Drinks with Raoul Pal LIVE (Round 5)

30:49But when you start to apply economics to it, that's when it gets interesting. You know, people talk about the singularity, you know, when AI is smarter than all humans and this kind of stuff, so you can't even see into the future. Forget it. People talk very quickly, and I think it's now actually pretty mid-curve of the analysis of like, well, jobs, well, they're going to go, what are people going to do? Universal basic income, blah, blah, blah, blah. So many thousands of pages in every crappy newspaper, not that I read newspapers anymore. Same old analysis. And I went back to the magic formula.

31:27The magic formula of GDP, In fact, I'm going to share the little thing because I want you to fully understand it. So I'm going to share another chart. I need to get to it.

31:41Okay. So this is the magic formula. And it's incredibly important. It's how is GDP growth or trend growth created? It was created by population growth, productivity growth, and debt growth. Those are the three component parts. What we've had is we've had GDP declining over time, driven by an aging population. There's the aging population. It's been driving growth lower. Productivity. that's been falling too. And debt growth has been rising. So I won't go through the whole thing because I shared all of this in great detail on Real Vision Pro Macro today. So that's just a small part of what I'm talking about.

32:37But now you understand the magic formula. Let's just play around with that a little bit. So we're all seeing OpenAI's announcements yesterday and Google's today, but OpenAI. I think they are building AI using something very close to AGI, and they're building incrementally towards where they are with their technology. Sam Altman keeps saying, we're very cautious what we release. They know what they've got. They're working backwards, which is why every three months, they totally blow up every competitor and everything. It's an astonishing, it's the fastest, most disruptive company in history in front of our eyes.

33:24It's la-la land. Anyway, let's go back to the economics.

33:31The population side of the equation has been the great restriction or growth period of humanity. As global population grows, global GDP grows. If it shrinks, as I showed you in the charts, population growth starts to shrink because there's not enough people. You need productivity to get more out of those people. But old people are less productive. So when you've got an aging population, not easy. You can have a small population. That's fine. Doesn't have to be growing much as long as they're more productive. So India will have a big population, but it's getting more productive. So they benefit from both, which is why it's the fastest growing major economy in the world.

34:09When you add in this new world, this new world is where the things that were scarce knowledge become infinite and free lawyers accountants all of that kind of stuff just all knowledge finance people everything that becomes free and the robots that's physical labor free sure they won't be fixing your plumbing first they'll be doing factory lines and they'll be doing fast food and stuff like that but what you've basically created is infinite productive units, infinite humans. A robot plus, and we can apply a car as a robot too, right? It's Tesla. A robot plus a AI replaces humans. Now, again, I'm not worried about the human replacement thing.

35:02What are we all going to do? Oh, my God. Oh, my God. We'll figure that out. We're highly adaptive species. But I'm more interested in what does an economy look like? and I've written about this in the exponentialist I'll talk a bit about the exponentialist later because it is really special but I've written about this and David Matten talks about this a lot is okay and there's a group at Oxford that have been looking at this as well okay so under the magic formula we're going to see more robots more AI and we've seen this in Amazon where the robots are increasing while the human workforce is not and over time you'll have a massive difference between the humans and the robots this is immigration growth essentially population growth and sometime after about 2030 it's going to be ubiquitous they'll be scaling everywhere ai agents we're speaking to ai agents there's no humans in any of this but what it does is it creates ludicrous GDP growth.

36:06If the robot population of the world, let's say, gets to 8 billion robots, AIs, and it goes to 10 billion, 20 billion, you're doubling, tripling the population of the world. And this will happen fast. If crypto is going to get to 4 billion users by 2030 or so, well, AI is scaling faster than that. Crypto is the fastest adoption of any technology the world has ever seen. This is going to be everywhere. So what you're going to do is break the laws of economics sometime after 2030. Well, we don't even understand anymore what's going on because the scarcity models of how we think about economies disappear.

36:52Then we think of the productivity part. So productivity is really how much output you get per kilojoule of energy. now the europeans are really driving this by their massive monetary stimulus into green energy they will bring down the cost of electricity over time through innovation and they'll drop it by half and nuclear will drop it by half again and that will give us a 3x multiplier on productivity which has the multiplier effect on growth which is being driven by the growth of the population of ai and robots. Okay, we're now in la-la land. Economies don't mean anything. Scarcity doesn't mean anything.

