IN CASE YOU MISSED IT
This week we hosted Hedgeye’s 8th Semi-Annual Investing Summit—the pinnacle of HedgeyeTV’s “Real Conversation” Series. Hedgeye Founder & CEO Keith McCullough went live with 9 of the brightest investing & geopolitical minds in Macro.
Our summit is (legitimately) the only place where the smartest money managers and strategists join forces with a former Hedge Fund Portfolio Manager to take a deep dive into important market/economic trends that everyone else is missing (and that will drive returns in the coming days, weeks, and months).
This isn’t CNBC where a conflicted portfolio manager or a politician comes on to pander and push narratives – these are genuine insights from people who want to share their actionable analysis with all investors.
Below are brief transcripts and highlights from Day 1 of the summit. We invite you to sit back, get a notepad, and enjoy this compelling content.
Mike Green
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Hedgeye CEO Keith McCullough was joined by Michael Green, Chief Strategist & Portfolio Manager at Simplify Asset Management, on Day 1 of the Hedgeye Investing Summit (4/11/22), a 3 day, 9 interview bonanza between McCullough and 9 of the investing world’s brightest minds. |
Mike led off the Hedgeye Investing Summit with a professorial lesson on flow dynamics, the options market's impact on the yield curve (and how things are not as they seem), why the Fed's jawboning and assertion that 'it's different this time' is disingenuous (to say the least), and more.
"The New York Fed came out with, what I consider, a laughable paper called 'Don't Fear The Yield Curve Reprise'. Two researchers at the New York Fed wrote a paper in 2018 saying 'you don't need to worry about the yield curve inversion.'
They're now out with *another* paper saying, 'Well, yes, there was a recession following that yield curve inversion, but that one was because of Covid so it doesn't really matter. And THIS one doesn't matter either... and oh, by the way, the only thing that matters and that you should be following is the very front-end of the curve' (what they call the Near-Term Forwards). But that part of the yield curve *only* responds to Fed intentions.
So effectively the Fed is telling you 'Don't fear a recession because the Fed doesn't see a recession', and that doesn't feel like a helpful message to me."
YOU CAN WATCH THE FULL REPLAY (ALONG WITH THE OTHER 8 REPLAYS) HERE
Kyle Bass
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Hedgeye CEO Keith McCullough was joined by Kyle Bass, Founder & CIO of Hayman Capital and Member of the Council on Foreign Relations, on Day 1 of the Hedgeye Investing Summit (4/11/22), a 3 day, 9 interview bonanza between McCullough and 9 of the investing world’s brightest minds. |
If you're familiar with Kyle Bass, or watched his interview at the previous Hedgeye Investing Summit, you know he's staunch in his resolve to pull no punches when calling out despotic regimes and errant policymaking... and this time was no different. Below is just a taste of what Bass had to say on the CCP; watch the full interview for more on Putin, the Fed, and (plenty of) other ill-intentioned actors.
"I'm shocked at how much capital is invested in a regime like the Chinese Communist Party. I don't think anyone should be invested in China. You're engaging in a fool's errand; I don't think you'll ever get your money back if you're invested in Chinese Private Equity"
"I think a Taiwan invasion by China is inevitable."
YOU CAN WATCH THE FULL REPLAY (ALONG WITH THE OTHER 8 REPLAYS) HERE
Mike Taylor
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Hedgeye CEO Keith McCullough was joined by Mike Taylor, Portfolio Manager of the Simplify Health Care ETF (PINK), on Day 1 of the Hedgeye Investing Summit (4/11/22), a 3 day, 9 interview bonanza between McCullough and 9 of the investing world’s brightest minds. |
Mike came back to HedgeyeTV (for the umpteenth time) for yet another amazing conversation. Hitting on the brutal comps and margin compression facing public companies, Fed policy, his two favorite #MaxPainTrades for Q2, and more... if (for some reason) you missed this, watch it now.
"This is probably the worst setup I've seen in 20 years, in all my years in investing."
"Everyone has to remember what the Fed's job is; it's not the Dual Mandate, that's just verbal diarrhea for the masses. The Fed's job is to make the US Treasury look solvent...
Watch what the Fed does, not what they say."
YOU CAN WATCH THE FULL REPLAY (ALONG WITH THE OTHER 8 REPLAYS) HERE
