Raoul Pal on Bubbles, Short Squeezes, and Systemic Market Risk

Published on
February 5th, 2021
30 minutes

Top Picks

Raoul Pal on Bubbles, Short Squeezes, and Systemic Market Risk

Daily Briefing ·
Featuring Raoul Pal and Ash Bennington

Published on: February 5th, 2021 • Duration: 30 minutes

Raoul Pal, Real Vision CEO and co-founder, joins senior editor Ash Bennington to share how his market framework is evolving. First, Raoul and Ash provide a sneak-peek into Real Vision’s upcoming campaign, “Is Everything a Bubble?”, where Real Vision will be featuring high-profile investors such as Lacy Hunt, Felix Zulauf, Mark Cuban, Lyn Alden, Howard Marks, and Joel Greenblatt. Raoul describes the current market environment, stating that investors are record long equities, dealers are record long gamma, and the market, as a whole, is record short Treasury bonds. Raoul and Ash then discuss the outperformance of Ethereum and “altcoins” relative to Bitcoin. Lastly, Raoul shares his views on the speculative fervor in the equity market and compares the short squeeze in GameStop Corp ($GME) to the historic squeeze of German automaker Volkswagen. For the February edition of “Inside the Hive Mind” by Weston Nakamura and the Real Vision Exchange, click here: https://exchange.realvision.com/post/inside-the-hive-mind-of-the-real-vision-exchange-feb-2021-issue-02-601d8ab41ab3070a37dcf1e3.



  • AW
    Anastasija W.
    26 February 2021 @ 04:07
    Raoul talks about: Retail Investor Positioning Record Long Call Options Market Maker Record Short Option Gamma Bond Trader Record Short 30Y Bonds Market Record Short USD Mutual Fund Managers Record Low Cash Allocation Hedge Funds Record Long Net and Gross Exposure Market Record Low Short Interest % of Market Cap Can someone link a resource to view these metrics that's not a Bloomberg Terminal?
  • jj
    jason j.
    10 February 2021 @ 01:08
    Raoul, Thanks for all the incredible work you do. In the recent past (2021 update?), you stated you were long TLT calls for March. Are you still long that position? or has the prolonged steepening of the curve pushed you to close-out or roll to a later expiry?
  • NE
    Nathan E.
    8 February 2021 @ 05:50
    I'm a huge RV fan but I've been somewhat miffed by the lack of coverage of green tech & renewable energy. It could be the biggest transformational opportunity of all time (energy touches absolutely everything) and this sector has performed extremely well. Jeremy Grantham also cited it is the lone area of opportunity within US equities for 2021. Would love any feedback here thanks!
    • NE
      Nathan E.
      8 February 2021 @ 06:00
      oh and happy belated Bday:)
    • DT
      David T.
      9 February 2021 @ 10:21
      Raoul is into bitcoin pumping.
  • JD
    John D.
    6 February 2021 @ 18:42
    Fear sells. Raoul is a great salesman.
    • BC
      Bill C.
      8 February 2021 @ 16:54
      "Fear" is half the market.
  • RG
    Raoul G.
    8 February 2021 @ 11:21
    Empty vessel raoul pal makes the most noise
    • RG
      Raoul G.
      8 February 2021 @ 11:25
      Ash, tone down on the balls carrying at the start please
  • DG
    David G.
    8 February 2021 @ 05:26
    Raoul, we've seen a tour of the house as you've sounded the alarm, If we get a risk event before the third week in march, we need to see you with your feet on your desk, and your favorite drink in your hand! HBBD! Cheers!
  • KW
    Ken W.
    7 February 2021 @ 03:52
    What’s with the lack of investment into the rv mobile experience?
    • RP
      Raoul P. | Founder
      7 February 2021 @ 13:01
      We are in beta test and hope to launch in the next few weeks. Its been a long process! Thanks for hanging in there...
    • DP
      Duane P.
      8 February 2021 @ 01:48
      Being able to listen to the videos without displaying the app would be really great. That way I can just listen to it in the car. Youtube, Spotify and others do this.
  • MM
    Michal M.
    7 February 2021 @ 22:34
    Great service. Thank you.
