🔴 URGENT: Drinks With Raoul Pal LIVE from Miami

23:02I'll come on to Andreas

23:07What's that?

23:10he's probably got X copy one of ones, but he's also very tight fisted. He's not going to sell them. He knows the value of digital art. I've not seen him sell any of that as he's cheated on us on the crypto and sold that to buy gold. So how my day generally goes is I wake up every morning, look at the charts that Julia and I have put together and look at that divergence, the alligator jaws. and I say to Julian, Julian, find me another 10 charts that prove that we're undervalued. Please find me something. And the alligator jaws never close. So I'm going to blame Julian. Where's the Swiss American?

23:57I need him up here. He's right here.

24:04Come on.

24:12So I think we can all say it's Julian's fault. It's not my fault. It's not anything else. It's entirely Julian's fault for producing a terrible set of research.

24:25It's here. It's the pink one to suit you. I was going to wear a pink shirt tonight. Oh, good. I knew you'd pick on me if I did. I'll pick on you anyway. So it's entirely your fault. we found it's actually really frustrating because Julian and I find about every week another whole bunch of charts we found another great one the other day with the yen and silver and stuff and it's like Julian is just telling us the same thing it's all there I can't so you've got your big talk tomorrow you're in a small room so I've got a big talk tomorrow I just also put something on the platform which is only like 15 % of the whole prez so we're going to do it tomorrow, which is the outlook that we presented basically at GMI, but even bigger.

25:12Oh. Oh. Whoa. There we go. All Julian needs is attention. So just give him that. Just feedback. Look at him. Actually, I was disappointed that it's only 50 people in the room. But hey, this is kind of compensating. Yeah, so we'll do a presentation tomorrow to a smaller group, and then a big live presentation, which fortunately he will not be involved in, just myself, and it's going to be the full rundown. When are you going to be right? Because I'm blaming you, as everybody else now. The internet is now blaming you. I think December 2028. I don't know why you're laughing. I mean, I'm just serious stuff.

25:59Okay, so patience, right? Yeah. It's going to require some patience. So how do you think, without ruining your thunder, how do the alligator jaws close? So we'll just briefly talk about the alligator jaws, why they close, and why this is going to be the next banana zone that we're going to be beaten by forever. People say those fucking alligator jaws never close. Aside from that, no pressure, but how? I mean, so the way that I think about this is there's like five or six divergences occurring. One of them is macro. One of them can be liquidity. I think liquidity is the most debated topic. What are you doing over there?

26:45I'm just reading Twitter. Sorry. Okay. Don't worry. The most heated debate is, of course, liquidity for this year, where we diverge from pretty much everybody else. and then it's also the market, right, with every other risk asset at all-time highs. But something Raul and I have talked about a lot in the past is the 10-10 event and the situation that essentially broke the market, at least temporarily. But I'm going to go over all this tomorrow and what we think, but we just need a catalyst. We need a bit of good news. Because if gold is real-time financial commissions, The dollars had two dump days.

27:25It goes back to 95. We pushed the cycle out to the end of this year, which to me is like a certainty. I know. And then... And it's like, I mean, in all honesty, and I know it sounds dumb, but look at your charts. It's dumb. This is dumb. And they all... I mean, everything... And we look at it from a hundred different angles, and they all say, we're going to have a ridiculous year. Yeah. And it's hard not to keep the faith. But I think that what you always say is it's all about probabilities and tilting probabilities in your favor. Nothing in markets in certainty is a certainty, which is why they call it a risk asset.

28:12But all we can do is charts, which is why I'm presenting 100 tomorrow. Just 100? Each one is about chipping away at uncertainty. So all you can do is reduce uncertainty around making a decision. And from an investment perspective, that has to come from macro, liquidity, sentiment, which this quantum compute thing is a sentiment, falls into the sentiment bucket. I talked about that today in the piece. What else? Earnings for equities, valuations for equities. That quantum thing is, I remember it really well from, it was probably before you were born, so 2022. Way before. Way before. Way before.

