Hedgeye Podcasts

Hedgeye Risk Management
  • 4.3 (203)
  • Investing

Hedgeye is an investment research and financial media company founded in 2008. Our core principles are transparency, accountability and trust. Hedgeye’s Real Conversations series, hosted by CEO Keith McCullough, brings together the brightest minds in the business to cut through the noise and discuss the financial market moves that actually matter.LEGALThe opinions expressed in Hedgeye Real Conversations are those of the individual speaking and not of Hedgeye, and should not be construed as specific investment advice.Hedgeye® is a registered trademark. All Hedegye Real Conversations are the intellectual property of Hedgeye. All rights reserved. For more information, and to subscribe, go to www.hedgeye.com.

  1. 5d ago

    The Election Risks Markets Can’t Ignore | Protect the Pile Episode 28

    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.

    The Election Risks Markets Can’t Ignore | Protect the Pile Episode 28

  2. Sep 25

    The Cheap Money Era Is Over | Protect the Pile Episode 27

    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.

    The Cheap Money Era Is Over | Protect the Pile Episode 27

  3. Sep 19

    Software vs. Semis: The Next Battle in AI | Protect the Pile Episode 26

    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.

    Software vs. Semis: The Next Battle in AI | Protect the Pile Episode 26

  4. Sep 15

    Ep. 143 Real Conversations | The AI Bubble and the Market Risks Ahead w/ Mike Taylor

    **This episode originally aired live on Hedgeye.com on September 15, 2026*** Artificial Intelligence is the biggest story in markets. It’s also creating some of the biggest risks. Longtime Hedgeye Nation fan favorite and hedge fund manager Mike Taylor joins Hedgeye CEO Keith McCullough for a new Real Conversation. They’ll tackle the elephant in the room: the growing AI bubble and the various risks building beneath the surface. Expect a candid discussion on where the boom is most vulnerable, what investors may be underestimating and where the best risks and opportunities are taking shape. 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.

  5. Sep 4

    The AI Gold Rush Meets an Oil Shock | Protect the Pile Episode 25

    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.

    The AI Gold Rush Meets an Oil Shock | Protect the Pile Episode 25

  6. Aug 26

    Ep. 142 Real Conversations | The Math of America w/ Rick Rule

    **This episode originally aired live on Hedgeye.com on August, 26, 2026** Visit Hedgeye.com for more great investing content. Debt keeps climbing. The dollar keeps falling and losing purchasing power. Most portfolios still aren't built for what comes next. Join us for a new Real Conversation between Hedgeye CEO Keith McCullough and Rick Rule, CEO of Rule Investment Media, founder of Battle Bank and Sprott's largest individual shareholder. With the national debt eclipsing $40 trillion, 42% of income tax revenue now going toward interest and the Federal Reserve struggling to control the long end of the curve, Rick believes dollar debasement is no longer a forecast. It's the base case. Keith and Rick will break down the math of America and what it means for gold, silver, uranium, oil and mining equities that many investors still overlook. Expect decades of hard-won investing discipline distilled into plain terms: buy what's hated, wait for the setup and let patience do the work. Rick will share what he owns, where he's adding and why the biggest risk most investors face sits between their own two ears. 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.

  7. Aug 21

    Gold, Market Flows, AI & the Next Investing Regime | Protect the Pile Episode 24

    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.

    Gold, Market Flows, AI & the Next Investing Regime | Protect the Pile Episode 24

  8. Aug 8

    The Five Follies Investors Can’t Ignore | Protect the Pile Episode 23

    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 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.

    The Five Follies Investors Can’t Ignore | Protect the Pile Episode 23
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4.3
out of 5
203 Ratings

About

Hedgeye is an investment research and financial media company founded in 2008. Our core principles are transparency, accountability and trust. Hedgeye’s Real Conversations series, hosted by CEO Keith McCullough, brings together the brightest minds in the business to cut through the noise and discuss the financial market moves that actually matter.LEGALThe opinions expressed in Hedgeye Real Conversations are those of the individual speaking and not of Hedgeye, and should not be construed as specific investment advice.Hedgeye® is a registered trademark. All Hedegye Real Conversations are the intellectual property of Hedgeye. All rights reserved. For more information, and to subscribe, go to www.hedgeye.com.

Information

  • Creator
    Hedgeye Risk Management
  • Years Active
    2017 - 2026
  • Episodes
    605
  • Rating
    Explicit
  • Copyright
    © 2026 Hedgeye Risk Management
  • Show Website
    Hedgeye Podcasts

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