The Technology Boom and Its Impact on Mankind With David Mattin & Raoul Pal

27:51We've started with one of the most obvious forms of social collaboration, and that's money. And it's always required a trusted middleman. It takes a central bank. There has to be a government standing behind the money, except now there doesn't, because now you have blockchains, and you can do Bitcoin, you can do ETH, and so on. But what else is that going to lead to? And when with this next run, you start to approach the mainstreaming of blockchains and of blockchain-based currencies, what else is that going to do. If you listen to the founder, Heath, he's got incredible visions for the restructuring essentially of societies around distributed collaboration.

28:34It's incredible. ED HARRISON I think this bull market that's coming or has just started is something I've referred to the everything, everywhere, all at once bull market. It's not going to be one theme. It's$67 billion went into VC in the last cycle. There's a bunch of people building deep tech, but there's a whole group building the applications layer. So music and NFTs, I know at least 20 people, 20 groups working on that. And if I know 20, there's probably 2 ,000 groups or 500 groups working on that. We've got fashion, all the cultural stuff, fashion, entertainment, sports, they're all working on it.

29:14We're seeing a lot of that. The entire finance system has put its hands up and said, yeah, we're building this stuff too. everybody is building on blockchain. DeFi, that continues. The rise of new protocols. And then there's probably digital ID and the central bank digital currencies and the stable coins. I think all of these now and gaming, which is going on blockchain too. So everybody's working on all of these things. Whenever I go to an event, it's so deep and so broad with so much talent. I've never been in a space that has this much talent. When I was at Goldman Sachs, We could employ. Why they employed me from a terrible university that only got accepted in one university because he failed all his exams, I have no idea.

29:58But I came in late. But generally, it was the best of the best of the best of the best. We were nuclear scientists, astrophysicists. Everybody came to work for us. But that is dwarfed by the talent coming into this space, into the crypto space. It's everything from Snoop Dogg to astrophysicists, from finance people to graphic artists. It's incredible. Yeah, it's the combination across culture. Like it's so many different segments of culture in modern life. It's this supermassive black hole. You know, as I've talked about before, I was at Ian Rogers' house from Ledger in Paris. And I'm sitting next to me, and there's like deep tech guy, finance guy, music artist, NFT artist, all around a table, which would never happen.

30:52Oh, and fashion people. At one table, talking about a common interest, it's amazing. Yeah, music is going to be really interesting because you can essentially sort of, it's new way of capturing a new form of value out of music because you can essentially mint as an NFT a live performance and allow someone to own a live performance. You couldn't really do that before. That's what I mean when I try to strike out what is this underlying technology going to unlock? That's just one tiny example. Look, there's decades of innovation left just around exploring all of that. And in music, 80 % of the economics is taken by middlemen.

31:39We're going to take another quick break to hear a word from our partners. We'll be right back with more of the day's top analysis on the Real Vision Daily Briefing.

31:50Yeah, well, we're seeing the ladies break that, by the way. Taylor Swift's worth a billion bucks, they say today. That means somebody else has made eight billion bucks or whatever it is, Well, she's cutting out a lot of the middle that she's able to do that, but not many are. And Jordi and I talked about this. She's using a lot of crypto-based principles for what she's doing, which is super interesting. Which I was just wondering while you were talking about that, who will be the first mainstream to really move in that direction? And you've got to think it's some of these artists who are already sort of laying the rails down.

32:23The last cycle, I had some conversations with some pretty well-known kind of billionaire their music artists and with a lot of people, yeah, really important people in that whole space. They'll get it. The hard thing is the IP rights. So Taylor Swift basically nuked all of her old IP rights and re-recorded her albums. It's the IP right issue that's the real problem. So some bands like Radiohead own all of their IP rights. Most people don't. Yeah. And it's going to have to be big enough to sort of draw the numbers and kind of break down that first barrier. I want to ask this question. We have a lot of different ones, so I'm going to try to bop around.

33:00But just because we've seen crypto on the move, Raymond asking, Raoul, do you see Solana possibly having a futures spot ETF eventually, as long as it continues to be adopted by more users? I don't know. It depends where the regulators lie with Solana. They've got to fight the battle with ETH first before they'll get to Solana. Solana was later cycle, VC-driven, different dynamics. My guess is not this cycle. So I just want to mention, if you're listening to this too and you think, OK, crypto is not really my space. This is exactly why, because of these questions and because of what Raul was just talking about, everyone kind of moving to this place where you can see traditional money coming in.

33:44And we have the Crypto Academy that we launched so that if you didn't participate in the last round or if you have some reticence because you don't feel like you understand it, we pulled in a whole branch from our academy and are making it Crypto Academy because so many of you asked us for it. And it's good to go into this cycle more informed. What's so good is a lot of people, and I'm sure we'll get in the comments section on YouTube, is like, oh, they're just shilling crypto again. And it's like, listen, there's a lot of extremely serious people in this space. You may not like this space, but a lot of people do.

