Hedgeye Podcasts

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 Markers00:00 – Introducing Jerry Jordan05:17 – Why Market Flows Matter More Than Ever10:01 – “Price Is 99 of 100 Factors”13:24 – The Hidden Carnage Beneath a Top-Heavy Market16:05 – When Cutting Equity Exposure Makes Sense20:02 – The Danger of Peak Multiples on Peak Earnings21:54 – The Bull Case for Energy & Commodities25:49 – A Different Way to Think About Inflation27:49 – Treasury Intervention, the Dollar & Hard Assets29:44 – Could AI Economics Prick the Equity Bubble?31:19 – The Bull Case for Anthropic & AI Profitability35:02 – Is AI Becoming a Utility Business?37:48 – Why AI Models Could Become Commodities45:59 – What the Market Is Mispricing47:03 – Why Gold Could Outperform Stocks50:30 – What Breaks With a 7% 10-Year Yield?51:30 – Private Equity, Insurance & Hidden Systemic RiskGet 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 lens00:00 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 FollyGet 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 Friday afternoon, after US equity markets closed, the United States government bought Japanese yen for the first time in twenty-eight years.And every explanation we've seen from the mainstream media looks like fish floundering. So Hedgeye CEO Keith McCullough called the money doctor. Professor Steve Hanke of Johns Hopkins has spent forty years watching governments try to outsmart currency markets, and he does not grade on a curve."Not only the analysts, but the financial press just have Japan completely wrong, and they've had it wrong for a long time." — Steve HankeIn a new (hopefully) regular segment, Keith and Steve discuss the topics that Wall Street and its media are missing - or getting dead wrong.

Visit HedgeyeAM.com for more information00:00 — Welcome to Protect the Pile01:01 — Meet Nick Nemeth of Mispriced Assets02:43 — 20 years in markets at 31: Nick's origin story06:11 — The open letter to Secretary Bessent11:43 — GFC flashback: no adults in the room16:22 — "Loans are bad the day you write them"20:41 — The AI CapEx problem: who actually builds the data centers?30:16 — Small caps and the experience-economy trade39:36 — Bank shots: Vertiv, Quanta, and letting winners run44:36 — The insurance time bomb: bigger than 2008? Twenty years in the markets at just 31, no college degree, and a Substack that climbed to 18,000 followers on the back of one open letter to the Treasury. This week on Protect the Pile, Patrick Kent flies solo with Nick Nemeth of Mispriced Assets — the self-taught generalist sounding the alarm on the leverage buried inside private credit and the life insurance industry. They dig into why he thinks the next crisis could dwarf 2008, why AI CapEx can't keep compounding at 20%, and how "functionally fake" wealth is propping up housing and credit. Along the way: hunting overlooked small caps, the experience-economy trade, and the bank-shot winners most investors missed. A no-nonsense conversation about where the real risk — and the real opportunity — is 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.