37:33In a world of scarcity, what is money? Yes, there's some commodities, but the AI is allocating resources. The AGI helps you figure out logistics supply chains, all of this in a way that we can't do as humans. So what the fuck is money?

37:50It kind of changes. What do we need spending for if everything becomes hyper deflationary how does any of this work what happens when the agi gets turned on stock markets and it's not just jim simmons from renaissance who can take everything it's somebody else with the agi who figures it out before you know it it's one the markets what are markets what are companies what are companies when sam altman is destroying every startup every three months because they're using AI to build AI. So the product iteration cycle is so fast. The capital velocity and destruction cycle is unprecedented. It actually looks more like meme stocks.

38:40You start a business, it gets traction, gets attention, gets capital, gets disrupted. Some one, two, three may survive, but most won't. So the capital cycle becomes immensely short and very violent. And we're seeing that in meme coins. We're seeing it in ICOs back in 2017. That's where the world is going. Capital markets are not ready for this. VC is not ready for this. Private equity is not ready for this. The buy and hold of let's nurture this company ain't going to fucking work. They're going to have to tokenize this shit. And it is going to be complicated. How do you accumulate wealth? What does the stock market mean in all of this?

39:20Does it just move up and down with global GDP because the machines are in total control of everything and they understand every single nuance? Where's the edge? Where's the alpha? What do we do? I don't know. You see, it becomes so complicated to think through the economics and investing choices that I just think, well, I think that's probably going to come by 2030. Certainly, we'll see the changes, but we won't quite understand what's going on. Much like we didn't really understand what's been going on after 2008, after the great debt refi. So if that's the case, then we've got six years. Six years of fucking clarity.

40:08We know what we've got. We've got crypto and tech. we've got we understand the everything code cycle we understand there'll be a down year 2026 i don't think it's a recession year maybe it is maybe it isn't don't really care um i think it's more likely to be like the mid to late 90s which is a sideways consolidation correction year yeah sure crypto because it does anyway but maybe not maybe because of the 401ks investing in bitcoin that it goes down 40 percent not 80 percent i don't know i haven't we'll see It doesn't really matter to me. I'm also going to put out a video about, I think it comes out tomorrow actually, about when to sell, because that's the question everybody asks me.

40:51And it's not an easy answer, but that video comes out. So that's there as an evergreen piece, when to sell, when to get out, when to do what. But we've got six years with one down cycle in the middle to get to 2030. That's the game. The game is to be asking the robot on the beach, hey can you bring me a bowl of almonds and maybe a nice pina colada as opposed to trying to figure out your fucking shit of how you're going to pay your school for what does anything mean you know i don't really understand anything anymore how do i invest my 401k doesn't work nothing works now it sounds melodramatic but it's not going to be it's not 2030 as a as a you know d-date it's a doom date it's it's after that things are going to get really really fucking weird they're already starting to get weird so it's something we talk a lot i think david mattin's just put an update on the platform on real vision platform so i think it's available to all members it might only be to exponentialist members but the exponentialist products i wrote with david um put together with david mattin who works with me a global macro investor to specifically address this.

42:04How do we make money out of it? And what does it mean for us? What does it mean for our jobs? What does it mean for our kids? It's a phenomenally interesting read. It's incredible. It's just very different to the usual kind of markets-based stuff. You're going to get it, and you're going to cherish it and read it every month. So I urge you to take a trial of that. It's like realvision.com forward slash six years. It's really fucking good. It just changed your life, make you think. And you'll be more interesting at dinner parties, which God forbid you need because you're quite dull. So if you can go and talk about AI in the way that I did, and that's how I got Rick Reader on the platform.

42:44It's fascinating. I went to one of our members' houses for dinner in Palm Beach and Rick Reader was invited. I sat next to Rick and, you know, it's like difficult. the guy's a macro god and he kind of didn't know me even though we had a lot of mutual friends which i was obviously upset about hurt my ego i'm like do you not know who i am anyway so rick um so the conversation turned and i got the ai bit and i gave them the whole thing and the fucking table was like holy shit because people haven't thought it through they're watching soundbite snippets they're reading something in whatever newspaper they're not thinking it through and you are not thinking this through.

