INSIGHTS: Raoul Pal's allocation advice fits in one sentence. Buy the Nasdaq. Buy Bitcoin. Stop overthinking it. His reasoning, repeated for years. Only two asset classes beat currency debasement. Technology stocks and crypto. Gold and real estate mostly just keep pace with it. On trading, his own words: "If you try to sell at the top and then buy back at the bottom, 99% of people can't do it." His racier swap: Layer 1s. Ethereum, Solana, others. His own bet is far more concentrated. He's said he can stomach a huge Sui position because his career and assets can absorb the risk. He tells most people to stick with BTC, ETH, and SOL. The data behind his case. Bitcoin is up about 4.2x from the 2022 low. The Nasdaq 100 is up about 2.9x. His liquidity numbers: Bitcoin tracks global liquidity at roughly 87% to 90% correlation. The Nasdaq at 95% to 97%. His current call: Bitcoin outperforms the Nasdaq as rates rise, because fiscal dominance forces new liquidity. Here's the part the one-liner skips. Bitcoin sits about 30% below its all-time high of $126,198. The Nasdaq is near record highs. Hedge funds hold their biggest net long since 2017. "Stop overthinking it" is easy advice when the trade is working. It's harder when one leg is at a record and the other is down a third.