Visit HedgeyeAM.com for more information00:00 Welcome to Protect the Pile with Danielle DiMartino Booth02:01 The Fed’s “Punched in the Mouth” Moment04:34 Kevin Warsh, Fed Independence & the Next Market Test06:12 Commercial Real Estate, Credit Risk & 2026–2027 Maturities08:03 The Fed’s Ambiguous Mandate10:21 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” Problem23:25 Fixing the Fed’s Broken Data Problem31:35 Real-Time Inflation Data & the Fed’s Framework40:18 AI, Accounting Games & the Integrity of Earnings47:06 The Fed Chair Who Got It RightOn 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.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.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 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.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 David Salem sit down with Meb Faber, Co-Founder and CIO of Cambria Investment Management, for a wide-ranging conversation on America’s 250-year market story, the power of long-term equity ownership and the risks hiding beneath today’s bull market.Faber discusses his new book, Investing in America, and explains why the U.S. stock market has compounded through wars, depressions, crashes and political dysfunction — but also why valuation, governance and speculative excess still matter.The group covers AI, SpaceX, market-cap concentration, zero-day options, financial literacy, endowment investing and whether the next generation is being pulled toward capitalism or casino-style speculation. It’s a thoughtful, entertaining look at what history can teach investors trying to protect and grow their pile.About Meb Faber:Faber is a co-founder and the Chief Investment Officer of Cambria Investment Management. Faber is the manager of Cambria’s ETFs and separate accounts. Mr. Faber is the host of The Meb Faber Show podcast and has authored numerous white papers and leather-bound books. He is a frequent speaker and writer on investment strategies and has been featured in Barron’s, The New York Times, and The New Yorker. Mr. Faber graduated from the University of Virginia with a double major in Engineering Science and Biology.Faber's new book Investing in America: The Rise of a 250-Year Bull Market is available to order now.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 info00:00 - Welcome to Protect the Pile01:18 - Market Setup: S&P, Rates, Dollar and Credit Spreads02:02 - Leyla Kunimoto’s Background and Accredited Investor Insights04:38 - RPK’s Top 5 Market Notes08:26 - Redemption Gates and “Semi-Liquid” Funds12:01 - David Salem on the Yale Model vs. Democratized Alternatives20:17 - The Problem With Retail Access to Private Equity26:16 - Evergreen Funds, Secondaries and Liquidity Mismatch32:24 - Valuation Markups and Day-One Gains39:46 - Why IRR Can Mislead Investors47:19 - How Private Market Stress Could Play Out49:31 - Private Credit vs. Private Equity: Where Is the Bigger RiskThis 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.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.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.

"Rooster Reacts" returns after a long break with Ryan “Rooster” Ricci evaluating Kevin Warsh’s first meeting as the new Fed chair. Ricci frames Warsh as “the new sheriff in town” and focuses on whether he can restore Fed credibility after years of missed inflation targets. He reacts positively to Warsh’s emphasis on price stability, accountability, better data, and less reliance on stale Fed projections, while remaining skeptical of repeated “task force” language and bureaucratic delay. The key takeaway: Warsh is saying the right things about inflation, real-time data, and market signals, but Ricci will be watching whether his actions match the rhetoric. 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, Hedgeye Asset Management portfolio managers R. Patrick Kent, Sam Rahman, Brooks Cutright, and Neil Howe unpack whether today’s AI frenzy looks more like 1999, the railroad bubble, or something entirely new. The group debates market concentration, hyperscaler CapEx, AI commoditization, private-market excess, and how practitioners should navigate momentum without ignoring bubble risk. They also dive into SpaceX’s IPO, Starlink’s real business value, and the far-out promises embedded in the space economy.00:00 Welcome & episode setup01:00 Market backdrop: SpaceX IPO day, Iran deal chatter, and risk ranges02:16 Patrick’s macro notebook: quads, healthcare, rates, energy, and Mag 705:37 SpaceX IPO vibes and late-’90s market flashbacks10:47 Neil Howe on AI as a utility and historical bubble parallels15:03 Is this 1999? Valuations, IPO mania, and private-market excess23:04 Why today’s AI bubble is different: incumbents, backlash, and politics28:02 AI, railroads, monopolies, and the race to build the “God model”34:16 How practitioners manage AI exposure, momentum, and exit signals37:36 AI bottlenecks: networking, foundries, hyperscalers, and picks-and-shovels47:06 IP risk, web content, real-world AI models, and the bullish compute case52:08 SpaceX IPO deep dive: Starlink, lunar mass drivers, space data centers, and lockups01:01:05 Final thoughtsGet 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 June 9, 2026***Markets may look chaotic. But are they truly random?In this special Real Conversation, Hedgeye Founder and CEO Keith McCullough sits down with Richard Brennan, author of The Fractals of Finance: Determinism, Adaptation and the Geometry of Markets, for a fascinating discussion on the deeper structure driving financial markets.Brennan’s work challenges the conventional view that markets are clean, efficient machines. Instead, he argues they behave more like complex adaptive systems, shaped by feedback loops, human behavior, volatility clustering, regime change and recurring fractal patterns.That makes this a must-watch conversation for investors trying to understand what really drives trends, crashes, inflections and outlier moves.Keith has long been fascinated by fractals and the non-linear nature of markets. In this conversation, he and Brennan will explore why price action often rhymes across timeframes, why extreme events happen far more often than traditional models suggest and why the market’s apparent noise may reveal a deeper geometry.They’ll also discuss what fractals can teach investors about risk, trend formation, adaptability and the discipline required to navigate markets that are constantly changing.If you want to better understand how markets move, why patterns repeat and what investors can learn from the hidden architecture of price, this is a conversation you won’t want to miss.Visit Hedgeye.com for more great investing content.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 — Welcome00:57 — Market setup: tech pressure, semis strength, and global leaders02:59 — Dollar liquidity, crypto weakness, and the “weak zebra”04:21 — Strong U.S. data and the Quad 2 backdrop08:10 — Tech whiplash, momentum unwinds, and breadth12:13 — Sector rotation: health care, financials, and small caps17:42 — Quad 1, Quad 2, and the risk of Quad 3 ahead19:25 — Memory stocks, DRAM pricing, and AI demand29:18 — Macro risks: dollar strength, Fed pressure, and oil30:18 — The oil shock hiding in plain sight35:29 — Inventory drawdowns, tanker flows, and refinery risks39:07 — Could fuel shortages hit the U.S.?43:35 — Bitcoin, stablecoins, and the future of payments49:09 — Big Tech, peer-to-peer payments, and stablecoin networks53:24 — Closing thoughtsGet 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. 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.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, 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 IPOsGet 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.

