The Macro Dirt Podcast Stocks, Bonds, & Bitcoin with Raoul Pal
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May 14, 2025 
Raoul Pal, founder of Real Vision and macroeconomics expert, dives into the chaotic world of finance. He shares insights on the stabilization of Bitcoin and its evolving role among institutional investors. Pal discusses the current state of stocks and bonds amid rising yields and liquidity challenges, emphasizing the need for simplicity in investment strategies. They also reminisce about their early days at Goldman Sachs, recounting the high-pressure trading environment that shaped their careers.
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Goldman Sachs Intensity in 90s
- Raoul Pal described his intense experience working at Goldman Sachs during the Asian crisis with overwhelming demands and nonstop communication.
- He recalled being physically and mentally exhausted, unable to take breaks due to market chaos and client pressure.
Crypto as Macro Asset
- Crypto such as Bitcoin behaves like a macro asset influenced by liquidity and business cycles.
- Technicals and sentiment align with macro indicators to identify market bottoms and opportunities.
Market Mimics 1997 Recovery
- Current market patterns resemble the 1997 Asian crisis with a sharp shock followed by a V-shaped recovery.
- Liquidity injection often leads to prolonged market gains post-crisis as seen historically and potentially now.