A Model For Managing Macro Risk (w/ Raoul Pal and Keith McCullough) | Interview | Real Vision™

Описание: In his inaugural appearance on Real Vision, Keith McCullough, founder and CEO of Hedgeye, explains why now is the time to pay special attention to macro risk. In his opinion, factor-based index investing and the growth of market-neutral hedge fund strategies have made financial markets more sensitive to macro risks than ever before. With growth slowing globally and volatility rising, investors need to find ways to marry bottoms-up analysis with top-down risk assessments in one holistic approach. Keith speaks specifically to fixed income, currency, and industry sector strategies. He and Raoul also discuss the issues with the mainstream financial media landscape. Filmed on January 14, 2019 in New York.
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A Model For Managing Macro Risk (w/ Raoul Pal and Keith McCullough) | Interview | Real Vision™
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Transcript:
Keith, great to finally get you here at Real Vision. We've had so many people trying to introduce us, get us together, and I've always been following you. Well, I followed you for a long time on Twitter and other things and thinking, this is a guy we need to get on Real Vision. So finally, thank you for coming to join us.
Well, thanks. Thanks for having me and for making it work. Your studio is far nicer than mine.
Thank you. So look, tell people a little bit about the background of what you do now and then more importantly, how you came into the business and a little bit of your story.
So now I have a company called Hedgeye that's 10 years old, but I started as any other analyst on Wall Street. Got a job as a hedge-fund analyst. Didn't know what I was doing. Started to figure that out a little bit. Worked with a guy named John as he was breaking up with a guy named Art Samberg You probably recall Pequot Capital.
Yeah, and Art's been on Real Vision.
OK, cool. So we were right there on Pequot Avenue-- that's why it's called Pequot in Southport, Connecticut. And I cut my chops as a buy-side analyst. Then they gave me my own book, probably too early. Back then we didn't have factor exposures or limits or--
Which year was this?
This is back in-- well, I started as an analyst back in 2000. Graduated from college in '99. As a Canadian, you're about 35 years old at that point. So then that rolled into your traditional Wall Street investment-banking program. Couldn't stand that after a year and went to the buy side, and then eventually became a portfolio manager, had my own fund.
And you were running tech, a tech portfolio?
Consumer, global consumer with a big-- and that's how I got into global macro was I got tired of modeling companies that couldn't tell me what the forward outlook was from a macro perspective because that's, of course, what they would always get wrong, so I would get it wrong, and I didn't like being wrong. So I started to build a global macro overlay to actually analyzing companies from a bottom-up perspective, which was easier with global companies like Nike, for example, or some of the big ones that I started to understand better earlier.