In the first part of his exploration into demographics, Raoul Pal speaks to CIO Fredrik Nerbrand about the structural threats that pensions face. A chief investment officer of a family office, Nerbrand shares his analysis on how a country's future growth pattern is inextricably linked with its demographic curve and how countries that can't replace their working-age population face dire risks as their aging populations stop working and start replacing stocks with bonds in their portfolio. Nerbrand and Pal explore how investors can prepare for these dangers, and they discuss how being aware of these risks actually offers an opportunity in and of itself. Stay tuned for Raoul's upcoming interviews on demographics. Filmed on September 9, 2020.