The Real Vision Origin Story: From Wine-Soaked Conversations in a Spanish Fishing Village to a Global Financial Revolution

Published on
September 26th, 2020
Duration
30 minutes


The Real Vision Origin Story: From Wine-Soaked Conversations in a Spanish Fishing Village to a Global Financial Revolution

Presentations ·
Featuring Raoul Pal and Damian Horner

Published on: September 26th, 2020 • Duration: 30 minutes

Once upon a time in the small Spanish fishing village of Jesus Pobre, two Englishmen met. One thought the other was “bound to be boring” because he worked in finance… the other never misses an opportunity to call his compadre “an idiot.” Add in another Englishman and a Frenchman, a shit ton of mistakes and a declaration that “we know fuck about fuck” and you’ve got… Real Vision. Today, we’re sharing its origin story as told by two of the co-founders, Raoul Pal and Damian Horner. Partly because it’s Real Vision’s 6th birthday this month, but also mainly because it’s your story too – you’re such an important part of the journey. Enjoy. Filmed at Real Vision’s Festival of Learning, September 2.

Comments

Transcript

  • SB
    Scott B.
    7 October 2020 @ 03:53
    Appreciate all of this, building on the RV platform is wonderful, you’ve all come a long ways, congratulations for this. However, very concerned RV will create a media platform for crypto scams. The history of crypto is filled with pump and dumps, vast majority of “coins”, let’s say there has been 7,000 different “crypto” projects following Bitcoin, of those 6,500 are dead and gone. Of the 500 remaining, a handful might have a shot, of the handful ONLY ONE deserves a media platform, all the rest are so risky, so experimental, so unworthy of a platform, I’m concerned. RV will pick up where all the others have left off carrying the torch to light the way to the next 6,999 dead ends. You’ll hear the standard disclaimer on DYOR, and “this is not financial advice”, the problem is, no one is listening to the actually tech OG’s who have already worked out /played out how all of this eventually ends. Be very careful my friends, do not listen to the marketers and salesman sitting in the plane, listen to the engineers who designed the plane. Don’t buy a ticket on one of the next 6,999 plane rides because the engineers have already forecasted how and why the flight will end in a crash.
  • dh
    dickon h.
    6 October 2020 @ 18:00
    Love the enthusiasm chaps... Good luck !
  • RK
    Rafal K.
    5 October 2020 @ 20:01
    I think that's a great idea, with increased interaction. I still the ultimate game is going to 'theoretical portfolios', where people recommend allocations within their depth of knowledge.
  • GR
    George R.
    5 October 2020 @ 17:42
    The video was actually really nice. Relaxing feel while shooting the shit. Interesting listening to how Real Vision got started and what's in the pipeline going forward.
  • DF
    David F.
    30 September 2020 @ 10:39
    So who is Milton today?
    • DF
      David F.
      30 September 2020 @ 10:39
      Ok Dragos is today.
  • TF
    Timothy F.
    30 September 2020 @ 07:22
    This was awesome. Sign me up for Real Vision U. Also, love the charting plans. Thanks!
  • ab
    arthur b.
    30 September 2020 @ 00:52
    Really great story about the origin of Real Vision, thank you for sharing it. I come from a pharmacy and science background and only realized later in life that I really enjoyed finance and macro. For me not having had a career in the industry and not having a mentor has been the most challenging part of my learning. The Real Vision content I find so incredibly interesting and it is finally like having that mentor and connection to the macro world. I am super excited that your focus is on learning and I am so excited to go on this journey with all of you. Keep up the great work and great content.
  • VK
    VIKRAM K.
    29 September 2020 @ 12:35
    Fabulous story of an entrepreneurial journey that defied conventional wisdom, drew on the diverse skills of its founders, learned by doing, built a terrific team of presenters, and then a community, which can only grow. I am not a founder member - I just stumbled on RV about a year ago, can't remember how - but I've become almost addicted to its content. It now takes up more of my attention than Netflix. So congratulations! Since you're always thinking creatively and thinking ahead, here are a couple of ideas for you to consider. 1. RV provides an overwhelmingly "private sector" perspective, which of course is one of its strengths - there's no official propaganda. But that said, the perspectives of policymakers on finance are incredibly important. I don't see many of those on the channel, barring an occasional official from the Fed. Would be great to have views from more central bank governors and finance ministers, etc, who should be grilled, a la the BBC programme "Hardtalk." You have the talent to do it. My sense is that they would be happy to engage, given that they'll be addressing a quite financially sophisticated (and probably influential) niche audience - very different from YouTube or CNBC. And some of them can be quite engaging. 2. RV might want to consider using AI to recommend content to its viewers on a personalised basis, for eg like Amazon does. You would know, for example, that subscriber X especially likes to watch interviews related to crypto or commodities. So you could send her an alert the moment you upload a new one on those topics. Build data sets on how much of what topics subscribers are watching and use the data smartly. Get more moblie-friendly too - use Whatsapp. for eg. 3. RV is in English - some might even say it offers an "anglo-saxon" perspective on the financial world. It does not reach investors who speak other languages, such as Spanish, Chinese, Japanese, or Hindi. Nor does it drill down to individual EM financial assets such as China's tech sector or India's banking industty - or for that mattereven to individual European markets. Maybe one way to "localise" is to franchise it. You could hugely expand your viewership if you look beyond the English-speaking world. But whatever you do, good luck and Godspeed.
