Education Center
Our unique risk management process will make you a better investor.
It will reshape how you think about and approach markets. The education playbook below will teach you our better way to invest.
If you would like to learn more about the Hedgeye process, we strongly encourage you to enroll in our complimentary 90-minute investing masterclass – Hedgeye University.
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Current Market Outlook (& A Message From Keith)

Current Market Outlook (& A Message From Keith)

Welcome to a #BetterWay.

Current Market Outlook Presentation

Our goal is to help you preserveprotect and compound your hard-earned capital. Watch this short introductory video with CEO Keith McCullough.

There is a massive opportunity for investors to use modern day risk management tools to peer into the future and see where markets are likely headed next. While the future is obviously uncertain, the primary goal of any successful investor (and our investing research) is simple: Be more right than wrong. That's how investors win long term. 

The Hedgeye Macro process is designed to deliver just that: Superior investment ideas.

In the presentation above, we provide an overview of our current market outlook (updated as of 2/6/24) along with a number of slides on our risk management process. 

Full Cycle Investor (Do These 3 Things)

Full Cycle Investor (Do These 3 Things)

#FullCycle Investors use the ups-and-downs of the economic cycle to their advantage, and position their portfolios accordingly. #FullCycle Investors use the Hedgeye Macro process, which combines...

  1. Our Growth, Inflation, Policy model to identify macro regime changes and build a curated list of our favorite long-short ideas
  2. Quantitative Risk Range™ Signals for everything that ticks in global macro to help you buy low, sell high

It's a #BetterWay to invest. We want to jumpstart your learnings on this path toward becoming a more successful investor.

Here are three things you need to do EVERY SINGLE DAY to successfully manage your money as a #FullCycle Investor.


If you do these three things deliberately, you’re going to do A LOT better.

  1. Have a repeatable process. Our go-anywhere, global Macro process @Hedgeye is here for you.
  2. Fade your feelings. Your emotions (FOMO and complacency) will cloud your better judgement. Don't do that.
  3. Execute. Don't ask why. Know the process. Understand the set-up. And use the process to buy low and sell high. 

Of course, there’s more to learn. We've created a 6-chapter investing course to get you up to speed...

In this 90-minute course, you'll be well on your way toward becoming a better investor.

Getting Structured for Success

Getting Structured for Success

Attention #HedgeyeNation! 

If you're just getting started @Hedgeye, we suggest you get back to first principles and consider incorporating foundational elements of investing into your day-to-day Hedgeye risk management process.

On that front, Head of Capital Allocation David Salem suggested we shoot a 20-minute deep dive titled, "Getting Structured For Investment Success." The below is that webcast, uncut and in its entirety with Director of Subscriber Development Robert McGroarty. (And here are the slides.)

In it, you'll learn how to avoid the classic investing pitfalls (traps that even the largest asset allocators fall into) and how to structure your portfolio to accomplish your goals as an investor. David brings 40 years of Wall Street experience to Hedgeye having worked with some of the world's largest pension funds, endowments, and capital asset allocators (as founding President and CIO of The Investment Fund for Foundations (TIFF) and as partner at Jeremy Grantham's GMO.)

This is must-see TV. 

Here's a quick excerpt from the video above:

Salem: If you want to compound your capital in purchasing power terms, the way capitalism works you have to take certain risks. The question is which risks do you need to take in pursuit of a satisfactory return. If there are any such risks you had better put a limit on them otherwise your alternative is to take all of your pile go to Foxwoods and put it on 33 Red and see what happens. That would be the absence of constraints.

When you think about who is the most successful long-term investor today, most people would say Warren Buffett. Does he follow this approach that I’m advocating? If you listen to what he says, he keeps over and over and over again saying Berkshire has a minimum reducible reserve of cash. Today that is $30 billion. That’s his risk constraint. Everything else is what we would call, familiarly enough at Hedgeye, a “go anywhere strategy.” He’s done a lot of really interesting, esoteric things but it doesn’t mean he’s not prudent in allocating his capital.

So what you need to figure out is, what risk do you actual need to incur? And if those risks are going to be incurred what constraints do I put on them to ensure I don’t have a big crack up.

There's a LOT of wisdom in this 20-minute webcast. Take some time to reflect on these principles and consider what they mean for your current investing strategy.

HedgeyeTV Events (Archives)

HedgeyeTV Events (Archives)

We have created a significant amount of research over the years which remains relevant for investors eager to dig deeper into our research process.

Investing, and life, is all about getting better with each passing day. Learning is key to your personal investing evolution.

We want you to improve the way you think about financial markets. From Hedgeye investing webcasts to long-form interviews with some of the sharpest minds in the business, links to our research archives below should help get you up-to-speed very quickly:

Hedgeye Webcast Replays

We host deep-dive research investing webcasts with CEO Keith McCullough and our 40+ analyst research team.

