Hedgeye Risk Management

Go to HedgeyeAM.com for more info. With the midterms just weeks away, the battle for Congress is getting tighter—and the market implications are growing. On the latest Protect the Pile, R. Patrick Kent, Sam Rahman and Brooks Cutright welcome Hedgeye Chief Political Strategist JT Taylor to break down the races, voter trends and policy risks that could shape Washington after Election Day. Taylor walks through the most competitive House and Senate contests, the growing importance of independent voters, and why he watches prediction markets alongside traditional polling.   The conversation also tackles potential October surprises, Iran, energy prices, defense spending and what different election outcomes could mean for governing—and markets—in 2027. With control of Congress potentially coming down to a handful of races, this is a timely roadmap to what matters most over the final stretch.   JT Taylor is Hedgeye’s Chief Political Strategist and Sector Head of Macro Policy, with prior experience as a congressional chief of staff, senior aide to Jack Kemp, President and CEO of Empower America, and an executive at the U.S. Chamber of Commerce. 00:00 – Midterms, Markets & the Stakes for Congress 02:25 – Why the House Map Is Moving Toward Democrats 07:45 – The Key House Races to Watch 16:30 – Can Democrats Really Flip the Senate? 21:00 – Ohio, Kansas, Texas & the Senate Wild Cards 26:15 – Could Fetterman Become the Senate’s Swing Vote? 31:00 – Trump’s Approval Rating & the 2006 Midterm Parallel 34:10 – October Surprises: Iran, Markets & Energy Prices 38:45 – Why Independent Voters Could Decide the Election 54:20 – What the Midterms Could Mean for Defense Spending Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

00:00 – Meet George Noble: Four Decades in the Markets 03:50 – How Markets Changed: From Fundamentals to Financialization 07:30 – The Hidden Problem With Private Equity & Private Credit 14:20 – What Rising Cost of Capital Could Break Next 16:40 – Why Insurance Could Be the Next Big Risk 20:00 – Gold, Deficits & the Coming Liquidity Problem 24:00 – Are “Uncorrelated” Assets Really Diversified? 29:20 – Bitcoin, Speculation & the Gambling Mentality 33:00 – Why Markets Eventually Punish Bad Policy 41:00 – Lessons From Peter Lynch & the Return of Fundamental Investing What happens when decades of cheap money collide with a rising cost of capital? On the latest Protect the Pile, R. Patrick Kent, Sam Rahman and Brooks Cutright welcome veteran investor George Noble for a wide-ranging conversation on private equity, private credit, AI, interest rates and where financial stress may be hiding beneath the surface. Noble argues that years of artificially cheap capital have distorted markets—and that the consequences may only now be starting to emerge. Noble brings more than four decades of investing experience, including managing Fidelity’s first international fund and later billion-dollar hedge funds. He is also the author and publisher of The Noble Report From AI financing and insurance risk to gold, speculation and lessons learned from Peter Lynch, this episode challenges some of today’s most popular market assumptions. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

Visit HedgeyeAM.com for more info 00:00 – A Strange Market Near All-Time Highs 05:20 – Market Rotation, Narrowing Breadth & Investor Positioning 07:30 – Why Oil Is Driving Everything Right Now 13:50 – When High Energy Prices Become Demand Destruction 17:30 – Software vs. Semiconductors: The Momentum Battle 23:10 – Can Software and Semis Rally Together? 28:10 – The AI Safety Narrative & Push for Regulation 34:00 – Are AI Expectations Getting Ahead of Reality? 39:20 – Meta, Apple & the Search for AI’s Killer App 49:00 – Deficits, Data Centers & the Coming Fight for Capital The market may be sitting near all-time highs, but underneath the surface, things are getting a lot more complicated. On the latest Protect the Pile, R. Patrick Kent and Sam Rahman dig into deteriorating market breadth, $100+ oil, rising borrowing costs and the growing strain higher energy prices could put on consumers and economic growth. They also break down the shifting battle between software and semiconductors, asking which parts of the AI trade can keep working as momentum changes. Then the conversation turns to the next phase of AI: regulation, real-world applications, Apple and Meta’s consumer advantage, and whether today’s massive data-center buildout is creating tomorrow’s winners—or simply repeating some familiar mistakes from the dot-com era. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

