Our Research Team
Hedgeye is a bold, trusted, no-excuses provider of real-time investment research and a premier online financial media company.
Our all-star research team is unafraid of rocking the boat and is committed to delivering the highest caliber investment ideas through rigorous quantitative, bottom-up and macro analysis with an emphasis on timing.
Macro Sector Head
Prior to founding Hedgeye Risk Management in 2008, Keith built a successful track record as a hedge fund manager at the Carlyle-Blue Wave Partners hedge fund, Magnetar Capital, Falconhenge Partners, and Dawson-Herman Capital Management.
For many years, Keith was a regular market guest across financial media including CNN and Fox Business, as well as a contributor for CNBC and Bloomberg. Disappointed by the conflicts of interest and quality of Establishment Media, Keith launched HedgeyeTV in 2014 and hasn’t looked back.
In addition to producing a wide array of written Macro research (covering the top 50 global economies), Keith hosts his own show, “The Macro Show” weekday mornings as well as “The Call @ Hedgeye,” which features the firm’s entire 40+ analyst research team discussing their favorite long and short stock ideas.
Keith also hosts the acclaimed interview series “Real Conversations” which features in-depth conversations with the world’s top investors, strategists and thinkers.
The goal behind Hedgeye’s investing research platform has always been to push the boundaries of financial research and provide data-driven, conflict-free, hedge-fund quality research to all investors.
Keith is the author of the popular book, “Diary of a Hedge Fund Manager” and founder of private equity firm, Seven7. He began his career as an institutional equity sales analyst after earning an economics degree from Yale University. While at Yale, he captained the men's ice hockey team to a Division I Ivy League Championship.
Hedgeye has come a long way since Keith started the firm in 2008 alongside his cofounders. The firm now provides research to institutional investors across the globe who collectively manage over $10 trillion in assets.
Brian McGough is a 30-year veteran of Wall Street. Before co-founding Hedgeye in 2008, Brian’s career began at Salomon Brothers in 1994, covering Transportation and Logistics before moving to Morgan Stanley in 1998. There, he led the firm’s Softline Retail coverage. Brian was heavily recruited by the Buy Side and ultimately joined Copper Arch Capital to run the Consumer team in 2002.
After two years, Brian landed his dream job at Nike. Brian initially served as the Director of Investor Relations and later throughout the finance organization. Brian took on the role of vetting acquisitions for the company.
After two years at Nike, making the toughest call of his life, Brian put his family first and moved back to the East Coast. Brian rejoined Morgan Stanley and was tasked with starting a 'coverage model.' This was a new concept, in which a Sell Side analyst covers an unusually broad number of companies.
In 2008, he co-founded Hedgeye with CEO Keith McCullough. Having been at Hedgeye since Day 1, Brian was integral in creating the firm’s research process. Most notably, Brian covers the entire waterfront of 300+ retail names globally. Brian sees himself as a Consumer/Retail Strategist, unafraid of opposing consensus views.
With enduring energy and passion, he continues to shape Hedgeye's success alongside partner Jeremy McLean and analysts Arianna Petillo and Ryan Wilson.
Restaurants | Consumer Staples | Cannabis
Howard Penney is a veteran financial analyst with expertise in the Restaurant industry and other Consumables sectors. Over the course of more than two decades on Wall Street, Howard has covered various consumer-centric sectors, diving deep into areas such as tobacco, beverages, the emerging Cannabis market, gaming, and more.
Before leading the Consumables team at Hedgeye, Howard was an integral part of Morgan Stanley for over a decade. During his time there, he became well-known for his Restaurants coverage and played a pivotal role on the Macroeconomics team. Howard also made key contributions to the firm’s Small Companies strategy, a niche but crucial market segment.
Over the years, Howard has been recognized for his analytical expertise. He was honored with the #1 rank by Institutional Investor (II) for his exceptional coverage of the restaurant industry. Additionally, his in-depth analysis of the Tobacco industry earned him the top position in a poll conducted by the Wall Street Journal.
Post-Morgan Stanley, Howard worked at FBR and SunTrust Robinson Humphrey. In 2008, marking a significant milestone in his career, Howard joined Hedgeye Risk Management, becoming a Managing Director, Partner, and valued teammate.
Daryl Jones serves as the Director of Research at Hedgeye and is a key member of the Executive Committee. He plays an integral role on the Macro Team, where he writes nearly daily reports on global economic data and hosts "The Macro Show."
