What a Year!

Published on: December 21st, 2020

Raoul reviews the year where two of the biggest bets in his life paid off as well as a few others didn’t, and he looks out to 2021 – and beyond – for opportunities that are currently setting up.


  • NH
    Nathan H.
    22 December 2020 @ 05:25
    Hi Raoul, thanks for giving me the opportunity to invest like a pro. I have confession, I have not followed your advice on Bitcoin & Ether, I did things like use stop losses, and trade in and out. Mostly because of fear. As a result I have currently made zero. At least I'm not negative. I'm new and learning but I have to admit it hurts considering I started investing in bitcoin back in June. Just want to know if I should be fully allocated at current prices or if I should be waiting for a pullback considering the insane parabolic graph. thanks. I will hodl from now on with no stops.
    • RP
      Raoul P. | Founder
      22 December 2020 @ 13:47
      Wait for a pullback, one will come and you'll then be in less fear of seeing a correction.
    • GR
      Gregg R.
      14 January 2021 @ 23:26
      Hi Nathan, I'm curious....did you wait for the pullback?
  • RW
    Richard W.
    27 December 2020 @ 09:37
    Thank you RV - the qulaity of your content is outstanding, and faciliates a real understanding of what is happening in the World. Like the comment below, my return on subscription over the years has been substantial!
  • SC
    Sanjeev C.
    27 December 2020 @ 05:09
    Thanks for the report! General comment about chart formatting -- it would make it easier to follow reports, if the format ensured that the symbol, timeline, scale are 1) always included and 2) clearly legible with 100% zoom.
  • DA
    Dina A.
    24 December 2020 @ 06:15
    Merry Xmas Raoul, Julian and the RV team! Here's to a great 2021!
  • MP
    Matthew P.
    23 December 2020 @ 20:08
    Thanks JB and RP! It's been a great year with lots of learning, few wins, some losses (UUP) but nevertheless I've learned a tonne from your guys! Many thank! All the best over Chrissy and have a wonderful happy New Years! Bring on 2021!
  • DF
    David F.
    23 December 2020 @ 18:02
    Raoul, brilliant year all round from you and the team, as it has been from the very beginning. I believe, if you polled the Pro members most will have made returns similar to those documented below, My biggest challenge still is getting the timing right. I always get into position too early on the macro moves and then have to wait it out. Still I'm ready when it comes. Have a great festive season.
  • ML
    Michael L.
    23 December 2020 @ 00:15
    Thank you so much for this year. First year of what will likely be a lifetime of RV and learning for me. Truly life changing moments when you realize working 9-5 forever is a losing game for the everyday guy. Stay healthy and Merry Christmas!
    • HM
      Harry M. | Real Vision
      23 December 2020 @ 13:06
      Our pleasure Michael. I have to say, I dont think there is anything wrong in working 9-5. But if you do, its even more important to make good financial decisions. May you prosper in the years to come.
    • ML
      Michael L.
      23 December 2020 @ 15:04
      Thank you Harry you too! Your comment actually made me look up my own thoughts. I was under the impression that wages were deflating related to inflation because in my field has generally seen 0-1% wage increase and if inflation is usually 2-3% year on year then that's a losing game over time. Which makes investing and protecting wealth (ie. Learning on RV) very important. It certainly applies to some careers (as a pharmacist, we have a cap at most places where you stop getting raises at a certain number). My mistake was generalizing my experience to other fields because a simple search showed that is not the case for most other fields. Thanks for provoking the thought and helping me mature.
  • BE
    Brandon E.
    21 December 2020 @ 22:18
    Raoul, Thanks to you and all of the RealVision Team. I came to Pro a bit late (April/May) but have definitely enjoyed the ride the 2nd half of the year. I am looking forward to 2021. May you, the RealVision Team and all of your families have a blessed, safe and healthy holiday season.......and please Dear God a Happy New Year! Brandon
    • RP
      Raoul P. | Founder
      21 December 2020 @ 23:14
      Thanks! Same to you and yours!
    • HM
      Harry M. | Real Vision
      23 December 2020 @ 13:03
      Thanks Brandon; And may you and yours prosper in the years to come!
  • BM
    Brent M.
    23 December 2020 @ 05:26
    Raoul, Thanks for a great year. You have become my financial mentor. You got me into Crypto in the spring and it has become an obsession. I went "irresponsibly long" with you as I accumulated BTC and ETH position over the summer months (just in time!) I Even held a bag of GLXY after getting in late at $4.50. If only I had joined Pro sooner I would have got in on some of your suggestions earlier. Looking forward to an exciting 2021 and early retirement in 2022! - I'm 38 :-)
  • LC
    Liliana C.
    23 December 2020 @ 05:12
