Show Notes
🏆 The Real Vision Trading League is now open! The best trade ideas on the platform compete for $80,000 in cash and $20,000 in Real Vision memberships. Register for free to secure your spot. 📈 Trading League: https://realvision.com/your-future?utm_medium=social&utm_source=youtube&utm_campaign=2026_uyf&utm_content=journey-man Why does growth keep slowing? Why does everything feel so expensive? Why do assets keep going up while wages feel flat? And why is AI arriving right now?
They sound like four different questions. Raoul Pal says they have one answer, and this film lays it out: four frameworks built over 21 years of Global Macro Investor (GMI), and the single code underneath them.
The full story is in my new book, The Everything Code (out 3 November): https://lnk.to/everythingcode
THE FOUR FRAMEWORKS
1. The Everything Code. Debt, demographics and liquidity working together to drive asset prices through debasement. Why growth slows, why debt has to be rolled over with ever more liquidity, and how GMI's calls have fared, the ones that worked and the ones that did not.
2. The Exponential Age. Every major technology going exponential at the same time, for the first time in history, each one feeding the others. Energy, compute and intelligence, and an honest look at how fast it is really moving.
3. The Economic Singularity. The point where the economic models of the last 250 years stop working, because the economy accelerates past what our instruments can measure. Raoul's view is around 2030.
4. The Universal Code. The framework underneath the other three. Everything is compute, and four laws (intelligence efficiency, compression, coherence and memetic selection) show up at every scale, from physics and biology to technology, culture and markets. Raoul is clear that this is his thesis: it is on firm ground, and it is not proven.
After the four chapters comes a short section on what to own, in three layers (the token producers, the application layer and the substrate). Then the film zooms all the way out in powers of ten, from quarks to the cosmic web, which looks strikingly like a brain's network of neurons.
CHAPTERS 0:00 Intro 1:36 Chapter 1: The Everything Code 10:45 Chapter 2: The Exponential Age 18:28 Chapter 3: The Economic Singularity 25:15 Chapter 4: The Universal Code 33:20 What to own 35:54 The zoom-out
ABOUT THE VOICE The narration in this film is synthetic. It is an AI clone of Raoul Pal's own voice, reading a script that Raoul approved. The pictures are animated graphics and illustrations made for this film. There is no filmed footage.
#OneCode #GlobalMacroInvestor #Macro Learn more about your ad choices. Visit podcastchoices.com/adchoices
More from Raoul Pal: The Journey Man
🏆 The Real Vision Trading is now open! The best trade ideas on the platform compete for $80,000 in cash! 📈 Register for FREE to secure your spot: https://realvision.com/your-future?utm_medium=social&utm_source=youtube&utm_campaign=2026_uyf&utm_content=journey-man
Raoul Pal unveils the GMI Dashboards on Real Vision, bringing his macro investing framework and market analysis tools directly to individual investors. He demonstrates how to track the business cycle, global liquidity, market trends, and risk using powerful AI-driven dashboards. From the free tools to the advanced Alpha and Pro features, Raoul shows how investors can identify opportunities, manage portfolios, and make more informed decisions using the same frameworks that guide his market outlook.
Raoul Pal kicks off the Festival of Trading by revealing his personal investing philosophy and why he shifted away from short-term trading toward long-term compounding. He explains how he uses macro trends, liquidity, technical indicators, and risk management to identify opportunities across Bitcoin, Ethereum, Solana, Sui, and technology stocks. Raoul also walks through his approach to position sizing, volatility, and finding attractive risk-reward setups while avoiding the pitfalls of overtrading.
Raoul welcomes back Emad Mostaque, Founder & CEO, Intelligent Internet, to explore how rapidly improving AI agents are crossing from impressive tools into genuinely useful, economically disruptive workers capable of transforming productivity, businesses, and entire industries. Raoul and Emad also discuss collapsing intelligence costs, robotics, labor displacement, energy and compute constraints, and what the acceleration of AI could mean for markets and the global economy.
Raoul welcomes back Ran Neuner, co-founder of OnChain Capital, to discuss why Ran believes crypto is entering its first real bull market, driven by genuine product-market fit, growing protocol revenues, tokenization, and an altcoin-led cycle. Ran argues the much bigger opportunity is the convergence of AI agents and blockchain, with potentially billions of agents using crypto rails for always-on transactions. Recorded September 23, 2026.