Brian "Ponch" Rivera's 28-year U.S. Navy career as a F-14 Top Gun aviator is one marked by exceptional leadership and operational expertise. But it wasn't without tremendous sacrifice. He opens in the cockpit on a 2001 training mission over the Bay of Bengal, with the roommate he swapped seats with, who never came back. Through his emotional retelling, Rivera explains how, in a complex adaptive system, you can make all the right decisions, have all the right hedges on, and still end up with a catastrophic outcome.Since 9/11, just over 7,000 American service members have died in combat. In that same period, 140,000 veterans have died by suicide — the VA puts the rate at 17 a day; independent research puts it as high as 44 once overdoses are counted honestly. The system's answer is SSRIs, benzos, sleep aids, and painkillers. They're treating symptoms, not the system.Rivera traces the path from the "Just Say No" era of the 1970s War on Drugs to his story of ibogaine treatment in Tijuana alongside his friend Mark "Slider" Keller, who'd spent seven years on a couch after a moral injury in combat and was injecting cocaine by the time they boarded the plane.A Stanford study of 30 special operators showed PTSD symptoms down 88%, depression down 87%, and anxiety down 81% one month after a single ibogaine treatment.The medicine — still DEA Schedule I, "no accepted medical use" — interrupts opioid, meth, cocaine, and alcohol addiction within 24 to 36 hours and rebuilds severed neural connections. Rivera's work with Veterans Exploring Treatment Solutions helped push it from the underbelly of Tijuana to the White House in five years, culminating in President Trump's April 2026 executive order opening federal funding for ibogaine research.Weaving together predictive processing, controlled hallucination, fractal attractor dynamics, and Neil Howe's Fourth Turning, Rivera makes the case that the trauma isn't the event — it's the response.Visit Hedgeye.com for more great investing content.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 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.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 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.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 Mike Taylor, Hedge Fund Veteran, Portfolio Manager of PINK Shares for the Cure, and Hedgeye CEO Keith McCullough.To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.Visit Hedgeye.com for more great investing content.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.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 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.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 22, 2026***This is an exclusive "Hedgeye Investing Summit" interview between Josh Crumb, Founder & CEO of Abaxx Technologies, Jeff Currie, Director at Abaxx Technologies & Fmr. Global Head of Commodities, Goldman Sachs, and Hedgeye CEO Keith McCullough.To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.Visit Hedgeye.com for more great investing content.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.

