Raoul Pal: The Journey Man Equities Are Back, Baby...! ft. Andreas Steno
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Oct 9, 2025 Andreas Steno, a macro and business-cycle analyst and founder of Steno Research, joins the conversation to explore the evolving landscape of finance. They discuss the shift from central bank liquidity to private credit creation, highlighting its global implications. The duo also dives into how AI and demographics are driving the need for robotics and automation. They dissect the mainstream adoption of the debasement trade across gold and crypto, and forecast an investment cycle extending into 2026 with promising thematic equity opportunities.
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Watch Short Rates To Predict Foreign Demand
- Policymakers will aim for low short-term rates to attract foreign buyers into long-dated Treasuries.
- Andreas suggests watch three-month yield differentials as a key FX-hedging cost signal for foreigners buying U.S. debt.
Thematic Research Plus Liquidity Drives Returns
- Combine thematic research with liquidity cycles to find high-expected-return equity and option trades.
- Andreas says AI, solar, nuclear and high-performance computing offer 5ā10x opportunities when timed with liquidity shifts.
Back Solar+Battery+Gas For AI Power Needs
- Invest in reliable local energy solutions (solar + batteries + gas) to power AI data centers quickly.
- Raoul Pal advises prioritizing solar and gas over slow nuclear to meet urgent compute-driven energy demand.