Real Conversations

These interviews feature CEO Keith McCullough discussing markets with some of the smartest minds in finance.

"A Beginner's Guide" ON YOUTUBE

Want to learn how to better leverage Hedgeye research? Here's a playlist to get you up to speed fast.


You can also listen to our webcasts and more in podcast form in the Apple App store or on Spotify.

Keith McCullough Reading List

Keith McCullough Reading List

We owe a debt of gratitude to those financial market founding fathers from whom we've learned so much from over the years. In response to overwhelming subscriber demand for our favorite book suggestions we've put together a collection of reading lists for you to check-out.

First things first. We want to highlight three excellent books which come highly recommended by our CEO Keith McCullough. We call these our "Must-Read Process Books."


1. The Misbehavior of Markets

By Benoit Mandelbrot

If you're looking for a thoughtful and rewarding read about how to simplify the complexities of financial markets, look no further. We highly recommend you read "The Misbehavior of Markets" by mathematics legend Benoit Mandelbrot.

"This is somewhat of a Bible to me," says Hedgeye CEO Keith McCullough. "I learned a ton from this guy, if only what not to do. It's an alternative to establishment economics. It's certainly an alternative to how people think about markets relative to economic data." Click here to watch Keith's entire book review on "The Misbehavior of Markets."

2. Thinking Fast & Slow

By Daniel Kahneman

Hedgeye CEO Keith McCullough discusses Daniel Kahneman's seminal book, Thinking Fast and Slow. According to McCullough, this must-read book written by the Nobel laureate and founder of behavioral economics has been an invaluable resource in enhancing his approach to investing.

"This book provides a real baseline for understanding, 'What is behavioral finance?'" McCullough says. "What this book does is it teaches why human beings should embrace uncertainty." Click here to watch Keith's entire book review on "Thinking Fast & Slow."

3. Models of My Life

By Herb Simon

Hedgeye CEO Keith McCullough discusses Nobel laureate Herb Simon's autobiography, Models of My Life. "I'd like to thank Mr. Simon for being not only a revolutionary in this space, but for challenging the status quo," McCullough says. "That's a really important component of this book. It contextualizes where we were in economics back in the 1970s and outlines a better path forward." Click here to watch Keith's entire book review on "Models of My Life."

Below is a "Top-10 Reading List" – featuring a collection of our favorite ten books covering markets, investing and hard work.


1. A Man For All Markets – by Edward Thorp: The card-counting mathematics professor turned hedge fund manager who taught the world how to beat the dealer and, as one of the first great quantitative investors, beat the market.

2. Principles – by Ray Dalio: The world’s largest hedge fund manager shares the unconventional principles he’s developed, refined, and used over the past forty years to create unique results in both life and business.

3. Deep Work – by Cal Newport: A valuable skill that's becoming increasingly rare, Deep Work is the ability to focus without distraction on a cognitively demanding task. It's a skill that allows you to master complicated information and produce better results in less time.

4. The Undoing Project – by Michael Lewis: Forty years ago, Israeli psychologists Daniel Kahneman and Amos Tversky invented the field of behavioral economics. Michael Lewis shows how their Nobel Prize–winning theory altered our perception of reality.

5. The Most Important Thing – by Howard Marks: The co-founder of Oaktree Capital Management is renowned for his insightful assessments of market opportunity and risk. In The Most Important Thing, Marks breaks down his time-tested, fundamental investing philosophy.

6. The Runaway Species – by Anthony Brandt and David Eagleman: What lies at the heart of humanity’s ability―and drive―to create? But where does our creativity come from, how does it work, and how can we harness it to improve our lives, schools, businesses, and institutions?

7. Scale – by Geoffrey West: A pioneer in the field of complexity science, explains the science of emergent systems and networks. West discusses the underlying simplicity that unites the seemingly complex and diverse phenomena of living systems (in our bodies, cities and businesses).

8. Mastering Fear – by Brandon Webb: A former Navy SEAL turned media CEO, draws on his experiences in combat and business to show how people from all walks of life can stretch and transcend their boundaries, by learning to use their fears as fuel to achieve more than they ever thought possible.

9. Boyd: The Fighter Pilot Who Changed the Art of War – by Robert Coram: John Boyd may be the most remarkable unsung hero in all of American military history. Some remember him as the greatest U.S. fighter pilot ever -- the man who, in simulated air-to-air combat, defeated every challenger in less than forty seconds. Some recall him as the father of our country's most legendary fighter aircraft -- the F-15 and F-16. Still others think of Boyd as the most influential military theorist since Sun Tzu.

