Raoul Pal: The Journey Man

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Oct 2026

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The world is changing faster than ever before. This comes with life-changing opportunities but also unprecedented challenges. In The Journeyman, I talk to the greatest minds at the nexus of macro, crypto, and technology to figure out exactly what the Exponential Age means for us all. I uncover the big trends, potential investment opportunities, and economic risks and rewards, and ask the big questions on how this impacts us, our businesses, and our societies. Brought to you by Real Vision.

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October 29, 20261 hr 4 min

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

🏆 The Real Vision Trading is now open! The best trade ideas on the platform compete for $80,000 in cash! 📈 Register for FREE to secure your spot: https://realvision.com/your-future?utm_medium=social&utm_source=youtube&utm_campaign=2026_uyf&utm_content=journey-man David Mattin and Andreas Steno join forces for a special Exponentialist crossover on The Journey Man to explore whether the AI boom is running out of steam or entering its next phase. They break down growing funding stress, rising GPU demand, and why the AI buildout may look very different from the dot-com bubble. They also discuss the battle between OpenAI and Anthropic, the rise of cheaper AI models, and where the next investment opportunities could emerge across energy, robotics, and the AI economy. Today's episode is supported by Pyth Network, the fastest-growing name in market data, packed with over three thousand instruments covering equities, commodities, FX, rates, and crypto, plus the largest set of 24/7 financial indices out there. Pyth has already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce, and has recently developed a new model for financial data distribution. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. And it’s probably the only name in market data you can check out for free. Head over to pyth.network to take advantage of their free trial. Timestamps: 00:00 - Is the AI Boom Starting to Crack? 01:37 - Are We Late in the AI Cycle? 03:20 - Why the AI Buildout Is Entering a New Phase 05:57 - AI Bubble Fears vs the Long-Term Reality 07:03 - Funding Stress, Bond Markets, and the AI CapEx Boom 09:01 - Why This Is Not the Dot-Com Bubble 13:11 - The Earnings Signal That Could Decide the AI Trade 15:09 - What Could Trigger a Major AI Market Selloff? 17:27 - Why Enterprise AI Adoption Is Still Very Early 20:59 - AI Regulation, Agent Swarms, and the Real Risks 24:19 - The U.S.–China AI Split Is Accelerating 25:18 - Where the AI Supply Chain Opportunities Are 29:50 - OpenAI vs Anthropic: Who Has the Momentum? 32:32 - Why Intelligence Is Becoming a Commodity 36:02 - The Battle for AI Pricing, UX, and User Lock-In 38:41 - Where the Real Value in AI Could Accrue 43:11 - OpenAI vs Anthropic as Future Public Companies 45:14 - GPU Rental Prices Are Still Surging 48:11 - Why Compute Demand Could Be Vastly Underestimated 50:24 - How AI Integration Is Driving Token Usage Higher 53:40 - The Next Phase of the AI Trade 54:16 - Energy, Robotics, and the Next Bottlenecks 56:49 - What Could Break the AI Bull Case? Learn more about your ad choices. Visit podcastchoices.com/adchoices

October 25, 202639 min

Raoul Pal: Four Frameworks, One Code

🏆 The Real Vision Trading League is now open! The best trade ideas on the platform compete for $80,000 in cash and $20,000 in Real Vision memberships. Register for free to secure your spot. 📈 Trading League: https://realvision.com/your-future?utm_medium=social&utm_source=youtube&utm_campaign=2026_uyf&utm_content=journey-man Why does growth keep slowing? Why does everything feel so expensive? Why do assets keep going up while wages feel flat? And why is AI arriving right now? They sound like four different questions. Raoul Pal says they have one answer, and this film lays it out: four frameworks built over 21 years of Global Macro Investor (GMI), and the single code underneath them. The full story is in my new book, The Everything Code (out 3 November): https://lnk.to/everythingcode THE FOUR FRAMEWORKS 1. The Everything Code. Debt, demographics and liquidity working together to drive asset prices through debasement. Why growth slows, why debt has to be rolled over with ever more liquidity, and how GMI's calls have fared, the ones that worked and the ones that did not. 2. The Exponential Age. Every major technology going exponential at the same time, for the first time in history, each one feeding the others. Energy, compute and intelligence, and an honest look at how fast it is really moving. 3. The Economic Singularity. The point where the economic models of the last 250 years stop working, because the economy accelerates past what our instruments can measure. Raoul's view is around 2030. 4. The Universal Code. The framework underneath the other three. Everything is compute, and four laws (intelligence efficiency, compression, coherence and memetic selection) show up at every scale, from physics and biology to technology, culture and markets. Raoul is clear that this is his thesis: it is on firm ground, and it is not proven. After the four chapters comes a short section on what to own, in three layers (the token producers, the application layer and the substrate). Then the film zooms all the way out in powers of ten, from quarks to the cosmic web, which looks strikingly like a brain's network of neurons. CHAPTERS 0:00 Intro 1:36 Chapter 1: The Everything Code 10:45 Chapter 2: The Exponential Age 18:28 Chapter 3: The Economic Singularity 25:15 Chapter 4: The Universal Code 33:20 What to own 35:54 The zoom-out ABOUT THE VOICE The narration in this film is synthetic. It is an AI clone of Raoul Pal's own voice, reading a script that Raoul approved. The pictures are animated graphics and illustrations made for this film. There is no filmed footage. #OneCode #GlobalMacroInvestor #Macro Learn more about your ad choices. Visit podcastchoices.com/adchoices