43:24You're honestly not. What a time to be alive. It's amazing. It's going to be terrifying. But anyway, just go take a bloody free trial, realvision.com forward slash six years, because there is six years, I think. And again, it's not hyperbole. It's not, oh, that Agorah style copy shit. It's just, it's true. This is how I'm thinking about it. You know, what do you invest? Somebody came up in the conversation in ProMacro today. It was like, well, what the fuck do I own after I sell out my crypto? And you get to this realization that you don't own bonds or equities or anything because you don't really know.

44:02I ended up buying high-end NFTs. I know I owe you guys all a piece on what I've been doing with Xcopy and Beeple, but there's a big thesis behind that. Again, it's not just a flippant thing. I think it's going to be lifestyle. It's a 60-40 portfolio. 40 % lifestyle just keep banking that you want to live you want to live you want nature you want friends you want to live in a nice place and 60 % you have to run crazy stupid fucking shit and crypto and technology and the kind of volatile world because everything else I just don't know it's future I honestly don't so anyway that's that so i've talked way way way too long for an ama so we can run a bit late because the law is not coming until another hour and a half so let's start getting some questions so again i'm going to repeat the thing firstly subscribe to the youtube channel i don't get this over like 70 000 by the end of this i'm just i'm never turning up again or maybe i'll drink water water and a bag of crisps salt and vinegar crisps remember we'll see whether that works sorry my wife's interrupting me life said what are you after my vape sorry she has a nicotine addiction i don't obviously i'm perfect um so like wine i want your wine recommendations on youtube come over to rovers.com let's have some fun we're going to ask some questions i'll run a little late so we can keep going because i know a bunch of you in different places europeans are all ship based because it's really late now and i appreciate you because you always are here there's always a few germans hanging out drinking beer um and i appreciate you for that the americans are now kicking into gear starting as ever what they do with whiskey it's not a before dinner drink really and it's not a during dinner drink we've talked about this as well it's it's an after dinner a drink but anyway i can't educate a nation of 350 million people who threw our tea in the harbor i just can't help you um okay um i'm gonna start randomly peter linton this should be fun speaking of fun nice to see roaring kitty wake up i'm not sure it's him actually i think it's I think it's somebody else running that account.

46:29Not related. I have no idea. I think it's very clever because they're not naming any securities, so nobody can be done for humping the market. And yes, maybe it's all fraudulent. However, just what I'm actually interested in is why this matters. And it matters because it shows you the speculative fervor. And people are like, oh, well, they need to jack up interest rates. No, it's because of fucking interest rates. It's because of the broken economy. It's because of the debts, because of the wages, because of the debasement. That's why people have to speculate. They've got no hope. And what it's showing you is how desperate people are to make money.

47:15And I'm so pissed off with people saying, well, look at this fucking snide mid-curvers. Baby boomers like, well, they're just speculating. What do they know about anything? They don't have anything. They have to take risk. They have their 401k. They do what they're told. They're left behind. So you can either spend 108 billion or whatever the Americans spend on the lottery with a one in 300 million chance, or maybe a one in 20 million chance of willing a million bucks. Or you can go to the meme coin casino or the meme casino. You'll have better odds. So I'm not gonna judge people for any of that.

47:53And I think it's important what signal. Now, I think something weird is going on with this. Maybe I'm wrong because, you know, I mean, my God, the power of this. Again, the staggering power of mimetics, narrative, plus desperate people. This is what produces it. And if you get that right, you can make a lot of money. And you're all gonna get, and some people go, yeah, but they're all gonna get burned. Well, fuck me, not all of them will, right? Every single person who buys a lottery ticket will get burnt except the one in 300 million. Vegas, the house always wins. And anybody can go to Vegas. I just, I will not take that shit.

48:33Not that you gave me that, but I just thought it was a really interesting question, something I'm really passionate about. Read my tweet on this. My pinned tweet is all about this. Brian Clark, toasted almonds ready. No almonds today. I need to broaden the snacks I'm showing you. I'm just too lazy to go and sort it out. It's usually just raiding the cover beforehand and then toasting something quickly in the oven. When Banana Zone talked about this, soon come. It's a Cayman Islands expression, soon come. Shafiq, any new opinion on Ethereum because it looks like it would be treated as a security?