10. Superforecasting – by Philip Tetlock and Dan Gardner: Tetlock and Gardner explain how ordinary people—including a filmmaker, a retired pipe installer, and former ballroom dancer—turned out to be astonishingly good forecasters beating prediction markets and the collective judgment of intelligence analysts with access to classified information.

(There are a ton of great books that didn't make our top-10 list but still come highly recommended by our team. Check out our "Hedgeye's Bookshelf" below to see all of the books CEO Keith McCullough has listed since 2018.)

We encourage you to check out these reading lists to help you dive deeper into how we approach financial markets.

Macro Process (Overview)

Macro Process (Overview)

We produced an exclusive 14-minute video hosted by Hedgeye CEO Keith McCullough to help bring you quickly up to speed on our unique Macro process. In the video below, McCullough will walk you through everything from:

  • How we model the top 50 economies around the globe
  • How our quantitative Risk Range™ Signaling model helps investors buy low and sell high
  • How we help investors beat Wall Street by tracking consensus positioning

We encourage you to watch this primer on our repeatable risk management process.

Subscriber Orientation

Subscriber Orientation

Robert McGroarty and Matt Moran are hosting a new weekly “Subscriber Orientation” designed to maximize what Hedgeye can do to help you become a better investor using the Hedgeye process.

Watch the replay below. Didn't get to send in a question for the broadcast? Email them to

thursday, may 16th, 2024

thursday, may 9th, 2024 

thursday, april 25th, 2024 

Thursday, april 11th, 2024

tuesday, march 26th, 2024 

Thursday, March 21st, 2024

thursday, march 14th, 2024

thursday, march 7th, 2024



If you could look inside a world-class hedge fund what would you see?

CEO Keith McCullough suggestions you’d see Hedgeye. That’s been Keith's goal since 2008: Teach investors a better way to invest by showcasing the world-class process of a successful hedge fund.

Process, process, process. That’s all we talk about at Hedgeye. How can we get that elusive edge relative to the crowd? It all starts with process.

That’s what Keith wants to teach you about next. In the short video below, Keith explains why you should go to Hedgeye University—right now—and learn our repeatable risk management process, start to finish. The simple and intuitive Hedgeye University interface allows you to take this 90-minute course at your own pace. Get the Hedgeye process working for you.

Become a better investor: GO TO HEDGEYE UNIVERSITY

This Week's Events @Hedgeye

This Week's Events @Hedgeye


  • July 22nd  – Staples: SMPL New Short Black Book
  • July 23rd  – Energy: New Long MPLX; Short Delek Logistics Black Book
  • July 23rd – Global Tech: Catalysts Behind Removing JD Short & EDU Long
  • July 23rd – Real Conversation with fan favorite Mike Taylor at 11:00 AM ET
  • July 26th  – Restaurants: SBUX Long Activist Black Book
  • July 31st – REITs: Lineage (LINE) IPO Black Book

(For access, contact our Customer Service team at

Sector Shows Weekly Schedule:


  • June 18th – GLL: Cruise Pricing Deep Dive – RCL, CCL, NCLH, VIK
  • June 20th – Macro: Q3 Macro Themes
  • June 24th – Software: MNDY Short Black Book
  • June 24th – Industrials/TMT Policy: Supreme Court Chevron Deference (CMI, PCAR, XYL, VLTO, DD, PLUG)
  • June 25th – EnergyU.S. Refiners Launch Black Book (MPC, PSX, VLO, PBF, DINO, DK)
  • June 25th – Healthcare: PDCO New Short Black Book
  • June 27th – Digital Assets: MARA Long Black Book
  • June 27th – Staples: WMT Long Black Book
  • June 28th – IndustrialsLong FDX Flash Call
  • July 2nd – RetailHELE Short Black Book
  • July 2nd – HealthcareALGN Short Black Book
  • July 8th – Macro Policy: Spanning The Globe w/ Col. Jeffrey McCausland  
  • July 9th – Restaurants: Long PTLO -> Activist Deck  
  • July 9th – Retail: 3Q24 Themes
  • July 9th – GLL: New Long FLUT (DKNG) Black Book
  • July 10th – FinancialsShort Canadian Housing & Banks Update Call
  • July 11th – Industrials: Q3 Themes: Politics, Policy, & Production = Best Idiosyncratic Risk
  • July 15th – Healthcare: Long HCA Black Book
  • July 16th – REITs: New Long IRT Black Book
  • July 16th – Communications: 3Q24 Themes (METAGOOGLROKUTKORDDT)
  • July 17th – Health Care Policy: Health Policy Under Trump Presidency
  • July 17th – Global Tech: New Short VRT Black Book
  • July 18th – Gaming/Lodging/Leisure: GLL Themes & Q2 Earnings Preview
  • July 18th – Industrials: Speaker Call w/Silva Secchi on Biofuels

(For access, contact our Customer Service team at