Keith McCullough, Founder and CEO of Hedgeye Risk Management, joins Alan Dunne in this episode for an in-depth look into Keith’s distinctive approach to global macro analysis and tactical trading. The conversation explores Keith’s background as a hedge fund manager and his views on how markets have evolved, especially in relation to option flows. Keith breaks down his four-quadrant framework for macro analysis, explaining how pinpointing the economy’s position within these quadrants is as much an art as it is a science. His framework currently signals continued strength in the US dollar and US equities. A fundamental aspect of Keith’s approach is his respect for market signals and the need for these signals to confirm his macro views. He also shares valuable insights into the behavioural challenges of investing and emphasizes the importance of a disciplined, repeatable process to drive long-term success.
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Episode TimeStamps:
02:23 - Introduction to Keith McCullough
05:01 - From hedge fund to research
07:29 - Being a retail investor is an insult
09:56 - How McCullough has reacted to the rise of 0DTE options
13:48 - Have stocks become more macro driven?
15:54 - Where are we currently in the 4 quads?
19:22 - The challenge of lag in macro signals
21:26 - McCullough's framework for monitoring signals
24:25 - When can herding be a distraction?
26:54 - The current market from a quad perspective
31:09 - Reassessing the narrative of the deficits
35:50 - The outlook of the dollar
38:16 - The (un?)importance of valuations
41:07 - How the state of China influences McCulloughs model and framework
43:15 - Getting on the right side of the K
45:12 - The market from the 3 pots perspective
48:33 - Developing a respect for the markets
52:07 - McCullough's advice for preserving your wealth
56:01 - McCullough's philosophy to investing
58:33 - McCullough's perspective on systematic trend following
59:50 - Advice for other investors
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