34:18And what I love about crypto is, to put it in perspective, the largest online brokerage in the US is Robinhood. They have 22 million accounts. Maggie, what are you drinking? Rose. I'm having a nice little rose, Raoul. I'm jealous. I'm jealous. I can't do an hour with you and David on a Friday where the beak has kicked my ass. without having something. Plus, we have some members who are having a beverage. Someone's watching rugby and us and having a drink. So I can't leave them on their own, can I? It was a very perfect looking glass. I was like, that's really exactly what I want. It's quite hot here today.

34:56So I had to take a step back from the winter drink. So Robinhood, 22 million accounts. Coinbase, 108 million accounts. What has happened is, And if you look at the demographic skew of crypto, it's brought in a lot of younger people who've not had much financial experience. Many people came in in 2020. So they've given it a go. People have made money. People have lost money. They've gone through the ride. But people kind of get it. But they don't want to make the same mistakes they made. And the Crypto Academy is taking two good friends of mine, who are also millennials, unlike me, from the TradFi world.

35:37They were both emerging market credit traders from Barclays. They know their shit. They then left it, went to Crypto World, started trading crypto, did really well, then started an NFT community called Rekt Guy, which became a cultural icon of the space. Ovi became an artist in the space as well with Red Light District and other stuff. And these guys traded board eight yacht clubs, like I don't know how many, 10, 20 million, whatever they made from that trade. these guys have sat down and given their secrets of how to do it, how to understand the space, how to invest in meme coins. That's a specific skill.

36:16Those guys trade them actively. How to invest in NFTs is not for everyone. I won't touch them. This is part of also what we're talking about as we do at the Academy is understand when you're going into it, who you are, what your risk is, who this is for, rather than just sort of get sucked in. That's right. And they talk you through how to invest in the big layer ones, how to think about the space, risk management, all of those things. It's so valuable. If you want to capture the opportunities in this space, in the bull market that we've started, please take the course. It will really, really help you not make as many mistakes.

36:50We all make mistakes in investing. Investing is all about mistakes. But try to learn from people who really know just to lower the number of mistakes because the lower the number of mistakes, mistakes you make, the more your returns will compound. Yeah. The other thing I think is really important is, so I've been having all these conversations about 60-40 being dead. And you've got to think about different kinds of asset allocation. Part of that conversation is going to be whether it should be crypto. It may not be for you. But if you don't understand it, and someone's suggesting you do that, that's not great either.

37:26So even if it's something, even if it's just to understand what the options are, so if presented to you, you have an educated answer about that, I think is really important. By the way, somebody said every time Maggie speaks to Ralph, she sounds bullish. Then when she speaks to everybody else on Real Vision, she sounds bearish. No, no, no. It's not that simple. RAOUL PAL, Because I smile and they don't. They all come up and sell doom. And I come up with a smile and you smile. RAOUL PAL, I think that I probably have the posture that a lot of people do, which is that our community wants to learn.

37:57They're forward thinking and optimistic. What choice do we have? But I have a great degree of skepticism about everything, which is - That's why you need a glass of wine in your hands. Exactly. What you should have as well, right? So it's not optimist or pessimist, bull or bear. It's just being really smart about the decisions you make. And I think that's what everyone's trying to do. Okay, let's see what other kind of questions we have. So David, while I'm looking, I'm really interested in what you're most excited about. So we just scraped the surface on your conversation with Evan. And I remember listening to part where he was talking about Apple.

38:33Sorry, Maggie, just one thing about Evan. Just sorry to interrupt. Yeah. So Evan is one of the leads or even the head of spatial compute at AWS, Amazon. He's a Real Vision member. He reached out to me and said, hey, listen, I want to talk to you about this. I'm writing some essays. I'm like, whoa, whoa, whoa. His ex-boss, no, not his ex-boss. His ex-boss, head of product on the hardware side, Vaxel, is also a Real Vision member. He'd been on Real Vision. This guy's been on Real Vision. They just come out of the community. This is not like we hunted this guy down. He's like, hey, I'm a Real Vision fan.

39:12Let me just come on. We've got several people from really senior positions in Amazon, all within the Real Vision community. So this is really a community member coming on to teach community members. It's amazing. Which is amazing. And yes, now that I know that, I'll be sending him a message. Watch out. And by the way, you all know you can message Raoul directly. I think you can message Evan as well. Yeah. Well, you have to find his handle. And I'm going to check because I may have some questions. So you just spin the Atlas around to LA. Look for Evan. He'll be there. Oh, there you go. Wow. Now you just gave us.

39:47In the search, you could just put the name in. And we have a question about the platform. We are going to be doing another town hall, by the way, on all of the features on the new platform that will be coming up. We will be sure to let you know. David, I was going to ask you, though. So what what else sort of came to mind when you were talking about talking to Evan and that got you really excited? Yeah, it was an incredible conversation. And he's very much at the he's very much at the intersection of AI and the metaverse and AI and virtual worlds. And I think we were of a like mind that many people's first encounter with what we're still calling the metaverse at the moment with virtual worlds will be through work.

