(This is an excerpt from an article written on Substack by Mark Bunting. You can read Mark's full bio below).
Keith McCullough often quotes the headline above from Michael Jordan in the brilliant documentary The Last Dance about the Chicago Bulls’ last championship season.
The basketball legend was addressing the claim that he was a tyrant with his teammates. Jordan said, in part, those were comments from people who “never won anything.”
It’s well known that Jordan is an intense competitor. Competitive in everything he does, according to Tim Grover, Jordan’s former performance coach, who wrote in his book, Winning:
“You didn’t only have to keep up with his mentality and drive, he expected you to keep up in your knowledge, your skill, your pace, your desire to win. That was non-negotiable.”
Hedgeye Risk Management self-directed subscribers and institutional clients know that McCullough is also an intense competitor. The company’s founder and CEO often talks about his blue-collar upbringing in Thunder Bay, Ontario, Canada, the son of a firefighter, working dirty jobs, and getting into scraps as a hockey player.
Do You Have a Ball?
One of the most telling anecdotes that exemplifies McCullough’s personality is from his book, Diary of a Hedge Fund Manager, (the name of this series is a play on that title. McCullough has said he’ll be releasing a second book later this year) where he recounts being interviewed for a job by a Lehman Brothers executive.
McCullough tells the story in this excerpt from my first interview with him:
“When I walked in for my Wall Street interviews, I knew very little relative to a lot of these polished, prep school kids. I had the lowest SAT (Scholastic Aptitude Test) score at Yale, I think you know that, in my class. On paper, I was terrible.
And I walked into a room, and this guy, he’s talking to me like I’m a two-year-old. When he asked me what differentiated me competitively, because my resume didn’t have all these bells and whistles, I looked him in the eye and said, “Are you an athlete?” And he said, “Yeah.” I said, “Do you have a ball?”
And the person who’s interviewing me beside him, it was a he and she, and they were sitting there and she was looking at him like, “Is he really saying this to you?” Because this guy’s a big-time football player.
And I said, “Do you have a ball?” If you have a ball, I’ll show you who can compete. Let’s lock the door and let’s put everybody out there in this room, and let’s see who comes out with the ball.”
McCullough admits he’s driven in part by anyone who’s ever doubted him or told him he couldn’t do something. Driven by any smug Wall Street prick who ever sat across from him and dismissed his ideas.
McCullough is the kid from Northern Ontario, who showed up at Yale in cutoff jean shorts and a mullet, and had his first English paper deemed by the professor as “ungradable”. His classmates may have had privileged upbringings, better marks and nicer clothes, but they would not outwork him.
McCullough plays down his intelligence by saying, “I’m not an intellect.” But the disruptive nature, intricacy, nuance and overall brilliance of the Hedgeye process proves he’s plenty smart.
Fighting Old Wall
Fast forward to today, McCullough is still fighting. His main combatant is Old Wall Street, as he calls it. He’s battling against what he perceives to be its outmoded approach to investing, its overriding goal to sell credulous investors stock, its conflicts of interest, and the many “liars, cheats, thieves, and scoundrels” who make a good living duping people out of their money. He needs and wants Old Wall to play against.
CLICK HERE TO CONTINUE READING on substack
|
ABOUT MARK BUNTING This is a Hedgeye guest contributor piece written by Mark Bunting and reposted from his Substack publication. Mark is a seasoned financial journalist with 25 years of experience in the industry. His career includes 15 years as an anchor and reporter for Business News Network (BNN Bloomberg), where he also served as London Bureau Chief for three years. He currently is the host of RCTV for Red Cloud Financial Services, focusing on interviews with CEOs and leaders in the metals and mining sector. Mark also plays a significant role at Red Cloud’s conferences, where he conducts keynote interviews and moderates panels. Additionally, he is an on-air host of sponsored content for BNN Bloomberg Brand Studio and has previously been the publisher and host of Uncommon Sense Investor and Capital Ideas Media. Mark started his career with The Sports Network (TSN). He has been a Hedgeye subscriber for three years.. View all posts by Bunting on his Substack. X (Twitter) handle: @MarkBunting_ LinkedIn: Mark Bunting |
