Hedgeye Podcasts

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  Ep. 143 Real Conversations | The AI Bubble and the Market Risks Ahead w/ Mike Taylor 15.09.2026 1sa

  **This episode originally aired live on Hedgeye.com on September 15, 2026*** Artificial Intelligence is the biggest story in markets. It’s also creating some of the biggest risks. Longtime Hedgeye Nation fan favorite and hedge fund manager Mike Taylor joins Hedgeye CEO Keith McCullough for a new Real Conversation. They’ll tackle the elephant in the room: the growing AI bubble and the various risks building beneath the surface. Expect a candid discussion on where the boom is most vulnerable, w...
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  The AI Gold Rush Meets an Oil Shock | Protect the Pile Episode 25 04.09.2026 1sa 7dk

  Visit HedgeyeAM.com for more info 00:00 – Markets Return With Oil, Rates & Quad 2 in Focus 06:00 – The Weak Dollar Tug-of-War 12:30 – Midterms, Politics & the Coming Defense Spending Boom 15:00 – Iran, the Red Sea & the Growing Oil Supply Risk 23:00 – Why Modern Warfare Is Becoming More Expensive 28:30 – Can Policymakers Keep Markets Going Through the Midterms? 33:20 – Russia, Ukraine & a New Threat to Global Energy 38:00 – Could Higher Rates Break the AI Boom? 45:45 – The AI...
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  Ep. 142 Real Conversations | The Math of America w/ Rick Rule 26.08.2026 1sa 3dk

  **This episode originally aired live on Hedgeye.com on August, 26, 2026** Visit Hedgeye.com for more great investing content. Debt keeps climbing. The dollar keeps falling and losing purchasing power. Most portfolios still aren't built for what comes next. Join us for a new Real Conversation between Hedgeye CEO Keith McCullough and Rick Rule, CEO of Rule Investment Media, founder of Battle Bank and Sprott's largest individual shareholder. With the national debt eclipsing $40 trillion, 42% of ...
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  Gold, Market Flows, AI & the Next Investing Regime | Protect the Pile Episode 24 21.08.2026 1sa 1dk

  On this episode of Protect the Pile, R. Patrick Kent, Sam Rahman, Brooks Cutright and their guest Jerry Jordan unpack a market increasingly driven by flows, leverage, momentum and corporate buybacks—and what that means for investors trying to separate underlying fundamentals from price action. They discuss the hidden weakness beneath top-heavy indices, record valuations and margins, and the danger of putting peak multiples on peak earnings. The group also debates the outlook for energy and co...
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  The Five Follies Investors Can’t Ignore | Protect the Pile Episode 23 08.08.2026 59dk

  On this episode of Protect the Pile, R. Patrick Kent, Sam Rahman, Brooks Cutright and David Salem reunite for a wide-ranging market roundtable built around David’s “five follies” framework. With U.S. markets near all-time highs and the domestic setup still broadly bullish, the group debates the risks investors may be underestimating beneath the surface. Topics include the Iran conflict, energy positioning, resource nationalism, global supply-chain fragility, dollar weakness, Fed credibility a...
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  Lunch Break with Keith & Steve | Financial Media Has Japan Dead Wrong 05.08.2026 20dk

  On Friday afternoon, after US equity markets closed, the United States government bought Japanese yen for the first time in twenty-eight years. And every explanation we've seen from the mainstream media looks like fish floundering. So Hedgeye CEO Keith McCullough called the money doctor. Professor Steve Hanke of Johns Hopkins has spent forty years watching governments try to outsmart currency markets, and he does not grade on a curve. "Not only the analysts, but the financial press just...
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  The Outsider's Edge: Why the Smart Money Is Trapped in a Box | Protect the Pile Episode 22 w/ Nick Nemeth 01.08.2026 57dk

  Visit HedgeyeAM.com for more information 00:00 — Welcome to Protect the Pile 01:01 — Meet Nick Nemeth of Mispriced Assets 02:43 — 20 years in markets at 31: Nick's origin story 06:11 — The open letter to Secretary Bessent 11:43 — GFC flashback: no adults in the room 16:22 — "Loans are bad the day you write them" 20:41 — The AI CapEx problem: who actually builds the data centers? 30:16 — Small caps and the experience-economy trade 39:36 — Bank shots: Vertiv, Quanta, and letting winners run 44:...
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  The Fed's Next Punch in the Mouth | Protect the Pile Episode 21 w/ Danielle DiMartino Booth 24.07.2026 55dk

  Visit HedgeyeAM.com for more information 00:00 Welcome to Protect the Pile with Danielle DiMartino Booth 02:01 The Fed’s “Punched in the Mouth” Moment 04:34 Kevin Warsh, Fed Independence & the Next Market Test 06:12 Commercial Real Estate, Credit Risk & 2026–2027 Maturities 08:03 The Fed’s Ambiguous Mandate 10:21 Is the Fed Fighting the Wrong Inflation War? 14:29 Can Kevin Warsh Actually Change the Fed? 18:15 The New “Too Big to Fail” Problem 23:25 Fixing the Fed’s Broken Data Proble...
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  Ep.141 Real Conversations | Rising Geostrategic Risk: The New Rules for Global Markets w/ John O’Connor 21.07.2026 1sa 2dk

