"Two-Day Market Hyperventilation" | Protect the Pile: Episode 2

Nov 15, 2025

Bennett Cheer, Hedgeye's restaurants analyst, brings invaluable insights on the consumer landscape, particularly in the restaurant sector. He discusses current traffic challenges, highlighting the importance of innovation. The conversation dives into market volatility and liquidity stresses driven by government actions and Fed expectations. Cheer also touches on recent mergers in the restaurant space, implying both opportunities and risks. The analysis of consumer spending trends reveals generational shifts, prompting a critical view on investment allocations.

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INSIGHT

Global Dollar Liquidity Tightness

Global dollar liquidity matters more at the margin than year-over-year totals.
Patrick Kent warns tightening liquidity causes periodic market turbulence and asset liquidation pressure.

INSIGHT

Institutional Illiquidity Herding

Large institutional allocators largely kept existing illiquidity policies despite mounting hazards.
David Salem notes many plan to shift towards middle-market deals, creating crowded flows and composition risk.

INSIGHT

Why The Yale Model Isn't Universal

Yale-style illiquidity worked because managers could pick top-decile GPs in inefficient niches.
Salem warns not everyone can beat the math; scaled democratization undermines that edge.

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Protect the Pile is a no-nonsense investment show where we cut through the market noise with a panel of seasoned practitioners who've been playing the game every single day for years—not theorists, but real money managers with skin in the game. Every episode, we bring together battle-tested investors to dissect the current landscape, debate the opportunities and risks, and help you navigate the markets with the Hedgeye framework. It's not Old Wall media, it is real-world experience, focused on one goal: protecting and growing your pile.

In this episode, RPK & Sam are joined by David Salem and Hedgeye Risk Management Restaurants analyst Bennett Cheer to discuss the recent two-day panic and what might be under the surface of the move.

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