Raoul Pal: The Journeyman – "Drinks With Raoul Pal LIVE from Miami"

Real Vision Podcast Network – January 23, 2026

Episode Overview

Theme:
In this "Drinks with Raoul" live episode from Miami, Raoul Pal brings together the Real Vision community for an irreverent but revealing deep-dive into the macro, crypto, and technology landscape as we navigate what he calls the "Exponential Age." Raoul is joined by friends and special guests for candid conversations around investment missteps, the realities of community in crypto, cycles of psychological euphoria and despair, and the big geopolitical and technological themes shaping the next decade. The session is known for its informal, interactive (and tequila-fueled) format, aiming to unify, entertain, and inform the global Real Vision audience.

Key Discussion Points & Insights

1. Community and the Real Vision Mission

[03:50–07:30]

• Raoul kicks off with humor and transparency, poking fun at everything from the Miami weather to past banana-costume fiascos, using these anecdotes to highlight the strength and diversity of the Real Vision community.
• Real Vision's value is "the connections you guys make… being part of this together." The loneliness of being deeply involved in crypto or exponentials is softened by community: "When you go and have dinner with friends, they have no idea what you're talking about…and it actually feels a bit lonely."
• Importance of the Real Vision platform's trade ideas and note-sharing: "People are finding unbelievable ideas within our community… we're learning off each other, off the content, we're creating new opportunities for each other."

2. The Realities of Social Media in Finance

[07:30–13:00]

• "Mean Tweets" Segment:
  Several guests read out critical tweets directed at Raoul, with a mix of brutal honesty and banter.

  • Quote:
    -"He's an underrated douchebag." (09:21, read by Jamie) -"The 1.2 million people must be wrong." (10:08, Raoul's retort) -"You talk a lot about crypto for someone that's not very good at it." (10:58, read by Ash Bennington) -"Raoul Pal is a clown." (11:07, read by Ash) -"Disaster class." (11:17, Ash's favorite)

• Raoul reflects on public criticism:
  "People start to assume that you're going to be right always. And when you're not, they're like, how dare you? …It's a hard thing to actually deal with is the emotions."

• Patience is the key investing attribute:
  Secular trends define everything; cycles and volatility are to be expected. Raoul hammers home that patience trumps impulsiveness in building wealth—"the actual answer is patience… When things diverge from secular trends… you’re being given opportunity, but you're seeing it as risk or threat." (13:50)

3. Debasement, Crypto Cycles, and The Year That Was

[13:50–19:00]

• Debasement trade:
  Now widely accepted, yet ironically, digital gold (crypto) was outperformed by gold itself in the recent cycle.
  -"We brought digital gold into the world and this year gold beat us." (16:49)
• Wall Street front-running reversal:
  Wall Street has "tokenized their shitty bags and sell them to us."
  • "Instead of Wall Street buying our bags, now we're buying theirs… this is not the revolution I signed up to." (18:00)
• The pain of “shitty altcoins” versus real-world assets, and how sometimes, despite thesis, "the trades that should have happened never happened."

4. Confessions, Blame, and Portfolio Drift

[19:22–23:00]

• Raoul calls up Mando (a guest) to confess:
  Mando admits to buying gold—cheating on crypto. Candid discussion about trading outside the core thesis.
  • Quote:
    -"I like buying things as they're breaking out to all-time highs…there's not many things in crypto breaking out." (21:10, Mando)
• Equities like Google and Tesla are capturing new highs, while crypto is flat; the “pain” of volatility is acknowledged.
• Real Vision’s approach: "Even though this is the crypto gathering… there's stuff for everybody." (21:28)
• Weight of allocations matters:
  -"When you're cheating on me (Raoul), how badly are you cheating?" (22:00)

5. Macro Divergence, The “Alligator Jaws,” and Patience

[24:28–33:00]

• Julian (Raoul’s research partner) is “blamed” for producing charts that aren’t yet matched by market moves ("alligator jaws" divergences).

  • "We found another great one the other day with the yen and silver and stuff… but the jaws never close." (24:42)

• Patience, catalysts, and liquidity:
  Julian: "We just need a catalyst. Need a bit of good news. Because if gold is real time financial conditions…the cycle is being pushed out." (26:29)

• On market uncertainty:
  -"All you can do is reduce uncertainty around making a decision…from a investment perspective, that has to come from macro, liquidity, sentiment…" (28:20)

• Quantum computing fears and game theory:
  Raoul dismisses crypto doomsday via quantum computing—major powers wouldn’t blow their secret on breaking SHA-256 just to steal Bitcoin; it would threaten everything digital, first and foremost.

