The Meb Faber Show - Better Investing Hedgeye’s Keith McCullough on Market Opportunities and Risks | #598
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Sep 26, 2025 
In this discussion, Keith McCullough, Founder and CEO of Hedgeye, reveals his innovative approach to market analysis, notably the 'signal' and 'quad' framework for navigating economic scenarios. He emphasizes the U.S. dollar's pivotal role in global markets and sharing insights on behavioral challenges investors face, including the psychology of letting go of losing positions. McCullough also delves into Hedgeye's new asset management venture and cutting-edge ETF strategies, asserting that understanding market flows is now more important than individual stock picking.
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Fired Into Founding Hedgeye
- McCullough started Hedgeye after being fired in October 2007 and treated the event as an opportunity.
- He built Hedgeye to run his book out loud and used new distribution tools like Twitter and YouTube to scale it.
Signal-First Macro Framework
- Keith McCullough prioritizes market 'signals' over fixed forecasts and uses multi-duration, multi-factor fractal signals to read markets.
- He pairs those signals with a four-quadrant economic 'quad' model driven by growth and inflation rate-of-change.
Quads Predict Asset Behavior
- The quad framework maps growth and inflation rate-of-change into four regimes with consistent asset-class behavior.
- Quad three (stagflation) favors gold and quad four (growth and inflation slowing) is the worst for typical equity holdings.
