Raoul Pal: The Journey Man

Forward Guidance w/ Felix Jauvin: The Biggest Trade No One Sees Yet ft. Raoul Pal & Julien Bittel

Jul 17, 2025
Julien Bittel, Head of Macro Research at Global Macro Investor, and Felix Jauvin, host with a knack for macroeconomic discussions, delve into the 'Everything Code.' They reveal how debt, demographics, and liquidity shape today’s market. The duo highlights the staggering global debt levels and the urgency of investing in crypto and tech. They discuss asset debasement and why traditional investments may not retain value, while exploring the profound impact of AI and automation on future employment. Tune in for critical insights on navigating this complex financial landscape!
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INSIGHT

Debt Cycle Drives Markets

  • Debt restructuring every four years created a cycle of liquidity injections driving asset prices.
  • Only tech stocks and crypto outperform fiat currency debasement at about 8% annually.
INSIGHT

Demographics Limit Growth

  • Falling birth rates and aging populations reduce GDP growth by shrinking the workforce.
  • Governments offset this decline by increasing debt, sustaining economic activity temporarily.
INSIGHT

Liquidity Dominates Asset Returns

  • Nearly all Nasdaq price movements are driven by liquidity/debasement factors, similar for crypto.
  • This dominance reduces the relevance of traditional diversification in portfolio construction.
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