49:09Nah. It's the usual, just the SEC trying to slow everything down. They won't manage it. and who cares well last thing i checked gamestop was a security it's just fucking gone up 150 in two days nobody cares it's just noise uh mid it's mid-curve it's the classic the most mid-curve thing regulation um the other mid-curve one was well look at energy it takes to mine pick up so mid-curve so ignore the mid-curve um um warren always joy jinx with chat um my name's raul not chat drinks with raul um first time watching rb on the platform warren i love you you're a very very fine man and i appreciate your generosity of spirit for joining us there enjoy the platform go and look around some cool shit look at that world that globe click on that and expand it and you can see the members you can zoom down to single towns and you see the members we've got people in lesotho people in in angola people in south pacific people in i mean literally everywhere in the world it's mind-blowing hey whoever's showing this zoom in just find a stupid place and zoom in on it it's just incredible find a random place go to africa we're in america there's a lot of americans it's gotta to go somewhere in Africa and let's see who the members are.

50:39So we're, I don't even know what country we're in right now. Uganda. We've got members in Uganda. I mean, this is, I love Real Vision. And you can contact all of these people. If you happen to be going to watch, go and see the gorillas in Uganda, hey, go and contact your mate in Uganda. He's on the Real Vision platform. I love it. I love it. It's just brilliant. Nothing else does this. Okay, next.

51:05Okay, I'm so far behind in the questions. Quentin Baumgardner, happy pre-CPI day, everyone. Yeah, it should be weaker. You know, we do a lot of work on this. It should be weaker. If it is, the banana zone may start. Cheers to that.

51:28um betsy malone cheers hello betsy uh christ i'm so far behind okay i'm going to scroll down i'm sorry mark hawkins no need for youtube i'm subscribed mark you're a gentleman and a scholar um bernadette oversharing about charts peter kosanovsky what about suey i'm on the foundation can't really shill it uh it's still not performing very well because there's a bunch of token unlocks um i think it's a amazing project amazing technology amazing people the advice i give for you is just look at the sole sui cross and if it starts turning against that it's interesting that's the best advice i'll give you i actually i actually like it um but that i like it but i'm not commenting about the price.

52:25Jeff White, you say that you like ETH versus Sol, no, Sol versus ETH, and Sol versus Bitcoin. Sorry, got them the wrong way around. What do you see in those charts that makes you bullish? How can you tell it will outperform?

52:40Okay, there's just a lot of technical analysis. There's chart patterns, looking for breakdowns, looking for divergences when they start breaking up against a falling wedge and stuff like this. there's a lot that goes into that. It's technical analysis, but you just need to watch this stuff like a hawk and learn to do it. It's very important. Chris George, the RV platform is so much better. Thank you, Chris. Again, a gentleman and a scholar. James Jackson, thank you for liking the cowbell meme video.

53:10Yeah, it's a brilliant video, Chris. It was amazing. I loved it. Alexandro Palmer, what is your price range for Sol in 2025? at a 95 % confidence level. Are you fucking kidding me, Alejandro? 95 % confidence in financial markets with a price target. No, just all of that is wrong. Every single part of it. Do your own work and I'm going to be wrong. And then you'll go, but you said it was going to go to blah, blah, blah. I knew you lost me money. I'm not interested in that nonsense. 95 % price target. That's the worst question I've heard in a long time. Thank you, Alessandra. I still love you for it, but I'm just trying to get you guys to think yourselves.

53:59I am no guru. I say that clearly. Alejandro Palmer. Alejandro again. How can we benefit from what's happening in AI? Do you have any top three plays? So it's all in. Pro Macro. It's all in the exponentialist. I talk about it all the time. So have a look at some of that. It's free. It's a free trial. Just go and steal the portfolio. Ewan McGregor. You're clearly not Ewan McGregor. He may be, but you're an imposter. What are your thoughts on ETH? Just found another six this week in an old wallet. All of my ETH is in NFTs. I don't have any ETH as a trading position or investment position. I have a lot of these high-end NFTs.