    Merry Christmas 🎄🎁 to you and the family Raoul!! Thank you and Julian for a great year,, cheers🥂 !!
  • JS
    J S.
    22 December 2020 @ 14:47
    Happy holidays. Thank you for your content and for giving us access to some of the most thoughtful investors. Many blessings to you and the whole RV family.
  • AT
    Aleem T.
    22 December 2020 @ 07:58
    Raoul - thanks to you and Julian, I have made a 100x + return ( mark to markets as opposed to realized) on the RV Pro subscription fees. Joining real vision pro was definitely the best investment I made in 2020 and probably up there as one the of the best in my life so far. Wishing you, Julian and the RV team a Merry Christmas and NY!
    • RP
      Raoul P. | Founder
      22 December 2020 @ 13:46
      Wow! Thanks so much. that is amazing to hear...
  • B
    Bob .
    22 December 2020 @ 09:38
    Thanks Raoul for a great year. Within the last three weeks I started my education and investment in crypto. I will be quite interested in your future thoughts on ETH as well as EM. I have been on the RV platform for several years and the content has exploded. It has also been fun to watch the younger members of your team blossom as analysts, interviewers and hosts. You have a well chosen and talented team. My holiday best to your entire global team. All the best for a Merry Christmas to you and your wife and I hope your dogs also have a great New Year.
    • RP
      Raoul P. | Founder
      22 December 2020 @ 13:45
      Thanks Bob! Same to you
  • AR
    Anthony R.
    22 December 2020 @ 00:23
    Thank you Raoul! It's an amazing time to be leading the macro charge and I'd say you and the team have stepped up at a time that is most important! Thank you for a great year and look forward to 2021 and taking advantage to some of the big themes.
  • AB
    Avik B.
    21 December 2020 @ 23:50
    Fantastic year Raoul.
  • MH
    Madhushanka H.
    21 December 2020 @ 17:05
    Hi Raoul & Julian, I can't thank you enough for the value you guys added with RV pro. Subscribing to Pro was game changer to me. I have beeen investing for past 5 years and had little success. I subcribed to RV pro on march 2020,and within 9 months i was able to double my money. I had no clue about macro when i signed up for the product, but now i feel like i am learning something new every week. Looking forward to another cracking year.. Merry Christmas and Happy new year.
    • RP
      Raoul P. | Founder
      21 December 2020 @ 23:15
      This is so amazing to hear...dont expect every year to be like this year...
  • DR
    Derrick R.
    21 December 2020 @ 18:07
    Joining RV Pro was the smartest thing I’ve done this year. Raoul, you’ve created something amazing beyond words, and it’s been an absolute delight experiencing this community and learning together.
    • RP
      Raoul P. | Founder
      21 December 2020 @ 23:14
      Wow! Thank you!
  • ac
    adam c.
    21 December 2020 @ 18:42
    Thank you for sharing your knowledge :-) and have good christmas on the beach :-)
  • JW
    J W.
    21 December 2020 @ 18:20
    Thanks Raoul. Punchy summary. Let me end this with a song: "Listening to the wind of change The world is closing in Did you ever think That we could be so close, like brothers The future's in the air Can feel it everywhere Blowing with the wind of change" .... better to listen to it here: https://www.youtube.com/watch?v=8FMpIiDo-Ic
  • TB
    Terence B.
    21 December 2020 @ 15:52
    Hi Raoul - Thanks for the update. Very much appreciated. I'm very excited to see your research on EM. equities. I saw your tweet this weekend about yields breaking lower soon. Do you have any thoughts/updates on your TLT trade recommendation?
    • RP
      Raoul P. | Founder
      21 December 2020 @ 16:58
      Not until it actually breaks...then we can add more risk but lets not force the trade.
  • Dd
    David d.
    21 December 2020 @ 15:59
    Raoul, Thank you for your conviction, clear recommendations, and willingness to recap both the good and the bad. Really appreciate your unbelievably excellent crypto recommendations. Question: I know you like BTC better than GBTC, but GBTC has benefits in a Roth IRA where profits are not taxed. Is there anything in particular that you dislike about GBTC such that you would use in a Roth IRA as a BTC proxy? Same questions for Grayscale's ETHE? Also, any thoughts on BITW and BRPHF as a crypto plays? Thank you again for your prescient, keen insights as we navigate this most uncertain time. All the best to you and your family!
    • Dd
      David d.
      21 December 2020 @ 16:05
      Correction to my post above, I meant to ask, "Is there anything in particular that you dislike about GBTC such that you would NOT use it in a Roth IRA as a BTC proxy?"
    • RP
      Raoul P. | Founder
      21 December 2020 @ 16:57
      Its the best we've got right now, so go for it.
  • EH
    Eric H.
    21 December 2020 @ 16:16
    HI Raoul, I also am interested in knowing your thoughts about TLT?
    • RP
      Raoul P. | Founder
      21 December 2020 @ 16:57
      I like it still..
  • JG
    Johan G.
    21 December 2020 @ 16:13
    Happy Holidays Raoul, and a really good New Year!