  • bb
    brian b.
    29 September 2020 @ 09:18
    think i was a founding member as i was a subscriber to grants letter. almost invested too, in round a and b i thought of it and decided against and was for sure going to do it the 3d time and filled out all docs but then you got another single investor to fund all of your note last year. I recall think tank, remember that? and went for Macro investors right away. just renewed. dont think i have made money net on trades from it, maybe a bit. couldnt do many trades you spoke of initially as i didnt do futures. now i try but still not confident about how to do them and protect myself on downside. One thing i would ask is that if you recommend futures trades, also if possible explain how to do it otherwise. For ex. julian just said short the nasdaq. as some others mentioned in the comments below that post, a QQQ short w stop, or puts on QQQ w expiration of X would have been nice to lay out as well so we had options. Like when he said short TLT or go long TBT. He gave stop on TLT short, but gave no TBT stop nor mentioned a TLT put or TBT call reco. Yes we can extrapolate i guess but it wouldnt be so hard for you 2 to add those recos would it? I came so close to doing big balls short trading after your march 4 alert and still kick myself. I was going to do it by buying double short inverse ETF on index and oil. a Reco on that would have maybe made me grow the balls to do it. I also ignored your long bond trade too, even though Lacy Hunt advised it as well. I guess you live and learn. Hope i get a chance like that again. Glad there was no falling out w Grant, still love his TTMYGH letter and his podcasts.
  • NI
    Nate I.
    27 September 2020 @ 05:46
    I wish Grant was still with RV. I miss his in-depth, master class style, interviews with the legends of investing.
    • fh
      felix h.
      27 September 2020 @ 08:00
      Definitely listen to his podcast if you don’t yet
    • ND
      Nicole D.
      29 September 2020 @ 01:29
      I feel the same. Grant provided unbiased richness and substance that is gone now.
  • MH
    M.F. H.
    28 September 2020 @ 20:01
    So Milton is not real?!
  • MA
    Marko A.
    26 September 2020 @ 21:32
    The real interesting story would be: What happend to Grant Williams.....
    • LS
      Lemony S.
      26 September 2020 @ 22:25
      No one can get a straight answer to this question, which means I think we can all guess fairly close to the mark.
    • RP
      Raoul P. | Founder
      26 September 2020 @ 22:28
      There is no sinister conspiracy. He just decided to leave and do other things. His heart wasn't in running a business and that's perfectly cool.
    • CM
      Cory M.
      26 September 2020 @ 23:19
      I ran into him at a Marin Katusa's conference in Vancouver Jan '20 and had a great 10 minute conversation with him! He basically acknowledge he wanted to explore other avenues on his own terms, pace and time. No personal warning bells went off for me and it takes a lot to fool my Spidey senses, so I think there's just no exciting drama associated with the move!
    • JT
      Jarret T.
      28 September 2020 @ 19:31
      It would be great to have an interview of Grant and his current views. It is rare to see Grant interviewed, He has some great insights, but seldomly shares them to facilitate the conversation of the guests. I think it would also clear the air on the subject of conspiracies and bad feelings.
  • JT
    John T.
    28 September 2020 @ 19:15
    I remember that starting announcement and the newsletters from Milton. I was enjoying Grant Williams free TTMGH newsletter with Mauldin Economics and signed up to follow Realvision. At first it was cost prohibitive, but you came out with your big sale for basic at the same cost as the WSJ and I've been watching ever since. (Also cancelled the WSJ). You had a lot of changes to the platform over time, but always with top notch content that kept me interested.
  • FK
    Fred K.
    28 September 2020 @ 01:12
    fantastic origin story.
  • BS
    Benjamin S.