  ***This webcast originally aired live on Hedgeye.com on July 22, 2026*** The age of frictionless globalization is over. Investors are now operating in a world where geopolitical conflict, national security policy, supply-chain control and technology leadership can move markets as much as earnings, rates or inflation. For decades, investors benefited from a world shaped by globalization, open supply chains, low-friction trade and the steady expansion of market-cap weighted benchmarks. &n...
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  The AI Trade Faces Its First Real Test | Protect the Pile Episode 20 18.07.2026 1sa 1dk

  On this episode of Protect the Pile, R. Patrick Kent, Sam Rahman and Brooks Cutright break down a summer market that keeps defying the noise. With the S&P 500 up double digits, small caps suddenly outperforming and the Mag 7 barely positive on the year, the group debates whether the market’s leadership is truly broadening or just rotating through crowded trades. They dig into early earnings season signals from banks, healthcare, semiconductors and AI infrastructure, including the wa...
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  The Great Private Equity Hangover | Protect the Pile Episode 19 w/ Dan Rasmussen 11.07.2026 51dk

  On this episode of Protect the Pile, R. Patrick Kent, John McNamara and Brooks Cutright sit down with Dan Rasmussen, Founder and Managing Partner of Verdad Advisers, for a sharp, skeptical look at private markets, Japan, small caps and the AI boom. Rasmussen explains why private equity may be less of a magic asset class and more like “levered microcaps” with delayed marks, inflated valuations and growing liquidity risks. The group digs into private credit, zombie funds, roll-ups, venture capi...
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  America's 250-Year Market Miracle | Protect the Pile Episode 18 w/ Meb Faber 03.07.2026 57dk

  On this episode of Protect the Pile, R. Patrick Kent, Sam Rahman and David Salem sit down with Meb Faber, Co-Founder and CIO of Cambria Investment Management, for a wide-ranging conversation on America’s 250-year market story, the power of long-term equity ownership and the risks hiding beneath today’s bull market. Faber discusses his new book, Investing in America, and explains why the U.S. stock market has compounded through wars, depressions, crashes and political dysfunction — but also wh...
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  When the Music Stops in Private Markets | Protect the Pile Episode 17 w/ Leyla Kunimoto 26.06.2026 57dk

  Visit HedgeyeAM.com for more info 00:00 - Welcome to Protect the Pile 01:18 - Market Setup: S&P, Rates, Dollar and Credit Spreads 02:02 - Leyla Kunimoto’s Background and Accredited Investor Insights 04:38 - RPK’s Top 5 Market Notes 08:26 - Redemption Gates and “Semi-Liquid” Funds 12:01 - David Salem on the Yale Model vs. Democratized Alternatives 20:17 - The Problem With Retail Access to Private Equity 26:16 - Evergreen Funds, Secondaries and Liquidity Mismatch 32:24 - Valuation Markups ...
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  The Rebalance Steamroller | Protect the Pile Episode 16 19.06.2026 57dk

  In this episode of Protect the Pile, the RPK, Sam & Brooks discuss the market’s hidden flow machine. Brooks breaks down the June quarterly rebalance, explaining how Marvell, Flextronics, SpaceX, and major index changes forced large-scale buying, selling, and completion-index redistribution beneath the surface. The panel connects those mechanics to small-cap outperformance, mega-cap pressure, sector distortion, and the danger of fading a flow-driven trade too early. They also frame the bac...
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  The Fed (Finally) Admits the Problem | Rooster Reacts | June 18, 2026 18.06.2026 57dk

  "Rooster Reacts" returns after a long break with Ryan “Rooster” Ricci evaluating Kevin Warsh’s first meeting as the new Fed chair. Ricci frames Warsh as “the new sheriff in town” and focuses on whether he can restore Fed credibility after years of missed inflation targets. He reacts positively to Warsh’s emphasis on price stability, accountability, better data, and less reliance on stale Fed projections, while remaining skeptical of repeated “task force” language and bureaucratic delay. The k...
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  Neil Howe on the SpaceX IPO: Party Like It’s 1999? | Protect the Pile Episode 15 12.06.2026 1sa 6dk

  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 ...
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  Ep.140 Real Conversations | The Fractals of Finance: Richard Brennan on the Hidden Geometry of Markets 09.06.2026 1sa

  ***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...
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  The Market’s Weak Zebra | Protect the Pile Episode 14 05.06.2026 58dk

  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 weaken...
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  When Passive Money Meets Mega IPOs | Protect the Pile Episode 13 01.06.2026 59dk

  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,...
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  Ep. 139 Real Conversations | Resilience & Winning Through Uncertainty w/ Sam Goodwin 28.05.2026 50dk

  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 Sa...