Mark Yusko

Morgan Creek Capital Management, Co- Founder, CEO, & CIO

Mark Yusko is the Founder, CEO and Chief Investment Officer of Morgan Creek Capital Management. He is also the Managing Partner of Morgan Creek Digital Assets.

Morgan Creek Capital Management was founded in 2004 and currently manages close to $2 billion in discretionary and non-discretionary assets. Prior to founding Morgan Creek, Mr. Yusko was CIO and Founder of UNC Management Company (UNCMC), the Endowment investment office for the University of North Carolina at Chapel Hill. Before that, he was Senior Investment Director for the University of Notre Dame Investment Office. Mr. Yusko has been at the forefront of institutional investing throughout his career. An early investor in alternative asset classes at Notre Dame, he brought the Endowment Model of investing to UNC, which contributed to significant performance gains for the Endowment. The Endowment Model is the cornerstone philosophy of Morgan Creek, as is the mandate to Invest in Innovation.

Mr. Yusko is again at the forefront of investing through Morgan Creek Digital Assets, which was formed in 2018. Morgan Creek Digital is an early stage investor in blockchain technology, digital currency and digital assets through the firm’s Venture Capital and Digital Asset Index Fund.

Mr. Yusko received a BA with Honors from the University of Notre Dame and an MBA in Accounting and Finance from the University of Chicago.

Anthony Scaramucci

SkyBridge Capital, Founder & Co-Managing Partner

Prior to founding SkyBridge in 2005, Scaramucci co-founded investment partnership Oscar Capital Management, which was sold to Neuberger Berman, LLC in 2001. Earlier, he was a vice president in Private Wealth Management at Goldman Sachs & Co. In 2016, Scaramucci was ranked #85 in Worth Magazine’sPower 100: The 100 Most Powerful People in Global Finance. In 2011, he received Ernst & Young’s “Entrepreneur of the Year –New York” Award in the Financial Services category. Anthony is amember of the Council on Foreign Relations (CFR), vice chair of the Kennedy Center Corporate Fund Board, a board member of both The Brain Tumor Foundation and Business Executives for National Security (BENS), and a Trustee of the United States Olympic & Paralympic Foundation. He was a member of the New York City Financial Services Advisory Committee from 2007 to 2012. In November 2016, he was named to President-Elect Trump’s 16-person Presidential Transition Team Executive Committee. In June 2017, he wasnamed the Chief Strategy Officer of the EXIM Bank. He served as the White House Communications Director for a period in July 2017. Scaramucci, a native of Long Island, New York, holds a Bachelor of Arts degree in Economics from Tufts University and a Juris Doctor from Harvard Law School.