Visit HedgeyeAM.com for more info 00:00 – Markets Return With Oil, Rates & Quad 2 in Focus 06:00 – The Weak Dollar Tug-of-War 12:30 – Midterms, Politics & the Coming Defense Spending Boom 15:00 – Iran, the Red Sea & the Growing Oil Supply Risk 23:00 – Why Modern Warfare Is Becoming More Expensive 28:30 – Can Policymakers Keep Markets Going Through the Midterms? 33:20 – Russia, Ukraine & a New Threat to Global Energy 38:00 – Could Higher Rates Break the AI Boom? 45:45 – The AI Price War: Who Actually Makes Money? 53:15 – AI Bubble or Next Internet? Finding the Real Winners What happens when rising oil prices, a weakening dollar, geopolitical escalation and an increasingly crowded AI boom all collide at once? In the latest Protect the Pile, R. Patrick Kent, Sam Rahman, Brooks Cutright and Neil Howe unpack a market being pulled in several directions at the same time. The panel debates whether tightening energy supplies and expanding global conflicts could reignite inflation and reshape the economic regime heading into the midterms. Then they turn to AI, where massive infrastructure spending, aggressive price competition and sky-high expectations are raising a harder question: even if AI changes everything, who actually makes the money? From OpenAI and Anthropic to Apple, Snowflake and Databricks, the group digs into where the real winners - and risks - may be hiding. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

On this episode of Protect the Pile, R. Patrick Kent, Sam Rahman, Brooks Cutright and their guest Jerry Jordan unpack a market increasingly driven by flows, leverage, momentum and corporate buybacks—and what that means for investors trying to separate underlying fundamentals from price action. They discuss the hidden weakness beneath top-heavy indices, record valuations and margins, and the danger of putting peak multiples on peak earnings. The group also debates the outlook for energy and commodities, inflation, Treasury intervention and a weaker U.S. dollar before diving into the economics of the AI boom: hyperscaler CapEx, Anthropic and OpenAI, model commoditization, and whether the enormous investment cycle can generate sustainable returns. Finally, Jerry lays out the contrarian theme he believes the market is still underpricing: hard assets. His central call is that continued dollar weakness and eventual policy support for the bond market could create an environment where gold outperforms the stock market over the next three to five years. Timecode Markers 00:00 – Introducing Jerry Jordan 05:17 – Why Market Flows Matter More Than Ever 10:01 – “Price Is 99 of 100 Factors” 13:24 – The Hidden Carnage Beneath a Top-Heavy Market 16:05 – When Cutting Equity Exposure Makes Sense 20:02 – The Danger of Peak Multiples on Peak Earnings 21:54 – The Bull Case for Energy & Commodities 25:49 – A Different Way to Think About Inflation 27:49 – Treasury Intervention, the Dollar & Hard Assets 29:44 – Could AI Economics Prick the Equity Bubble? 31:19 – The Bull Case for Anthropic & AI Profitability 35:02 – Is AI Becoming a Utility Business? 37:48 – Why AI Models Could Become Commodities 45:59 – What the Market Is Mispricing 47:03 – Why Gold Could Outperform Stocks 50:30 – What Breaks With a 7% 10-Year Yield? 51:30 – Private Equity, Insurance & Hidden Systemic Risk Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

On this episode of Protect the Pile, R. Patrick Kent, Sam Rahman, Brooks Cutright and David Salem reunite for a wide-ranging market roundtable built around David’s “five follies” framework. With U.S. markets near all-time highs and the domestic setup still broadly bullish, the group debates the risks investors may be underestimating beneath the surface. Topics include the Iran conflict, energy positioning, resource nationalism, global supply-chain fragility, dollar weakness, Fed credibility and the limits of trying to control inflation with blunt tools. The conversation then shifts to AI, where the team digs into open versus closed models, hyperscaler CapEx, cloud economics, compute capacity, security risks and whether today’s spending boom will earn returns above its rising cost of capital. It’s a thoughtful look at markets, geopolitics and technology through a risk-first lens 00:00 Welcome to Protect the Pile  01:17 Markets Near Highs & the Bullish U.S. Setup  02:58 David Salem’s “Five Follies” Framework  08:46 Energy Positioning & the Iran Conflict  11:06 Resource Wars, Hormuz & the Red Sea  17:24 Dollar Weakness, Allies & a Fragmenting World Order  24:26 The Fed, Inflation & the Limits of Control  29:07 Treasury Intervention, Japan & the Yen Carry Trade  36:59 Open vs. Closed AI Models  38:36 Hyperscaler CapEx, Cloud Economics & Compute Risk  51:55 Cybersecurity, Cost of Capital & AI Folly Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