54:45I'm not thinking of it as ETH. I think normally ETH last cycle started outperforming Bitcoin, started basing around now, the kind of May, June transition into crypto summer. Really doesn't pick up till later in the year, if that is the case. I'm expecting that. So I still think it's going to outperform for a while, but not yet. It's just figuring itself out. Bernadette, you're not boring us with crypto. Thank you, Bernadette. It's lovely that you're here.

55:19um andreas werner well what's your take on ai interference and tesla is one of the leading if i understand what ai interference was and tesla one of the leading companies in this regard i'm super fucking bullish tesla that's the best answer i can give you james jackson tell laura i love her tell laura well she won't love you james unless you go and follow that link that i gave you I'm going to repeat them because she'll say, James, he's all talk, no trousers. Realvision.com, RVC launch or realvision.com, six years. That's how you make Laura appreciate you. If you don't, you're just another worthless person on the website.

56:03Jeffrey Mossat, feels like everyone's expecting this generational moving crypto in the next three to 18 months when everybody expects the outcome and an investing outcome that never happens. Why is this different? Look, there's a validity to that, but you need to understand why it happens. It's to do with liquidity. And there's a lot of research, but basically it's down to the governments can't pay the interest on the debt, so they have to inject liquidity. That's a four-year cycle. It's not some magic mystery tour that crypto la-la landers do. It's a real thing. So I don't think that stops. Could I be wrong?

56:38Of course I could be wrong. I've been wrong... A few things.

56:43Trevor King, Matic is down 50 % while Solana is up 20x in the last 16 months. I know, last season's narratives, just avoid them. Timothy Harris, Tim is always around. He's always a good guy, always on the platform. Real Vision Crypto is an outstanding product. Go and get it in the Real Vision marketplace. That's realvisioncrypto.com. You can't use that, Tim, Tim, Tim, please. Laura's going to kill me. Can't just give away the marketplace link because then I don't get accreditation. She'll say I'm terrible at my job. It's all ugly. Realvision.com forward slash RBC launch. And somebody's going to go, well, God, on YouTube, well, this guy's always shilling his product.

57:23How the fuck do you think I'd get paid to make this? Do I just think I'd just do this? Do you think I'd buy$100 bottles of wine just because of the sake of it? No, just keep you guys entertained. And you need to pay me by coming to Real Vision so we can employ all of these lovely staff. You've got two people on this call. You don't see them. I have to pay them. Paul is South American. He's very needy. And Mario, you know, we've got to look after these people. Okay.

57:52I'm going to scroll down a bit because I've been... Marcus, Marcus made a few comments. Exponential age is incredible. Thank you. Favorite wine. Peter, that was for YouTube. not here but i'll accept that the stand is 2003 barossa valley i should be going to barossa in see my friend jack burston in um june soon i'll be in singapore i think we'll organize an event in singapore i'll be in i think sydney melbourne and perth so i will come and see you guys and you can teach me how to drink beer for breakfast i think you call it piss in australia which is, I think, so civilized. I'm proud of you. OK, moving down.

58:40Chad Hines. Hey, Raoul, any thought on BRICS? Any opportunity for retail investors there? Look, of the BRICS, there's only one that counts, and that's India. It's a fabulous economy. It has the perfect demographics. It has low household debt. It is the strongest economy and one of the fastest growing markets. We're entering the period where emerging markets tend to do well. We need the dollars to get weaker, so they should do well.

59:07Hi, Rao. How's the missus doing with her climbing? Are you still enjoying your freedom? You shouldn't hear that. She's from New Jersey. She'll kill me. She is currently training for Denali. Denali is a very difficult mountain. And you should follow her on Instagram, Anoush Pal. She likes it. She's kind of millennial. she loves people following her on the internet he says on the internet looking for followers um but um but uh anush pal follow her adventure she's not been posting for a while because she's been training she's trying to keep up instagram but she's climbing denali next so denali is the highest peak in north america it is fucking cold it's really miserable she has to carry a sled with her all the way because there's no sherpas no camps so it's actually very difficult trek so she's dreading it.