Michael Saylor

MicroStrategy, Co-Founder

Mr. Saylor is a technologist, entrepreneur, business executive, philanthropist, and best-selling author. He currently serves as Chairman of the Board of Directors and Chief Executive Office of MicroStrategy, Inc. (MSTR). Since co-founding the company at the age of 24, Mr. Saylor has built MicroStrategy into a global leader in business intelligence, mobile software, and cloud-based services. In 2012, he authored The Mobile Wave: How Mobile Intelligence Will Change Everything, which earned a spot on The New York Times Best Sellers list.

Mr. Saylor attended the Massachusetts Institute of Technology, receiving an S.B. in Aeronautics and Astronautics and an S.B. in Science, Technology, and Society.

Alex Saunders

Nugget's News, Founder & CEO

Alex Saunders is the founder and CEO of Nugget’s News, a digital media company focused on all things crypto. Alex has been captivated by cryptocurrency since 2012 and in 2017 he began educating globally on the benefits of cryptocurrency and how to safely acquireit. Nugget’s News has been listed as a top-20 podcast by Business Insider, ShapeShift and Lifehacker and has over 120k YouTube subscribers with 9 million total views.Alex is also heavily focused on his cryptocurrency education platform Collective Shift which currently serves over 4,500 members. provides his unique perspectives by utilising his expertise in fundamental analysis, technical analysis and market sentiment. He is working towards his mission of making it easier for everyone to understand the financial world.

James Putra

TradeStation Crypto, Inc., Sr. Director of Product Strategy

James helped launch TradeStation Crypto’s offering which utilizes a true online brokerage model that self-directed investors and traders have come to expect for equities, futures, and foreign currency markets. He is a reputed crypto asset specialist and blockchain thought leader focused on helping people find innovative ways to participate in this space. He is active in the blockchain community with speaking engagements, TV appearances and mentoring. James has over 15 years of experience in the Fintech industry.

Raoul Pal

Real Vision, Co-Founder & CEO

Raoul Pal is the Co-Founder and CEO of Real Vision, the world’s pre-eminent financial media platform, which helps members understand the complex world of finance, business, and the global economy.

Real Vision members also have access to Real Vision Crypto, a cryptocurrency and digital assets video channel watched by over 80,000 people. In addition, Raoul has been publishing Global Macro Investor since January 2005 to provide original, high quality, quantifiable and easily readable research for the global macro investment community hedge funds, family offices, pension funds and sovereign wealth funds. It draws on his considerable 31 years of experience in advising hedge funds and managing a global macro hedge fund. Global Macro Investor has one of the very best, proven track records of any newsletter in the industry, producing extremely positive returns in eight out of the last twelve years.

He retired from managing client money at the age of 36 in 2004 and now lives in the tiny Caribbean island of Little Cayman in the Cayman Islands. Previously he co-managed the GLG Global Macro Fund in London for GLG Partners, one of the largest hedge fund groups in the world. Raoul moved to GLG from Goldman Sachs where he co-managed the hedge fund sales business in Equities and Equity Derivatives in Europe. In this role, Raoul established strong relationships with many of the world’s pre-eminent hedge funds, learning from their styles and experiences.

Other stop-off points on the way were NatWest Markets and HSBC, although he began his career by training traders in technical analysis.

