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.
Suggestions for portfolio allocation highlighted, Keith McCullough notes
Keith McCullough, founder and CEO of Hedgeye Risk Management, asked whether people's portfolios have experienced drawdowns since October and stated that this did not need to be the case. He ...
Keith McCullough: COST is currently ranked number 6 in Signal Strength Stocks product
Costco Wholesale (COST) is currently the sixth ranked stock in the Signal Strength Stocks quantamental product. Keith McCullough, founder and CEO of Hedgeye Risk Management, shared this ...
Says he adds bullish trend breakouts like WRBY after corrections, Keith McCullough notes
Keith McCullough, founder and CEO of Hedgeye Risk Management, said he adds bullish trend breakouts such as WRBY when they experience a correction. He described WRBY as having gone vertical with no ...
Keith McCullough: New ETF added to long only account in portfolio solutions and ETF Pro
A new ETF has been added to the Long Only Account featured in both Portfolio Solutions and ETF Pro. Keith McCullough, founder and CEO of Hedgeye Risk Management, shared the update on social ...
Retail investor returns swing from 22 percent up to 14 percent down year to date, Keith McCullough notes
Retail investor performance has shifted dramatically from a 22 percent gain year to date to a 14 percent decline, according to a chart highlighted by Keith McCullough, founder and CEO of Hedgeye ...
Keith McCullough: Congratulates Mark on preserving capital over 10 years versus MSM Perma Bull crowd
Keith McCullough, founder and CEO of Hedgeye Risk Management, commended Mark for subscribing to the process for 10 years and for successfully preserving and protecting capital during that period. ...
Hedgeye posts record revenue day from new subscribers, Keith McCullough states
Hedgeye, an investment research firm, reported a record day of revenues from new subscribers. Keith McCullough, founder and CEO of the firm, shared the information in an internal note to his ...
Keith McCullough: Fed tightening into a Quad4 slowdown after delayed rate hikes
Keith McCullough, founder and CEO of Hedgeye Risk Management, said the Federal Reserve will be tightening monetary policy into a Quad4 slowdown because it did not raise interest rates when it ...
South Korea market crash extends to 41 percent drop, Keith McCullough notes
South Korea's stock market declined by 5.3 percent overnight, reaching new cycle lows and marking a cumulative 41 percent fall from its peak. Keith McCullough, founder and CEO of Hedgeye Risk ...
Keith McCullough: Oil declines further after breaking immediate-term trade level
Oil prices fell by another 1 percent after breaking Hedgeye's immediate-term trade level. Keith McCullough, founder and CEO of Hedgeye Risk Management, reported the ...
Shanghai Comp drops as China stocks decline again, Keith McCullough notes
The Shanghai Composite fell another 0.8 percent as Chinese stocks continued their decline. Keith McCullough, founder and CEO of Hedgeye Risk Management, highlighted the resumed drop in a recent ...
Keith McCullough: Retail investor segment fell another 5.6 percent Friday
A retail investor group characterized as the 'CNBC-type' experienced a further drop of 5.6 percent on Friday. Keith McCullough, founder and CEO of Hedgeye Risk Management, reported the continued ...
Preferring oil and energy stocks to AI bubble stocks and Bitcoin, Keith McCullough advises
Keith McCullough, founder and CEO of Hedgeye Risk Management, expressed a preference for oil and energy stocks over AI bubble stocks and Bitcoin. In his view, getting out of AI-related stocks and ...
Keith McCullough: Over one third of Mag7 profit is paper as profits slow from cycle peak
Keith McCullough, founder and CEO of Hedgeye Risk Management, said that more than one third of the profits reported by Mag7 are "paper" profits, and noted that profits are now slowing from their ...
Gold is going down as U.S. dollar rises, Keith McCullough notes
The strengthening U.S. dollar is connected to the recent decline in gold, according to Keith McCullough, founder and CEO of Hedgeye Risk Management. McCullough described the relationship between ...
Keith McCullough: Brent oil rose 20 percent in one month while European gas doubled
Brent oil has risen by 20 percent in the past month, while European gas prices have surged by double that amount. Keith McCullough, founder and CEO of Hedgeye Risk Management, highlighted these ...
Chinese stocks drop by 1.3 percent to new cycle lows, Keith McCullough notes
The Chinese stock market dropped by 1.3 percent overnight, reaching new cycle lows. Keith McCullough, founder and CEO of Hedgeye Risk Management, highlighted this movement in a recent ...
Keith McCullough: Maintains bearish stance on high yield and credit risk spreads
Keith McCullough, founder and CEO of Hedgeye Risk Management, stated that his bearish view on high yield and credit risk remains ...
Top 3 ETFs lead in challenging environment, Keith McCullough notes
Keith McCullough, founder and CEO of Hedgeye Risk Management, highlighted his group's current top three exchange-traded funds (ETFs), noting this preference comes during a period when many have ...
Keith McCullough: Retail investor performance down 25 percent from cycle peak
Retail investor performance has declined by 25 percent from its cycle peak, according to a recent chart shared by Keith McCullough, founder and CEO of Hedgeye Risk ...
Brent Oil position maintained amid accelerating inflation nowcast, Keith McCullough notes
Keith McCullough, Keith McCullough, stated that he remains long Brent Oil and reported that his Street High Inflation Nowcast continues to ...