  • HM
    Harold M.
    7 February 2021 @ 22:23
    I am still a fan of RV but the amount of Cryto play is and less fundamental macro is causing me pause. Since RV has a program specifically dedicate to Crypt please consider focusing your Cypto reports to the Crypto site
  • VS
    Ville S.
    6 February 2021 @ 15:35
    Raoul looks a little rattled from the vaccine...right?
    • RA
      Robert A.
      6 February 2021 @ 18:25
      Raoul is just flat tired....I watched the “Pro” monthly update with Raoul and Julian which he recorded immediately prior to this DB and he looked pretty tired then (remember he was probably pretty involved in the big Crypto event this week)....I just don’t see how he keeps up the pace he’s on. I will say though that he gave an amazing effort today in the DB and covered much of the material that we “Pro” level received just prior to this DB. He has always been extremely generous with his efforts for EVERY RV’er no matter which tier they pay for, IMO.
    • JH
      Jesse H.
      6 February 2021 @ 21:07
      Didn't know Raoul got the vaccine - will keep him in my thoughts and prayers. Have several concerns about these gene-based vaccines. We shall see. Cheers.
    • RP
      Raoul P. | Founder
      7 February 2021 @ 00:48
      It was an exhausting week of 17 pieces of content - internal and external, running RV, following markets and the crypto event and moving back over to Grand Cayman... Im wiped out! But all good, its what i signed up for!
  • JC
    John C.
    6 February 2021 @ 17:27
    What tier Is the everything bubble content?
    • RP
      Raoul P. | Founder
      7 February 2021 @ 00:46
  • RM
    Robert M.
    6 February 2021 @ 17:50
    Raoul, I really appreciated your detailed explanation of how the Porsche-VW 2008 crisis affected the overall bond market. The level of detail of your thinking was very helpful to fill in a gap of my understanding of the 2008 financial crisis. I think these regular Ash-Raoul 'end of day' chats are some of my favs. Thanks to you both.
    • AB
      Ash B. | Real Vision
      6 February 2021 @ 22:58
      Thanks, Robert. Greatly appreciated.
  • MC
    Michael C.
    6 February 2021 @ 01:35
    Interesting comment on the DeMark signals re SP 500. Tommy Thorton tweeted this today US 30 year yield could be near short term top. I have been reading Dan Seiver's Outsmarting Wall Street which uses the Valueline 3-5 year median appreciation potential (VLMAP)...published weekly, comes out Friday nights. Seiver's short version was buy when the VLMAP reading was 100, reduced exposure when VLMAP hit 70, and be at whatever one's minimum equity allocation when it hit 50. It was backtested in the Fall 2013 Journal of Wealth Management. Mark Hulbert has covered it as well. For reference, it hit 255 in Sept 1974, I think the Dow bottomed at 666 in Dec 1974. Buffett wrote an article for Forbes in October 1974, "I feel like an oversexed man in a harem"...lol Digging around, I believe it hit 16 in the late 60's; Buffett folded his Family Partnership in Oct, 1969. VLMAP hit 145 at the end of March and was 25 last Friday. It hit 35 today which is significant. When I looked through the history from 1973, at tops, the index kept getting smaller and smaller, meaning the market was becoming more and more expensive. At the top/turn, the index reverses meaning the markets are becoming less expensive (dropping) wkly 4wk % # MA diff Oct 30 50 52 -3.85% Nov 6 50 52 -3.85% Nov 13 55 52 5.77% Nov 20 40 51 -21.57% Nov 27 35 48 -27.08% Dec 4 35 46 -23.91% Dec 11 35 44 -20.45% Dec 18 30 42 -28.57% Dec 25 35 38 -7.89% Jan 1 30 35 -14.29% Jan 8 30 33 -9.09% Jan 15 30 33 -9.09% Jan 22 25 32 -21.88% Jan 29 25 30 -16.67% Feb 5 25 29 -13.79% Feb 12 35 28 25.00% One can note how the VL weekly reading declined into the Santa Claus/yr end rally. Frustrating as the conventional VL advice was to be fully invested at 100, partially at 70 and out at 50 while the market thumbed its nose and kept rallying. When the tops were put in, the markets would thrust upward and then the markets would reverse and the current reading would dramatically exceed the 4 week moving average. The opposite is true, the 1973-1974 bear market was ugly, kept dropping and dropping. One never knows whether this is "the" top until well after but this same indicator worked pretty well in March when it hit 145 and then reversed by April 24...much to my chagrin. The thing that is interesting (to me) is that a valuation index appears to have some ability to call a turn...we'll see.