29:00There was the whole thing, or 2021, actually. It was definitely before you were born. It was about the energy needs of crypto. The same narrative. Same narrative. But the quantum one is even more interesting, because again with the electricity one it was like well have you tried to check the electricity that Google uses? Nobody thinks about that it's like nation state stuff and the quantum one when you play it through because I got sent that Chris Wood article Chris is a friend of mine that got circulated around and people are like see it's all going to go to zero. Firstly we are as likely in the same time period to mine gold from asteroids and therefore gold goes to zero.

29:48Fact number one. Fact number two is if you are a nation state who has quantum computing because it's only nation states that will have it, Bitcoin network. Oh yeah, our silly$2 trillion industry. We're going to steal your Bitcoin and who are you going to sell it to when it's zero? Nobody. And they own Bitcoin too, the Chinese do. what would you actually do if you got quantum computing well it's not the North Koreans are going to invent it they just don't have the technology or the money so it's going to be the Chinese or maybe somebody else who knows you can hack every banking system every social media every technology company sorry where's my drink oh you can have the cheap prosecco I don't want that no I'm not having that Oh, there we go.

30:43I will have that. Because you're half American. You're half American. Is this a twist? Of course it is. Okay, cool. There you go. Oh, there you go. Feels like home. Oh, that's a mic.

31:02This is when you need to get concerned about his analysis. Oh, this is not a mic. Because he's talking to his bottle. It smells like home. Cheers. Cheers. Keep going about your quantum stuff. It's good. So the quantum stuff is, when you look at it through game theory, the attack vectors are not cryptocurrency. It would be the most stupid thing in the world to do, to announce to the world that you've got quantum compute that can break sharp 256 encryption, and you're going to steal some Bitcoin. What you're actually going to do is entirely destroy nation states. So this is the last of our consensus.

31:42But anyway, it's yet another narrative and another reason why you're just wrong and we should blame you. I will take it. For two days, I'm here to take... Tomorrow I'm going to say... Basically, MIT, from a tool perspective, nailed equities, credit, commodities, everything outside of Bitcoin. So what I'm going to say tomorrow is if you were an equity investor, an economist, or an analyst, an equity analyst, you love me and I'll take a hug. Exactly. If you're a crypto investor, you probably either want to punch me in the face or kick me in the shins, of which I don't welcome it, but I'll take it.

32:25Oh, that's better. Thank you. This is his half European side, right? So now I'm switching from beer to... He's got some white wine. Elegant sim, but not much. Speak for yourself. So I think, Lindsay, if he could have a shot of tequila, because... What about you? I'm not taking one without you. I'll have one as well. But I'm still blaming you, and this is the confession, right? I'm your priest, and you've confessed for ruining our lives. Yes, yes, I will confess. So the short answer... This is how ridiculous... Oh, there we go. Thank you. This is my lovely blonde accomplice, Blondie. What was that?

33:14One for everyone. Yeah, one for everyone. You'll find out shortly. If you want to ask a question, you're going to get a shot of tequila. Because I'm not the only one drinking here. You guys are the monkeys in the zoo, and you're going to drink. And if you don't drink, you'll have to eat a fistful of Doritos. Cheers, my friend. June 2026. to blaming Julian. To blaming Julian. Let's do it.

33:44You know, but... This is not your stage. Yeah, it is. You know, what about Chris? Can we blame Chris? No, you're to blame. Okay, I'll take it. You've got big hair. It's actually small. It's shorter than it was. It's mood dependent. Don't settle down here. No, I'm still sitting down. Look at him. He's an attention whore. It's mood dependent. Shannon, can you get him off the stage? The higher the hair, the happier I am. So because I had to see you, it's... I know. It's calm down. Then I shoot. Anyway, off you go. So blame Julian. Blame Sean Martinack from Coinbase. Definitely blame Mando because he cheated on us.

34:32They're all cheating on us. talking of cheating the northern Europeans are bad the free love you know all of this stuff that happens and the Danes are particularly bad I want to blame two Danish people for cheating on us so I want to bring Mikkel and Andreas up there's no space you can sit in each other's laps applause applause applause Thank you.

35:30we were all fine. The world was okay until you go, well, we've got this piece of land and you fuck everything up. Greenland. Nobody cares. It's not even green. It's sort of white. We don't even care. We got to the airport last night here. We were really afraid that we weren't going to be let into the country. We were a teenager. you shouldn't be, you're to blame yeah Andreas has been here a lot, he swept right through migrations, I was held back a little bit and I thought, okay, this is it, he was looking at me like, what are your intentions here, etc, so I was like, oh, nothing about Greenland, I'm just going to a conference and they look at me like, are you going to start a Somali daycare?