    28 September 2020 @ 00:21
    Enjoyed this one. Amazing what you can build from the ground when you get a collection of like minded strangers.
  • tS
    thomas S.
    27 September 2020 @ 23:21
    I had a couple of chances to invest....should have listened to Milton
  • AB
    Ash B. | Real Vision
    27 September 2020 @ 21:17
    I really enjoyed this video! There were aspects of RV's origin story that I didn't even know!
  • JD
    John D.
    27 September 2020 @ 19:49
    Nice video. Great to hear about the beginning(s). I second the suggestion below--put it on YouTube--so we can spread the word.
  • DS
    David S.
    26 September 2020 @ 21:47
    Mr. Pal and Mr. Horner: Thank you for sharing your startup and vision. Creating something groundbreaking and important is certainly exciting and exhausting. You combined the vision of democratizing financial education implemented with the fantastic opportunities afforded by new internet and video technologies. For me, the fact that Real Vision is a business is integral. A charity just would not give subscribers the belief and trust required that you are serious. You now have a worldwide network of friends willing to help you. I would like to see a financial boot camp for anyone high school level and up to teach them how to save capital so they can invest. We all know that it is easy to spend money. Saving money is the difficult skill. A book of financial parables written in 1926 is an easy read - The "Richest Man in Babylon" by George S. Clason. I still reread it for some self-control and give it to friends. There are a lot of ways to encourage non-savers to become savers that can be promoted by Real Vision. I am emphasizing this as one cannot use the knowledge of RV without capital. Thanks again for sharing your journey. Best of luck in completing Real Vision University. DLS
    • RP
      Raoul P. | Founder
      26 September 2020 @ 22:27
      Thanks as ever DLS
    • DS
      David S.
      27 September 2020 @ 16:34
      By boot camp I mean a set of promotional videos within RV that honestly show the benefits of, and how to develop personal financial balance. Building and investing capital improves lives – Capitalism works. It can be done within any political system. It can democratize finance in emerging markets and developed markets. The RV University will develop future rock stars of finance. Boot camp videos would be the “how to” develop financial balance, save capital, invest capital. Some boot camp folks will develop into RV University students and hopefully future rock stars of finance. DLS
  • CH
    Charlie H.
    27 September 2020 @ 15:23
    This was a really good origin story and I love me some good origin stories. Thank you guys for sharing. Keep up the good work at Real Vision - I've definitely been inspired and helped in my life with it.
  • RT
    Remi T. | Founder
    27 September 2020 @ 13:34
    Good call we didnt gave up after meeting a CNN producer in Hong Kong ;) Rest is history now...
  • BR
    Brian R.
    27 September 2020 @ 00:13
    here you go, since u ask for ideas: 1. ur right that I think u are potentially vulnerable to competition (although I think it would be very hard to create a successful competitor). So one way to help u counteract that is to create a loyalty system. You already create a lot of loyalty in my opinion by having a fantastic alternate news source with great content etc etc (no question, great service) but I think a loyalty system of some kind could really reward your subscribers and help build your future. One system that works in other industries is a simple reward for length of time of membership. Maybe u could have a gold, silver and bronze member set-up within your existing levels. and so on. I'm sure there are many other more creative ways to reward loyalty and u probably already do them. 2. For the Exchange and in general in the comments section lets face it, it can be hard to sort the wheat from the chaff - just like on fintwit. By no means am I complaining or saying that my comments are any better than any one else's (in fact I would be humble and admit that I am learning all the time from the comments and the exchange) BUT I think the current system of thumbs up/down and hotly debated etc can be improved to be a very significant value add. eg if someone posts on the exchange and its's really really useful stuff then they could accumulate points (or thumbs up) so that when they comment their opinion might be more attractive for people to follow and make it easier for busy people to find a respected comment. This may also help reduce negative comments by doing the system in reverse. If someone posts an absolute corker that makes people money then put their name in highlights :) Hope that helps and apologies if it's already happening or done before or thought of already. Thanks for the service and keep it up. Thanks for answering questions that u have answered a 1000 times already but maybe you could have a FAQ on crypto section eg Qn will crypto go down or up in this scenario, that an obvious FAQ that pops up and would be painful to explain over and over, so just do it once in a FAQ section and refer people there. If conditions change, then update it. cheers
    • RP
      Raoul P. | Founder
      27 September 2020 @ 11:14
      Thanks! Great ideas - working on all of these but the latter wasn't on my radar in this specific format so will look into this.
    • WM
      Will M.
