What Andreas Steno Larsen is saying
Founder & CEO, Steno Research
5 dated public stances tracked since 2025-02-12, most recently 2026-08-27. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Andreas Steno Larsen's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Andreas Steno Larsen is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances.
2026-08-27
USD
short
Raoul Pal · video
Bessant's Treasury strategy requires dollar weakness to incentivize foreign central banks to recycle their appreciating currencies into US Treasuries, and his swap arrangements with Japan, Korea, and Abu Dhabi are explicitly designed to engineer this dollar…
“I've been banging the drum on this short dollar trade since mid July. It's starting to work.”
Scott Bessent's Treasury Move Could Change Everything w/ Andreas Steno | Raoul Pal The Journey Man
2026-08-27
BITCOIN
bullish
Raoul Pal · video
Bitcoin is a short-dollar expression with further upside as Bessant's Treasury buyback and SLR reform orchestrate dollar weakness and rotate liquidity back into risk assets, and it has already responded strongly to the buyback announcement
“Bitcoin has done tremendously well since this announcement...I still think there's more juice in that trade”
Scott Bessent's Treasury Move Could Change Everything w/ Andreas Steno | Raoul Pal The Journey Man
2026-08-27
GOLD
bullish
Raoul Pal · video
Gold is a short-dollar beneficiary with further room to run as the Bessant liquidity-extension strategy continues to drive dollar weakness through the back half of the year
“we've also seen spillovers to gold and Bitcoin and other such short dollar bets and I still think there's more juice in that trade”
Scott Bessent's Treasury Move Could Change Everything w/ Andreas Steno | Raoul Pal The Journey Man
2025-02-12
USTS
bullish
Forward Guidance · video
The Truflation real-time inflation measure has reverted to September-October 2024 levels when the 10-year traded sub-4%, signaling CPI prints will surprise to the downside and allow the Fed to maintain easing bias
“I have a very very high conviction in bond yields coming down now — the Truflation measure is basically on the floor”
90d +2.5% · 180d +5.4% · 1y +9.0%
The Credit Cycle Is Just Getting Started | Andreas Steno Larsen
2025-02-12
European Equities
bullish
Forward Guidance · video
Europe has been the best-performing equity market globally since early 2025 because reciprocal tariff framework is a net positive for Euro Zone (average tariff lower than US per World Bank), reversing a decade-long Widowmaker trade
“I'm pretty upbeat on Europe right now — the reciprocal tariffs concept is potentially a sweet spot for the Euro Zone”
90d +8.0% · 180d +13.5% · 1y +32.0%
The Credit Cycle Is Just Getting Started | Andreas Steno Larsen
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