36:17No, no, no, no then I was let in so

36:23that was all it took so what the fuck is Greenland about? And what... I'll come on to Andreas' fault in this, but I'm going to blame you because you're the geopolitics guy. You're the Dane. You've got this island that you don't care about. You've never done anything to. You don't give them any money, really. It's a money dump for us. And now suddenly everybody wants it and you're like, well, you can't have it. And you don't even want it. No, no, we want society. for our bags to go down. I'll have to say something here. I did put out a front page in the biggest newspaper in Denmark like nine months ago.

37:03There's only three readers. Yes, of course. But anyway, I said, sell that piece of shit. You were talking about Mikkel, I assume. And I kind of regretted saying that, so I've kept my mouth shut on that topic since. Really? Because it's really rare that you're outspoken. Yeah. Because you're not an independent thinker. You know, it's really rare. So, okay. Why are you destroying our bags? It's your fault. It's over now. You're the geopolitical guy. Your fault. That's the good thing. It's over now. Well, we were on flight. Everything got fixed. Now we're on to something else. That's a good thing about Donald Trump.

37:46Now it's something else. But what's going on? Are you going to sell it to them? No, we were never going to sell it because there's this thing called people living there. And they didn't want to join the US. There's 11 people who don't think they're Danish live there. But that's the principle. We weren't going to sell that. Some of the prices were getting to a point where we were considering it, but not high enough. And now we're probably going to end up getting nothing for it. So that's the way it goes. so what I'm angry about and what I blame you for is you created uncertainty the Danes have no place in the world to create uncertainty you create great restaurants like Noma people want to go to Denmark because it's supposed to be lovely and then you fuck everything up for no reason yeah and England as well back in the day I've gotten out of England I have nothing to do with that place no but I mean This whole point about having islands in the Western Hemisphere is weird.

38:52Grand Cayman could be next for the US. But a serious question there. How do you think this resolves? Because you're very seriously thinking about this stuff. How does it resolve? I think Donald Trump realized that the costs, not in terms of dollars, because that could be fixed, he could print that, but the geopolitical costs were too high. Perhaps Scott Besson got involved in it. And he realized, okay, there are bigger fish to fry. And that's what brings me a lot of hope from what happened yesterday. I missed most of what happened yesterday. But the perspective that I have is as long as Greenland is available to the U.S.

39:32for both military and for rare earths, that's what they want. And it has been for 75 years. So there shouldn't be any problems. I think it was a vanity thing. I think there are some legitimate strategic interests there. What was the outcome yesterday then? The outcome was essentially that Donald Trump made a framework deal with the head of NATO, the Secretary of NATO, Mark Rutte. The U.S. is going to acquire some pieces of land, like small plots of land where they're going to have military bases, going to invest some stuff in military, going to take up some of the bill from Denmark on paying for Greenland.

40:10We welcome that. We spend a lot of our tax money up there, so all good for us. and then they're going to move on to other things as is. So I have a framework that I started to look at the world called the Universal Code, which almost everything that is happening geopolitically, economically, financially, is all about driving towards increased intelligence. It's like everything is driving this way. It's the biggest battle of all time is AGI to ASI and who owns it and how and all of that. and Greenland plays an important role to secure supply chains. It could. I'm still a little bit skeptical, to be honest.

40:53Why? Because mining up there, it's fucking cold. Nobody lives there. There's no workforce. You're going to have to ship that all in. There's no roads. The people up there, the ones that are there, they don't want anything done up there. They don't want to work, to be honest. I'm very, very skeptical. But the stuff is there. but they could bring in Mexican work no they can't do that

41:19that would have to be done you can't ask the Greenlanders to mine it that's not going to happen we've tried that for 75 years in Denmark that's not going to happen yeah but Denmark doesn't have the look there's a real need for these Denmark doesn't have what please finish the sentence public debt we'll start with good wine sure Denmark doesn't have the capital required to do what's required right and I think it's something similar to Venezuela which is at the end of it there is a need to keep energy costs low because the growth multiplier and the equation I look at is

42:09units of energy per unit of intelligence output, and the lower you get energy costs, the more you control. I mean, it's absolutely fair. We need US investment. We need outside investment to develop things in Greenland, but there were no obstacles to that. I mean, Denmark was open to that before this. I understand that the US needed to secure sort of the tail risk of the scenario, which was Greenland, the people up there, they had flirted with becoming an independent state, and they had flirted. They imagined that when they went independent, they could go to Beijing to get an offer. They could go to Moscow to get an offer.