40:29And this is, again, one of my current obsessions. I mean, we're building the capability to create incredible next generation simulations inside virtual worlds to bring physical reality into virtual space. and emulate complex physical environments and physical processes. I've talked before, I'm sure, on the daily briefing about NVIDIA and its Omniverse platform. You have companies like BMW using Omniverse, which is a simulation platform, to simulate just entire factories inside this platform and rearrange them and sort them out and then bring that learning into the physical factory. This week, my mind was totally blown.

41:17And I think I mentioned this in the conversation that I had with Rao that kicked off the week. Totally mind blown by what NVIDIA are doing inside Omniverse now. They have this AI agent called Eureka that is writing code that trains simulated robots inside virtual space to perform complex operations with essentially no human input required. So this AI agent writes code, sets the simulated robots off on a process of trial and error learning, gathers feedback from that, iterates the code, improves the learning. And it's taught simulated robots to do all kinds of incredible things, you know, Rubik's cubes and open doors.

42:02And teaching robots to navigate through physical space and do useful work in physical reality is incredibly difficult. I think because of these kinds of technologies, we're on the verge of an explosion in robot competence. And if you look at Amazon this week, trialing a humanoid robot called Digit, I think it is, in their warehouses, we're on the cusp of an incredible moment when it comes to robotics. And it's just such a powerful sign of how all these exponential megatrends layer on top of one another. AI simulations, robotics, and so on. RAOUL PAL, And also, what's so important about this is part of the exponential age thesis and the everything code and all of this stuff is like GDP growth is driven by population growth, productivity growth, and debt growth.

42:54Population growth is slowing down everywhere. We are about, and people need to get their heads over this because they cannot understand this yet. We're about to create infinite population. Productive units are now not a scarce resource. It's infinite. The robots with AI, or just AI, that's human minds, human bodies, or humans, are now infinitely scalable. We're not talking about it has to be exactly like a human, but doing most of the things that make human productivity. Now you've got a planet with infinite people. The resource they consume is electricity, which is the thing that needs to be resolved here is how do you resolve for that?

43:39Humans consume food to produce our energy. The machines consume electricity. There's a trade-off there which we will figure out. But that is a staggering change to the world of a scale of understanding that nobody yet has. Even when we throw around big statements like this, nobody really, really understands what that means. But it's everything has changed. Because of course, the whole sort of economic outlook and demographics, how demographics plug into that was really important. It was previously and still is something that people look at all the time. So this blows up every model. It blows up everything, economics as a science.

44:25Geordie Visser talks about economics. can recessions ever happen? Because there's only a scarcity of some things now, and the scarcity of some things is basically a bit of fossil fuels, a bit of metals here and there, stuff like that. But that part of the economy is dwarfed by the digital economy, the Amazons, the Metas, the Nvidia, everything else is that, yes, they all consume commodities. But does a commodity cycle, i.e. commodity prices go up, cause a recession anymore? His argument is no. So he thinks we can get to this low point in economic growth like we're feeling now, even though the GDP numbers for last quarter seem strong.

45:12Well, beneath the surface, they weren't that great. His argument is, well, if it wasn't for the pandemic, maybe we've not had a recession since 2008 between the central bank bazooka of QE and this massive size of the digital economy that doesn't ever have scarcity. We're never going to run out. Again, we can't think through this. The thing that we're doing - RAOUL PAL It's so big. It's so big to get your head around that. I'm never going to run out of Zoom. I'm never going to have phone calls. I'm never going to run out of any of this stuff. It just doesn't run out. It just goes to zero in cost.

45:49RAOUL PAL So I want to ask you a question, David, about time frame. Just one thing, put a hold on that thought. John, put them in the chat, where is the course? The Academy course is on our platform. So if you are on YouTube, you are not on our platform. There is realvision.com. The Academy lives in the plus tier. So if you're plus above, you have access to it. If you're essential, upgrade. You can get Crypto Academy and all the academies, which are amazing. And the masterclasses and everything, the Real Investing course, everything that goes with it. But if you are on YouTube and you are not yet on our platform, you should be.

46:28But we do have a way for you to be able to buy a ticket, basically, to get into just the crypto academy. Once you're there, you'll want more. So there's a line for that. But just go to our website. It'll walk you all through that. Or just go to realvision.com forward slash crypto academy. It's all there. There's actually a special deal right now. So there's 1 ,969 lifetime memberships, usually the annual memberships. So if you are interested in educating yourself, which I urge you to do, I urge you to try and succeed in this net coming bull market better than you did in the last. We all need to.

