In this clip from today’s edition of The Macro Show, Hedgeye CEO Keith McCullough describes how he builds a portfolio to subscribers.

“You should be saying ‘What did it do on a reasonable, full-cycle, investing duration?’” explains McCullough, as he analyzes Energy stocks (XLE) as an example.

McCullough rounds out his analysis with, “There should be no whining about energy on a full-cycle basis, absolutely not… Get rid of the feelings of it all.”

How To Analyze Securities As A Full-Cycle Investor - risk ranges