59:57So she's doing, I mean, she's literally doing three hours treadmills with weighted backpacks and it's crazy shit and sleeping in a depleted oxygen tent in our spare room. And she's even set up her desk, her working desk or a chair that she works from in this oxygen tent that mimics being at 10 ,000 feet. And then she ratchets it up as she goes. So it's an extraordinary thing so she's got denali in june i'll see her in spain in july she's also doing mont blanc in july uh and then she does next up is everest next april um and then the one in papenew guinea carsten's peak um later on so yeah she's training hard so she's she's still here right now so can't talk about the freedom yet she goes in june but then i've got to travel to australia and Singapore.

1:00:56Raoul, I've had this question a lot from a lot of people. Do you think converting ETH to soul here is still a good idea? Yes. Soul will perform the whole cycle.

1:01:06Doug Stober, this is a really fucking important question. Okay, Doug, I respect your forceful language. What brand is your t-shirt and where do you get them? Hard to find that neckline in the US. This, my friend, is a Real Vision shirt. it's a don't fuck this up go to realvision.com forward slash merch here i'm shilling something else again merch store's fucking cool this all sorts of good stuff i wear this stuff all the time don't fuck these up hoodies i've got just it's just really cool so the shirts from there generally i buy my shirts from john bavatos um my t-shirts um just don't buy that there's this weird linen one they look amazing they're so beautiful they cost you like eye-watering money and you wash them once and they're the size of a postage stamp.

1:01:52Fucking worst things in the world. But all the other stuff, the John Vavata stuff, I really like. You get some great necklines. They're all a bit looser with a V-neck, stuff like that. They're very cool, very nice. So that's that.

1:02:09Okay, God, got a lot of questions. Ether is a security, don't mid-curve it. anything and it's security anything regulation you're mid-curving it um there are literally eight billion people in the world and americans aren't the single most important people that ever lived um although you might think so um crypto is a generational protest stan ask you young people versus boomers the fact that most beamers hate it is a bonus yes absolutely we all want our rebellion and i love the anger because it makes me laugh uh adrian o'sullivan number go up thank you that is the least mid-curve comment we've had so far um okay going down uh jenny or gen i i don't know who you are gen i gen e um do you like natural wines ral trying anything from frank cornellison um yes i do actually i actually really like natural wines they're different um also like There's some organic wines from Spain.

1:03:11I can't remember the grower now. Paris Baltas. Really nice. Yes, I do. I enjoy them. And they're much cleaner. They're less kind of overdone. Ryan Pride. The team at Real Vision keeps putting out innovation after innovation. We're trying our fucking best. Britt Strong. Money printer go bird. Price goes up. Thank you, Britt. This is the left side of the curve. This is what matters. Um, bloody hell, there's a lot of comments. Thank you. Thank you all. If you're on YouTube, you're missing out because all the cool kids are hanging out on Real Vision and everyone's going to meet each other. They're probably going to have a party, drink wine together.

1:03:52And you guys on YouTube, you're just going to be Norman no mates. You're just going to leave YouTube. You go back to your sad, slightly warm can of lager in the fridge. It was probably open yesterday. I wonder why everybody in Real Vision is having fun. Um...

1:04:13b m n y i don't know how i'm gonna pronounce that do you think government central banks delay the destructive part of death demog debt demographics dalio's 80 year empire cycle fourth fourth blah blah blah blah blah blah death of end of the world i'm wildly bullish debase the currency financial repression just own the assets that go up make a shit ton of money and then we debase the debt away and we'll be okay god is the risk of the 1929 end of the world they've taken that entire left tail off the economy and of markets it's like the best macro risk-taking opportunity of all time so i'm super happy uh

1:04:58anthony grupuso you sound like a guido anthony of course you married a jersey girl i knew there'd a reason I like to probably a guido but they're pretty tough pretty tough you know they swear a lot they shout a lot I love the niche um Douglas Vincent old school question are bonds dead in the water no I think bonds will be fine gone are the days of the buy bonds where diamonds trade because of the issuance, but I think that'll be fine. We'll see from the CPI tomorrow, but I think it's fine. I think they have to bring yields down to trend rate of GDP, nominal trend rate of GDP. So trend rate of GDP is 1.75%.