Visit HedgeyeAM.com for more information 00:00 Welcome to Protect the Pile with Danielle DiMartino Booth 02:01 The Fed’s “Punched in the Mouth” Moment 04:34 Kevin Warsh, Fed Independence & the Next Market Test 06:12 Commercial Real Estate, Credit Risk & 2026–2027 Maturities 08:03 The Fed’s Ambiguous Mandate 10:21 Is the Fed Fighting the Wrong Inflation War? 14:29 Can Kevin Warsh Actually Change the Fed? 18:15 The New “Too Big to Fail” Problem 23:25 Fixing the Fed’s Broken Data Problem 31:35 Real-Time Inflation Data & the Fed’s Framework 40:18 AI, Accounting Games & the Integrity of Earnings 47:06 The Fed Chair Who Got It Right On this episode of Protect the Pile, R. Patrick Kent, Sam Rahman and Brooks Cutright break down a summer market that keeps defying the noise. With the S&P 500 up double digits, small caps suddenly outperforming and the Mag 7 barely positive on the year, the group debates whether the market’s leadership is truly broadening or just rotating through crowded trades. They dig into early earnings season signals from banks, healthcare, semiconductors and AI infrastructure, including the warning sign of stocks failing to rally on strong numbers. The conversation also tackles global dollar liquidity, Korea’s leverage unwind, Meta’s AI strategy, hyperscaler spending, model commoditization and whether AI’s real value will show up in applications rather than raw compute. It’s a timely check-in on what’s working, what’s crowded and what could crack next. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

***This webcast originally aired live on Hedgeye.com on July 22, 2026*** The age of frictionless globalization is over. Investors are now operating in a world where geopolitical conflict, national security policy, supply-chain control and technology leadership can move markets as much as earnings, rates or inflation.  For decades, investors benefited from a world shaped by globalization, open supply chains, low-friction trade and the steady expansion of market-cap weighted benchmarks.   That world is giving way to something more complex.  Geopolitical conflict, strategic competition, supply-chain vulnerability, technology leadership and national security policy are now direct inputs into the investment process.  Hedgeye Founder and CEO Keith McCullough will host a new Real Conversation with John O’Connor, Chairman and CEO of J.H. Whitney Investment Management.  The discussion will focus on how investors should think about geostrategic risk in today’s market environment. Keith and John will examine why yesterday’s benchmark construction may not fully account for today’s risks, how geopolitical exposure can show up inside major public companies and why critical technologies are becoming a central battleground for capital, policy and national security.  Visit Hedgeye.com for more great investing content. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

On this episode of Protect the Pile, R. Patrick Kent, Sam Rahman and Brooks Cutright break down a summer market that keeps defying the noise. With the S&P 500 up double digits, small caps suddenly outperforming and the Mag 7 barely positive on the year, the group debates whether the market’s leadership is truly broadening or just rotating through crowded trades.  They dig into early earnings season signals from banks, healthcare, semiconductors and AI infrastructure, including the warning sign of stocks failing to rally on strong numbers. The conversation also tackles global dollar liquidity, Korea’s leverage unwind, Meta’s AI strategy, hyperscaler spending, model commoditization and whether AI’s real value will show up in applications rather than raw compute. It’s a timely check-in on what’s working, what’s crowded and what could crack next.  00:00 Welcome to Protect the Pile  01:21 Summer Market Level Set: S&P, Mag 7 & Small Caps  03:33 Global Dollar Liquidity Warning Signs  05:26 Early Earnings Season: Banks, Healthcare & Semis  07:02 Big Banks Start Strong 07:29 Healthcare Utilization Risks  13:40 AI’s Potential Impact on Drug Development  17:34 Strong Earnings, Weak Reactions & the Semi Trade  25:13 Korea, Leverage & Margin Call Risk  31:59 Meta, Hyperscalers & the AI Compute Debate  49:42 Netflix, Streaming & Lessons for the AI Buildout  Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