Before joining Hedgeye, Daryl gained valuable experience at several prominent investment firms, including Onex Corporation, HIG Capital, and J.P. Morgan. Throughout his career, he specialized in investing in businesses across various sub-sectors of the economy. Notably, he was a pioneer in applying private equity-style research to the public markets.
Daryl holds a bachelor's degree in Political Science from Yale University and earned his MBA from Columbia Business School. While at Columbia, he was accepted into the prestigious Applied Value Investing program.
Josh Steiner, CFA
Macro | Financials | Housing
Josh Steiner, CFA
Josh has more than two decades on the sell side and buyside following sectors including Macro, Financials, Housing and Payments. Prior to joining Hedgeye Risk Management, Josh was an integral part of the #1 ranked Institutional Investor and Greenwich Survey Mortgage and Specialty Finance Team at Lehman Brothers before moving to the buyside to do Long/Short Financials at Millennium Partners and Amaranth Group. He began his financial career at CE Unterberg, Towbin covering the Satellite Communications sector.
Josh holds a Bachelor’s Degree in Economics from the University of Rochester and is a CFA Charterholder.
Thomas W. Tobin is a veteran analyst with three decades of experience in the investment industry. Tom joined Hedgeye in 2008 shortly after Hedgeye Risk Management was founded. Tom has headed the development of Hedgeye’s data and analytics infrastructure, currently leads the firm’s Data Science Department, and is a member of Hedgeye’s Executive Committee.
Tom started his career in Biomedical Research. After graduating from Vassar College with a BA in Biology, he held a research position at Matritech, a Biotechnology company in Cambridge, MA. Tom later joined Harvard Medical School/MGH Cutaneous Biology Research Center, which led Tom to the Cellular and Molecular Biology PhD Program at Dartmouth Medical School. Tom realized early on at Dartmouth that he really wanted to be on Wall Street.
Tom spent nearly a decade as the Head of Health Care at Dawson-Herman Capital Management, one of the best know long/short funds at the time, where he covered the entire Health Care universe, having earlier held key positions in various asset management firms. His success on the buyside was marked by self-guided learning, innovation, and not a small amount of luck, with the core principle of making continuous improvement.
Jay Van Sciver
Industrials | Materials
Jay Van Sciver
Jay Van Sciver is the Industrials & Materials Sector Head, Partner, and Executive Committee Member at Hedgeye Risk Management. The Industrials & Materials team research offers unique insights into cyclical, secular, structural, and value creation dynamics within what are often misunderstood, niche industries. He was awarded the inaugural Call of The Year (COTY) award in 2020 for FDX/Air Cargo.
Before joining Hedgeye, Jay began his coverage of cyclical industries on the buyside at Brown Brothers Harriman, where he generated robust alpha and was promoted to head Industrials coverage. He later joined LaBranche LLC, where he was a Managing Director and became head of an upstairs proprietary trading desk. Prior to leaving LaBranche LLC, Jay led the firm’s market-making algorithmic trading program, requiring significant risk management and quantitative strategy oversight. Jay then joined a Long/Short Fund seeded by LaBranche, Bishop & Carroll Capital Partners, where he was a partner overseeing investment in cyclical industries.
Jay earned a Bachelor of Science degree in Chemistry from Yale University, where he was awarded a Howard Hughes Medical Institution Fellowship for his research. While working at Brown Brothers, Jay pursued coursework in business, accounting, and data analytics at New York University. Jay is a CFA Charterholder, was an All-American swimmer and collegiate water polo player, and enjoys reading, fitness activities, and time with his family. He is widely recognized as ‘not great’ at tennis, a game he nonetheless enjoys.
Neil Howe is the Managing Director of Demography at Hedgeye Risk Management and President of LifeCourse Associates. Currently a senior associate at the Center for Strategic and International Studies and the Global Aging Institute in Washington D.C., Howe has coauthored influential studies, including the Aging Vulnerability Index and pioneered research on pension reform in China and South Korea.
A renowned historian, economist, and demographer, Neil is a prolific author with over a dozen books on generations, demographic change, and fiscal policy. Along with co-author William Strauss, Howe gained recognition for their groundbreaking work, "Generations" (1991). Vice President Al Gore called it "the most stimulating book on American history that I have ever read" and sent a copy to every member of Congress. Newt Gingrich called it "an intellectual tour de force."
Of their book The Fourth Turning (1997), The Boston Globe wrote, "If Howe and Strauss are right, they will take their place among the great American prophets."
Coining the term "Millennial Generation" in 1991, Howe and Strauss explored this generation in "Millennials Rising" (2000). Howe's insights regularly feature in major media outlets, including The Washington Post, The New York Times, CNN, and CBS' 60 Minutes.