    • MC
      Michael C.
      6 February 2021 @ 22:44
      Numbers at the Feb top and the March bottom VLMAP 4wk wkly SMA 1/3/2020 40 45 -11.11% 1/10/2020 45 44 1.89% 1/17/2020 40 44 -9.43% 1/24/2020 40 43 -7.69% 1/31/2020 40 43 -5.88% 2/7/2020 45 42 8.00% Sell signal. top was SP500 3380. about 2 weeks later. 2/14/2020 50 42 20.00% 2/21/2020 45 43 3.85% 2/28/2020 45 43 3.85% 3/6/2020 55 44 24.53% 3/13/2020 65 47 39.29% 3/20/2020 80 51 57.38% 3/27/2020 120 57 111.76% The bottom was 3/23 SP500 2191. 4/3/2020 145 68 112.20% 4/10/2020 105 85 23.53% 4/17/2020 105 95 10.53% 4/24/2020 95 103 -8.06% Buy signal SP500 2830. 5/1/2020 95 108 -12.31% 5/8/2020 85 111 -23.31% 5/15/2020 85 105 -19.05% No guarantees from the management...lol. Looks like a trailing a sell stop after a sell signal might pick up a few more points. From extradash, a system has to be easily followed, no black box, robust, few false signals, no bad drawdowns, and critically beat buy and hold especially on a risk adjusted basis. Key is not lose a ton in a downturn as one can make up for lost opportunity but not lost capital. It appears the VL system may not get back in at the very bottom but the market would definitely be in gear to the upside when a buy signal appears. Looks like it averages a signal on average 18 months so it's not too painful tax wise and too time consuming. Every decent public library has Valueline. YMMV.
  • HR
    Humberto R.
    6 February 2021 @ 11:45
    Hopefully people learn to take Raoul's warnings with a healthy amount of salt. Its fine to listen, but go over his past recordings over the years. They really don't help you trade and avoid drawdowns. Epic fail this week when he posted an urgent interview on Sunday evening, as if people had enough time to exit on Monday if the SHTF. Just fear as a service. There are always risks. We are coming up on the easiest yoy comparisons ever combined with an accelerating vaccine rollout, combined with more free money for the people. That's not exactly a bearish setup for the next few months. So enjoy the fear, but in the mean time buy the dips for the next few months.
    • GC
      Gerard C.
      6 February 2021 @ 12:03
      We’ll see
    • RM
      Robert M.
      6 February 2021 @ 18:00
      Did he give a specific time frame? How many of the markers he cited are a peaks? Is there harm in reviewing one's exit plan(s)? Are Black Swan events largely foreseen? Weren't the trades he mentioned, what he is doing? What has been his success over the last 3+ decades?
    • JH
      Jesse H.
      6 February 2021 @ 21:10
      No - respectfully, you misunderstand Raoul here. He isn't selling "fear as a service." If you believe that, you don't understand what motivates him...he does in fact care about all of us here in the community; and the reason he started RV was to ensure that most ppl didn't get shafted again. I would encourage you to see these comments in that light.
    • MC
      Michael C.
      6 February 2021 @ 22:05
      You Can Observe A Lot By Watching...Yogi Berra.. ROFL Why is Warren Buffett sitting on $146B? Why hasn't Sam Zell bought anything? (correction, he's playing in the oil patch but not real estate) Why are insiders selling at a historical rate while retail investors are buying at a historical rate? Why are so many SPACs coming to market now? Why is Jeremy Grantham afraid? Why are the markets are at all time highs and yet the unemployment rate is 6.5%? How many market participants have been through a real, honest to Couple worn out saws. Be fearful when others are greedy and greedy when others are fearful...Buffett It's best to sell when you can, not when you want to. When it's time to sell, you won't want to (and when it's time to buy, you won't want to) What everyone knows isn't worth knowing. I made my money by selling too soon.
