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.