With a New York Times Bestselling book, "The Fourth Turning is Here," Howe leverages historical patterns to offer a compelling and hopeful prophecy for resolving the present era of civil unrest over the next decade. His educational background includes a B.A. from U.C. Berkeley and graduate degrees in economics and history from Yale University
Andrew Freedman, CFA
Communications | Software
Andrew Freedman, CFA
Andrew Freedman currently spearheads Communications Sector research at Hedgeye, specializing in Internet, Media, Cable, and Telecom, and co-heads the Software Sector.
His deep work in these domains has led to highly successful long/short calls on industry giants like Netflix, Meta, and Google. Notably, Andrew's market insights enabled him to accurately predict the end of Netflix's growth runway. Moreover, his unique research process led to calls on the peak of the digital ad market in October 2021 and identified its bottom by January 2023.
Andrew's approach is distinguished by a robust process that combines proprietary highfrequency data trackers with meticulous industry modeling and in-depth fundamental analysis. Prior to assuming his current role as Communications and Software Sector Head, he was a Senior Equity Research Analyst, covering U.S. Health Care equities - with a specialization in Healthcare IT. Andrew has deep knowledge of pivotal areas in Healthcare, like EMR, population health, value-based care, telehealth, and more.
Before joining Hedgeye in 2014, Andrew was a driving force behind asset allocation, risk analysis, and investment manager research at Clearbrook Global Advisors.
Rob Simone, CFA
Rob is Hedgeye Risk Management’s tenacious head of REITs coverage, where he is a Managing Director and Partner. He has nearly 15 years of corporate equity research experience within the REIT (Real Estate Investment Trust) sector. Prior to joining Hedgeye, Rob spent over 2 years in business development and investor relations at Paramount Group (PGRE), a REIT which owns and manages office buildings in New York and San Francisco.
Prior to his experience in key positions at a publicly traded REIT, Rob spent 3 years at Evercore ISI where he served as the lead office, industrial, and self-storage REIT analyst on the #1 or #2 Institutional Investor-ranked (II) REIT team. Before joining Evercore ISI, Rob held various real estate-focused sell-side and investment banking roles.
Rob’s coverage of more than a trillion dollars of publicly traded REITs, including the key subsectors of residential, industrial, self-storage and specialty, has led to significant market attention. Most notably has been Rob’s non-consensus short call on Medical Properties Trust (MPW), which has received considerable media attention. Rob’s insights on MPW were featured in a 2023 CBS News investigation into “the role played by private equity in the collapse of hospitals serving some of America's most vulnerable residents."
Rob graduated from the NYU Stern School of Business with a dual degree in Finance and Economics. He also earned his CFA designation in 2010.
Felix Wang, CFA
Global Technology | Software
Felix Wang, CFA
Felix Wang, CFA is a Partner, Managing Director and Global Technology Sector Head and Software co-Sector Head at Hedgeye. Felix has over a decade of experience covering China & TMT companies.
Previously, he was on Hedgeye's Gaming, Lodging & Leisure team. Before joining Hedgeye, he worked at an asset management firm focusing on China equities. Felix is a CFA charterholder and graduated cum laude from the Wharton School of the University of Pennsylvania with a Bachelor of Science degree in economics. He has been featured on Bloomberg, Sina Finance, Sohu, Barron's and Fast Money.
David joined Hedgeye in early 2023 as its Managing Director of Capital Allocation.
Previously, David served as founding President and CIO of The Investment Fund for Foundations (TIFF) and as a partner at global investment advisory firm GMO, working closely with Jeremy Grantham on the design and execution of investment solutions for large institutional funds.
David received a JD cum laude from Harvard Law School and an MBA with high distinction from Harvard Business School, where he was elected a Baker Scholar. A member of the District of Columbia Bar since earning his JD, David has held adjunct faculty positions at Middlebury College and the University of Virginia. David also served in the White House Counsel’s office while enrolled at Harvard.
David's active speaking schedule has included talks at numerous colleges and universities, including Dartmouth, Duke, Harvard, MIT, Middlebury, Northwestern, and Oxford, and at conferences organized by the Association of Governing Boards, CCC Alliance, the CFA Institute, the Council on Foundations, the Foundation Financial Officers Group, FOX, IPI, the London Business School and NACUBO among other organizations.
David's extensive volunteer labors have included service as a trustee of Middlebury College, the Center for Effective Philanthropy, the Initiative for a Competitive Inner City and the Core Knowledge Foundation, and as a member of the investment committee of The Atlantic Philanthropies (originally d/b/a The Atlantic Foundation).
