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. 3d ago

    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

  2. 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

  3. Aug 5

    Lunch Break with Keith & Steve | Financial Media Has Japan Dead Wrong

    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 Hanke In a new (hopefully) regular segment, Keith and Steve discuss the topics that Wall Street and its media are missing - or getting dead wrong.

  4. Aug 1

    The Outsider's Edge: Why the Smart Money Is Trapped in a Box | Protect the Pile Episode 22 w/ Nick Nemeth

    Visit HedgeyeAM.com for more information 00:00 — Welcome to Protect the Pile 01:01 — Meet Nick Nemeth of Mispriced Assets 02:43 — 20 years in markets at 31: Nick's origin story 06:11 — The open letter to Secretary Bessent 11:43 — GFC flashback: no adults in the room 16:22 — "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 trade 39:36 — Bank shots: Vertiv, Quanta, and letting winners run 44:36 — 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.

    The Outsider's Edge: Why the Smart Money Is Trapped in a Box | Protect the Pile Episode 22 w/ Nick Nemeth

  5. Jul 24

    The Fed's Next Punch in the Mouth | Protect the Pile Episode 21 w/ Danielle DiMartino Booth

    Visit HedgeyeAM.com for more information 00:00 Welcome to Protect the Pile with Danielle DiMartino Booth 02:01 The Fed’s “Punched in the Mouth” Moment 04:34 Kevin Warsh, Fed Independence & the Next Market Test 06:12 Commercial Real Estate, Credit Risk & 2026–2027 Maturities 08:03 The Fed’s Ambiguous Mandate 10:21 Is the Fed Fighting the Wrong Inflation War? 14:29 Can Kevin Warsh Actually Change the Fed? 18:15 The New “Too Big to Fail” Problem 23:25 Fixing the Fed’s Broken Data Problem 31:35 Real-Time Inflation Data & the Fed’s Framework 40:18 AI, Accounting Games & the Integrity of Earnings 47:06 The Fed Chair Who Got It Right On this episode of Protect the Pile, R. Patrick Kent, Sam Rahman and Brooks Cutright break down a summer market that keeps defying the noise. With the S&P 500 up double digits, small caps suddenly outperforming and the Mag 7 barely positive on the year, the group debates whether the market’s leadership is truly broadening or just rotating through crowded trades. They dig into early earnings season signals from banks, healthcare, semiconductors and AI infrastructure, including the warning sign of stocks failing to rally on strong numbers. The conversation also tackles global dollar liquidity, Korea’s leverage unwind, Meta’s AI strategy, hyperscaler spending, model commoditization and whether AI’s real value will show up in applications rather than raw compute. It’s a timely check-in on what’s working, what’s crowded and what could crack next. 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 Fed's Next Punch in the Mouth | Protect the Pile Episode 21 w/ Danielle DiMartino Booth

  6. Jul 21

    Ep.141 Real Conversations | Rising Geostrategic Risk: The New Rules for Global Markets w/ John O’Connor

    ***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.

  7. Jul 18

    The AI Trade Faces Its First Real Test | Protect the Pile Episode 20

    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.

  8. Jul 11

    The Great Private Equity Hangover | Protect the Pile Episode 19 w/ Dan Rasmussen

    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.

    The Great Private Equity Hangover | Protect the Pile Episode 19 w/ Dan Rasmussen
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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
    599
  • Rating
    Explicit
  • Copyright
    © 2026 Hedgeye Risk Management
  • Show Website
    Hedgeye Podcasts

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