47:07Just take the course. It really is a fraction of what you would flip around on some stupid JPEG. Just do that. Do yourself a favor. It'll be the best. I think it's, I don't know what the price is, 350 bucks, best 350 bucks you'll ever spend. Why that number? Is that your birthday? Is that your age? 1 ,900 and 6 ,000. I have no idea why it's 1 ,900 and 6 ,000. I asked somebody else, I'm like, why 1960? Random number. You know where I'm going, folks. I'm blaming it on Milton. Somebody said Maggie has to have a stronger drink when she deals with Milton, because I think Milton's stalking me. But that's a whole other story.

47:42You regulars will know exactly what I'm talking about. So David, I can imagine that Paul's saying one day, will there be a Miltonverse on RV? Or is RV really the Miltonverse now? RAOUL PAL, Go to find that is we built a little metaverse experience in sandbox. No, crypto voxels. In crypto voxels or sandbox, crypto voxels, there's a real vision, cool building with artwork, videos, all of that. And Milton is there and he's your guide around it. RAOUL PAL, Of course he is. RAOUL PAL, In crypto voxels. RAOUL PAL, David, if you don't know the whole Milton thing, we will fill you in later. I think I've learned a bit about Milton.

48:27I've picked up a little bit, but I don't know if I have the full Milton law. And I know. Well, Raoul tried to say, tell us it was, but we think maybe somebody has co-opted the original Milton idea and taken it and run with it and has become Milton because we were told he was dying or dead or she was dying. Could be a she. And - Milton lives on a yacht in Captain Tebe, I've told you. it's completely crazy but it's popping up everywhere it's a little it's a little spooky so david what i wanted to ask you though is based on what rob was just saying so i hear these conversations i'm sure people listening do and it's melting my mind and it's amazing and it seems like it's going to change everything but then a lot of people in our community are investing right they they want to know like okay when is this happening what is the kind of time frame we're talking about i know that these are long trends long secular trends.

49:18But some of the stuff seems like it's happening more quickly than maybe we imagine. So if we've been disciplined to think of it as long term, but maybe it's not as far out as we think. I mean, you just said NVIDIA is experimenting with stuff. We know some of these deep pocketed companies are just moving fast and breaking things here. We've seen the pace of change in AI. How are you thinking about that? What do we need to understand about time frame? Yeah, I mean, the fundamental things to say around timeframe, look, we talk about the exponential age for a reason. These are exponential trends. And that means that just inherently, we know that we're not equipped to be good at understanding that pace of change.

50:08It happens far, far quicker. It happens far, far quicker than we can comprehend. It seems to be not happening, not happening, not happening. And then all of a sudden, it's like, oh, fuck, it's happened and I'm too late. Do you know what I mean? That's what exponential change feels like to human beings. So number one, assume that it's happening far faster than you can understand. You can't comprehend really the nature of the pace of change we're talking about. And you're also not smart enough, none of us are smart enough to kind of know on a granular level, okay, like, you know, so when will robots be in my house emptying the dishwasher?

50:48Like, you don't know. None of us are smart enough to have a concrete, accurate answer. Maybe the AI is smart enough. Maybe ask the AI. It'll know. Yeah, yeah. You could give that a shot. So, and then plan accordingly, you know, You can't try to time these discrete technology megatrends perfectly, understand exponential change and how it feels to human beings. Look at what we've just gone through with AI, where essentially you had decades of just a slight freeze and conversation and winter, and nothing's really happening. And then it's just smashed into us in the last two years. we're going to go through a lot of technology megatrends that will feel like that.

51:36And what will compound it all is that it's all happening at once. It's extremely difficult to understand. RAOUL PAL, And they're all interconnected as well. That's the thing is, David's made a big point to this in the past is like, the internet allowed this to infinitely scale because it's an applications layer on top of the internet. So if 7 billion people have the internet and you release AI, 7 billion people can have it tomorrow. It's like, we can't get our heads around that. To have internet, we have to lay fiber optic cable and have mobile phone networks. This is that, which is why it's the fastest technology.

52:12I mean, blockchain was the fastest previous technology in all human history. This got to 100 million users in five bloody weeks. RAOUL PAL Yeah, it's mind blowing. I think that sets us up for an exciting announcement. I feel like Steve Jobs, like, one more thing, because we've been here for 40 minutes talking, but we have a super exciting announcement to make. Raul, you want to do the honors? RAOUL PAL, Yeah. David and I have teamed together. We've got to know each other the last couple of years. We can see how big this exponential age thesis is, how big this technological opportunity is, but also as humans, how difficult it's going to be to deal with.

52:57What does it mean for us on a human level? And I looked around and actually asked around a lot on Twitter and said, who's writing good quality research on this? There's not just investment ideas, but how to navigate and understand these times. So David and I hatched plans, and we're launching The Exponentialist. And the idea here is it varies between long-form think pieces from David around this mega theme that I've set up, some stuff from me, some big think pieces from me, AMAs with David. There'll be some business cycle analysis, some secular cycle analysis, a recommended portfolio that's not a trading portfolio.

