet it's not actually a fucking asset i don't think of my houses assets whatsoever i think the lifestyle enhancement is an asset not the house never in my net worth do i consider my houses and my houses are or 50 % of my net worth or whatever the number is. But they're not, it's not an asset.
46:30Sam, outside of Bitcoin, Ethan Sol, what's your analysis for layer one projects such as algo, which are lagging? Most won't reach all-time highs again.
46:45Adoption effects. There's not really enough adoption of this stuff.
46:52Scott Crenshaw, this is the question. What is the next soul? What is the soul of this cycle? There are two on my radar screen. I don't know. I'm not good at this part. So take it as a complete caveat. I am not good at this bit. I'm good when something's got network effects. I saw Solana. I can see it, taste it. I knew it. I did the same with ETH last cycle. But getting the soul of this cycle, I sold from last cycle. I think, and I'm going to put a caveat here, and I do this caveat every time, I am on the suite foundation. So I have a vested interest. I have suite tokens. I'm not shilling it because it's that.
47:36It's the move protocol. You can choose Aptos if you wanted to. Different tech stack, however. Do your own research. um i think the move protocol and sweet is particularly interesting i also think that celestia and the cosmos ecosystem is interesting are those going to be the ones or does something else come out of the blue i have no fucking clue i'm sorry my friend the big game in town is figuring this one out this is where the real money gets made in this cycle i have no idea what it's going to be um which is why we follow the don't fuck this up thesis it's just just own the big stuff you'll be fine um i know i know to say 3 56 p.m so i'm 20 minutes late to this question it's so incredibly it's a it's thoughtful it's impressive it's your the intellectual thought that went into this question is, I think, staggering.
48:43Raoul, what do you imagine the bid for crypto assets may be if unemployment is 40 %?
48:53I mean, what? Thank you, Anup.
49:00Fabio, what could yuan be the trigger? Could the yuan be the trigger for the Fed to start cutting rates to prevent a collapse from china in the background they look at each other's economies in the foreground you're not going to wash with the u.s electorate if you're going to say oh we're cutting rates because china's having a tough time knowing that um lance holton buying some rioca today good man i'd have no payments from i should get payments from la croix i should get payments from rioca companies for the work I do for them and for the region of Valencia for almonds and olives that I talk about I don't get any of this shit other YouTubers get paid all this stuff I don't get any of it oh by the way just go again from YouTube you just joined you kind of skipped the last bit because you went for a wee subscribe like comment go to the platform you lazy fuckers um ron day god bless the aussies they're so arrogant they think actually god bless them um
50:16okay there's a bunch of alcohol articles alcohol uh ral speaking of whiskey we tried wines aged in bourbon barrels why would you want to poison your wine with that shit um ron johnson beer okay amaro de capo amaro huge fan of you're very civilized taz i like you already never met you um khaled maybe your content is being suppressed which on youtube oh it's on the real vision platform who's gonna fucking suppress it samuel oh we don't want rowl on the platform um yeah i don't think that's gonna happen um okay i'm gonna scroll down because kpis bavin aladia weird name like me uh kpis let's go kpis my kpis remember number of people who come across to realvision.com sign up for the free experience which is amazing it's my kpi samuel um and laura might pay for my bottle of wine if i do that if they can get it past lenny who's really incredibly tight-fisted if I can bring people across the channel.