On this episode of Protect the Pile, R. Patrick Kent, John McNamara and Brooks Cutright sit down with Dan Rasmussen, Founder and Managing Partner of Verdad Advisers, for a sharp, skeptical look at private markets, Japan, small caps and the AI boom. Rasmussen explains why private equity may be less of a magic asset class and more like “levered microcaps” with delayed marks, inflated valuations and growing liquidity risks. The group digs into private credit, zombie funds, roll-ups, venture capital, Japan’s corporate governance reforms and why cheap markets getting better can create opportunity. They also debate whether AI’s biggest winners may not be the mega-cap companies spending the most, but smaller businesses that can use the technology to improve margins. It’s a candid, practitioner-level conversation about risk hiding in plain sight. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Visit HedgeyeAM.com for more info 00:00 - Welcome to Protect the Pile 01:18 - Market Setup: S&P, Rates, Dollar and Credit Spreads 02:02 - Leyla Kunimoto’s Background and Accredited Investor Insights 04:38 - RPK’s Top 5 Market Notes 08:26 - Redemption Gates and “Semi-Liquid” Funds 12:01 - David Salem on the Yale Model vs. Democratized Alternatives 20:17 - The Problem With Retail Access to Private Equity 26:16 - Evergreen Funds, Secondaries and Liquidity Mismatch 32:24 - Valuation Markups and Day-One Gains 39:46 - Why IRR Can Mislead Investors 47:19 - How Private Market Stress Could Play Out 49:31 - Private Credit vs. Private Equity: Where Is the Bigger Risk This week on Protect the Pile, HAM Portfolio Managers R. Patrick Kent, David Salem and Sam Rahman dig into the growing risks and complexities inside private markets with special guest Leyla Kunimoto, founder and chief editor of Accredited Investor Insights. The discussion examines how private equity and private credit products have evolved from institutional, long-lockup vehicles into “semi-liquid” evergreen funds increasingly aimed at retail investors. The group breaks down redemption caps, liquidity mismatches, secondary transactions, valuation markups, IRR reporting, and why “democratized access” may come with tradeoffs investors do not fully see. They also debate whether private credit or private equity poses the bigger risk, how fund structures can obscure price discovery, and what happens when the music stops in a $15 trillion private markets ecosystem. About Leyla Kunimoto: Leyla Kunimoto is the founder and chief editor of Accredited Investor Insights, an independent newsletter focused on private markets from the limited partner perspective. With a background in finance and more than two decades of experience investing in public markets, she began researching private markets after expanding into real estate, private credit, and private equity in 2020. Frustrated by the lack of independent, investor-focused resources on alternative investments, Leyla launched Accredited Investor Insights in 2024 to examine the structures, valuations, mechanics, and fine print that often receive too little scrutiny. Her work covers private equity, private credit, and real estate, with a focus on how returns are calculated, reported, and understood by end investors. Accredited Investor Insights is read by major asset managers, ratings agencies, and financial publications. Leyla has been quoted in the Financial Times, The Wall Street Journal, Bloomberg, and other leading outlets. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

In this episode of Protect the Pile, the RPK, Sam & Brooks discuss the market’s hidden flow machine. Brooks breaks down the June quarterly rebalance, explaining how Marvell, Flextronics, SpaceX, and major index changes forced large-scale buying, selling, and completion-index redistribution beneath the surface. The panel connects those mechanics to small-cap outperformance, mega-cap pressure, sector distortion, and the danger of fading a flow-driven trade too early. They also frame the backdrop of dollar strength, Fed balance-sheet risk, easing oil prices, financials, private credit, semis, software, Accenture’s AI-driven selloff, and Micron earnings. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

In the latest episode of Protect the Pile, RPK and Sam break down a volatile market setup: strong U.S. growth data, tightening dollar liquidity, tech factor reversals, and continued strength in semiconductors despite a sharp pullback. Patrick and Sam debate whether current conditions remain Quad 2 or are drifting toward Quad 1 or Quad 3, with health care showing early relative strength. They also dig into the oil supply shock, China’s inventory drawdowns, fuel-shortage risks, Bitcoin’s weakening use case, and how stablecoins could reshape payments and challenge legacy financial rails. 00:00 — Welcome 00:57 — Market setup: tech pressure, semis strength, and global leaders 02:59 — Dollar liquidity, crypto weakness, and the “weak zebra” 04:21 — Strong U.S. data and the Quad 2 backdrop 08:10 — Tech whiplash, momentum unwinds, and breadth 12:13 — Sector rotation: health care, financials, and small caps 17:42 — Quad 1, Quad 2, and the risk of Quad 3 ahead 19:25 — Memory stocks, DRAM pricing, and AI demand 29:18 — Macro risks: dollar strength, Fed pressure, and oil 30:18 — The oil shock hiding in plain sight 35:29 — Inventory drawdowns, tanker flows, and refinery risks 39:07 — Could fuel shortages hit the U.S.? 43:35 — Bitcoin, stablecoins, and the future of payments 49:09 — Big Tech, peer-to-peer payments, and stablecoin networks 53:24 — Closing thoughts Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