42:43Of course, the US wasn't going to tolerate that. I understand that completely. That's at the core of what this is all about. And I think they've pretty much made that message clear. And then they've demonstrated that the Greenlanders have learned that there's one thing they hate more than Danes. It's Americans. So they've learned as much. So I'm still blaming you. Yeah, sure. I just want to share a piece of anecdotal evidence from this morning. Okay, but I've got a lot of blame to put on. Yeah, yeah, sure, sure, sure. But I woke up, and then I read my Bloomberg terminal, and the first story I saw was about the company called Critical Metals Corporation.

43:20Okay, this is my point. Hold on. Yeah, yeah, yeah. And they made a deal with the company in Saudi Arabia to mine stuff in Greenland. It's a U.S. company, by the way. Yeah, this is your confession water. Thank you. and sell it to Pentagon. I'm not confessing. I'm not to blame. I'm not to blame. I'm perfect. Sorry. I thought it was our island, but apparently it's not, right? And a US company of mine sells it to Saudi Arabia and sells it back to the US and we're not even involved in the EU. That's how typical it is. That's how we like it. We just own stuff. So, what I need to blame you for is you've cheated on us again.

44:02you've that's been an ongoing topic I think yeah you should have been chilling my bags and instead you found other altcoins which were rare earths and other stuff and made money out of them how fucking dare you that was not putting money into my shitty bags and you made money out of them and it's really annoying I've even brought my gold and silver on stage to annoy you I'm actually wearing gold as well yeah that's not acceptable we're at the crypto gathering and you've made money for people in other stuff and I've talked to Amanda about this it's not right you shouldn't be doing that but I just followed Julian's framework in all other asset classes than crypto last year that was how I did it

44:58Oh, that hurt. That hurt.

45:04We have to... My lovely blunder accomplice is telling me... I need to throw you off stage. Thank you very much. Thank you for your confessional. You ruined it for everybody. You've cheated on us. Thank you. Skull. Skull. Skull.

45:23Okay. Okay, get off stage. We've had enough of you.

45:30Okay, so now is your questions. The rules are, you come up here, you have to do a shot of tequila to ask the question. You do it first, then ask the question. Then you know how it feels for me to entertain you guys while drinking tequila, drinking champagne, beer, and everything else. Oh, they don't come up here now. I think it's better they come up and ask the question to make it even more like it feels for me. If you don't drink, you're going to eat a fistful of Cool Ranch Doritos. Or what's the other ones? Nacho cheese. There are zero natural ingredients. It's guaranteed to give you cancer.

46:19Corn is natural? Not really. I mean, humans can't even digest corn. It's fucking awful. It's still natural. Okay. So, questions. Come up to the front. You, come up to the front. You're going to have to...

46:41Good man.

46:46Are you coming up on stage there? I thought you were supposed to. Well, you can do whatever you want. It's chaos. Drinks with Raoul. Nobody's got a clue what's going on. least of all me. I'm Chris from Toronto. Toronto, great. Building on some of the conversations you just had up here, my understanding is a core part of your everything code thesis is diversity is dead. Yeah. And yet, a lot of people are talking about metals, equities, other things. Is that a blip because of the alligator jaws? Or, I'd love to hear an update on your thoughts on that, given what's going on in the markets? Really good question.

47:26We're going to have to test the thesis. And the thesis is, is over time, that crypto and technology will outperform every other asset class. So we have the cyclical elements that we'll always see over periods of time, like emerging market stocks outperforming or oil outperforms for a period of time. NatGas is doing it now, that kind of stuff. The question is, on the time horizon that I'm talking about, which is like five, ten years, when you look at the points on the board, which one? And I wrote, I don't know if you read that piece, the GMI annual thing. I started on the plane right down there.

