GM75: Macro Mastery: The Hedgeye Approach ft. Keith McCullough
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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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