Impact Theory
Felix Prehn in conversation with Tom Bilyeu
A former investment banker's reading of capital flow, risk, and the decisions that precede a position.
Watch on YouTubeFounded by economist and former investment banker Felix Prehn. Taught by former Wall Street and City of London professionals.
Economist and former investment banker, trained in London and Hong Kong. Winston is his adopted golden retriever.

Media coverage does not constitute endorsement.
The founder
Economist and former investment banker, trained in London and Hong Kong. He founded Goat Academy, where former Wall Street and City of London professionals teach.
Felix Prehn has recorded long-form interviews with Jim Rogers and Tom Bilyeu, published in full on the Felix Podcast. Goat Academy has been named in coverage carried by Yahoo Finance and the Associated Press. Neither those outlets nor any guest endorses Goat Academy.
Winston is his adopted golden retriever. Felix Prehn is a vocal advocate for animal rescue.
Also by Felix Prehn

The Felix Podcast
Tune in to the Felix Podcast for a former investment banker’s perspective on the latest market moves.
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Guest appearances
Impact Theory
A former investment banker's reading of capital flow, risk, and the decisions that precede a position.
Watch on YouTubeKitco News
Dollar weakness, commodity positioning, and where institutional capital moved during the drawdown.
Watch on YouTubeThe Felix Podcast
Jim Rogers on commodities, currency cycles, and the conditions he watches before committing capital.
Watch on YouTubeEpisodes are published weekly on YouTube and every major podcast platform.
All episodesThe Wall Street Protocol is the structured curriculum behind the Academy — five disciplines applied before a position is entered.
Read the frameworkGoat Academy provides education only. Nothing on this site is financial, investment, or tax advice, and no outcome, return, or income is promised or implied. Trading and investing carry risk, including the loss of capital. Use the compound interest calculator to see what structured investment looks like over 30 years, or read about the veterans programme.
Frequently asked questions
Goat Academy is an online school for stock trading and investing. Felix Prehn, an economist and former investment banker, founded it. Former Wall Street and City of London professionals teach the curriculum.
No. The curriculum begins with first principles and assumes no prior background in finance.
Felix Prehn worked as an investment banker in London and Hong Kong before founding Goat Academy. He does not provide financial advice and does not discuss personal investment results.
Yes. Goat Academy is listed on Trustpilot. Reviews are publicly visible.
The Wall Street Protocol is Goat Academy’s structured trading curriculum. It covers five disciplines: technical structure, capital flow analysis, condition-aware positioning, risk and exit management, and execution. Read the framework in full.
Felix Prehn publishes weekly on YouTube at youtube.com/felixfriends. Free Saturday webinars are held weekly. The podcast is available on Apple Podcasts, Spotify, Amazon Music, Castbox, and Buzzsprout. Felix Prehn is on X at x.com/felixprehn.