Raoul Pal
Founder of GMI · Co-founder & CEO of Real Vision · @RaoulGMI
Raoul Pal is the founder of Global Macro Investor and the co-founder and CEO of Real Vision. He has written GMI since January 2005 for hedge funds, family offices, pension funds, sovereign wealth funds and private investors, looking for the few big secular themes in macro, technology and crypto and how they play out through the business cycle. His frameworks (The Everything Code, The Exponential Age, The Economic Singularity and The Universal Code) are the spine of that work, and The Everything Code is now a book from Harriman House.
He is also co-founder and CEO of Exponential Age Asset Management, which invests in digital assets through a fund of hedge funds. He has been in crypto since 2012 and wrote the first macro valuation piece on Bitcoin in 2013.
None of this looked likely at eighteen. Raoul got into one (sort of) university, Plymouth Poly, which his friends called "Plymouth Catering College", and graduated into the 1990 recession with more than a hundred rejection letters, many from firms he later worked for. At Goldman Sachs he co-managed the hedge fund sales business in Equities and Equity Derivatives in Europe, talking macro with, and trading for, the likes of Paul Tudor Jones, Stan Druckenmiller and Julian Robertson. He went on to co-manage the GLG Global Macro Fund in London and retired from managing client money at 36.
Since then he has lived in four countries and travelled to more than a hundred, dived with sharks from Papua New Guinea to South Africa and twice driven a 9,500km aid rally from Budapest to Bamako. He has firm views on Cava, Denia red prawns and Kind of Blue. But he would sacrifice all of this to be David Bowie... just for one day.
Home, some of the time, is the tiny island of Little Cayman, where he can be found talking to coconuts and where the iguanas outnumber the people. He reaches everyone else through his writing, nearly 1.5 million followers on X and interviews with more than 100 million views. Not a guru. Just figuring things out.