"Buy secular themes only after 70% drawdowns After learning from his Bitcoin experience, Raoul Pal developed a concrete rule for investing in exponential-technology themes: 'Anything down 70% or more that is not going bust, you should own — particularly if it's part of a secular theme.' He applied this by buying a diversified basket of robotics, AI, and blockchain ETFs after they had already fallen 70%, rather than at the peak when he was publicly excited about the narrative. The rule forces a separation between believing in a trend and timing an entry — you can be right about the direction of travel and still destroy returns by buying at the wrong point in the cycle. Source: Raoul Pal, Real Vision, Best and Worst Trades with Raoul Pal"