      27 September 2020 @ 13:09
      Strongly support the modification of the thumbs up/down system and have said so before. I have downvotes only a fraction of what I watched on RV but sometimes for slightly different reasons and the single downvote may not reflect that reasoning. I also find the Hotly Debated flag to be somewhat inconsistent as there is quite often no "debate" in the comments. Baby steps though, it doesn't need to become super complicated.....
  • DA
    Dina A.
    27 September 2020 @ 04:20
    Great founding story! Love the fact that all the key players came to Raoul without him having to even get off his couch. Keep up the good work.
  • hb
    hussien b.
    27 September 2020 @ 00:26
    When is the IPO?
  • JS
    John S.
    26 September 2020 @ 22:17
    Proud to be a founding member - We Few, We Happy Few, We Band of Brothers...
  • JS
    John S.
    26 September 2020 @ 22:17
    Proud to be a founding member - We Few, We Happy Few, We Band of Brothers...
  • KB
    Kirk B.
    26 September 2020 @ 18:30
    Really fascinating video about the founding of Real Vision. In 2014, I was a subscriber to Grant William's newsletter, Things That Make You Go Hmmm, and I remember receiving an email about this new video financial service, Real Vison TV. It sounded intriguing, and cost only $200 per year--similar to the typical financial newsletter subscription cost. I therefore signed up, perhaps making me one of its Founding Members, and have found this service to continually exceed my expectations. I also remember the initial challenges of streaming Real Vision TV. After several exchanges of emails, I learned that it wasn't then possible to stream it on my Android phone, and it only worked on my desktop if I switched from Internet Explorer to Chrome. In today's video I thus learned that I, not only contributed to the founding of Real Vision TV, but also to providing Milton with full time employment. I was surprised to learn that there were only 1,200 Founding Members, and that, based upon this limited initial support, Real Vision TV was launched. Awesome. It would be great if these Founding Members were recognized and rewarded financially or otherwise for their contribution to the founding of Real Vision. The Founding Members were provided with the benefit of a life-time annual subscription price of only $200 per year for what is now the Essential tier; however, like I suppose many Founding Members, I have subsequently upgraded to Real Vision Plus and then to Real Vision Pro, which clearly provide greater value than just the Essential Tier. Because of their contribution to the creation of Real Vision, perhaps Real Vision would consider providing its Founding Members with some additional benefits in the future.
  • MC
    Michael C.
    26 September 2020 @ 12:07
    Why. Don’t you consider issuing shares giving your members the first opportunity to invest in Real Vision? I really believe you are all so passionate that success is assured. Regards michael
    • RP
      Raoul P. | Founder
      26 September 2020 @ 18:03
      We have. We have only ever actually raised capital from our members - not one outside party! We will possibly open up to new investments soon but its for accredited investors and a significant minimum size would apply sadly.
  • WG
    Wayne G.
    26 September 2020 @ 15:33
    Very exciting, lots of things to look forward to. I had to laugh at Raoul's comment about Damian looking like a young Clapton because I was thinking the same thing after seeing his "Blackie" Strat leaning against the wall.
  • SS
    S S.
    26 September 2020 @ 14:44
    Would have been great if all 4 Co-Founders told the story. Raoul, Damian, Grant and Remi
    • SS
      S S.
      26 September 2020 @ 14:44
      Thinking about it. Never seen all 4 of them together.
    • ZM
      Zac M.
      26 September 2020 @ 15:19
      My instrusive part wants to know what the issue with Grant is. I hope they're able to bury the hatchet and get back together over.
  • TJ
    Terry J.
    26 September 2020 @ 15:18
    Thank you Raoul and Adrain for this fascinating summary of how you created the revolution that is Real Vision. I feel privileged to have bene one of the original 1200! Here's to the next 6 years and more deserved success for RV as you continue to disrupt the complacent and oh so boring mainstream financial media! The RV University concept is so exciting and so necessary for future generations to be informed and able to succeed with their finances in an increasingly complex world.
  • NB
    Nicholas B.
    26 September 2020 @ 13:33
    Thanks for this video, awesome. I ran across Raoul on Twitter and followed is ramblings for a couple of months and that finally led to me taking the plunge, best decision I have made, great stuff! I thought I might be interested in economics, but now I'm a macro home geek! I'm not too keen on the new tiered membership, I'd rather we were all at the same level in the Real Vision club, but I guess it is a business and not a club? Keep up the great content with awesome guests. As an aside, RV has introduced me to so many interesting minds, great door opener to the macro world!
  • JR
    John R.