51:28So if you want me to drink more wine in my dog and pony show, and if you want me to drink nicer wine and talk you through that wine, then you need to come across the realvision.com. Okay. Buying my peasant wife your wine for points. I would never say those words about your wife. My wife's from New Jersey. I would never say that. she would rip my fucking head off literally um okay there's so many questions i'm so far behind because i've been talking like an idiot uh scott mcgregor any thoughts on the uniswap wells notice more losses for gary look it's not surprising they just want to slow everything down try and fight everybody and they lose everything in court it's a shame it's interesting to see crypt i just kind of shrugged off my nose we just had enough of you yeah right see you in court um mills just joined rv with a paid subscription and taking the fundamentals of investing course thank you we've got education here for all of you it's amazing and it's been great thank you i'm wondering could you speak whether or not you're still bullish on solana literally 90 of my liquid net worth is in solana so now i've gone off it a bit um Raul are you bullish on ICP well I don't own any I have very concentrated bets um I've always thought it was interesting but there's so little narrative about it I know the guns may I stuff something about it interests me and I'm also interested in something that everybody writes off for a zero that's all i can say about it so i don't have a thesis i don't i don't know enough but it interests me from the fact that everybody's written it off as a zero um i don't own it because somebody again will then move this on twitter and go wow pal supports the icp community yeah fucking stop doing that please you're just ruining everything for everybody put it in context i think it's interesting i don't know enough
53:42um as you can as you can tell i'm a bit scarred from how badly i get treated and how people use me for their advantage um i don't mind people making clips of my stuff just please don't try and make it look like i'm shilling your community everything else because it just is not good um
54:05when rv wine tasting well scott you've obviously not been to an rvip event where our friends club divan have opened some unbelievable wines hello how are you it's nala she's come to join me um they've opened some unbelievable wines for us and they've often been around and they're huge fans there's some videos of them so catch up with them uh so we do do them we'll have some more event soon uh marco silver how can we escape the narrative's hype yeah this is a good question
54:42there are there's a game in a meta game that you need to play in life it's a human psychology game which is if your wife is shouting at you or your husband is shouting at your boyfriend or girlfriend and you're like i'm not really sure why i'm getting this outsized thing i mean all i did was put my coffee cup next to the sink it's not about you it's because there's something else that they have anxiety or concern about it's all human narratives are somewhat similar and even in my conversation with peter schiff even tom bilyeu the narrative is a mask for what the real thing is so when you see
55:43coalescing of thought around something you need to ask why are people thinking that why are people posting the chart of it's going to be the 1970s inflation all over again you ask them what is their incentive to think this do they have evidence outside of the chart and you'll find that it's people who have an adherence to a certain type of monetary policy regime in the past or a certain type of asset that once made a lot of money in that regime there's an anchoring bias to thought that appears everywhere we all have it i have everybody has so it's not judging people so what you need to do is step back from everything you're being told and say, why am I being told it?
56:35Or why is this happening? Who is telling it to me? What is the incentive pattern? And is everybody wrong? So like WorldCoin was a classic example. I fucking totally mid-curved this. I'm so angry at myself. WorldCoin came out and it was like scanning retina. And oh my God, it's the deep state and it's terrible. They're taking your biometric data and they're giving it to governments and they're like, the stupid bullshit of Twitter. I saw through that because everyone's given their bloody eyeballs to Apple. And India's just done retina scans for 1.3 billion people. It's like, I didn't care. So I was interested in WorldCoin, but I didn't know why.
57:29So So I thought about it.
57:36And they kind of thought, well, I'll mark it down as interesting. I'll follow it. And then the WorldCoin Foundation is based here in K-Man. And they asked me to come and do a panel and actually interview them. I thought, great. I'd love to find out more. So I went. Natural curiosity. and i told them the ugly truth which was like that was the worst fucking product launch in the history of web 3. lead with the orb was the dumbest thing ever and they're like yeah probably true but we need to prove humanhood and we don't record the data and it's actually not a retina scan it's an iris to prove your living and yeah really sensible stuff i'm like what is your narrative they said well sam alton said i've built ai nobody's going to know who's human and who's not we need a way of proof so he started worldcoin i'm like if you'd have just told people that from day one it would have been up 50x sam altman good i mean jesus sam altman coin good we can't even invest in open ai and so i saw the panel and then i came back and you know I'm going to buy WorldCoin.
58:49And it was like, I don't know, two bucks, one and a half bucks. And then my mid-curve kicked in. Well, you know, is the community going to accept it? Well, why hardware? Are they going to get adoption? Ah, blah, blah, blah, blah, blah, blah. You know, surely they can't go country by country signing people up one by one. Well, fucking moron. I was right, right, right in the middle of the bell curve. the mid-twit. I should have just said, Sam Altman likes it. AI. And it went up 10x. Anyway, that's how you can scroll up. Whether it's a good project or not over the long run, I have no idea, but it was so fucking obvious.
