As Keith McCullough wrote in this morning’s Early Look, “Hedgeye’s differentiated returns (from the crowd) are born out of a different risk management #process. We want to save/make money when the crowd loses theirs.” 

While others focus on year-to-date returns and narratives, McCullough emphasizes risk managing the full investing cycle

“If I look at the year to date for Russell 2000 (IWM), it’s down -7%. Of all the bitching and moaning and crying we’ve heard about Gold, it’s up +10% this year. The S&P 500 itself isn’t up +10%. It’s up +7%,” McCullough explains in this clip from The Macro Show.

“Most people, if you queried them on this ‘great bull market of 2023,’ wouldn't know there's a 1,700 basis point difference year to date between the Russell 2000 and Gold.” 

Watch the full clip above. 

PROCESS: How Hedgeye Beats the Crowd (Ex. $GLD vs $IWM) - TMS Banner