In this episode of Protect the Pile, the team covers liquidity-driven market strength, record S&P levels, resilient global equities, and oil’s strange weakness despite tightening inventories. Patrick Kent, Sam Rahman, David Salem, and new HAM portfolio manager Brooks Cutright discuss index mechanics, free-float rules, profitability tests, and how massive IPOs could reshape passive buying. Sam shares takeaways from Bernstein’s conference, including AI data-center delays, power constraints, and semiconductor momentum. The panel also debates whether energy markets are mispricing crude shortages, potential demand destruction, and late-summer fuel risks. Brooks introduces his index-rebalance background and explains why index inclusion matters.  Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

We hosted a powerful "Real Conversation" between Hedgeye CEO Keith McCullough and Sam Goodwin — bestselling author, keynote speaker, and global traveler turned hostage survivor. In 2019, Sam's quest to visit every country on Earth took a violent detour. He was abducted by the Syrian regime, accused of being a CIA spy, and threatened with being handed to ISIS for beheading. He survived, wrote about it, and turned the experience into a framework for thriving in chaos. In Sam's own words from Saving Sam: "After a twenty-minute ride, a Syrian military compound lined with barbed wire and concrete fences appeared out of nowhere in a field. We pulled in… As I got out, it dawned on me that they had all been waiting just for me." (pg. 30) Perspective matters. Markets will always test your comfort level — that’s how resilience is built. The best investors, like the strongest people, don’t fight uncertainty; they embrace it, adapt, and come out stronger on the other side. That is the heartbeat of Hedgeye's process, and it is the foundation of Sam's signature program, "Winning Through Uncertainty." In this timely conversation, Keith and Sam draw a straight line from surviving captivity to surviving markets. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

In this episode of Protect the Pile, RPK and Sam discuss strong earnings, tech leadership, lower volatility, and a possible Quad 2-to-Quad 3 transition favoring healthcare over industrials. Nvidia’s results were strong, but AI bottlenecks are shifting toward CPUs, networking, and compute capacity. They debate hyperscaler spending, Anthropic/OpenAI demand, and AI monetization. Energy remains a key risk, with Strait of Hormuz disruptions, inventory draws, and stagflationary pressure. They close on momentum, liquidity, risk ranges, portfolio discipline, Nasdaq hedging, and future IPOs Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

***This webcast originally aired live on Hedgeye.com on May 14, 2026*** In a market environment defined by whiplash, uncertainty, and rapidly shifting narratives, clarity is more valuable than ever. Join us for a Real Conversation between Hedgeye CEO Keith McCullough and New York Times bestselling author Jim Rickards. From wild swings across equities, bonds, gold, currencies, and commodities to fresh questions about inflation, growth, policy, and geopolitics, Keith and Jim dig into the forces shaping today’s risk landscape. The conversation promises to dig into how investors can think clearly amid turbulence. Expect sharp perspective, big-picture context, and a candid look at what recent market and economic volatility may be signaling for the road ahead. Visit Hedgeye.com for more great investing content. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

In the latest Protect the Pile, Patrick Kent, Sam Rahman, David Salem, and John McNamara tackle a market that refuses to crack despite geopolitical shocks, oil disruptions, rising rates, and unresolved risks. The crew debates whether this is the most stressful investing environment in years, why liquidity and passive flows keep overpowering fundamentals, and how today’s market structure is reshaping every decision. They dig into the potential SpaceX IPO, the role of forced buyers, private-market valuation pressure, and what AI giants like OpenAI and Anthropic could mean for public markets. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

***This webcast originally aired live on Hedgeye.com on April 23, 2026*** This is an exclusive "Hedgeye Investing Summit" interview between Nancy Davis, Founder & CIO of Quadratic Capital, and Hedgeye CEO Keith McCullough. To watch more "Hedgeye Investing Summit" interviews, CLICK HERE. Visit Hedgeye.com for more great investing content. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

***This webcast originally aired live on Hedgeye.com on April 23, 2026*** This is an exclusive "Hedgeye Investing Summit" interview between Daniel Lacalle, Chief Economist at Tressis, and Hedgeye CEO Keith McCullough. To watch more "Hedgeye Investing Summit" interviews, CLICK HERE. Visit Hedgeye.com for more great investing content. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.