53:38It's not a trading service. This is about how do you capture the theme. There'll also be kind of those insider talk conversations with David and I. There's a lot of stuff coming, flash updates when we see stuff that's really interesting. The idea is to try and make sense of all of this. So you can understand why this is happening, what it means for you, how you may be able to take opportunities out of it, what it means for your kids. A lot of people ask that question, what the hell does this mean to my kids? It's the most common question David gets. We've all got to educate ourselves. And it's becoming increasingly hard on Twitter.

54:17If you follow Robert Scoble, he now follows 3 ,300 people just on AI alone. And he has a list of it, right? How are you supposed to make sense of that? Yeah, sure, you can get AI to scrape all of the thing. But David's our AI here and helps us do that. So I'm really excited about this product. It's not a Real Vision product. It's part of a new, we're going to be building a Real Vision marketplace of independent research. So people can find trusted, curated research that matters for them. There'll be applications, apps, widgets, tools coming in that too. That's part of this whole platform idea.

54:53And this is the first product for that marketplace. So it's not part of anybody's subscription. So it's because it's a standalone product that comes from outside Real Vision. It's David's time, my time, other stuff. So everybody will get an email about it tomorrow. If you really are interested in these times and you want to navigate all of this, let us be your guides. So I'm sure the first thing we're going to get asked is, does that mean those kind of conversations are moving off our platform? And I'm guessing the answer is no. No, there'll be some that will just be for the exponentialist. But it's not a real vision tier, right?

55:33So it's not that. But David will be on, and I'll be on doing the exponential age, because it's incredibly important. This is the most important thing humanity's gone through. Yes, geopolitics are important, other things. But this itself is going to stretch and break and change society and all economies in ways you cannot comprehend. And you need a mentor. You need a guide. Yeah. We all do. So this is, and David, I think the biggest thing is just keeping up with everything that's going on. I think that's what everyone's struggling with, that keeping up with it and the amount of changes and how these things are intersecting.

56:13Yeah, absolutely. And I'm just, I mean, I just could not be more excited to get this out into the world. Finally, Raoul and I have been cooking this up for a while. And I think we've devised something really unique. And just, I mean, everything about it is so exciting, but it's the community I'm sure we'll build around this thing and the conversations we'll have that is the most exciting for me. I think we're just going to build such an amazing community of people around this. Because look, as Raoul said, we're all beginners in this new world. No one has a complete understanding of this new world and this wave of change that is about to smash into us.

56:54But this is going to be a community of people around the exponentialist that get it, that get that this wave of enormous, powerful change is coming and just want to face that wave of change with a spirit of curiosity. And then we're just going to go into it together and just build this community, like, yes, of understanding and of analysis and of opportunity, obviously. But also, exactly as Raoul said, of feeling, you know, what does this mean for me as a human being? What does it mean for my working life, for my family? How do I flourish as a person, as a human being amid this incredible wave of exponential change?

57:33And yeah, we're going to go on that journey together. And it's just so exciting. I cannot wait to get going. And also, using the new platform, there will be a group chat section only for exponentialist subscribers. and there you can chat to David, myself and other stuff and meet other people in the community so we can all stay on top of it, right? A community is really important here. There is no single source of truth. And what you want is a lot of smart people. I know a lot of the people in the Real Vision community. There's a lot of amazing people in the technology side. Like we said, Evan, he's part of the community.

58:10Imagine Evan popping into the chat to give his two cents of what he's seeing. That's what's at Real Vision. That's what this is all about. It's we all do this together, as David said. We'll be the curator, but the community will drive it. And we'll all be curious together with our eyes open, with the pitfalls. And then can we make some money? As I said, we might as well invest in our own eyes as well. Right. Exactly. Exactly. I mean, the opportunities are huge, but the human complexity is huge too. And yeah, so obviously every month, I'll go really deep. I'll drill down on a megatrend or a technology company or a happening just at a depth that you can't do in any other way than a really long form, heavy hitting piece of work.

59:00And then exactly as Raoul said, we'll come together, we'll have conversations. People will be able to present on screen. People will be able to ask me questions. We'll be able to constantly chat. Also, a key thing is David's a brilliant writer. And even though the topics are heavy, he writes in a very straightforward manner. Accessible, yeah. Because I think it's - He occasionally uses words. I had to call him up today on something. I don't understand what you're saying. We all need to expand our vocabulary. That's okay. So I think this is really cool. But generally, he simplifies what makes David great.

59:33And I think it's one of the things that I do as well is take complex ideas and simplify them. Right. And that's the key. And, you know, a great motto for writing is, you know, if it's not simple, you don't really understand it yet because you need to be able to explain it extremely simply. And that is fundamental to the way I approach all of this. And exactly with Raoul as well, who is absolutely brilliant at taking incredibly complex, you know, models and frameworks and ideas and making them simple. That is fundamental. RAOUL PAL, Yeah, as we just heard before with the trade agreements between Tradify and crypto.

