In episode 171, we welcome back our guest from episode 46, Raoul Pal. Raoul and Meb start with a chat about one of Raoul’s tweets, “Buy Bonds. Buy Dollars. Wear Diamonds.” Raoul explains that he sees global growth slowing after the longest recovery in history, as well as a number of countries in or nearing recession. That presents an opportunity in US Treasuries and Eurodollars.

The pair continue the conversation and get into how Raoul looks at the world. Raoul walks through his current view including his take on business cycle and yield curve indicators.

Meb then asks Raoul to explain “The Doom Loop.” Raoul lays out the idea that corporate debt has increased at an alarming rate since 2009 relative to household and government debt. He discusses what he’s seeing now, and the risk this poses to the global economy and asset prices.

As the conversation winds down, Raoul gets into some thoughts on gold and crypto.

All this and more in episode 171, including the greatest macro trade Raoul has ever seen.