Raoul Pal: "Show me another asset class that will explode like this"

Photo: Raoul Pal:

Raoul Pal knew he wanted to work in finance, but after graduating from a third tier University and applying at Goldman Sachs, he was swiftly rejected.

But in the company of those who were born with a chip on their shoulder, instead of throwing away the letter and moving on, he put it in a safe place and kept it for later.

"Later" came, when after earning himself a reputation in the budding hedge fund industry in the 1990's at a series of smaller institutions, Goldman called him.

“Come work for us, and build our hedge fund business.”

“Lateral hires” as they were known in those days, were very rare. Executives at Goldman were always hired from within. After he joined the firm, his peers went out of their way to remind him of this. Whether he rubbed people the wrong way or not, Raoul built Goldman’s hedge fund business into the most profitable centre in the firm.

After departing Goldman, Raoul went on to co-manage the GLG Global Macro Fund in London - one of the largest hedge fund groups in the world. In 2004, at the age of 36, he retired from managing client money and began authoring The Global Macro Investor Letter. GMI is a 100% independent, highly cost prohibitive subscription service, read by the managers of sovereign wealth funds, pension funds and family offices.

In response to 2008 he founded Real Vision TV, a media company built to bridge the gap between Wall Street and Main Street. His guests include living legends like Stanley F. Druckenmiller, Kyle Bass and Nouriel Roubini.

Last week we chatted about the markets, the global economy, his portfolio, and of course my favourite question: What’s next?

Our video went live on Youtube yesterday, and generated 136 comments in the first 6 hours. Needless to say, he fired people up.

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Raoul had many predictions for the future. His boldest prediction? $1,000,000 Bitcoin. In 5 Years.

In fact, he is so confident in the prediction that his portfolio is divided into 4 quadrants:

25% US Dollars

25% Gold

25% Equities

25% Bitcoin


This should turn your head, because Raoul is no hack. Real Vision TV is in the business of having conversations with the world's leading macroeconomists, geopolitical analysts and money managers. When Raoul forms an opinion, it is after weeks of in-depth conversations with very hard to reach and powerful individuals.

Raoul's GMI letter is an advisory service to some of the biggest funds on the planet. When he gives advice, big money pays attention.

I am not saying he is right, that's not my job. My job is to find people who carry influence and dissect their perspective. Whether or not you believe Raoul, if you are interested in creating and protecting wealth, you should listen to what he has to say.


Watch the interview here, and make up your own mind.


My closing note - I have been building out a new platform that I am very excited to share with you.

When COVID put the conference world on indefinite pause, I was approached by half a dozen parties pitching me on virtual conference platforms.

I have stood by my statements since day one: A virtual conference is a bad idea.

I understand why so many companies rushed out the door with this strategy. It’s the low hanging fruit, and there is no barrier to entry: Attend our Virtual Conference this Friday, from 9:00am - 1:00pm, on ZOOM.

I have RSVP’d to over 30 virtual conferences in the last two months, but if I am being honest, I have attended less than six. The advantage of “going virtual” should be that you remove the inconvenience of defined time and place… why a company would apply the limitations of a physical event to a virtual experience, is beyond me.

But, between our email and video subscribers, over 135,000 investors now turn to Cambridge House for investment ideas. In the next couple of weeks I will be unveiling our Deal Flow Platform. I am very excited to share this with you.

If you are interested in getting early access to the platform alongside our Pangea Club members, you can sign up here to express interest.

Have a powerful day,

Jay Martin
CEO, Cambridge House

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