1:00:15OK, but I just want to clarify. First of all, there's a lot of information if you go to realvision.com forward slash the future. But I think this is important to clarify. Jeff asking, why not make this product part of the Real Vision network or the memberships? Raoul, do you want to tackle that one? RAOUL PAL, Because you pay for your membership, you get certain things. You can't keep absorbing costs of paying other people to do services. We want to build a marketplace. We want to do something bigger here. And the marketplace is, if you think of all of the independent research people, right now, they're on Twitter, raising their hands, saying, hey, please look at me.

1:00:53Please look at me. Nobody knows how to find research. We want to bring it in one place, much like Amazon brings books together. Just because you have an Amazon Prime membership doesn't mean everything that sells on Amazon is free. It can't work that way. The idea is you're a member because you get a certain set of membership benefits and the platform and all the other stuff you get. It's an incredible amount of value in Real Vision as it is. But we also want to give you choice. It's a bigger world out there. And we'd rather you lived your financial life in one place, which is in Real Vision, because you're still going to buy research elsewhere.

1:01:26You're still going to buy applications elsewhere. So the more we can have within the Real Vision platform, the better for you. Right. Okay. So we don't want to layer all that on and make the price ridiculous for people who may or may not want certain things. They'll be able to go and choose. So this is the first thing that will ultimately be able to go and add on what they want. This idea of add-ons gives you an a la carte experience. If not, it's a one-size-fits-all experience, which is not right. So yes, you can have a core foundational one-size-fits-all, which is our membership levels. but really, you need the a la carte so we can all have different experiences.

1:02:08Because if not, people complain, they go, well, I don't want this stuff. When we put crypto in with traditional finance on the essentials here, we have three years of bullshit from people. Oh, I don't want that. I don't want this. It's like, make it a la carte. Make it a la carte. Let people choose what they want. Because if not, there's going to be a bunch of people going, well, I don't want any of this futurist bullshit. And that's fine. Different people should have choice. And that's what we want to make is choice. Okay. But do be clear, we're not diminishing the offer and we're going to continue to add value on the memberships.

1:02:43This is just an extra - We've got so much coming. Every two-week sprint, there's more stuff coming to the platform, included in your tiers. But we will have a whole range of incredible bolt-on offerings from independent third parties, different providers, all different stuff. But we just wanted to lead the way, show something first. Yeah. Now, David, this might be an odd question, but I'm having constant conversations with my teenagers about trying to prepare them for the world that they should be living in and trying to explain to them. And they've picked up some of the negativity. We were talking about the metaverse, and they're like, pah.

1:03:21Even though they game, and even though they're probably doing half of it already, there's a little bit of pushback. Plus, who wants to know anything from mom? But would some of the stuff be accessible to younger people, to college students? I mean, is it like an investor thing? Or could it be for anybody who wants to understand what's coming? It's for everybody. The whole idea is, if you want to be an investor, great. If you want to be a student, we're all lifelong students. If you're a student and you want to really get to grips with where your future lies, which I think is utterly vital in this time, we're there for that too.

1:04:00It should just be a bloody good read that you walk away and you're the smartest guy at the dinner party, or the smartest guy at the pub, or the smartest girl at the party, because you'll be informed. RAOUL PAL, Yeah, exactly. Exactly. I mean, we are on a mission with this to supercharge you as a human being. I am convinced that what we're talking about when we talk about exponential technological change is just the most important fact of our collective lives right now. This wave of change is huge and it's unavoidable. And it's just it's going to change everything. If you can understand that and if you can orient yourself amid it and if you're part of an amazing community of other people on that journey, too, that will supercharge you as a human being.

1:04:47Yes, as an investor, but I speak to leaders inside huge organizations. That's a lot of my day-to-day. They are desperate to understand these technologies, to understand how they intersect, and what it means for them professionally, what it means for their organization, how they should innovate to respond, what they need to create, how their customers' lives are going to be changing. If you're in that space, too, this is going to be profoundly useful. It was really interesting. I was listening to Lenny's podcast. So he's the product manager who interviews. And he interviewed the chief product officer of Intercom.

1:05:27He's like, we were doing our business. We had our roadmap. We use Intercom at Real Vision. It's like a customer service tool and very, very good one. And he's like, yeah, we were doing our business, having our plans. We're 900 people. We're doing our thing. We're a SaaS business. Everything's going fine. And then ChatGPT comes along. and we had to call the entire team into the office, rip up all of our plans, go back to first principles and say, what the fuck do we do? What does this mean for us? This is an existential crisis. And they were like, it is all in on AI. There is no other outcome. And then listening to him, really interesting.

1:06:06He's like, and you're going to have to learn to live with the uncertainty, which is we don't know where it's going because it's innovating so fast. So your visibility to any strategic roadmap is no longer than 12 months. He said, if anybody tells you they can plan 24, 36, or five-year plans, we just don't know. I mean, don't forget, three months ago, we didn't think we were going to have, well, two months ago, ChatGPT4 Plus now has visual imaging. You can just go into a restaurant, take a picture of your food, show it to ChatGPT4, it'll break it down into calorific value, how it was cooked, what the ingredients are, and how to make it at home.