October 22, 202626 min

Raoul Pal: My Entire Macro Framework, Explained

Raoul Pal unveils the GMI Dashboards on Real Vision, bringing his macro investing framework and market analysis tools directly to individual investors. He demonstrates how to track the business cycle, global liquidity, market trends, and risk using powerful AI-driven dashboards. From the free tools to the advanced Alpha and Pro features, Raoul shows how investors can identify opportunities, manage portfolios, and make more informed decisions using the same frameworks that guide his market outlook. 🏆 The Real Vision Trading is now open! The best trade ideas on the platform compete for $80,000 in cash and $20,000 in Real Vision memberships. Register for free to secure your spot. 📈 Trading League: https://realvision.com/your-future?utm_medium=social&utm_source=youtube&utm_campaign=2026_uyf&utm_content=journey-man Today's episode is supported by Pyth Network, the fastest-growing name in market data, packed with over three thousand instruments covering equities, commodities, FX, rates, and crypto, plus the largest set of 24/7 financial indices out there. Pyth has already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce, and has recently developed a new model for financial data distribution. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. And it’s probably the only name in market data you can check out for free. Head over to pyth.network to take advantage of their free trial. Timestamps: 00:00 - Raoul Pal’s New GMI Dashboards 02:03 - Why Raoul Built These Tools for Investors 02:49 - The “Compression” Framework: What Matters Right Now? 05:35 - Macro Investing Tool: Business Cycle and Liquidity 07:41 - Financial Conditions, Liquidity, and the Cycle Clock 09:14 - The Everything Code vs Market Trends 10:17 - The Risk Monitor: How to Size Portfolio Risk 10:56 - The Full Macro Dashboard: Liquidity, Bitcoin, and Nasdaq 13:43 - Inside the Pro Dashboard 16:16 - Portfolio Tripwires and Where Raoul Could Be Wrong 17:21 - The Compounding Machine: Bitcoin and Nasdaq 18:48 - How to Use the Dashboards to Find Opportunities 20:10 - Real Vision Trade Setups and Community Attention 21:19 - Free vs Macro Investing Tool vs Pro 22:04 - How Raoul Built the Entire System With AI Learn more about your ad choices. Visit podcastchoices.com/adchoices

October 15, 202639 min

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

Raoul Pal kicks off the Festival of Trading by revealing his personal investing philosophy and why he shifted away from short-term trading toward long-term compounding. He explains how he uses macro trends, liquidity, technical indicators, and risk management to identify opportunities across Bitcoin, Ethereum, Solana, Sui, and technology stocks. Raoul also walks through his approach to position sizing, volatility, and finding attractive risk-reward setups while avoiding the pitfalls of overtrading. 🏆 The Real Vision Trading is now open! The best trade ideas on the platform compete for $80,000 in cash. Register for free to secure your spot. 📈 Trading League: https://realvision.com/your-future?utm_medium=social&utm_source=youtube&utm_campaign=2026_uyf&utm_content=journey-man Today's episode is supported by Pyth Network, the fastest-growing name in market data, packed with over three thousand instruments covering equities, commodities, FX, rates, and crypto, plus the largest set of 24/7 financial indices out there. Pyth has already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce, and has recently developed a new model for financial data distribution. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. And it’s probably the only name in market data you can check out for free. Head over to pyth.network to take advantage of their free trial. Timestamps: 00:00 - Raoul Pal’s Trading Philosophy 01:12 - How Raoul Approaches Investing and Risk 03:47 - The Compounding Machine: Why Secular Trends Matter 05:08 - Business Cycles, Liquidity, and Portfolio Positioning 06:05 - How to Size Positions Using Volatility 08:59 - Tesla: Finding Entries in a Secular Uptrend 11:08 - Using Trend Indicators, Stop Losses, and DeMark Signals 14:59 - Why the Dollar Matters for Liquidity and Markets 17:15 - Ethereum: Measuring the Long-Term Opportunity 20:46 - Ethereum’s Risk/Reward and Potential Upside 23:07 - Sui: How Raoul Approaches Higher-Risk Crypto Bets 25:33 - Combining Technicals With the Macro Backdrop 27:21 - Why Raoul Concentrates in Technology and Crypto 30:35 - Building a Portfolio Around Time Horizon and Risk 33:23 - Why Raoul Prefers Holding Over Trading the Cycle Learn more about your ad choices. Visit podcastchoices.com/adchoices

