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Key Learnings from Raoul Pal’s April 2020 GMI Investor Letter
Raoul Pal, Founder & CEO of the Global Macro Investor (GMI) and Co-Founder & CEO of Real Vision recently took the unprecedented move of making his monthly GMI Investor Letter freely accessible to the public.
GMI, an investment research and advisory firm, counts some of the largest pension funds and hedge funds in the world as part of its clientele and charges annual subscription fees that are likely in the thousands or tens of thousands of dollars annually (a guess). In Raoul’s own words:
This piece was written on March 28th 2020 and published on March 30th 2020 exclusively to GMI clients. As I feel this is the most important piece I have ever written, given the circumstances I believe the right thing to do is make it available to a wider audience in its original form. Maybe I am wrong, but at this stage it is not about being right or wrong, it is about understanding the real risks ahead. I personally hope I am wrong because what lies ahead is very ugly.
