
…Long Live the American Dream
Raoul Pal: Real Vision
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The S&P Growth of Central Bank Balance Sheet or Gold
When you denominate the S&P growth of central bank balance sheet or gold, I think you basically see it's flat, right? Or everyone thinks that's what I would do. And then start thinking, well, I lived through and worked through and invested through 2000. And that was a bubble because equity is decoupled from gold, from real estate, from everything, right? assets have a relative valuation always have in history. If real estate is crazy expensive versus gold, at some point the flow of capital goes the other way as it's an asset. It's very logical behavior and equities work the same. They all have this long term range. The only thing
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