59:46Nick, Wesley, Raoul just joined. Cheers from your mum's country. Good night.
59:55Good night. That's good night in Dutch. For those of you who aren't quite as multilingual as I am, obviously being the most interesting man in the world, I can speak one language. Okay. Fuck, I'm so far behind the message. Usually I'm better at this, but I've been, I think it's the wine caught me.
1:00:18Violet Cam. Who cares about the wine? I can't wrap my head around your wife. She rocks. She doesn't watch my stuff. She thinks I'm probably a bit of a moron. She absolutely hates my NFTs. She kind of gets my crypto and supports it, even though she doesn't really know what it is. She is fucking incredible. Anoush, her name is. Anoush. And you follow her on Instagram, actually. Anoush Pal. She loves Instagram followers. she's a leo so she likes the attention um and you can catch her sleeping in a oxygen tent in our house to a climate size to altitude she's actually bloody funny on on instagram uh also her journey climbing the highest mountains while she's doing her doctorate in psychology and running a behavioral analysis clinic for kids with autism on ireland and still finding time to shout at me plus socialize, go over to Little Cayman, have fun and travel.
1:01:16She's a little wonder woman. Scary one, but a wonder woman. So Anoush Pal on Instagram, come follow her. She'll come down from there. She's literally, literally on the peak of Kilimanjaro right now as we speak. So if she comes down and finds she's got another 2000 Instagram followers, it will make her day. Literally, it will make her day. It matters to her. I don't know why. She's a millennial.
1:01:47Dan Little, any thoughts on Mike Green getting into Sol and E? That was shocking. I would say a bit disingenuous, but there we go. Blah, blah, blah.
1:02:03Brian Chong, as a young person in their 20s and an only child, I'm invested heavily in crypto, but would like to come up with a plan of attack for this cycle is I have bills. I need to take care of my family. Yep. So I don't think we're ready in the top-slighting profit phase for lifestyle chips yet. But I think later in the year, take some lifestyle chips off the table because you really want it to compound a bit. Again, I don't want to leave it too late. Everything else, take lifestyle chips off. Second half, Q4. um Raul do you still believe ETH outperforms Bitcoin and so outperforms ETH yes hang out hangouts yes I do actually I remember going back in 2020 I got so much fucking hatred when I said ETH is base versus Bitcoin I think it's going to outperform Ian Peter McDonald had a bet with me which we never settled in the end but it's like a business class ticket and dinner anywhere in the world with each other, whoever won the bet of what would outperform over the next year, Bitcoin or Ethereum.
1:03:17And Ethereum really did. Here we are with a very similar chart pattern at exactly the same point in time, just ahead of alt season, after the halving or just around the halving, when we should bottom in that pair, got the weekly demark indicator, the daily demark indicator and the chances are that he does really well so i actually think and it won't really happen it'll be bottoming and people won't believe it come to me september october november december and i think you'll be in for a surprise so yes i do think and again i'm not interested in any of you out there who are bullshit narratives you like my coin or no coin or just fuck off we're in this crypto business together we're trying to make the money as it goes from two and a half trillion to 12 trillion 100 trillion dollars whatever the way we can we've got six years we won't get to 100 and 600 trillion six years but i think we have about six years make as much money as possible we'll help each other i'm not interested in your fucking war of one coin versus the other coin looking up to join the real vision community yeah realvision.com right i'm going to do something because it's really important and i'm going to get a shout out to that and i'm going to read what laura because laura always makes demands of me in this stuff actually it was probably natasha i blame both of them date 10th of april uh drinks with ral your channel you have a big announcement to make okay are you ready everyone get your drink ready big big announcement okay i'm ready ready wtf am i saying okay what the fuck am i saying what to promote vessel of learning vessel of learning don't fuck this up well don't fuck up this alts means an nfts up okay so it's a bit clever titling here which is like yeah we accept you're going to be degenerate gamblers we're going to teach you how to do it properly it's a really fucking serious message.
