Raoul Pal The Journey Man

Adjust your investment timeline, as the peak of this bull market is now expected in late 2026 due to a delayed liquidity cycle. The primary strategy is to own assets that outperform currency debasement, with crypto being the highest conviction long-term holding. Bitcoin (BTC) is currently undervalued relative to macro indicators, presenting a buying opportunity before a massive wave of liquidity arrives in the next 6-9 months. Prepare for a potential "alt season" to begin in that same 6-9 month timeframe, as a strengthening economy is expected to fuel outperformance in assets like Ethereum (ETH). Consider overweighting crypto relative to assets like the Nasdaq, as its current underperformance is viewed as a temporary buying opportunity.