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...
Jun 12, 2026•1 hr 7 min
***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. Inst...
Jun 09, 2026•1 hr 1 min
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 weakenin...
Jun 05, 2026•59 min
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, an...
Jun 01, 2026•1 hr
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 Savin...
May 28, 2026•50 min
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...
May 23, 2026•1 hr 5 min
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 ca...
May 21, 2026•33 min
***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 s...
May 19, 2026•42 min
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...
May 09, 2026•58 min
***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. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-bo...
May 05, 2026•1 hr 11 min
***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. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distil...
May 04, 2026•46 min
***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. 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 decade...
May 03, 2026•48 min
***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. Hedgeye Founder & CEO Keith McCullough's long-awai...
May 02, 2026•54 min
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. 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 act...
May 01, 2026•46 min
***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. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough dis...
May 01, 2026•48 min
***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. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith Mc...
Apr 30, 2026•35 min
***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. 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 ...
Apr 29, 2026•47 min
***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. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market”...
Apr 28, 2026•51 min
***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. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-b...
Apr 27, 2026•48 min
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. ...
Apr 10, 2026•1 hr 11 min
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. 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 expe...
Apr 01, 2026•57 min
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. Expec...
Mar 30, 2026•1 hr 5 min
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. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough ...
Mar 15, 2026•51 min
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. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-boo...
Mar 14, 2026•1 hr 3 min
***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 lead...
Mar 05, 2026•1 hr
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! Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-...
Mar 01, 2026•1 hr 10 min
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 str...
Feb 28, 2026•1 hr 15 min
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, w...
Feb 22, 2026•1 hr 7 min
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. Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In ...
Feb 20, 2026•1 hr 4 min
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. 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. Disc...
Feb 08, 2026•1 hr 8 min
