Podcast
Hedgeye Podcasts
Hosted by Hedgeye Risk Management · EN
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.
53episodes
Episodes
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The Outsider's Edge: Why the Smart Money Is Trapped in a Box | Protect the Pile Episode 22 w/ Nick Nemeth
5d ago00:58:13Tap to summarizeVisit 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. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.
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The Fed's Next Punch in the Mouth | Protect the Pile Episode 21 w/ Danielle DiMartino Booth
2w ago00:56:03Tap to summarizeVisit 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.Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.
Transcribe →Ep.141 Real Conversations | Rising Geostrategic Risk: The New Rules for Global Markets w/ John O’Connor
2w ago01:03:22Tap to summarize***This webcast originally aired live on Hedgeye.com on July 22, 2026***The age of frictionless globalization is over. Investors are now operating in a world where geopolitical conflict, national security policy, supply-chain control and technology leadership can move markets as much as earnings, rates or inflation. For decades, investors benefited from a world shaped by globalization, open supply chains, low-friction trade and the steady expansion of market-cap weighted benchmarks. That world is giving way to something more complex. Geopolitical conflict, strategic competition, supply-chain vulnerability, technology leadership and national security policy are now direct inputs into the investment process. Hedgeye Founder and CEO Keith McCullough will host a new Real Conversation with John O’Connor, Chairman and CEO of J.H. Whitney Investment Management. The discussion will focus on how investors should think about geostrategic risk in today’s market environment. Keith and John will examine why yesterday’s benchmark construction may not fully account for today’s risks, how geopolitical exposure can show up inside major public companies and why critical technologies are becoming a central battleground for capital, policy and national security. Visit Hedgeye.com for more great investing content.Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.
Transcribe →The AI Trade Faces Its First Real Test | Protect the Pile Episode 20
3w ago01:02:00Tap to summarizeOn this episode of Protect the Pile, R. Patrick Kent, Sam Rahman and Brooks Cutright break down a summer market that keeps defying the noise. With the S&P 500 up double digits, small caps suddenly outperforming and the Mag 7 barely positive on the year, the group debates whether the market’s leadership is truly broadening or just rotating through crowded trades. They dig into early earnings season signals from banks, healthcare, semiconductors and AI infrastructure, including the warning sign of stocks failing to rally on strong numbers. The conversation also tackles global dollar liquidity, Korea’s leverage unwind, Meta’s AI strategy, hyperscaler spending, model commoditization and whether AI’s real value will show up in applications rather than raw compute. It’s a timely check-in on what’s working, what’s crowded and what could crack next. 00:00 Welcome to Protect the Pile 01:21 Summer Market Level Set: S&P, Mag 7 & Small Caps 03:33 Global Dollar Liquidity Warning Signs 05:26 Early Earnings Season: Banks, Healthcare & Semis 07:02 Big Banks Start Strong 07:29 Healthcare Utilization Risks 13:40 AI’s Potential Impact on Drug Development 17:34 Strong Earnings, Weak Reactions & the Semi Trade 25:13 Korea, Leverage & Margin Call Risk 31:59 Meta, Hyperscalers & the AI Compute Debate 49:42 Netflix, Streaming & Lessons for the AI Buildout Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.
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The Great Private Equity Hangover | Protect the Pile Episode 19 w/ Dan Rasmussen
4w ago00:50:57Tap to summarizeOn this episode of Protect the Pile, R. Patrick Kent, John McNamara and Brooks Cutright sit down with Dan Rasmussen, Founder and Managing Partner of Verdad Advisers, for a sharp, skeptical look at private markets, Japan, small caps and the AI boom. Rasmussen explains why private equity may be less of a magic asset class and more like “levered microcaps” with delayed marks, inflated valuations and growing liquidity risks. The group digs into private credit, zombie funds, roll-ups, venture capital, Japan’s corporate governance reforms and why cheap markets getting better can create opportunity. They also debate whether AI’s biggest winners may not be the mega-cap companies spending the most, but smaller businesses that can use the technology to improve margins. It’s a candid, practitioner-level conversation about risk hiding in plain sight.Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.
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America's 250-Year Market Miracle | Protect the Pile Episode 18 w/ Meb Faber
Jul 300:58:15Tap to summarizeOn 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.Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.
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When the Music Stops in Private Markets | Protect the Pile Episode 17 w/ Leyla Kunimoto
Jun 2600:58:22Tap to summarizeVisit 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.Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.
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The Rebalance Steamroller | Protect the Pile Episode 16
Jun 1900:58:02Tap to summarizeIn this episode of Protect the Pile, the RPK, Sam & Brooks discuss the market’s hidden flow machine. Brooks breaks down the June quarterly rebalance, explaining how Marvell, Flextronics, SpaceX, and major index changes forced large-scale buying, selling, and completion-index redistribution beneath the surface. The panel connects those mechanics to small-cap outperformance, mega-cap pressure, sector distortion, and the danger of fading a flow-driven trade too early. They also frame the backdrop of dollar strength, Fed balance-sheet risk, easing oil prices, financials, private credit, semis, software, Accenture’s AI-driven selloff, and Micron earnings.Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.
Transcribe →The Fed (Finally) Admits the Problem | Rooster Reacts | June 18, 2026
Jun 1800:58:02Tap to summarize"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. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.
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Neil Howe on the SpaceX IPO: Party Like It’s 1999? | Protect the Pile Episode 15
Jun 1201:06:46Tap to summarizeIn 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 thoughtsHedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book. Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page. Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.
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