  • JH
    Jesse H.
    6 February 2021 @ 21:17
    Happy birthday mate! Wishing you all the very best, and thank you for updating us on the risks you're seeing. Indeed, we seem to be at peak risk and peak systemic fragility...however, we could have said the same (and indeed, we did) back in 2017, 2018, etc. I remember some of your excellent earlier videos, providing similar warnings. Cheers.
    • JH
      Jesse H.
      6 February 2021 @ 21:23
      Good to hear you mention geopolitical risks as well. As a former engineer, a simple way to describe the systemic fragility of markets today is that we have a positive feedback system (think of a perfectly balanced marble at the apex of a bowl, where the bowl is turned upside down -- it can easily slide off, unless it's held in place...by, say, the Fed, BlackRock, Vanguard, etc.). A negative feedback system is far more stable -- think of a marble in a bowl, where the bowl is the normal way up. Any slight force applied to the marble in any direction will be counterbalanced by the gravitational force moving the marble back to the bottom of the bowl. Probably a terrible explanation...hope it was somewhat clear! Lol. Cheers.
    • JH
      Jesse H.
      6 February 2021 @ 21:30
      Raoul's example towards the end of this is a great example of what Chris Cole refers to as Short Volatility: in summary, all actors in the system were effectively "short vol" and when combined with existing interconnectedness of the financial system and the advancements in technology, this is why contagion can be very severe and spread extremely fast. Cheers.
  • JM
    John M.
    6 February 2021 @ 04:46
    I am impressed that Raul already got his 1st vaccination. I live in Canada and don't think I'll see anything until late summer or fall, very unimpressive.
    • AB
      Alastair B.
      6 February 2021 @ 05:31
      It’s available to any who want it with no appointment in Russia
    • DD
      Dylan D.
      6 February 2021 @ 07:35
      The Russian vaccine is probably Vitamin D or some magic portion making people believe they have immunity-think of it as a subconscious booster.
    • MT
      Mike T.
      6 February 2021 @ 15:43
      @ Dylan D it might be a good idea to try and keep an open mind on the Russian vaccine. On Tuesday last Feb 2nd they published in The Lancet for worldwide peer review the results of a randomised, double-blind, placebo-controlled, phase 3 trial. It looks good at over 91.6% efficacy https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(21)00234-8/fulltext
    • LK
      Lauri K.
      6 February 2021 @ 16:40
      The Sputnik is up there with the vaccine from Biontech and Moderna, the Astra-Zeneca vaccine is considerably less effective and has problems with elderly people.
    • GM
      Glen M.
      6 February 2021 @ 17:37
      Dylan - Why the cynicism? The Russian science industry is incredible!
    • RM
      Robert M.
      6 February 2021 @ 18:06
      Since the TRUTH is now "allowed" about HCL, we have an inexpensive treatment. I prefer lots of sunshine, exercise, good foods, and a few vitamin supplements.
    • RM
      Robert M.
      6 February 2021 @ 18:08
      Mike T, did the Lancet also publish a supposed peer reviewed piece about how ineffective HCL was, only to recant some time later?
    • JH
      Jesse H.
      6 February 2021 @ 21:14
      Robert M: completely agree with your approach here, much more sensible than the popular narrative. All the best to Raoul with his decision - I would humbly urge him to look for an interview of Dr. Bhakdi, MD, on Rumble. Important information, which sadly has been suppressed by the main media channels. Best regards.
  • AM
    Artur M.
    6 February 2021 @ 20:36
    Happy Birthday Raoul!!!!
  • IP
    Ivan P.
    6 February 2021 @ 20:06
    Happy Birthday Raoul!
  • JG
    Jonnie G.
    6 February 2021 @ 13:13
    Really grateful with interviews like this. I'm the sort of person that needs to come away from 100% crypto investment to venture out a little. I guess that I feel like i'm in my comfort zone as I've been with crypto since 2016 and really playing the long game so I can only see win win. I can see from your interview and RV that now seems a great time to venture elsewhere and time everything nicely within reason. Great tips and looking forward to seeing what this next few weeks will hold.
    • JD
      John D.
