Macro Investing and Risk Management by Keith McCullough
Keith McCullough is the founder and CEO of Hedgeye Risk Management, a macroeconomic research platform used by more than 2,000 institutional and high-net-worth clients globally. Formerly with Carlyle Blue Wave and Falconhenge Partners, McCullough launched Hedgeye in 2008 to promote transparency in investment research and develop proprietary risk models.
McCullough has commented extensively on crypto markets since 2017. While he sold his personal Bitcoin holdings in October 2020, citing macro momentum divergences, he continues to analyze digital assets through Hedgeye’s volatility-adjusted frameworks. In January 2025, he published a report covering a $2.5 billion forced liquidation in long BTC futures positions and used the event to emphasize systemic fragility and non-linear risk exposure.
As of mid-2025, McCullough’s firm does not issue token ratings or operate crypto funds, but his macro models frequently benchmark crypto against treasury yields, USD strength, and volatility indices. He remains a prominent voice warning of overleveraged behavior in DeFi and describes "crypto complacency" as a core risk factor in his public Risk Ranges series.
Investing Ideas product delivers consistent short strategies, Keith McCullough notes
Keith McCullough, founder / CEO at Hedgeye Risk Management, highlights the Investing Ideas product as a source for longer-term short strategies. McCullough states that the product has ...
Keith McCullough: Financial engineering described as major scam enabled by CNBC
Keith McCullough, founder and CEO at Hedgeye Risk Management, criticizes what he calls financial "engineering" and labels it one of the great scams of the time. He alleges this practice was ...
Healthcare gains and XLY declines drove results, Keith McCullough notes
Keith McCullough, founder and CEO at Hedgeye Risk Management, highlighted a positive trading day based on his positions. He indicated being long on the healthcare sector (XLV) and short on ...
Keith McCullough: Consensus hedge funds were short housing before market movement
Keith McCullough, founder and CEO at Hedgeye Risk Management, points out that many consensus hedge funds were positioned short on housing prior to the latest market move. This observation ...
Holding DRAM at minimum position size, Keith McCullough notes
Keith McCullough, founder and CEO at Hedgeye Risk Management, commented on his recent trading activity, pointing out that he did not increase his holdings of DRAM and that it remains at his ...
Keith McCullough: High beta momentum remains strong despite Quad4 risks
Keith McCullough, founder / CEO at Hedgeye Risk Management, observes that growth momentum continues to dominate in the market, even as Quad4 risks rise. He highlights that high beta momentum is ...
USD gains 1.7% and Bitcoin falls 18.3%, Keith McCullough notes
Keith McCullough, founder and CEO at Hedgeye Risk Management, draws attention to recent market performance, highlighting the U.S. dollar's climb to new cycle highs with a 1.7% gain in the last ...
Keith McCullough: Leveraged market structure driving momentum crowding
Keith McCullough, founder / CEO at Hedgeye Risk Management, draws attention to the current leveraged market structure and the increasing crowding into momentum strategies. McCullough's latest ...
Strategy relies on tracking green and red signals for Bitcoin trades, Keith McCullough notes
Keith McCullough, founder / CEO at Hedgeye Risk Management, outlined his trading method for Bitcoin. He stated that his strategy involves going long on Bitcoin when signals are green and taking ...
Keith McCullough: Trading volume surged during recent Quad1 rally
Keith McCullough, founder / CEO at Hedgeye Risk Management, highlighted that trading volume accelerated during yesterday's Quad1 peace ramp. The comment suggests notable market activity amid ...
Market roughness must be seen to gain insight, Keith McCullough notes
Keith McCullough, founder / CEO at Hedgeye Risk Management, shares a quote by Richard Brennan emphasizing the unpredictable and dynamic nature of markets. McCullough highlights the importance of ...
Keith McCullough: Long Only portfolio declined 11 bps amid aggressive Quad Shift
Keith McCullough, founder and CEO at Hedgeye Risk Management, reported that the Fam's Long Only portfolio dropped 11 basis points on the day. He added that there was an aggressive Quad Shift in ...
Prepared to guide risk management during an active session, Keith McCullough notes
Keith McCullough, founder and CEO at Hedgeye Risk Management, signals readiness to support risk management strategies following an eventful market close. The update references real-time alerts ...
Keith McCullough: DRAM and QTUM record strong gains in daily bounceback
Keith McCullough, founder and CEO at Hedgeye Risk Management, reported a notable rebound in trading performance, with DRAM and QTUM emerging as the top contributors to his P&L for the day. He ...
Institutional money is deepening crypto challenges, Keith McCullough argues
Keith McCullough, founder and CEO at Hedgeye Risk Management, assesses that institutional money, once expected to revitalize the crypto market, is now having a negative impact instead. He ...
Keith McCullough: Hedgeye Nation remains engaged after recent losses
Keith McCullough, founder and CEO at Hedgeye Risk Management, commented on recent member sentiment in the community. He stated that while a small percentage of new members were disappointed by ...
Many entered Bitcoin and crypto without a risk plan, Keith McCullough notes
Keith McCullough, founder / CEO at Hedgeye Risk Management, commented on the recent challenges faced by those who invested in Bitcoin and other cryptocurrencies. He expressed concern that many ...
Keith McCullough: Hedgeye launches ADDS ETF to target companies before index inclusion
Keith McCullough, founder and CEO at Hedgeye Risk Management, announced that Hedgeye Asset Management has launched ADDS, an active ETF designed to identify and invest in companies before they ...
Volume rate of change assessed against trade duration average, Keith McCullough notes
Keith McCullough, founder and CEO at Hedgeye Risk Management, explains that he is measuring the rate of change in trading volume relative to the average volume over a specific trade duration. ...
Keith McCullough: Track record in calling every major market crash since 2008
Keith McCullough, founder / CEO at Hedgeye Risk Management, states that he has accurately called every major market crash since 2008, with timestamps to support his claims. McCullough emphasizes ...
Protecting net worth with better processes, Keith McCullough notes
Keith McCullough, founder and CEO at Hedgeye Risk Management, emphasizes that the greatest privilege of his work is helping people identify better processes to safeguard their family net worth ...
