Global Stocks Rally, Missing U.S. Data, and XRP’s Big ETF Debut: PALvatar Market Recap, November 13 2025

Real Vision CEO and co-founder Raoul Pal joins Real Vision managing editor Ed Harrison for a nuanced discussion of how the economic recovery will evolve over the next few months. Raoul and Ed interpret today’s dismal retail sales figures, which indicate a contraction of total retail activity for the third straight month. With the new B117 COVID-19 variant on the move, Raoul expects economic activity to continue to decline, ebbing away at the dominant reflationary trades that are short U.S. Treasurys as well as the U.S. dollar. Ed asks Raoul his thoughts on the recent storming of the U.S. Capitol, the approaching inauguration of President Elect Joe Biden, and Biden’s new $1.9 Trillion stimulus plan. Lastly, Raoul and Ed wax philosophical about “the death of macro”: what would happen if the volatility of interest rates and currencies – the bread and butter of macro investing – were extremely low over the next decade? In the intro, editor Jack Farley provides context on bank earnings and the recent short squeeze of GameStop Corp ($GME). Learn more about your ad choices. Visit podcastchoices.com/adchoices

15 Tammi 202145min

Managing editor Ed Harrison welcomes Real Vision’s new president, Travis Kimmel, to the Daily Briefing. Travis shares his Real Vision journey from an entrepreneur to a self-taught investor and outlines his macro framework for thinking inflation, credit creation, and currency flows. Travis explains why he isn’t fully convinced by the reflation narrative and why he believes that fiscal aid is more likely papering over the cracks than truly providing economic stimulus. Travis shares his view of Bitcoin, which he calls “a curious beast” and “a tabula rasa for narratives.” Lastly, Travis tells Ed about his concerns about the stable coin Tether. In the intro, Real Vision’s Haley Draznin examines the markets reacting ahead of President-elect Biden’s stimulus speech this evening, and the implications of the jobless claims rising. Learn more about your ad choices. Visit podcastchoices.com/adchoices

15 Tammi 202143min

Real Vision managing editor Ed Harrison joins Max Wiethe to discuss why he thinks US treasury yields—and not the dollar—is the key to the success or failure of the reflation trade. Together Ed and Max discuss the recent action in the bond market, the knock-on effects this has had for other reflation assets like precious metals, commodities, and equities, and the three discrete outcomes that Ed believes could arise in 2021 depending on the direction and speed of bond market moves. In the intro, Nick Correa provides an overview of the latest Consumer Price Index data. Learn more about your ad choices. Visit podcastchoices.com/adchoices

13 Tammi 202122min

Crypto Wednesday: Mike Novogratz, CEO of Galaxy Digital Holdings, joins Real Vision ceo Raoul Pal to discuss investing in the crypto space, the risk curve, and accelerating crypto adoption. Novogratz breaks down how he allocates his own crypto portfolio and touches on some of the lessons he learned in the 2017 crypto bubble. He explains the impact that COVID-19 had on crypto and the digitization of everything. Novogratz describes the different products and funds available through Galaxy Digital Holdings.Key Learnings: The crypto investment space is growing quickly, and Novogratz shares some of the lessons learned from the previous crypto bubbles he has experienced. He explains the importance of staying rational, and touches on some of the key metrics he follows, such as, market cap and fully diluted market cap. Community and use or "pick up" of a project are core components he looks at when studying a new crypto investment. Recorded on December 10, 2020. Learn more about your ad choices. Visit podcastchoices.com/adchoices

13 Tammi 202156min

Peter Boockvar, CIO of Bleakley Advisory Group, joins Real Vision managing editor Ed Harrison to discuss how the full force of inflation that could emerge in 2021 could pose a significant risk to the Fed’s ability to execute. With Treasury yields rising, Boockvar anticipates the scrutiny of stocks with high price-to-earnings ratios to continue expanding, and once the distribution of the COVID-19 vaccine becomes more extensive in the coming months, he explains that the shift in spending toward services-oriented consumption could trigger a rise in nominal rates, but not necessarily in real rates. With the potential risk of inflation accelerating in the coming months and a yield curve that could steepen too quickly, he argues that these circumstances will restrict the Fed’s ability to act in the case of a market event. In the intro, Real Vision’s Haley Draznin examines the continued rise in treasury yields and the macro economic impact of all the debt that has been printed by the U.S. government. Learn more about your ad choices. Visit podcastchoices.com/adchoices

12 Tammi 202136min

Real Vision managing editor Ed Harrison is joined by editor Jack Farley to break down the interplay between interest rates and duration and why lower interest rates cause growth stocks to explode higher as well as what rising yields mean for risk assets and the dollar. Ed and Jack discuss Bitcoin, analyzing its volatility profile as well as its correlation to other cryptocurrencies and to traditional financial assets such as stocks and bonds. Since Bitcoin is in the hands of more institutional investors, who also own and trade traditional assets, Ed and Jack also explore whether the success of Raoul’s “wall of money” thesis means that Bitcoin will be more positively correlated to stocks and bonds going forward. Lastly, Ed shares several market dislocations that are on his horizon which are shaping his macro framework and trade ideas. In the intro, Real Vision’s Haley Draznin explains why market sentiment is dim on Monday, a modest reversal after last week’s strong start to 2021. Learn more about your ad choices. Visit podcastchoices.com/adchoices

11 Tammi 202132min

Recorded on 3 Sep, 2020. Central banks are powerful entities -- of this, there is no doubt. As of late, however, they have gone from powerful to almost omnipotent. Markets hang on their every word, and even minuscule changes in rhetoric, implied or explicit, have monumental impacts on how participants position themselves. Since March, the “Fed's got your back” mantra has rocketed markets to new all-time highs. Now, there are two questions to be had. First, what role will central banks play moving forward as they go above and beyond their mandates? Second, will their macro framework and economic toolkit be enough to lift growth and change the path of inflation? In an attempt to understand how this all plays out, we’ve invited Jeff Snider, head of global research at Alhambra Investment Partners, to sit down with Ed Harrison in this segment of Real Vision Live. Learn more about your ad choices. Visit podcastchoices.com/adchoices

11 Tammi 20211h 4min

Recorded on 18 Aug 2020. The unprecedented nature of everything going on today has made topics such as the viability of fiat currencies, USD reserve status, Bitcoin, monetary/fiscal policy, and precious metals the talk of the town. Everyone is now wondering what these things mean and how they will impact their lives moving forward. No doubt, questions abound. However, by using macroeconomics as a lens, one can begin to understand not just what these seemingly complicated things are, but how their interrelated nature can impact the world around us. Lyn Alden of Lyn Alden Investment Strategy recently did an Expert View where she laid out many of her positions on these concepts and how they fit into her strategy. For this segment of Real Vision Live, we’ve invited her back to sit down with Real Vision CEO, Raoul Pal, for a macro masterclass where they will dive into these different areas in an attempt to understand where we are, and more importantly, where we may end up. Learn more about your ad choices. Visit podcastchoices.com/adchoices

10 Tammi 20211h 2min