Raoul Pal - Buy Bonds. Buy Dollars. Wear Diamonds. | #171

The Meb Faber Show - Better Investing

The Idea Farm

Investing, Management, Business

4.8 • 978 Ratings

🗓️ 21 August 2019

⏱️ 69 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Mebb Fabor Show, where the focus is on helping you grow and preserve your wealth.
0:12.7	Join us as we discuss the craft of investing
0:15.6	and uncover new and profitable ideas,
0:18.4	all to help you grow wealthier and wiser.
0:20.8	Better investing starts here.
0:23.0	Mepp Faber is the co-founder and chief investment officer at Cambria Investment Management.
0:31.0	Due to industry regulations, he will not discuss any of Cambria's funds on this
0:35.5	podcast.
0:36.8	All opinions expressed by podcast participants are solely their own opinions and do not
0:41.0	reflect the opinion of Cambria Investment Management or its
0:43.6	affiliates. For more information visit cambria Investments.com.
0:48.6	Hey podcast listeners we got another great show for you today. We invited our guest back
0:56.1	He was with us on episode 46 with all the macro gyrations going on when I talked to him and get his take on what's happening what to do
1:05.2	former PM of GLG Goldman Sachs before he retired from the headache of other people's money
1:11.2	managing it he now writes Global Macro Investor and CEO
1:14.6	co-founder of Real Vision.
1:15.9	Welcome back to the show, Ralph Powell.
1:18.1	Thanks, ma'am, pleased to be here.
1:19.7	How's the world look from you on the shores of the Caymans?
1:22.1	Is it full on summertime there? How's how things down that part of the world? Is it a full-on summer time there? How's how things down that part of the world?
1:25.2	It's hot and hell, gets a bit steamy. We get a bit of rain, but don't forget, we've got a turquoise crystal
1:30.8	clear sea in front of us, so I can't really complain. You know, last time I was down there... work was a
	...

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