48:11It's a long and complicated piece. There's a piece in that which is called the universal, it's actually not called the universal code, it's called Everything is Compute, but it's about the universal code. And within that, I've somewhat stuck my neck out in deciding how the universe works. It's not my place to do this, but I think I'm actually on to something that is directionally extremely right. And the entire purpose of the universe is to turn units of energy into units of intelligence. If that is the case, intelligence always wins. so intelligent networks AI all of this stuff is upstream of everything else so I honestly think that it would be a very strange world where none of this outperformed over time gold has had a 14 year or whatever 12 year suppressed market and then it took off and it's re-rated But if you take, before that period, crypto or tech stocks, it still outperforms because gold doesn't have network effects.

49:24It doesn't have a lot of this stuff. So, yeah, I think that's why the framework that Andreas has and Julian has is useful because it gives us, like I wrote the article about commodities in ProMacro. They'll do fine. it's what time horizon what we're trying to do here for me is the easiest game is find the secular trend look at the price of oil it does this in a bit of an uptrend because of debasement of currency but when you look at technology it does this and crypto does this it makes it so much easier so if something has not changed with the underlying thesis then the answer is just buy more.

50:11Does that make sense? It does, yes. Thank you. Okay, next question.

50:22Tequila shop.

50:26You don't have to come on stage. You want to? Everyone's like Julian. They're just like, oh, look at me. I'm not shy. You're not shy. Can you just put your mic? Okay. So my question is, I've employed people for some years, and recruitment is difficult. A bit closer. Recruitment is really hard, and getting people into industries is really difficult. What did you do? You were in the recruitment industry? No, okay, I was in care, so I employed staff. So I noticed I talked to some friends. He's a butcher. He can't get butchers into the industry. He can't get drivers. And everything's going south, going wrong.

51:04so I've brought my niece with me Sophie who's 22 to here, she's part of Real Vision MetaRailia so my question is how do we get younger people into crypto how do we get younger people into Real Vision because that's the key to our longevity isn't it yeah it is we're working really hard the whole new platform, so it's really interesting my generation of people would would approach financial markets by, I need to learn everything. I want to know how investing works. I want to know how people think. Then I'm trying to figure it out, and then I'll do things. The younger generation comes from computer gaming, which is, I'll try this, I die.

51:51I try this, I die. I try this, I get further. Then I die. And so their entire thesis is, show me the trade. show me what it is and that's the whole new real vision platform is to surface these ideas faster and there's been unbelievable returns from people we don't know Joe Bland and all these people on the platform unbelievable returns because the intelligence of the hive mind and then what happens is you make money or lose money and you start to learn sure, in life yeah in life in general yeah but we're trying to change real vision to not be this not change it but add to it so it's not just this heavy idea of you must learn you must understand Stan Drucker Miller you must to the crowd has decided that this is the idea try that see how it works talk to people about it learn about it build a community around it And so a 22-year-old will find that much easier because communities talking about it, doing it together, is much different than how older people did it.

53:14And a 22-year-old now doesn't know how difficult their future is in terms of buying a house or anything else because they're not thinking about it. It's only until you get to your 30s and then into your 40s you realize, oh, fuck. This is, my future is fucked. I need to unfuck it. So in your 20s, you have the opportunity to do this. To learn about making money off the money you earn. Because it's a multiplier. Because wages don't go up a lot. It's not taught in school, is it? It's not taught in school. And if you think of it as a multiplier, so you get your wage. and if you can take some of your wage and multiply it your actual worth goes up and then you can afford other things because wages are not going to go up a lot in a world of AI and robots there are areas that it will and I've talked about this to be the only thing we've got in a world of AI that AI doesn't have it's not intelligence it's not feelings it's not any of this stuff it's being human and humans like humans and so we can make we can make a living helping other humans be part of communities and human stuff okay thank you cheers cheers applause I got that one thank you

54:53okay next question

54:59shot if you're questioning it's like you don't drink okay there we go hello

55:13okay flavors cheese orange it's awful or terrible it's death It's death in five years or death in seven years. You'd make your choice. I'd take the seven. The seven-year death. Something incredible may happen in two years. I don't know. Oh, right now. Yeah. This very moment. There's some water next to you to digest them. You look like somebody who doesn't eat a lot of Doritos. I do not. This is the punishment. Oh, God. You have to make it worth it. I'll try. I thought it was a fistful of Doritos.