October 8, 202658 min

The AI Job Shock Is Coming

Raoul welcomes back Emad Mostaque, Founder & CEO, Intelligent Internet, to explore how rapidly improving AI agents are crossing from impressive tools into genuinely useful, economically disruptive workers capable of transforming productivity, businesses, and entire industries. Raoul and Emad also discuss collapsing intelligence costs, robotics, labor displacement, energy and compute constraints, and what the acceleration of AI could mean for markets and the global economy. Today's episode is supported by Pyth Network, the fastest-growing name in market data, and probably the only one you can check out for free. They’ve developed a new model for financial data distribution and they’ve already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce. Three thousand-plus instruments across equities, commodities, FX, rates and crypto, plus the largest set of 24/7 financial indices out there. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. Head over to pyth.network to take advantage of their free trial. Learn more about your ad choices. Visit podcastchoices.com/adchoices

October 1, 20261 hr 18 min

AI Needs Crypto with Ran Neuner

Raoul welcomes back Ran Neuner, co-founder of OnChain Capital, to discuss why Ran believes crypto is entering its first real bull market, driven by genuine product-market fit, growing protocol revenues, tokenization, and an altcoin-led cycle. Ran argues the much bigger opportunity is the convergence of AI agents and blockchain, with potentially billions of agents using crypto rails for always-on transactions. Recorded September 23, 2026. Today's episode is supported by Pyth Network, the fastest-growing name in market data, packed with over three thousand instruments covering equities, commodities, FX, rates, and crypto, plus the largest set of 24/7 financial indices out there. Pyth has already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce, and has recently developed a new model for financial data distribution. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. And it’s probably the only name in market data you can check out for free. Head over to pyth.network to take advantage of their free trial. TOKEN2049 Singapore, the world's largest crypto event, returns to Marina Bay Sands on 7–8 October. 25,000 attendees, 500 exhibitors, 300 speakers and 1,000 side events take over the city during TOKEN2049 Week. On stage: Raoul Pal (Real Vision), Jeff Yan (Hyperliquid) and Shayne Coplan (Polymarket). The Real Vision community gets 10% off tickets, claim yours. https://checkout.token2049.com/events/asia?promo=realvision10&utm_source=newsletter&utm_medium=email&utm_campaign=realvision&utm_id=realvision Learn more about your ad choices. Visit podcastchoices.com/adchoices

September 24, 202655 min

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

Raoul Pal welcomes Armani Ferrante, founder of Backpack and Mad Lads, for a conversation on Solana, tokenized stocks, prediction markets, AI agents, and the future of global finance. Armani explains how Backpack is working to bring regulated financial markets onchain, why tokenized equities could open access to U.S. stocks around the world, and how crypto rails may become the global API for finance. Today's episode is supported by Pyth Network, the fastest-growing name in market data, packed with over three thousand instruments covering equities, commodities, FX, rates, and crypto, plus the largest set of 24/7 financial indices out there. Pyth has already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce, and has recently developed a new model for financial data distribution. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. And it’s probably the only name in market data you can check out for free. Head over to pyth.network to take advantage of their free trial. TOKEN2049 Singapore, the world's largest crypto event, returns to Marina Bay Sands on 7–8 October. 25,000 attendees, 500 exhibitors, 300 speakers and 1,000 side events take over the city during TOKEN2049 Week. On stage: Raoul Pal (Real Vision), Jeff Yan (Hyperliquid) and Shayne Coplan (Polymarket). The Real Vision community gets 10% off tickets, claim yours. URL: https://checkout.token2049.com/events/asia?promo=realvision10&utm_source=newsletter&utm_medium=email&utm_campaign=realvision&utm_id=realvision 🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF Timestamps: 00:00 - The Future of Crypto: Bringing the Global Economy On-Chain 02:49 - Armani Ferrante’s Journey Into Crypto and Solana 06:26 - Surviving FTX and Betting on Solana’s Comeback 10:10 - How Backpack Plans to Build the Future of Finance 11:51 - Why Crypto’s Next 100x Will Come From Mainstream Adoption 16:03 - Regulation, Tokenized Stocks, and Bringing Finance On-Chain 20:59 - Why Tokenized Stocks Could Change Global Markets 23:39 - Pre-IPO Tokens and the Future of Capital Formation 25:29 - Why Finance Is Becoming a Global API 28:33 - AI Agents Are Coming to Financial Markets 33:00 - The AI Agent Economy and Tokenized Data 35:00 - What Happens When AI Agents Get Bank Accounts? 40:22 - Backpack’s Plan to Bring the Entire Stock Market to Solana 44:28 - Solving Liquidity for 24/7 Tokenized Stocks 47:06 - Prediction Markets Are Bigger Than Gambling 49:51 - Markets as Intelligence: The Future of Price Discovery 51:47 - Why Crypto Keeps Reinventing Finance #raoulpal #crypto #armaniferrante #realvision #solana #backpack #madlads #tokenization #tokenizedstocks #stocks #stablecoins Learn more about your ad choices. Visit podcastchoices.com/adchoices

