Raoul Pal
Raoul Pal is a British macro investor, financial commentator, and entrepreneur who is the founder of the research publication Global Macro Investor and a co-founder of the financial media company Real Vision. [1] [2]
Education
Pal studied at the University of Plymouth between 1987 and 1990, a three-year degree program.[4]
Career
Pal’s career spans an early institutional trading period from 1991 to 2004, followed by a series of research, media, and asset-management ventures launched from 2005 onward. He began working on institutional trading floors in 1991, including roles at Goldman Sachs and GLG Partners, before establishing his own research business in 2005. Based in the Cayman Islands, his later work has centered on frameworks including the Exponential Age, the Economic Singularity, and the Everything Code, as well as his view that cryptocurrency and blockchain networks could form part of the financial infrastructure of an economy increasingly shaped by artificial intelligence. He describes his activities as “one thesis, four houses”: research through Global Macro Investor, media through Real Vision, digital-asset investment through Exponential Age Asset Management, and governance through his board role at the Sui Foundation. [3] [4] [1]
Goldman Sachs and GLG Partners
At Goldman Sachs, Pal ran the firm's hedge fund sales business in equities and equity derivatives in Europe. He subsequently moved to GLG Partners, a large hedge fund group, where he co-managed the GLG Global Macro Fund in London.[2][1]
Global Macro Investor
In January 2005, Pal founded Global Macro Investor (GMI), which he describes as his flagship research publication and "the lab for all his deepest macro thinking."[1] GMI is a subscription research service directed at institutional readers, and Pal states that its purpose is to provide high-level research and investment strategies to institutional investors, sovereign wealth funds, and thought leaders, helping them navigate both opportunities and risks.[2]
Real Vision
Pal co-founded Real Vision in 2014, and he serves as co-founder and chief executive of the Real Vision Group. The company began as a video-first financial analysis service and, by Pal's description, grew into a global financial knowledge network incorporating AI tools, analysis, and a community that he says is represented in nearly every country.[1] [2]
Exponential Age Asset Management
Pal is co-founder and chief executive of Exponential Age Asset Management (EXPAAM), an investment firm focused on the digital-asset space. The firm's flagship product is the Exponential Age Digital Asset Fund, abbreviated EADAF, which operates as a fund of hedge funds; Pal states that it gives investors curated access to crypto hedge funds, guided by his macro frameworks and the research of his collaborator Julien Bittel.[2][1]
Sui Foundation
Since 2023, Pal has been a board member of the Sui Foundation, the organization behind the Sui layer-one blockchain.[1]
Frameworks and Publications
Much of Pal's later work centers on a set of conceptual frameworks he uses to interpret markets and technology. He describes several "lenses" — including the Exponential Age and the Economic Singularity — as self-contained ways of seeing that can be layered together to make the coming decade legible.[1]
The core of this thinking is a framework he calls the Everything Code, which places currency debasement at its heart. Pal argues that population, productivity, and debt together form the engine of the global economy and can be compressed into a single repeating pattern that recurs across markets, countries, and decades.[1] [4]
Related to this is his Economic Singularity framework, through which he makes a series of timing predictions. He has argued that gross domestic product as conventionally measured will be obsolete by 2030, and he has said that although he once thought the Economic Singularity was a story for around 2032, he now expects the economic system to have fundamentally changed by 2030.[4] His Exponential Age framing describes accelerating, double-exponential technological change, and invokes Reed's Law — the idea that a network's value can scale with the number of possible subgroups within it — as becoming operative once network nodes are themselves AI agents, ushering in what he terms an agentic economy.[4]
Pal delivers this research through several channels beyond his core publications. The Macro Investing Tool (MIT) is a weekly research service he runs with Julien Bittel that translates his framework into signals across liquidity, market cycles, and cross-asset positioning.[1] Separately, he co-founded The Exponentialist with the writer David Mattin, a project he described in August 2026 as three years old and hosted on Substack.[4]
Personal Life
Pal lives in the Cayman Islands, splitting his time between Grand Cayman and Little Cayman.[1][3] He describes himself as a prolific adventure traveler, listing among his experiences a car rally from Hungary to Mali crossing the Alps, the Rif, the Atlas, the Sahara, and the Sahel; crossings of the Arabian, Namib, and Sahara deserts by car; a crossing of the Sinai on foot; and diving among large schools of sharks as far afield as Papua New Guinea.[1] Places he associates with his travels include the Sinai Desert in Egypt, Marrakech in Morocco, the Langtang Pass in Nepal, diving in the Galápagos, and journeys through Mauritania and Western Sahara.[1]
