Raoul Pal Previews the Future: AI, Crypto, QE and the next Phase of Human Flourishing or Upheaval
The Breakdown
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The Making and Dryer of Asset Prices
P ratios are basically driven by two things. The price, the P goes up because of debasement, and the E earnings are driven by M2. Everything has become a monetary phenomena. That's why value investing hasn't worked. It's because we're not driven by the same things any longer. So then when you're seeking clarity in this world, and the world is actually the most simple it's ever been, money in, money out, that's it. Then what you want to do is earn the assets that rise the most and outperform that, which happens to be crypto and technology. But Bitcoin outperforms in the upcycles because there's a network adoption model,
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