1:05:18We can help you. We want to help you. We brought the best people in the world to help you. Okay, one sentence message on what we're trying to get across. There's a digital asset world beyond Bitcoin and ETH. Lots of opportunity, lots of risk. We have to put the risk thing in because if not, people jump on us. Join us on April the 18th and 19th. It's the 10th now. So it's in eight or nine days time for a free online festival to help us with a successful crypto summer. I'm going to go beneath the surface here. It's like altcoin season, load the fuck up, learn how to do it. Don't fuck this up by going past that 10%.
1:05:53You got that? So far clear. What's the CTA? CTA is a word that we use in marketing for call to action. What are you asking the audience to do? Go to realvision.com forward slash festival to register for free. Now, Natasha didn't put this in caps, but free, like you fucking morons, we're trying to help you, educate you. Realvision.com forward slash festival. If you just signed up for the realvision.com, which is the easier way, you don't have to use the forward slash festival, but they want it so they can measure the links online and where the traffic came from. Just realvision.com, you get it for free.
1:06:30It's just all part of the service. What we're trying to do is help you. Anything else? Framing on the landing page. Okay, now this is in highlights. just in case it's useful. Don't worry about trying to cover all of this. Okay. Blah, blah, blah, blah. Ah, important. We have partnered with Kraken to bring you this event because it costs a lot of money to lay all this stuff on. And Kraken are amazing. I actually use Kraken. They didn't ask me to say that. I said it because I really like Kraken. So they've helped support us on this. Kraken are great. They're true crypto OGs. two-line experience help you navigate the opportunities and the risk we're going to use that risk thing because it sounds kind of like balance you know don't forget these are europeans writing this is all about call options well it could be good but it might not be good now fuck it alt season it's not your fucking socks off just do it properly um some of the many things you'll learn okay a macro big picture update from me i actually recorded it really i've given a full data dump.
1:07:32So it is actually worth the really monumental effort of signing realvision.com. Here's my email address. I know that's really hard for most of you. Impossible, so it seems. But get over that hurdle. If my wife can climb Kilimanjaro, you can probably put in your email address. I know my heart bleeds. It's painful. Do that, and you'll get my piece for free. How to be security smart in the crypto era, brought to by Kraken. So security smart is keep on the right bloody exchange and have the right wallet hygiene and a bunch of stuff. So Kraken will help us with that. I've kept assets, not all my assets on Kraken.
1:08:15They tell you not to, too, because they're OGs and they get it. I've kept money on Kraken for years. Takeaway, and that's not an endorsement. I've put my entire life savings in Kraken and And Raoul told me not to. Told me to do it. And I lost everything. Just don't give me that shit. Takeaways from no holds barred case study on creating a meme coin. No holds barred. So this is such crypto language. Yeah, look. We're going to show you how to create a meme coin. And how it's going to go to zero. And you'll have a lot of fun doing it. So you can ape into the meme coin. Three ways to invest in the Solana wave.
1:08:58So let's rephrase this. There is a shit ton happening in Solana. We've got the mean coins. We've got DeFi. We've got the applications layer. We've got D-Pin. We've got Solana itself. We're going to give you three trade ideas of how to get involved. Biggest fuck up, scared by pros in the space. Look, we all... We learn by fucking up. you don't learn by getting it right. And we will help you with stuff not to do. That's what the whole don't put this up thesis is. And confirm guests, blah, blah, blah, blah, blah, blah, Raoul Powell, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, don't care about the rest.