      6 February 2021 @ 18:23
      Nothing wrong with being all in into something you understand. Diversification might as well increase risk if done without deep understanding 🤷‍♂️
  • AT
    Aaron T.
    6 February 2021 @ 01:13
    Ash, how about you interview Andreas Antonopoulos? Happy B-Day Raoul.
    • AB
      Ash B. | Real Vision
      6 February 2021 @ 01:17
      Great suggestion, Aaron. Working on it.
    • TS
      Tamim S.
      6 February 2021 @ 16:26
      Andreas would refuse, look at his comments in regards to Warren Buffet.
  • NI
    Nate I.
    6 February 2021 @ 02:26
    Happy Birthday Raoul. I hope the vaccine doesn't turn out to be a bad decision. I'm no expert and some have said that maybe 1000 people world wide really understand it; therefore, I won't even attempt to opine one way or the other, but I can say that the number of scientists and medical practitioners aggressively waiving a warning flag is very worrisome to say the least. Take care.
    • AB
      Alastair B.
      6 February 2021 @ 05:37
      I’ve had both shots of the Russian one now. No side effects.
    • MT
      Mike T.
      6 February 2021 @ 15:47
      it might be a good idea to try and keep an open mind on the Russian vaccine. On Tuesday last Feb 2nd they published in The Lancet for worldwide peer review the results of a randomised, double-blind, placebo-controlled, phase 3 trial. It looks good at over 91.6% efficacy https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(21)00234-8/fulltext
  • PS
    Patrick S.
    6 February 2021 @ 06:52
    Is there a free source of information that has retail, hedge fund, mutual fund positioning like Raoul mentions in the video?
    • MV
      Marc-Olivier V.
      6 February 2021 @ 14:53
  • AT
    Anthony T.
    6 February 2021 @ 13:30
    I thought you had a separate channel for crypto.
  • PB
    Patrick B.
    6 February 2021 @ 12:39
    Let's hope Mark Cuban is asked about fanning the flames of the Wall Street Bets crowd Really upstanding behaviour
  • MT
    Markos T.
    6 February 2021 @ 12:39
    What Raoul has been saying in the past week+ is to be alert, and plan your scenarios in the case things blow-up. Run through contingency trades and actions in case things go pears-shaped. In 2007 the first sign of things coming unstuck was March 2007 when HSBC wrote-off Household. BNP money-market funds froze in August, and Bear Stearns went under in 2008 and the market seriously collapsed in June 2008. Situations like GME but more importantly the increased volatility in structurally important markets (treasuries etc) do raise the alertness when you apply a framework similar to how events unfolded in 2007-2008. VAR is indeed flashing red for de-risking bc of the increased and permanent vol regime. GME reminds me of Household as a sign for structural damage in markets. Now if it is akin to a bearing or a wheel coming off who knows. Trading around VIX calls seems to be the most straight-forward trade right now, and the best way to hedge exposure.
  • CK
    C K.
    6 February 2021 @ 10:17
    Raoul, I'm so excited about your upcoming interview with Alex Gurevich! Not just because he's really interesting, but because we barely get any macro interviews with you anymore. I count 5 times more crypto than macro (ex-RVDB, Pro, and repeats) interviews with you since the launch of the Crypto tier in mid-November. We only had 2 macro interviews in nearly 2 months (your recent caution and Iran). I'm not complaining about the crypto tier, I respect that it's important to you and many members and that I can choose to not watch it. In fact I'm really grateful that when I joined RV in Jan 2020, I learnt so much about Bitcoin from old interviews (2016-2017) in just a couple of months, after years of thinking that it was just a scam / way to buy crack and hitmen, that I bought some in April 2020 and made a decent profit. But I'm only interested in the bitcoin macro story, and once you've heard it couple of times it's all the same (debasement of fiat, fixed supply of coins, digital gold etc, etc). I'm not interested in the technical aspects of any of the other alt-coins, and I don't have the risk appetite for them, but I still think that the crypto tier is an excellent service for those who are. So, again, this is not to criticise the crypto tier, and the rest of the RV team, as well as guest interviewers like Mike Green, Lyn Alden, Jason Buck, and Marc Cohodes are doing a brillian job covering macro themes. However, I (and I think many other members) would really like to see you host more macro interviews in the future. Many thanks and happy belated birthday!