Peter McCormack

What Bitcoin Did, Journalist

Peter McCormack is a full time journalist/podcaster covering topics such as Freedom, Human Rights, Censorship and Bitcoin. Peter created and hosts the What Bitcoin Did Podcast, a twice-weekly Bitcoin podcast where he interviews experts in the world of Bitcoin development, privacy, investment and adoption. Launched in November of 2017, the podcast has grown to over 100 episodes with a guest list that is a testament to the diversity of knowledge and opinions that represent the broader Bitcoin community. Expanding his growing list of human interest recordings, documentaries and films Peter has recently launched the Defiance podcast and DefianceTV.

Caitlin Long

Avanti Financial Group, Founder & CEO

22-year Wall Street veteran who has been active in bitcoin and blockchain since 2012. In 2018-20 she led the charge to make her native state of Wyoming an oasis for blockchain companies in the US, where she helped Wyoming enact 20 blockchain-enabling laws. From 2016-18 she jointly spearheaded a blockchain project for delivering market index data to Vanguard as chairman and president of Symbiont, an enterprise blockchain start-up. Caitlin ran Morgan Stanley’s pension solutions business (2007-2016), heldsenior roles at Credit Suisse (1997-2007) and began her career at Salomon Brothers (1994-1997). She is a graduate of Harvard Law School (JD, 1994), the Kennedy School of Government (MPP, 1994) and the University of Wyoming (BA, 1990).

Hunter Horsley

Bitwise Asset Management, CEO

Hunter Horsley is Chief Executive Officer of Bitwise Asset Management. Prior to Bitwise, he was a product manager at Facebook, working on advertiser products including the multibillion-dollar sponsored content ecosystem and ad breaks in videos. Before Facebook, Horlsey was a product manager at Instagram, responsible for multiple advertising products generating several hundred million dollars of revenue. He is a graduate of the Wharton School at the University of Pennsylvania, with a B.S. in economics. Recently, Horsley was named a member of Forbes’ 2019 “30 Under 30” list.

Luke Gromen

Forest For The Trees, Founder & President

Luke Gromen has 25 years of experience in equity research, equity research sales, and as a macro/thematic analyst. He is the founder and president of macro/thematic research firm FFTT, LLC, which he founded in early 2014 to address and leverage the opportunity he saw created by applying what clients and former colleagues consistently described as a “unique ability to connect the dots” during a time when he saw an increasing “silo-ing” of perspectives occurring on Wall Street and in corporate America.

FFTT caters to institutions and sophisticated individuals by aggregating a wide variety of macroeconomic, thematic and sector trends in an unconventional manner to identify investable developing economic bottlenecks for his clients. Prior to founding FFTT, Luke was a founding partner of Cleveland Research Company, where he worked from 2006-14. At CRC, Luke worked in sales and edited CRC’s flagship weekly thematic research summary piece (“Straight from the Source”) for the firm’s clients. Prior to that, Luke was a partner at Midwest Research, where he worked in equity research and sales from 1996-2006. While in sales, Luke was a founding editor of Midwest’s widely-read weekly thematic summary (“Heard in the Midwest”) for the firm’s clients, in which he aggregated and combined proprietary research from Midwest with inputs from other sources.

Luke Gromen holds a BBA in Finance and Accounting from the University of Cincinnati and received his MBA from Case Western Reserve University. He earned the CFA designation in 2003.

Meltem Demirors

CoinShares, Chief Strategy Officer

Meltem Demirors is Chief Strategy Officer of CoinShares, an investment firm that manages billions in assets on behalf of a global investor base, and is a trusted partner to investors and entrepreneurs navigating the digital asset ecosystem. Meltem oversees the firm’s managed strategies group and its New York office and leads corporate development.

Previously, she was part of the founding team of Digital Currency Group. As a veteran investor in the digital currency space, she has invested in over 250 companies in the ecosystem.

Meltem is passionate about education and advocacy, and teaches the Oxford Blockchain Strategy Programme and co-chairs the WEF Cryptocurrency Council.