55:56It's not on me. I'm dying, guys. I'm dying by the Dorito right now. Okay. So, you said... So, where are you from? By the way, sorry. I'm V, CEO of World of Women. You may now. Oh, okay. Thank you, guys. Thank you. With a mouth full of Dorito right now. Very elegant. Right. I have to level up the standards right here. So you said recently about NFTs that it is the single best long-term store of wealth. Yes. So tell me, what is your thoughts? What are your thoughts about NFTs today and its future? Sure. So I'm wildly bullish, stupidly, preposterously bullish about NFTs. Because digital artifacts that tell cultural stories of this moment in time, and this is one of the most extraordinary, may even be the most extraordinary moment in time that humanity will ever go through.

57:07And we're there on the internet every day. and we create culture. And culture creates art. It could be music, it could be other stuff, but it's not. There's not a lot of music about this. But it's being told by artists every day. The other thing that's happening in the world of women, for example, is community. I talked about the humanness of the world and if we can't... We only have one purpose, is to be humans. because nothing else, all of the stuff we all make money from, being in finance, investing, consulting, accountants, lawyers, all are zero. So community is everything. And what NFTs are, there's several levels.

57:58One is the art side, which I'm really interested in, particularly on the culture side, is telling stories about the culture of these times on the internet. Beeple is a great example. Die with the most likes. Xcopy. Then we have the people pioneering the singularity where we merge with the machines. Kim Assendorf. People like that. Eric Snowfro. People who are using AI and doing stuff. And then there's World of Women, punks you know I would have been at the punks event but we couldn't go because obviously you guys are all here which is culture and community online is also something important and I know you know you guys will have gone through the ups and downs of this all but don't give up because it's really important to show people that culture and community has a value.

59:05And there's some IP things. Sergio's working really hard on MeBits. There's Pudgy Penguins. There's Doodles. There's a whole bunch of these that are trying the IP route. But World of Women was a community route, and it's really important. I agree I agree on the on the being human and wanting to connect I think that's what we all thriving for right like the human connection and the emotional bond you can have with someone and NFT is really good at that creating those communities my next question then will be you mentioned you know you mentioned utility and you mentioned community in terms of, again, creating that bond.

1:00:02And I thought about something and I just forgot. Utility doesn't matter. The utility is the community. The culture. That's what I was thinking about. You mentioned the culture is very important. Do you think, though, given the state of NFTs right now, and obviously has a lot to do with market, right? The market is not great right now. But do you think culture itself can sustain the long path of NFTs? Yes, for those NFTs that do that. NFT is just a technology. So for digital art, we've seen super high prices trading. we're seeing a massive renaissance of digital art we haven't seen it in in most of the kind of cultural community stuff punks have done well but not outperformed yet the point being is it takes time it takes time to build culture it takes time to build community and most important of all, it takes time to build trust.

1:01:17But I would also feel like if you only build around culture, then you're only relevant at one point in time. No, because the culture can be the culture of your community and its values, and that can adapt. Yeah, right, but you have to make sure you evolve the culture. It's not stagnant, right? Yeah, culture's never static. It's never static. So what's culturally relevant today will not be culturally relevant tomorrow. some things persist the things that persist have ultimate value Warhol persisted from the 60s, the 70s, the 80s, the 90s 2000s to now it's persisted in cultural value many artists that time didn't and that's okay okay I need to take other questions but thank you so much applause applause applause applause applause Okay.

1:02:16There's a question over there. I'm sorry, we're running out of time and being told, I'm giving the whole... That's Paul there saying, he's crawling here on the floor saying, hey, if you're watching this, subscribe to the YouTube channel. Even better, realvision.com, you'll get some of what I've tried to show you is the diversity of opinion on Real Vision that it's not about me it's about all of the people on it go to realvision.com forward slash join and join and you'll get a lot more than this or the YouTube channel all that stuff it's really important you guys in the room know it obviously and yeah I know you get frustrated I have to plug this but it's important because we've got amazing content we're changing people's lives we're helping people to understand it and my job is not to look after you lot my job is to look after try and bring as many people along the journey as possible and it's a really important mission for me so the more that you guys help us bring people to Real Vision the more it helps more people even if they come for free it's not about the money it's about we are at a fucking extraordinary moment in time people's lives everyone's feeling left behind that the answers are on Real Vision.