Hedgeye NexGen is for new and young investors. Hedgeye Macro analyst Ryan Ricci breaks down finance to its simplest form to help you build wealth over the long term.In this episode, Ryan discusses the growing wealth inequality in the U.S., or the "K-Shaped Economy," a term coined by Hedgeye in 2021.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 22, 2026***This is an exclusive "Hedgeye Investing Summit" interview between Jim Bianco, Founder & President of Bianco Research, and Hedgeye CEO Keith McCullough.To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.Visit Hedgeye.com for more great investing content.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 22, 2026***This is an exclusive "Hedgeye Investing Summit" interview between Steve Hanke, Prof. of Applied Economics at John Hopkins University, and Hedgeye CEO Keith McCullough.To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.Visit Hedgeye.com for more great investing content.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 21, 2026***This is an exclusive "Hedgeye Investing Summit" interview between Chris Whalen, Chairman of Whalen Global Advisors, and Hedgeye CEO Keith McCullough.To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.Visit Hedgeye.com for more great investing content.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 21, 2026***This is an exclusive "Hedgeye Investing Summit" interview between Hedgeye Asset Management Portfolio Managers R. Patrick Kent (HEFT & HELS), Sam Rahman (HGRO) and David Salem (HECA) and Hedgeye CEO Keith McCullough.To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.Visit Hedgeye.com for more great investing content.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 21, 2026***This is an exclusive "Hedgeye Investing Summit" interview between David Rosenberg, Founder & President of Rosenberg Research & Associates, and Hedgeye CEO Keith McCullough.To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.Visit Hedgeye.com for more great investing content.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 week on Protect the Pile, the team unpacks a market that appears calm on the surface but is highly volatile underneath. While the S&P 500 sits roughly flat on the year, geopolitical shocks—particularly the Iran conflict—have driven sharp moves in oil and injected a strong short-term inflation impulse. At the same time, those pressures are colliding with longer-term disinflationary trends like cooling housing data and slowing wage growth, creating a complex and uncertain macro backdrop. The discussion then turns to growing risks in credit markets, where the rise of private credit and direct lending has introduced potential fragility. Deteriorating underwriting standards, liquidity constraints, and rising redemption pressures are raising concerns about hidden losses, with banks indirectly exposed and vulnerable to volatility driven by uncertainty rather than realized credit events. Software equities are a key pressure point, as rapid advances in AI—especially from players like Anthropic—are disrupting the industry’s economics. With the marginal cost of code collapsing, traditional business models are being challenged, raising the possibility of decentralized software development, compressed valuations, and long-term structural disruption across the sector.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.

Hedgeye NexGen is for new and young investors. Hedgeye Macro analyst Ryan Ricci breaks down finance to its simplest form to help you build wealth over the long term.In this episode, Ryan sits down with Hedgeye analyst Bennett to give tips on the best way to plan for long-term financial success as a young investor.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 week on Protect the Pile, the team breaks down a market being hit from every angle: war risk in the Middle East, oil above $110, rising volatility, and a sharp shift from bullish setups to a far more defensive tape. They explore why investors need to hold narratives loosely, how gold, commodities, and the dollar are behaving, and why AI, private credit, and liquidity stress could all collide if conditions worsen. The message is clear: in a chop bucket, preserving capital matters most. Expect a tactical, no-nonsense conversation on risk, regime change, and what could come next for portfolios.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.