1:06:41You can take a picture of your fridge. It'll tell you what you want to make. I want to make a Moroccan dinner with the things in my fridge. It can do so much stuff. It's now better at coding than humans are. So it's supercharging coders. None of this, none of us expected this nine months ago. So he's like, how do you plan your business? So think about that for you as a human, or you as an entrepreneur, or for you as somebody - A worker. I mean, you have to, we're all worried about jobs. Well, Maggie, you've seen it within Real Vision. We're using it for transcripts. Everyone sees the AI transcripts come out.

1:07:13They called me like RuPaul or whatever the other day. We still get it wrong. RuPaul. Yeah, transcripts. But I talk to my chat GPT now. You can have full conversations with it. But we are using it for video editing. We're using it for creating social media clips. We're everywhere, and everybody's going to have to do it. And that's not just AI. AI is just one of the things, just one of the small parts of the exponential age. AI is the hot thing now. It's the hottest ticket in town. It is just a small part of the magnitude of what is happening. RAOUL PAL, MD, PhD Right. Yeah. I was speaking to a team inside one of the world's largest pharma companies just a couple of days ago, showing them a wearable health device, Whoop, that's now integrated with ChatGPT and essentially collects data.

1:08:04You can ask it questions and it will reply to you. It's a conversational AI health coach. Just putting this in front of them saying, what does this mean for your business? They're just having to think deeply hard about what this means for health behaviors and the way billions of consumers' lives are going to change and what that means for their business. RAOUL PAL I've talked about it before, and there's a continuing thread. A friend of mine here on Ireland is a radiologist, and he's also the chairman of the hospital. Back in March, I'm like, what's been going on? He's like, oh, I've got this new brain MRI machine, and it's really complicated, and it's brand new technology.

1:08:45He's 50 years old. He's like, I've spent hours the last week trying to learn how to use it because I need diagnostics on this lady, and I've got this scan, and I don't know how to interpret it, and I need to get up to speed, but it's brand new technology. I said, how many hours have you spent? It's like 10, 12 hours this week trying to figure this stuff out. I'm like, how much do you think your per hour cost is? And it's whatever it is, a few hundred dollars an hour for the radiologist. So I'm like, okay, fine. Can you ask this question to this thing? And I gave him chat GPT before it got lobotomized.

1:09:20So before they stopped being able to ask really deep medical questions. So he gave it the full question about what he saw about this woman's scan, and it answered immediately. He went ashen, ashen. He's like, it took me 12 hours of deep research, and this thing has done it better than I could do, diagnosed it better than I did, and I've learned new stuff. So then go back to this product manager, the chief product officer from Intercom. He was talking the same thing. He was like, I've got a friend of mine who's a radiologist. I'm like, That's interesting. What he said is that now, because all of these radiologists, all the x-rays and scans and everything, MRIs are online, AI can take all of them and learn every diagnosis from every radiologist of every MRI scan that's ever happened, ever.

1:10:11Put it all together, pattern recognition, and we'll find patterns that radiologists can't do. That is the end of radiology. I apologize if there are any radiologists in the audience. What is their job? Well, their job now becomes bedside manners and dealing with patients. It may be to, well, you've got the technicians who do the actual machines. Now, you don't need to be fearful of it, but you need to understand that that's what's coming. So you can adapt. You can position yourself. That's why I think for workers, I think that's the deep fear that we all have. My other issue is that it's so fragmented, to your point.

1:10:45So, there's bits where you can find it. But just this week, I saw something with Google and Nokia doing 20 gigabyte delivery to Kansas City. And then I saw some other thing that Microsoft is doing. But it was little headlines here and there. And I'm trying to grab them and put them in a note or a doc someplace. That's my issue for time. RAOUL PAL, But Maggie, how many of us have on email lists about AI, and there's now 20 emails you get, and it's like 78 points. It's like, forget it. Somebody has to curate this stuff. Somebody has to make sense of it. Somebody needs to make the pattern recognition.

1:11:19Somebody needs to build the narrative out the theme. Somebody needs to help. Because - RAOUL PAL - And we're looking at him. David Patton. RAOUL PAL - Yeah, this is it. RAOUL PAL - No pressure, David. No pressure. RAOUL PAL - Yeah. Well, I mean, now we live in an age of such powerful tech hype cycles, as we talked about earlier in this call. We're going to help you make sense of that. you know, we get further tech hype cycles are coming and they're going to feel deeply uncertain and confusing and sudden, just like the metaverse one did and the AI one did, and they're coming around again, but they will be different.