1:03:42The opportunity set is there. There's no reason to leave people behind. So we need to bring as many people as possible. And it doesn't have to be all crypto. It's not about that. Real Vision is not about crypto. It's about the opportunities that our lives present by being surrounded by an amazing community and amazing people. No pressure on you, but, you know. I'm not drinking another shot, but... Cheers. Name and where you're from. Hi, my name's Ryan. I live in San Diego right now. Used to be from New York. Ryan, such an American name. It's like Chad, Ryan. Missing name. Ryan, yeah. First of all, thanks for all you do.

1:04:27You inspire me. Even listening to you, I'm having lots of ideas. You should be blaming me. Speaking about blaming. I mean, I think it's less about blaming, more maybe about admitting that there's a lot of overlap between these communities. Yeah. Like crypto and gold. And my question is, how do you know what to commit to and which ones are insurance as things come together? Because we are overlapping a lot in these right now and things are doing pretty well in both. Yeah, that's a really good question. I've been involved in all of those trades, those insurance, the debasement, the how do I just do the limited friction way of just making sure it works out.

1:05:17Generally, over time, gold has not really outperformed debasement. It has done recently, but of course it shouldn't do because its job is to be the neutral world currency to maintain a store of value. It's still going. Yeah, but it does that very well. So it's probably giving us a signal that there's a change happening that Julian talked about, his financial conditions and stuff like that. What I do, my personal self, and people get confused by this, I'm not recommending what I do. I have income streams, multiple income streams. I have savings, I have houses, so I can take risk with my risk capital.

1:06:03And in which case, I think crypto is the dominant bet over time. Maybe technology. But given the same set of circumstances, the same conditions we have now, but different set of circumstances, more risk-averse, whatever, I would say, yes, you should have some gold. Yes, you should have some emerging market stocks. Yes, you should have crypto. Yes, you should have the NASDAQ. Amongst those, even if you took the emerging market stocks, but gold, crypto, NASDAQ, you're fine. Now, you'll get drawdowns when liquidity leaps, because everything is expected by liquidity. the issue is bonds don't offset it anymore, they used to the whole, I didn't interview with Alex Gurevich who will be out soon that whole kind of trade of owning bonds and equities doesn't work anymore so we don't really have a downside buffer but even though I say I'm 100 % committed to crypto it's not what I'm advising everyone to do it's like what I'm advising people to do is we have an 8 % debasement rate plus a 3 % inflation rate, it's 11 % there are some assets all guaranteed to do that, gold will do it over time, the S &P 500 will do it over time, NASDAQ will beat it over time, crypto will beat it over time everything else is trading that's how I think about it does that help?

1:07:46yeah, thank you thank you

1:07:51so I could do this for hours actually because I love doing this stuff but that's the end of the performing monkey, next time I'll have the fez hat and the tambourine and I can do that I've drunk shots of tequila prosecco, I didn't actually touch the bud light which is good for me in fact I'm going to eat a Dorito on camera I fucking hate these things so I'm going to just as a close out for everybody I can't even read the small point so if you think of potato chips right they are potato, olive oil and salt let's go corn, vegetable oil corn canola, soybean and or sunflower oil corn maltodextrin Less than 2 % of cheddar cheese, milk, cheese cultures, salt enzymes, salt whey, monosodium glutamate, buttermilk, romana cheese, milk cheese cultures, salt enzymes, whey protein concentrate, onion powder, potassium salt, corn flour, natural and artificial flavors.

1:09:01Dextrose, tomato powder, literally 72 ingredients. Cheers. All right. Take care, everyone. enjoy the crypto gathering you obviously enjoyed the episode because you're here with me at the end but listen don't forget to go to realvision.com forward slash join and grab a free membership it's an incredible community packed with alpha great investment ideas and the research that you need to help you unfuck your future so get started now go to realvision.com forward slash join Ever wanted to explore the world of online trading, but haven't dared try? The futures market is more active now than ever, and Plus 500 Futures is the perfect place to start.

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