David and his wife Amory Rowe Salem and their children reside in Cambridge, MA, which serves as home base for Amory's work as a sports journalist and Head Coach of girls lacrosse at Cambridge Rindge and Latin School.
Gaming | Lodging | Leisure
With over 8 years of research experience at Hedgeye, Sean Jenkins is a seasoned analyst specializing in the Gaming, Lodging, & Leisure (GLL) sector. He played a pivotal role in expanding Hedgeye's GLL team into the Online Travel (OTAs & Metasearch) and Timeshare segments in 2019 and 2021, respectively.
A graduate in Finance and Economics from Saint Anselm College, Sean's analytical expertise is complemented by a strong academic foundation. Beyond the financial research realm, Sean captained the varsity hockey team during his time at St. Anselm, earning recognition as “Male Student Athlete of the Year” during his senior year.
Sean's journey includes invaluable mentorship under the late Todd Jordan, regarded by many as one of the industry's best GLL analysts. In the fast-paced world of GLL, Sean stands out as a driving force combining analytical acumen with a strategic mindset, making him an indispensable asset to Hedgeye.
Telecom and Media Policy
Paul Glenchur serves as Senior TMT Policy and Legal Analyst at Hedgeye Potomac Research. Paul is ranked among leading telecommunications and competition policy specialists. Prior to joining Hedgeye Potomac Research, Mr. Glenchur was the senior telecom and cable analyst with Schwab Washington Research and later the senior telecom policy analyst with the Stanford Group. He has testified before House and Senate committees on telecommunications issues.
Mr. Glenchur has an extensive legal background, serving as an attorney with the FCC and as a litigation associate with the Washington DC law firm of Miller and Chevalier. He also served as Counsel to the Assistant Secretary of Energy for Congressional Affairs. Before moving to Washington, he was a judicial law clerk to Judge Thomas Tang of the U.S. Court of Appeals for the Ninth Circuit.
As Hedgeye’s legal policy analyst, he has covered and provided insights on major antitrust trials and appeals (AT&T/Time Warner, T-Mobile/Sprint, FTC v. Qualcomm, Microsoft/Activision Blizzard and other cases).
Mr. Glenchur is a graduate of the University of California at Berkeley and earned his J.D. at the University of California College of Law, San Francisco, where he was an editor of the law review. Mr. Glenchur is a member of the Federal Communications Bar and the American Bar Association Section on Antitrust Law. He is also a member of the Supreme Court and Ninth Circuit bars.
James R. (JT) Taylor serves as Chief Political Strategist and Senior Macro Policy Analyst at Hedgeye Potomac Research. JT has extensive experience in both government and business in Washington, DC, with a career spanning the legislative and executive branches as well as the financial services industry. Prior to joining Potomac Research Group, he ran Pelorus Research, the US public markets division of the Holdingham Group based in the United Kingdom.
He previously led a policy research team as Managing Director at DeMatteo Monness. From 2002-2009, he was Managing Partner of Kemp Partners, a Washington, D.C.- based strategic consulting, business development, and marketing firm which he founded with Secretary Jack Kemp in 2002. At Kemp Partners, he oversaw day-to-day operations and business development while managing client relationships in both the corporate arena and financial service industries.
JT’s Washington experience includes positions as the President and CEO of the Washington-based think tank, Empower America, and as Vice President of Corporate Communications for the U.S. Chamber of Commerce, where he established the communications department and led the development of key Chamber initiatives and long-term communications strategies. He previously served in government as Chief of Staff to U.S. Representative Sue Myrick (R-NC), and senior aide to Secretary Jack Kemp during both the 1996 presidential campaign and during his tenure as Housing Secretary under President George H.W. Bush.
JT graduated with a BA in Economics from the University of Pittsburgh.
As the sector head responsible for health policy, Emily strives to be a translator and a tour guide for investors, large and small, in the health care industry. She is most interested in those areas where politics, policy and regulation exert outsized influence. These include managed care, bio-pharma, supply chain management, and services.
Emily’s work is data-centric, even when policymakers are not, and she uses analysis of macro trends in employment, insurance coverage and inflation to inform her work. She is an avid supporter of the health care start-up community in Nashville, helping to make them “macro aware.”
Previously, Emily was an Investment Limited Partner in charge of municipal bond underwriting at J.C. Bradford & Co., in Nashville, TN. She also served for nine years on the Metropolitan Nashville & Davidson County Council as well as the Mayor’s Homelessness Commission.