Hedgeye Podcasts

***This episode originally aired live on Hedgeye.com on October8, 2026***

This is an exclusive "Hedgeye Investing Summit" interview between Danielle DiMartino Booth, Founder, CEO & Chief Strategist of QI Research, and Hedgeye CEO Keith McCullough.

To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.

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 weekl...

***This episode originally aired live on Hedgeye.com on October 7, 2026***

This is an exclusive "Hedgeye Investing Summit" interview between Dave Collum, Professor of Chemistry at Cornell University, and Hedgeye CEO Keith McCullough.

To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.

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 featu...

***This episode originally aired live on Hedgeye.com on October 7, 2026***

This is an exclusive "Hedgeye Investing Summit" interview between Jurrien Timmer, Director of Global Macro at Fidelity, and Hedgeye CEO Keith McCullough.

To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.

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 featu...

***This episode originally aired live on Hedgeye.com on October 7, 2026***

This is an exclusive "Hedgeye Investing Summit" interview between Dan Rasmussen, Founder & Portfolio Manager of Verdad, and Hedgeye CEO Keith McCullough.

To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.

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 analy...

***This episode originally aired live on Hedgeye.com on October 6, 2026***

This is an exclusive "Hedgeye Investing Summit" interview between David McAlvany, CEO & Portfolio Manager of McAlvany Financials Group, and Hedgeye CEO Keith McCullough.

To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.

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 webca...

***This episode originally aired live on Hedgeye.com on October 6, 2026***

This is an exclusive "Hedgeye Investing Summit" interview between Jim Bianco, President of Bianco Research, and Hedgeye CEO Keith McCullough.

To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.

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 th...

***This episode originally aired live on Hedgeye.com on October 6, 2026***

This is an exclusive "Hedgeye Investing Summit" interview between Jim Rickards, NYT Bestselling Author, and Hedgeye CEO Keith McCullough.

To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.

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 featu...

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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 tac...

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 d...

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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 ge...

**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 wher...

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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...

**This episode originally aired live on Hedgeye.com on August, 26, 2026**

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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...

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 an...

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...

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 f...

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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, an...

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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...

***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 dir...

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 unwin...

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 bigges...

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 concen...

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00:00 - Welcome to Protect the Pile
01:18 - Market Setup: S&P, Rates, Dollar and Credit Spreads
02:02 - Leyla Kunimoto’s Background and Accredited Investor Insights
04:38 - RPK’s Top 5 Market Notes
08:26 - Redemption Gates and “Semi-Liquid” Funds
12:01 - David Salem on the Yale Model vs. Democratized Alternatives
20:17 - The Problem With Retail Access to Private Equity
26:16 - Evergreen Funds, Secondaries and Liquidity Mismatch
32:24 - Valuation Markups and Day-One Gains
39:46 - Why IRR Can Mislead Investors
47:19 - How Private Market Stress Could Play Out...

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 t...

"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 matc...

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 setup
01:00 Market backdrop: SpaceX IPO day, Iran deal chatter, and risk ranges
02:16 Patrick’s macro...

***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...

In the latest episode of Protect the Pile, RPK and Sam break down a volatile market setup: strong U.S. growth data, tightening dollar liquidity, tech factor reversals, and continued strength in semiconductors despite a sharp pullback. Patrick and Sam debate whether current conditions remain Quad 2 or are drifting toward Quad 1 or Quad 3, with health care showing early relative strength. They also dig into the oil supply shock, China’s inventory drawdowns, fuel-shortage risks, Bitcoin’s weakening use case, and how stablecoins could reshape payments and challenge legacy financial rails.

00:00 — Welcome
00:57 — Market setup: tech pressure, semis strength...

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 incl...

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 ri...

In this episode of Protect the Pile, RPK and Sam discuss strong earnings, tech leadership, lower volatility, and a possible Quad 2-to-Quad 3 transition favoring healthcare over industrials. Nvidia’s results were strong, but AI bottlenecks are shifting toward CPUs, networking, and compute capacity. They debate hyperscaler spending, Anthropic/OpenAI demand, and AI monetization. Energy remains a key risk, with Strait of Hormuz disruptions, inventory draws, and stagflationary pressure. They close on momentum, liquidity, risk ranges, portfolio discipline, Nasdaq hedging, and future IPOs

Get an investing edge on the enormous amount of money flowing into options every da...

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 d...