  • TL
    Tom L.
    6 February 2021 @ 07:30
    Raoul's birthday and he's not in the bar 🤔
    • CK
      C K.
      6 February 2021 @ 09:20
      He lives in the bar
  • PH
    Paul H.
    6 February 2021 @ 09:12
    Also. prefer Raoul's other back drop and not the store cupboard, ha ha, what say you all..
  • PH
    Paul H.
    6 February 2021 @ 09:11
    My Saturday morning in UK would not be the same without a coffee and listening to Ash & Raoul on weeks events and thoughts going forward. Looking out for this risk though, keep eyes peeled and eyes to ground. LOL
  • DH
    David H.
    6 February 2021 @ 08:40
    I expected some mention of rates curve. It’s really developing, and Raul always said he was watching that as a key off. Any thoughts?
  • BF
    Bret F.
    6 February 2021 @ 07:59
    I think the blow off Top is the perfect explanation. GME just got people more excited to be long. Earnings are tracking 6% positive on 4th Q results. Comps for Q1 and 2 are freakishly easy, so how much is priced in today.... Inflation is showing in all ISM commentary ( zero people to hire). CPI and PPI coming but a shitting government indictor, But there charts are in Triangles, What happens if the all time high gets taken out. Yield smash 1.33 even make 2.03. SPX 4334 by April May... FED has to act or break their mandate . Actual wonder if dollar strength of late is foreigners seeing all above. even being long, can't wait to be short from higher prices (o; (Ag. price are still very low even up 50%. But the drought of 2013 is still very clear. I live in Indiana 4 largest corn. Much of the USA is in drought, we are just ok. Another season like 2013, having to kill livestock for lack of food etc. Prices have risen a lot in the grocery store. Just imagine if people say ok vacation. The oil market would go to 70, But gasoline back to even 3 bucks. People would want heads to roll
  • MJ
    Marius J.
    6 February 2021 @ 07:11
    Ash: well done again✅
  • AT
    Alex T.
    6 February 2021 @ 05:38
    The bubble will continue to grow bigger and bigger. It needs to become really massive, so massive to be able to bend people's minds and to turn their own worlds upside down, and there is a very good reason for this. Let's assume you have a radical world-reshaping-like solution, but actually there is no problem to be resolved. So then what you do?! You will need to create an equally bigger size or even more massive problem. You need to shape it in such a way that there will be no other solution ready to be used and in a way that there will be no time for another solution actually to be designed. The bigger the solution you have - the bigger the problem you need.
    • PS
      Patrick S.
      6 February 2021 @ 06:54
      Are your referring to the World Economic Forum and their plans or something similar?
  • PR
    Prashanth R.
    6 February 2021 @ 01:04
    Of course Friday evening is the time to catch up on RV. Why would anyone do anything else Ash?
    • AB
      Ash B. | Real Vision
      6 February 2021 @ 06:16
      It’s what I did!
  • JN
    Jason N.
    6 February 2021 @ 05:03
    The crypto that starts with X = XMR?
    • JA
      Joe A.
      6 February 2021 @ 05:35
      It was XRP from the Webinar that they were talking about
  • DL
    David L.
    6 February 2021 @ 05:03
    Can you get Steven Van Metre back on please.
  • DP
    David P.
    6 February 2021 @ 04:27
    Speaking of reflation destined to come up soon - is there a publicly available monetary velocity measurement that is regularly updated, or some fairly reliable proxy for it?
  • BC
    Bill C.
    6 February 2021 @ 00:26
    Raoul has a birthday. Ash get's a haircut. I would like to hear Raoul's take on Mike Green's revelation on the main crypto miners being China, Russia, and perhaps Iran. I thought that statement, if I understood it correctly, by Mike was huge.
    • ly
      lena y.
      6 February 2021 @ 02:19
      Goto MIT open course : BLOCKCHAIN and MONEY by Gary Gensler, the next SEC chair nominated by Biden. In lecture 5 there is a discussion about the risk of mining in China or any states. Gary has an answer for it from the email by Satoshi who already thought about how to prevent such risk!