Hedgeye NexGen is for new and young investors. Hedgeye Macro analyst Ryan Ricci breaks down finance to its simplest form to help you build wealth over the long term.In this episode, Ryan dives back into how inflation is calculated, why oil and energy are such a large component of it, and how the conflict in Iran is going to affect inflation in 2026.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, RPK, Sam, David & Neil Howe explain why the escalating U.S.-Israel-Iran conflict and closure of the Strait of Hormuz could mark a major turning point for markets. They examine the oil shock, rising stagflation risk, and broader policy fallout, arguing that investors need to get more defensive as geopolitical risk collides with elevated asset prices.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 March 5, 2026***Hedgeye Founder and CEO Keith McCullough sits down with Primal Intelligence author Angus Fletcher for a Real Conversation that goes straight to the source of performance: how the human mind actually works under uncertainty.Keith has mentioned Primal Intelligence multiple times on The Macro Show and in The Early Look because the book challenges something most investors take for granted — that better logic automatically leads to better outcomes. Fletcher argues that human intelligence is not primarily built on cold calculation. It is built on narrative, imagination, adaptive thinking, and the ability to simulate possibilities before they happen. In other words, the very capabilities required to navigate volatile markets.Markets are complex adaptive systems driven by human behavior and shifting expectations. You cannot spreadsheet your way through every inflection point. Success requires pattern recognition, dynamic risk management, probabilistic thinking, and the discipline to update without ego. Fletcher’s work explains why some investors thrive under pressure while others freeze.In this conversation, Keith and Angus will explore how story-based cognition shapes decision-making, why imagination is essential for forecasting, and how investors can strengthen their ability to adapt during drawdowns and regime shifts. At a time when algorithms and AI dominate headlines, this discussion focuses on the distinctly human edge — the mental frameworks that drive conviction, resilience, and long-term performance.Visit Hedgeye.com for more great investing content.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.

Hedgeye NexGen is for new and young investors. Hedgeye Macro analyst Ryan Ricci breaks down finance to its simplest form to help you build wealth over the long term.In this episode, Ryan helps his producer, Eric, open his first brokerage account and discusses some of the do's and dont's of trading ETFs. This episode is a great starting point for people just getting into trading!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.

Markets are pushing new highs, but RPK, Sam and John argue the tape still feels “choppy”—with volatility staying sticky and credit showing early warning signs.  They then unpack the AI buildout: why software’s upside may get pressured as AI agents reshape pricing, and why the real bottleneck could be “stuff” like data centers, chips, and especially power.  Guest Jay Van Sciver lays out what this could mean for industrials and the grid, then they hit transports/tariffs, detour into Tesla/SpaceX structure risk, and close with Q&A on managing earnings grenades through sizing and risk discipline.  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.

Go to Hedgeye.com and HedgeyeAM.com for more.Join us for an exclusive discussion with Sam Rahman, Portfolio Manager at Hedgeye Asset Management, as we dig into the accelerating platform shift from the application layer to the agent layer and what it means for software valuations, competitive positioning, and the broader investment landscape. We will walk through key elements of our agent layer thesis — including the three-tier margin cascade that is structurally repricing enterprise software, why the February Cowork selloff is a preview of what's ahead, and how the "content flood" dynamic reshapes the winner/loser map across consumer platforms and media. We will also spend time on Meta's unique positioning — dominant in advertising AI but facing a real bifurcation between business-side strength and consumer-side agent risk — and discuss how to think about software stack winners and losers as the market moves from "agents are theoretical" to "agents are displacing real workflows."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.

Hedgeye NexGen is for new and young investors. Hedgeye Macro analyst Ryan Ricci breaks down finance to its simplest form to help you build wealth over the long term.In this episode: CHICKEN WARS! Ryan is joined by Hedgeye Restaurants analyst Bennett Cheer to discuss the state of the casual dining sector, how the American consumer is faring, and to taste test a LOT of chicken sandwiches.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.