1:09:38Oh, an important point. This Festival of Learning is completely free. So there you go. Do that for me. That'll be great. We want to see you at the Festival of Learning. Sign to realvision.com. If you want to please, Laura and Natasha in marketing, then use forward slash festival i know that's probably going to be too much work for you because that's what another few letters you might have to type and i'm sorry for you have a pause have a glass of wine right i've already overrun because i'm having a lot of fun my wife can't say anything and the dog's not begging to be taken out i'm going right down the list because i've missed so many questions i'm such a bad host i really did fuck this up uh nick wesley danki bell row um good thank you i'm fluent in a hundred different languages um
1:10:39uh
1:10:43david rolls copy that 10 in don't fuck this up token which is the community creation token is allowed. No, it's not, you stupid dumb shit. 10 % in one mean coin is really stupid. I know you're trying to promote it. You want people to be involved in it. More people put in 1%. 10 times more people put in 1 % is better than one person putting in 10%. So sorry, I didn't mean to call you a dumb shit. I'm now out of control because I'm halfway through my bottle of Rioja and I'm really really enjoying it um well where do you see XRP I know a lot of people have XRP look I've got a bit of XRP it's been in my wallet of shame I get it I just don't see yet more traction probably will do well in old coin season and I wish them well because they've fought the fight and they've had a singular mission and i care about their success i want to see a big breakthrough from them for the network effects beyond where they are they have their place because they do have a lot of activity but just not enough yet um
1:11:59ryan prentice show me the incentive and i'll show you the outcome i can't remember what that was about it's probably something i was relevant before my incentive is i will do the dog and pony show if you subscribe to my youtube channel you write a comment you do the like come across the real vision you join realvision.com if not i want to do the dog and pony show and i can i can do this with my friends alone in a bar um okay i have talked bullshit i've insulted you all day you've not insulted me much probably in youtube all the insults and you've been very kind not to insult me because i've been really rude about pretty much everybody from australians drinking beer for breakfast to americans being uncomfortable signs the english people being miserable gits who just think about the world in terms of a call option at best and with a really small spread as well it's like you can go a little bit better than shit that's the best your life's ever going to be um i've talked about um gold um equity traders and called them terrible i've talked to anybody who thinks that their coin matters more than everybody else's i've called you idiots i've been really rude and i'm sorry i don't mean to be sorry nala's now barking at some fictitious garden or something it's maybe it's it's five o 'clock in the evenings when we're here she's trying to pretend she has a purpose she's 12 and a half years old and her sister's died a while ago as you know so she's trying to pretend she's got purpose and she hasn't been except to be nice to me and I'm being nice to her.
1:13:28Okay, everyone. I'm done now. I'm rambling. And I have completely fucked this up. Don't fuck up everything else. Remember the rules. We're in crypto summer, macro summer. Don't get over your ski tips. Don't FOMO. Don't use leverage. You'll hear me talking about meme coins and all sorts of shit. That's with a small part of the portfolio, my entire altcoin existence outside of Bitcoin, Bitcoin, Bitcoin is basically a meme coin to me.
1:14:03It's small. It's small. I have been buying. I have been putting quite a lot in art, but it's still less than 10 % of my portfolio. That's it for me. I'm sorry for the chaos, the total unfocus, the lack of appreciation for you guys. I actually do love you. I do it for a joke because finance is a serious business. this we try really hard at real vision to please you I try really hard personally it's been my personal mission since I saw all of my friends go bankrupt in 2008 I just want to help everybody I want to have fun doing it I want to feel like there's no walls between us the real version platform allows you to connect with each other again I'm not trying to shill real vision I just built it because I care about everybody so come and join us thank you for being here have a wonderful time if you're in Dubai I'll see you in Dubai those of you who are Global Macro Investors subscribers, which are the elite few.
1:14:55I'll see you in Marrakesh, which is amazing. That's where I got married. So you all, goodbye, good night. Sorry for insulting you. You can insult me online anytime. I actually do love you. Bye. We hope you enjoyed this episode. At Real Vision, we arm you with expert knowledge, time-efficient tools, and a powerful network to help you succeed on your financial journey. Get a taste of financial freedom with our free offer at realvision.com forward slash free. That's realvision.com forward slash free.
From the publisher
馃敟 Festival of Learning: Get your FREE TICKET https://rvtv.io/4ayljku
Grab your favorite beverage and join Real Vision co-founder and CEO Raoul Pal for a LIVE AMA session covering everything happening in markets as crypto keeps gaining momentum.
Unlock the potential to showcase your brand to our global audience. Contact us at partnerships@realvision.com for advertising inquiries.
Learn more about your ad choices. Visit podcastchoices.com/adchoices