1:05:49In real terms, bad trend rate of inflation at 2, 2.5%. You get to roughly where they need to get to, and they need to get to below. So that's what, let's call it two, that's three and a quarter, call it 4%. They're currently above that. They need to get below to have financial repression. So I think they're coming down to three, two and a half on the low end. So there's a trade there. But just when you look at other trades, some of us need to have bonds, we need to run portfolios, your RAAs. I get it. but Trey Poirier kill one fuck one marry one

1:06:33marry Bitcoin fuck soul kill ETH

1:06:45John Bain at least we don't get scam ads like you do on YouTube I know it's a happy place here real vision

1:06:54um Raoul would love to know your vision for Polkadot do you think this crypto project is a good opportunity I see so many updates yesterday so Gavin Wood interview is out Friday I don't have a position in Polkadot I've always been interested in it I've always believed in what they're trying to do there's a massive overhaul coming let's see how they do but super interesting and the Gavin conversation was fabulous really good he's a really great guy lovely

1:07:23we've got spaces coming as him too that was paul gary you didn't hear him paul came like the voice of god and there's a space coming so we've got twitter spaces for those of you who don't get a chance to watch the video um guju viper do you think near will pull a solana from last cycle i don't i don't own near i don't really know enough about it but it comes up as a name that could have been one of the solanus from the last cycle it's in that list like the the sui celestia near there's a bunch of these so it's possible uh andreas vesca ral thinking about savings what percentage would you keep in the bank versus long-term investment in crypto so so what i keep in the bank is what i need to pay the bills for I'm literally not joking.

1:08:19I don't have a very, very, very little cash savings in dollars. Because look, if you're in the banana zone, that's going to cost you a shit ton of missed opportunity. Now, not everybody should think like me. Don't take that from me. I don't know your own position, but that's how I do it.

1:08:46Jack Hiker, not going to fuck this up. Thank you, Jack. Hopefully you've subscribed to the Real Vision Crypto, maybe the Crypto Academy, and maybe you're going to not lose your mind when we hit the banana zone and you want to buy the most stupid shit in the world. You're going to keep this. The exponential portfolio in crypto are only stocks. There's actually a couple of cryptos in it just to represent it. it's mainly stocks but there's like i think it's mainly eth and bitcoin right now we're not trying to replicate what's in gmi or in pro macro um

1:09:25bob guyer love the rioja alta recommendation last time fantastic wine thanks mate um honestly if merceau is one of the great white wines of the world so i think you'd enjoy that too i'll try and blend it up but i drink a lot of rioca i have a lot of if we can do these later than the 3 30 i'm not going to fucking tuck into a bottle of chateau margot at 3 30 in the afternoon it's crazy so if we do these a little bit later then i can have some nicer wine um final question

1:10:01timothy alginger i'm contemplating shifting my bitcoin mining company stocks to tesla at the peak of the banana, as best as I can determine. Is that too long to hold out? I don't know. Just the best thing to do is run your chart of Mara versus Tesla and see it that way. That's all I do. I'm no genius on this stuff. It's not like I'm looking at forward-looking earnings. I draw the fucking chart and then have a big thesis on it. Anyway, we have overshot. We've had a lot of fun. I've tried to educate you guys. i'd really appreciate again as ever please sign up to the youtube channel just press that bloody button notifications help leave me your best wine recommendation there that gets the comment section alive that means i'll come back because if you don't then i just won't come back anymore and that would be heartbreaking um those of you who came across the channel for the first time welcome to real vision it's a fucking revolution we've built something incredibly special for you and And the best thing about it is the community who's here already.

1:11:01They're amazing people. So really, really enjoy yourselves. It's free. You'll have fun. And then look, if you're into, if you need some help in the crypto, you don't want to fuck it up. You got the details for that. Don't need to shill you yet again. And the exponentialist that is for people who really want to think this thing through. And they want to be the smartest, most engaging person at a dinner party and get to interview Rick Reader. That's all I'm saying. If you want to interview cool people and hang out with cool people, you need to think cool things and learn cool stuff. Anyway, that's it.

1:11:40My wine's finished. I've still got a few nuts left. I've got something coming for dinner. I need to have a couple of coffees, make sure I don't get shitfaced too early because he's the lawyer and these things are bad. Thank you, everyone. Love you all. Don't fuck this up. The banana zone is coming. enjoy and take care as ever thanks we hope you enjoyed this episode at real vision we arm you with the 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