September 17, 202654 min

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

Raoul Pal welcomes back Richard Galvin, Co-Founder of Digital Asset Capital Management to break down why crypto may be nearing the end of its long, frustrating reset. They discuss why DeFi volumes, tokenization, AI agents, trading bots, stablecoins, and 24/7 markets could dramatically expand crypto’s addressable market. They also explore Bitcoin, Zcash, Hyperliquid, Robinhood’s rapid growth, crypto VC, and why the application layer may be one of the most mispriced areas of the market.Today's episode is supported by Pyth Network, the fastest-growing name in market data, packed with over three thousand instruments covering equities, commodities, FX, rates, and crypto, plus the largest set of 24/7 financial indices out there. Pyth has already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce, and has recently developed a new model for financial data distribution. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. And it’s probably the only name in market data you can check out for free. Head over to pyth.network to take advantage of their free trial.TOKEN2049 Singapore, the world's largest crypto event, returns to Marina Bay Sands on 7–8 October. 25,000 attendees, 500 exhibitors, 300 speakers and 1,000 side events take over the city during TOKEN2049 Week. On stage: Raoul Pal (Real Vision), Jeff Yan (Hyperliquid) and Shayne Coplan (Polymarket). The Real Vision community gets 10% off tickets, claim yours.URL: https://checkout.token2049.com/events/asia?promo=realvision10&utm_source=newsletter&utm_medium=email&utm_campaign=realvision&utm_id=realvision 🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF Timestamps: 00:00 - Is the Crypto Bottom Finally In? 01:52 - Richard Galvin on the State of Crypto Markets 03:21 - Why Crypto Trading Volumes Signal a Cycle Bottom 05:15 - The Biggest Edge in Crypto: Patience 06:07 - Why Wall Street Is Moving On-Chain 08:22 - Tokenized Stocks Could Transform Global Markets 10:28 - AI Agents Could Explode Crypto Trading Volumes 13:37 - Why AI and Crypto Are a Perfect Match 15:14 - The “Easy Bet” in Crypto Right Now 17:14 - Where the Biggest Crypto Opportunities Are 19:01 - Bessent, Liquidity, and the Macro Setup for Bitcoin 21:31 - Why Crypto Could Outperform Tech Stocks 25:10 - Zcash, Privacy Coins, and the New Crypto Narrative 31:50 - Hyperliquid and the Rise of Decentralized Trading 35:20 - Why DeFi Yields Remain So Attractive 37:46 - Robinhood and the Next Wave of Crypto Adoption 40:02 - Why Crypto Tokenomics Still Need to Change 42:50 - Crypto VC: Where the Opportunities Are Now 47:47 - How Much Time Is Left to Buy Crypto? 49:40 - Why DeFi Could Be Massively Undervalued #raoulpal #richardgalvin #crypto #bitcoin #defi #tokenization #zcash #hyperliquid #ai #stablecoins #digitalassets #onchainfinance #trading #investing #realvision #thejourneyman Learn more about your ad choices. Visit podcastchoices.com/adchoices