Hedgeye Macro analyst Ryan Ricci breaks down finance to its simplest form to help you build wealth over the long term. In this episode, Ryan does a deep dive on the fundamentals of volatility and how they can create bubbles in assets like we've seen recently in Bitcoin and Gold.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, RPK, Sam and David welcome Neil Howe, author of "The Fourth Turning" to discuss the state of markets, currencies, and geopolitics in the context of his groundbreaking theory. They then dive into the Bitcoin and cryptocurrency crash.Protect the Pile is a no-nonsense investment show where we cut through the market noise with a panel of seasoned practitioners who've been playing the game every single day for years—not theorists, but real money managers with skin in the game. Every episode, we bring together battle-tested investors to dissect the current landscape, debate the opportunities and risks, and help you navigate the markets with the Hedgeye framework. It's not Old Wall media, it is real-world experience, focused on one goal: protecting and growing your pile. 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.

https://app.hedgeye.com/su/join-the-macro-showGet more information about our investing products on Hedgye.com https://accounts.hedgeye.com/productsThe Macro Show provides actionable global macro analysis, contrarian insights, data-driven investment ideas, and a proven macro process before the market opens. Hosted by Hedgeye CEO Keith McCullough.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 February 3rd, 2026***Hedgeye Founder and CEO Keith McCullough sits down 1-on-1 with Jan van Eck, CEO of global asset manager VanEck, for a new Real Conversation focused on macro regime shifts, market risks, and the long-term forces reshaping global finance.Van Eck explains why VanEck’s investment framework begins with global macro drivers — including geopolitics, monetary policy, inflation risk, and technological change — rather than short-term narratives or stock-specific views. Drawing on historical precedent, he discusses how markets often misprice regime change and underestimate the magnitude and duration of policy-driven outcomes.Visit Hedgeye.com for more great investing content.Subscribe to other Hedgeye Products Here:The Call @ HedgeyeThe Macro ShowSignal Strength StocksGet 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, RPK and Sam welcome Hedgeye Financials analysts Josh Steiner and Drago Malesevic to discuss the payments space and the bombshell proposal from the Trump administration to cap credit card APR rates to 10%. Protect the Pile is a no-nonsense investment show where we cut through the market noise with a panel of seasoned practitioners who've been playing the game every single day for years—not theorists, but real money managers with skin in the game. Every episode, we bring together battle-tested investors to dissect the current landscape, debate the opportunities and risks, and help you navigate the markets with the Hedgeye framework. It's not Old Wall media, it is real-world experience, focused on one goal: protecting and growing your pile. 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.

CIO Corner, hosted by Hedgeye Asset Management Portfolio Manager David Salem, returns for 2026 with the third installment in a series of discussions on investing in Japan. David welcomes back Andrew McDermott to continue the discussion.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.

Andrew Freedman, Communications and Software Sector Head at Hedgeye, hosted a fireside chat with Sam Rahman, Portfolio Manager at Hedgeye Asset Management. The discussion centered on the rapidly evolving AI landscape and its profound implications for technology platform positioning, competitive moats, and digital commerce infrastructure. This conversation represents the first in what is intended to be an ongoing series of strategic dialogues between research and portfolio management perspectives.Visit Hedgeye.com for more great investing insights.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.

Hedgeye Macro analyst Ryan Ricci breaks down finance to its simplest form to help you build wealth over the long term. In this episode, Ryan creates a "Wall of Shame" tier list of some of the worst ETFs on the market that he says are ripping traders off.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 January 22nd, 2026***Our friend Mike Taylor has an uncanny knack for identifying winning opportunities and getting things right well ahead of the crowd. He’s built a reputation for being early, decisive, and right when it matters.A familiar face and fan favorite on HedgeyeTV, the hedge fund veteran sits down with Founder and CEO Keith McCullough for a no-holds-barred, 1-on-1 discussion on what’s next for markets.Expect a candid, unscripted conversation focused on:Major market inflection points aheadKey risks and opportunities investors are missingHow to position portfolios ahead of the next big movesVisit Hedgeye.com for more great investing content.Subscribe to other Hedgeye Products Here:The Call @ HedgeyeThe Macro ShowSignal Strength StocksGet 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.