1:11:55We will be there making sense of these hype cycles, cutting through the hype, getting to the truth, making sensible inferences about what's coming, all of that. And it's just such an important part of people's lives now. Yeah, and like you said, I get asked constantly, what should I tell my children? You know, that's the temperature this has reached. That's how much it's on people's minds. And we're also working on business cycle tools that are specifically tech cycle related. So people know where they are in the cycle. So we're going to do all our great stuff we always do. but this is just the extra mile for people who really want to go down the rabbit hole, want to have conversations that crossover investment, but also like culture and - Yeah, so it's all of that, but it's also a portfolio, a long-term portfolio, and a business cycle understanding of where you are in the tech cycle, because tech cycles can be brutal like crypto cycles.

1:13:01So we want people to make sure that they capture the risk when it's the right way and avoid the risk when it's the wrong way. And that's the business cycle. It's the best driver, all of that. So we're developing some amazing tools for that too. So this is not just thinking. It's not just navigating. It will help your portfolio. And that's the whole idea. It's this, you can come at it from whatever angle that you need to get out of this. If you want to make money from it, we'll try and show you the way. We're not single stock experts. We're not trading. That's not the idea. It's how to capture the trend in the easiest possible way and the smartest possible way and avoid the big pitfalls.

1:13:41But also, based around that is the whole broadness of this whole mega idea. Amazing. It's called the exponentialist. Yeah, so you can find out all the deets, the nitty gritty deets on the destination that you're all looking for, realvision.com forward slash the future. I'm sure members are going to have questions. I'm sure there's discounting for you as well, but I'm sure you're going to have more questions about what is and isn't. There's a launch period. So there's for Real Vision members. It's very discounted, strict, limited time period. So check your emails, get in, be a founding member, be part of this community with us.

1:14:23And let's kind of take that exponential rocket ship into the future. Awesome. Well, I knew it was coming and that we had an announcement, but it was fun for me to learn a little bit more about it. We will be having a town hall. So if you have any questions, concerns, or issues specific to this versus your membership, roll up for that town hall. We'll be talking about the new platform. I saw one of your messages about that. We're going to cover all of that in the town hall we have coming up as well. So that's going to be super fun. I always love catching up with you guys. I'm going to have a lot to talk about at my cocktail party tonight.

1:14:54That's for sure. Yeah, I'm going to now look through my fridge and find out what wine I've got here. That just looks so delicious. It was a perfect glass. It just, you held it so elegantly. I'm like, yeah, that's exactly what I want. I know, that's it. Now I put it on every mind. By the way, I think Raymond was drinking an old fashion. We have a lot of bourbon drinkers in our community. And John was having some fancy rum drinks. So we've got a lot of diversity in our cocktail agenda. That's for sure. I think I've got, I think I might have an open bottle of Chablis in the fridge. Oh, that'll be nice.

1:15:25Chablis, that's fine. Almost as good. Guys, fantastic stuff. Super excited. And we will be seeing you all soon. I love catching up with both of you. I look forward to catching up on all of the content that I missed this week. I'm going to listen to all those fantastic interviews. And thank you all for rolling up with your great questions. Also, one more thing. I think two things. One is don't forget, I've started a new YouTube channel, Raoul Pal, The Journeyman. So there's new content coming out tomorrow. I have more jobs than I have glasses of wine. No, maybe not. So Raoul Pal, The Journeyman.

1:16:00There's a new one about AI in the election coming out tomorrow. So make sure you subscribe to that channel. I think that might be hot rolling right after this. Yeah, so that's great. So just stick around and you'll see it. And that's probably going to scare you. So be enlightened and optimistic about everything David just said. Now you can be scared by maybe, or at least on guard by what Raoul has to say about that. Yeah, just my only thing is, please don't lose your minds over the next 12 months because you will. Yeah. Well, information is power. And that's what we always aim to do. Fantastic stuff, everybody.

1:16:34Thanks so much. Enjoy your weekend. Take care. Good luck out there. Take care, everyone. Thank you. All of us together are living through the death of an old world and the birth of a new one. This is a fourth turning, but this is not the fourth turning of demographics or politics. This is the birth of the new technological age. This new world has a world of 3D-printed rockets, crypto payments in space, discussions on the rights for humanoid robots, machine intelligence that may outperform our own, simulated worlds where autonomous AI agents write code for other autonomous AI agents. It's a world full of opportunity and full of difficulty too.

1:17:18You see, we are living history and it's happening much, much faster than any of us can comprehend. This is Reed's law, Metcalfe's law squared. Humanity has never gone through anything like this. But we have to comprehend and understand what is happening. It is into this world that The Exponentialist is born. The Exponentialist is a new service from me, Raoul Pal, and David Matin, author of New World, St. Hulens. It's an almanac of the fastest period of change ever witnessed in the human history. A period of excitement, exhilaration, difficulty, and terror. And the exponentialist really is for humans first and investors second.

1:18:00Yes, the opportunities are enormous all round. To find out more and get our special launch pricing, go to realvision.com forward slash the future.

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