6. Blame Game Goes Geopolitical: Greenland & Supply Chains

[35:07–44:54]

• Mikkel and Andreas (from Denmark) are humorously “blamed” for geopolitical uncertainty over Greenland.
  • Debate about whether Denmark should sell Greenland, the interests of the US in rare earths and military bases, and the reality of mining/future development in the Arctic.
• Link between geopolitics and new technological arms race:
  -"Everything… is all about driving towards increased intelligence. The biggest battle of all time is AGI to ASI and who owns it…Greenland plays an important role to secure supply chains." (40:18, Raoul)

7. Audience Q&A: Cycles, Portfolio Construction, Generational Shifts, and NFTs

[46:48–64:00]

a) Refining the “Everything Code”

Q: Is the thesis that "diversity is dead" challenged by current outperformance in metals and equities?

• A: (Raoul) "Over time…crypto and technology will outperform every other asset class…We're just seeing cyclical elements." (47:24)
• Secular trends vs. cyclical blips: "If something has not changed with the underlying thesis…just buy more." (49:47)

b) Recruitment, Youth, and the Future of Crypto

Q: How to get younger people into crypto/Real Vision?

• A: Meeting the new generation with actionable ideas, faster trade surfacing, and leveraging the learning-by-doing ethos from gaming. "A 22-year-old will find that much easier because communities talking about it, doing it together is much different than how older people did it." (52:32)
• "It's not taught in school…and if you think of it as a multiplier…your actual worth goes up." (53:50)

c) NFTs as Store of Value and Cultural Economics

Q (J, World of Women CEO): Thoughts on NFTs as store of value and culture?

• A: "I'm wildly bullish…Digital artifacts that tell cultural stories of this moment in time…this is one of the most extraordinary moments that humanity will ever go through." (56:47)
• On community and NFT sustainability: "For digital art, we've seen a renaissance…But it takes time to build culture, time to build trust."
• Culture must continue evolving to stay relevant and maintain value: "Culture is never static…Things that persist have ultimate value." (61:37)

d) Crypto vs. Gold vs. Diversification

Q (Ryan, San Diego): How to prioritize commitment in overlapping trades—crypto, gold, equities?

• A: "Gold is not really outperformed…It is the neutral world currency to maintain a store of value…For me, I think crypto is the dominant bet over time. Maybe technology." (65:02)
• For most, prudent diversification between gold, crypto, and tech (NASDAQ) covers most secular risks; bonds no longer offset risk as they once did.

Notable Quotes & Memorable Moments

• "We're all trying to unfuck our futures." (07:03, Raoul Pal)
• "This session is going to be about blaming everybody else." (02:57, Raoul Pal, setting a playful tone)
• "Patience is the key attribute...when things diverge from secular trends…you're being given opportunity, but you're seeing it as risk or threat." (13:53, Raoul Pal)
• "Instead of Wall Street buying our bags, now we're buying theirs…this is not the revolution I signed up to." (18:00, Raoul Pal)
• Mando’s cheating confession: "I did buy some gold. I did." (19:47, Mando)
• NFTs & culture: "Digital artifacts that tell cultural stories…this may even be the most extraordinary moment in time that humanity will ever go through." (56:47, Raoul Pal)
• Ground truth on generational learning: "The younger generation comes from computer gaming…their entire thesis is show me the trade, show me what it is." (52:45)

Timestamps for Key Segments

• [00:00–07:30] Opening Banter, Bananas, Community, and Real Vision’s Purpose
• [07:30–13:00] Social Media Criticism/Mean Tweets & Lessons on Emotion and Patience
• [13:50–19:00] The Debasement Trade and Irony of Asset Performance (Gold vs Crypto)
• [19:22–23:00] Guest Confessions & Portfolio “Cheating”
• [24:28–33:00] Macro Divergences and the "Alligator Jaws" Analogy; Patience Needed
• [35:07–44:54] Greenland, Geopolitics, and the Search for Supply Chain Security
• [46:48–51:10] Q&A: Secular vs. Cyclical Trends, Everything Code Test
• [51:10–54:40] Q&A: Generational Shifts, Recruitment, and Real Vision’s Evolving Platform
• [54:40–61:37] Q&A: NFTs, Culture, Lasting Value
• [64:14–67:46] Q&A: Diversification, Gold, Crypto Allocation
• [Throughout] Blame Game, Audience Shots of Tequila, Community Antics

Takeaways

• The future belongs to communities willing to adapt, share, and learn—a theme interwoven in every aspect of investment, from macro bets to cultural artifacts like NFTs.
• Cycles, patience, and secular trends are more important than day-to-day volatility or fleeting Twitter feuds.
• Generational shifts in learning and investing are changing how knowledge, community, and capital form.
• The Exponential Age is as much about staying human as it is about staying ahead of curves—whether technological, macroeconomic, or cultural.