    26 September 2020 @ 09:12
    Love the story. Before you get to the university idea, I would consider tapping into the student market right now. My son has just started an Economics degree at the University of Nottingham. Looking at the Economics and Finance society, there are dozens of bright, mustard keen kids who are setting up investing clubs with real cash and talking about writing letters in their summer holiday to Goldman Sachs to get internships. A section on Real Vision such as 'If I was 18 again'' with guests suggesting investing strategies would have huge appeal. I have set my son up with accounts at Coinbase and Hargreaves Lansdown. He is super enthusiastic and tired of his dad going on about the miracle of compound interest and the need to start saving early - so it would be good if some of you guys could offer some input! I love the idea of democratising financial knowledge. My career is in primary teaching so I don't have a background in finance. In 2008 I watched my investments collapsing. I had no idea why and the pension provider could not provide answers either. i decided to leave the scheme and go DIY. It's been a very steep learning curve and starting at 43 was too late really. 12 years later I feel as though I have a better idea of what to do but at 55 I have limited time left to monetise that knowledge. If I could have stepped into Real Vision back then I would be in a better position now! Levels of financial illiteracy are remarkably high. Even teaching here in the Middle East with colleagues not short of a few quid and better educated than average, the vast majority would sooner get 0.5% in a building society than take any risk. Looking forward to future developments on Real Vision!
  • JR
    John R.
    26 September 2020 @ 09:12
    Love the story. Before you get to the university idea, I would consider tapping into the student market right now. My son has just started an Economics degree at the University of Nottingham. Looking at the Economics and Finance society, there are dozens of bright, mustard keen kids who are setting up investing clubs with real cash and talking about writing letters in their summer holiday to Goldman Sachs to get internships. A section on Real Vision such as 'If I was 18 again'' with guests suggesting investing strategies would have huge appeal. I have set my son up with accounts at Coinbase and Hargreaves Lansdown. He is super enthusiastic and tired of his dad going on about the miracle of compound interest and the need to start saving early - so it would be good if some of you guys could offer some input! I love the idea of democratising financial knowledge. My career is in primary teaching so I don't have a background in finance. In 2008 I watched my investments collapsing. I had no idea why and the pension provider could not provide answers either. i decided to leave the scheme and go DIY. It's been a very steep learning curve and starting at 43 was too late really. 12 years later I feel as though I have a better idea of what to do but at 55 I have limited time left to monetise that knowledge. If I could have stepped into Real Vision back then I would be in a better position now! Levels of financial illiteracy are remarkably high. Even teaching here in the Middle East with colleagues not short of a few quid and better educated than average, the vast majority would sooner get 0.5% in a building society than take any risk. Looking forward to future developments on Real Vision!
  • JR
    John R.
    26 September 2020 @ 09:12
    Love the story. Before you get to the university idea, I would consider tapping into the student market right now. My son has just started an Economics degree at the University of Nottingham. Looking at the Economics and Finance society, there are dozens of bright, mustard keen kids who are setting up investing clubs with real cash and talking about writing letters in their summer holiday to Goldman Sachs to get internships. A section on Real Vision such as 'If I was 18 again'' with guests suggesting investing strategies would have huge appeal. I have set my son up with accounts at Coinbase and Hargreaves Lansdown. He is super enthusiastic and tired of his dad going on about the miracle of compound interest and the need to start saving early - so it would be good if some of you guys could offer some input! I love the idea of democratising financial knowledge. My career is in primary teaching so I don't have a background in finance. In 2008 I watched my investments collapsing. I had no idea why and the pension provider could not provide answers either. i decided to leave the scheme and go DIY. It's been a very steep learning curve and starting at 43 was too late really. 12 years later I feel as though I have a better idea of what to do but at 55 I have limited time left to monetise that knowledge. If I could have stepped into Real Vision back then I would be in a better position now! Levels of financial illiteracy are remarkably high. Even teaching here in the Middle East with colleagues not short of a few quid and better educated than average, the vast majority would sooner get 0.5% in a building society than take any risk. Looking forward to future developments on Real Vision!
  • SU
    Shakeel U.
    26 September 2020 @ 08:51
    Very interesting, thanks for sharing 😀
  • SR
    Suds R.
    26 September 2020 @ 08:33
    Exciting stuff. You have just convinced me to extend my membership. What I would love is if you could group/tag your education by the categories you listed in the "how to position your life" article,
  • yc
    yu c.
    26 September 2020 @ 07:25
    Fantastic. Can you share this piece on YouTube? Would be to your benefit I think:)
  • BM
    Biju M.
    26 September 2020 @ 07:15
    And I thought Milton is Raoul's cartoon character!