Gerard Minack and Raoul Pal have been friends for over 20 years, and they’ve shared a very similar big picture macro framework. Sure, sometimes they differ over cyclical elements. But Gerard has turned his framework on its head and is looking out at a macro world that is entirely different from the last 30 years. In this fascinating discussion, Gerard and Raoul explore this new world and what it means. They debate some of the outcomes and the timing, but looking out over the longer term, their theses seem to converge. This is an incredibly high-quality deep-dive into economics and investment strategy with one of Raoul’s and Real Vision viewers’ favorites, a luminary who makes only very rare public appearances. Enjoy! This report is a companion piece to Gerard Minack’s interview with Raoul Pal on Essential: https://rvtv.io/3wX2mqs