September 10, 20261 hr 12 min

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

Raoul Pal welcomes back Jordi Visser for a wide-ranging conversation on AI, Bitcoin, tokenization, bonds, productivity, and the future of markets. The guys explore why the panic around bond yields may be overdone, and how AI-driven productivity is already showing up in corporate profits. Then they break down how tokenization could disrupt asset management, why 24/7 markets may favor bots over humans,  and why the next phase of crypto may be about far more than just price. Today's episode is supported by Pyth Network, the fastest-growing name in market data, and probably the only one you can check out for free. They’ve developed a new model for financial data distribution and they’ve already partnered with Fidelity, Revolut, Kalshi, Jane Street, Coinbase, and the U.S. Department of Commerce. Three thousand-plus instruments across equities, commodities, FX, rates and crypto, plus the largest set of 24/7 financial indices out there. When modern markets require modern data solutions, Pyth Network is quickly becoming the answer. Head over to pyth.network to take advantage of their free trial. TOKEN2049 Singapore, the world's largest crypto event, returns to Marina Bay Sands on 7–8 October. 25,000 attendees, 500 exhibitors, 300 speakers and 1,000 side events take over the city during TOKEN2049 Week. On stage: Raoul Pal (Real Vision), Jeff Yan (Hyperliquid) and Shayne Coplan (Polymarket). The Real Vision community gets 10% off tickets, claim yours. URL: https://checkout.token2049.com/events/asia?promo=realvision10&utm_source=newsletter&utm_medium=email&utm_campaign=realvision&utm_id=realvision= 🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF Timestamps: 00:00 - AI Is Creating Infinite Demand 02:51 - Why the Bond Market Panic Is Overblown 05:05 - Bessent, the Dollar, and the Yield Curve 08:14 - AI Productivity Is Transforming the Economy 13:35 - AI Agents and the Explosion in Compute Demand 15:20 - Why Tokenization Could Transform Global Markets 17:06 - How AI Will Disrupt Asset Management 22:17 - Why Everything Is Going On-Chain 27:20 - AI, Humanoid Robots, and the Compute Bottleneck 32:29 - The Energy Bottleneck and AI Supercycle 35:30 - Bitcoin, Tokenization, and the Future of Crypto 38:22 - What Tokenization Means for the U.S. Dollar 43:14 - How AI Is Collapsing the Cost of Building Businesses 53:17 - Bitcoin, Ethereum, and the Tokenization Boom 56:48 - Raoul Pal’s Simple Crypto Portfolio Strategy 59:04 - Why Investors Make Investing Too Complicated 01:05:54 - Could Digital Assets Reach $100 Trillion? Learn more about your ad choices. Visit podcastchoices.com/adchoices

September 4, 20261 hr 2 min

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

Get those bud lights ready and those Doritos bags open, because it's time for another episode of Drink with Raoul. Raoul Pal cuts through the chaos with an urgent update on what’s really driving the market selloff. He’ll walk you through the broader macro picture, where we are in the business cycle, and what the extended cycle theory tells us about what’s next. This is about zooming out, understanding the structure beneath the surface, and staying focused while others lose their heads. Expect alpha, clarity, and yes... some snobby snacks and wine talk to take the edge off. If you need perspective, you’ll find it here. Today's episode is brought to you by TOKEN2049. TOKEN2049 Singapore, the world's largest crypto event, returns to Marina Bay Sands on 7–8 October. 25,000 attendees, 500 exhibitors, 300 speakers and 1,000 side events take over the city during TOKEN2049 Week. On stage: Raoul Pal (Real Vision), Jeff Yan (Hyperliquid) and Shayne Coplan (Polymarket). The Real Vision community gets 10% off tickets, claim yours. https://checkout.token2049.com/events/asia?promo=realvision10&utm_source=newsletter&utm_medium=email&utm_campaign=realvision&utm_id=realvision 🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF Timestamps: 00:00 - Drinks With Raoul: Napa Valley Edition 02:18 - The Everything Code Is Coming 15:14 - Meet Raoul Pal AI 18:02 - What Happened to the Banana Zone? 21:09 - The Everything Code Framework 24:51 - Demographics, Debt, and the Liquidity Machine 28:09 - Why AI Could Trigger a Productivity Boom 31:39 - Financial Conditions and the 2027 Business Cycle 33:40 - Why Raoul Expects the Dollar and Rates to Fall 36:44 - Excess Liquidity: The Key Signal for Bitcoin 39:26 - Why Bitcoin Could Be Ready to Catch Up 42:00 - Bitcoin, Ethereum, Solana, and Zcash 46:32 - Raoul’s Sui Thesis 48:30 - Tesla, Circle, SpaceX, and Robinhood 51:26 - The Yen, Dollar, Bonds, and Gold 57:16 - Why Raoul Thinks the Crypto Cycle Isn’t Over Learn more about your ad choices. Visit podcastchoices.com/adchoices