    • MD
      Matt D.
      6 February 2021 @ 03:38
      @Iena y. Thank you - what you posted is seriously great. I might try and involve it on the Exchange. But thanks.
  • PD
    Patrick D.
    6 February 2021 @ 03:12
    Caitlin Long is brilliant and should be a regular on Real Vision.
  • DC
    Dominic C.
    6 February 2021 @ 02:51
    Great daily briefing
  • AH
    Anthony H.
    6 February 2021 @ 02:47
    Raoul Happy bday! You the man.
  • GH
    Garrett H.
    6 February 2021 @ 02:35
    Nonfungible tokens will transform the digital animation and art industry as it merges with the meta verse (VR/AR), blockchain, and AI.
  • BK
    Binyam K.
    6 February 2021 @ 01:56
    Happy Birthday Raoul!
  • LA
    Linda A.
    6 February 2021 @ 01:46
    Happy birthday RP! I hope all your wishes come true! Thanks Ash for such a great recap everyday!
  • JL
    John L.
    6 February 2021 @ 01:33
    Happy birthday, Raoul! You are going to love your thirties....
  • ID
    Isayah D.
    6 February 2021 @ 01:27
    Raoul I love you. Happy b day you beast of a man
  • MP
    Mark P.
    6 February 2021 @ 01:26
    Interesting gunshot wound to face painting in background reminiscent of Sir Harold Delf Gilles tragic trench battle patients at Aldershot during WWI. Gilles—the father of plastic surgery. Is it just me?
  • bb
    brian b.
    6 February 2021 @ 01:21
    diamonds are coming.futures and on blockchain.needto have Cormac Kinney, Founder & CEO of Diamond Standard on.super smart dude.was just on hedgeye(one of their best interviews)
  • bf
    bill f.
    6 February 2021 @ 01:09
    it would be good to see raouls chart of gold/bitcoin. i imagine its looking a bit droopy. and then compare this with steve van metres thesis that gold going down could be signalling something
  • TK
    Tom K.
    6 February 2021 @ 01:06
    Happy Birthday Raoul!!!
  • MP
    Michael P.
    6 February 2021 @ 01:03
    All the best to you Raoul on your birthday. You and Real Vision have kept me sane during this pandemic. God Bless.
  • bf
    bill f.
    6 February 2021 @ 01:00
    if people are nervous about tether, then why not use tusd or usdc?. i've never used tether. i've just used tusd. it would be good to discuss the alternatives to tether. thanks
  • NL
    Nikola L.
    6 February 2021 @ 00:55
    I am also watching but also buying S&P500 shorts. Exited almost all stocks. Only holding 3 stocks KCC (tsx), ALK (asx) and SPH (asx).
  • SN
    Stefan N.
    6 February 2021 @ 00:46
    I would love for Tommy Lee to come on over the next two weeks. He has been very accurate calling the markets last year or so and he would provide a nice balance to the conversation.
  • BK
    Brian K.
    6 February 2021 @ 00:43
    Happy Birthday, Raoul Pal.
  • JR
    Jeremy R.
    6 February 2021 @ 00:42
    Happy birthday Raoul!
  • SK
    Shazia K.
    6 February 2021 @ 00:39
    Happy birthday Raoul
  • MM
    Michael M.
    6 February 2021 @ 00:36
    Happy Birthday Raoul!!!
  • js
    john s.
    6 February 2021 @ 00:32
    mark cuban the macro expert, lol
  • NN
    Ninh N.
    5 February 2021 @ 23:54
    Happy Birthday Raoul.
  • JS
    John S.
    5 February 2021 @ 23:54
    Many thanks Raoul for still being there on your birthday. I would like to wish you happy birthday and as you lived in Spain. Surely you will understand the following: Feliz Cumpleaños Raoul que cumplas muchos más y muchas gracias por todos tus videos. Un saludo y buen fin de semana.
  • LF
    Lisa F.
    5 February 2021 @ 23:52
    Thank you for talking to us on your birthday!
  • GH
    Gloria H.
    5 February 2021 @ 23:48
    You share a birthday with my dearest friend in the world, so I know you’re a quality guy. Happy birthday, and cheers.