Prior to founding Hedgeye Risk Management, Keith built a track record as a successful hedge fund manager at the Carlyle-Blue Wave Partners hedge fund, Magnetar Capital, Falconhenge Partners, and Dawson-Herman Capital Management.
He got his start as an institutional equity sales analyst at Credit Suisse First Boston after earning his Bachelor of Arts in Economics from Yale University, where he captained the Yale Varsity Hockey Team to a Division I Ivy League Championship. Keith is also a Contributing Editor to CNBC TV, Fortune Magazine and author of Diary of a Hedge Fund Manager (Wiley 2010).
Prior to joining Hedgeye Risk Management, Brian was at Morgan Stanley, most recently as Executive Director in Equity Research, reworking the traditional stock coverage blueprint to maximize impact across a materially larger number of stocks.
Prior to Morgan Stanley, Brian ran the consumer sector team at Copper Arch Capital, was the Director of Investor Relations at Nike, and started his career as a research analyst at Salomon Brothers and Smith Barney.
Todd has been a Portfolio Manager, Managing Director, and Analyst at Jefferies Asset Management, Cobalt Capital, and Ardsley Partners. Previously Todd worked as a sell-side analyst at Raymond James, Dresdner Kleinwort Wasserstein, and Buckingham Research.
Howard Penney is Managing Director at Hedgeye Risk Management. His research coverage focuses on the Restaurant Industry and other Consumer Staples sectors in the US. He has nearly two decades of experience following consumer related sectors including Tobacco, Beverage (including Latin America), Gaming and Restaurant sectors.
Prior to Hedgeye Risk Management, Howard spent 14 years at Morgan Stanley, including working on the MACRO team covering Small Company Strategy. During his tenure at Morgan Stanley, Howard was ranked #1 by Institutional Investor (Restaurants) and #1 in the WSJ poll (Tobacco). In addition, after Morgan Stanley Howard worked at FBR and SunTrust Robinson Humphrey. Howard received his BA in Finance and Economics from Florida Southern College.
Prior to joining Hedgeye Risk Management, Daryl was the Sector Head for Basic Materials at HIG Capital’s hedge fund, Brightpoint Capital. Earlier, Daryl founded the public investment effort at Onex Corporation, a leading private equity firm. At Hedgeye, Daryl covers commodities, geo-politics and major asset classes outside of equities.
Joshua has more than a decade of experience following sectors including Specialty Finance, general Financial Services and Satellite Communications.
Prior to Hedgeye Risk Management, Joshua was an integral part of the number-one ranked Institutional Investor and Greenwich Survey Mortgage and Specialty Finance team at Lehman Brothers before moving to the buy-side at Amaranth Group and Millennium Partners. He got his start at CE Unterberg, Towbin covering the Satellite Communications sector.
Prior to Hedgeye Risk Management, Tom was head of healthcare investments at Dawson-Herman Capital Management, which he joined after working as an analyst at W.P.Stewart. Tom’s industry background includes research work at MZT Holdings and at the Harvard/MGH Cutaneous Biology Research Center.
Jay has covered the Industrials sector for over a decade, providing buy-side research for long-only, long/short hedge funds, and proprietary trading strategies. He was a Co-Founder and Partner at Bishop & Carroll Capital Management, where he focused on Industrials, Materials and Consumer Durables.
Previously he was a Managing Director at LaBranche, which seeded Bishop & Carroll, and an Industrials & Materials Sector Analyst at Brown Brothers Harriman. Jay graduated from Yale with a B.S. in Chemistry.
Rob has nearly 20 years experience in the industry and within the last 5 years on the buy side at some of the top hedge funds in the business, including Pioneerpath, Diamondback Capital, and Searock Capital. Prior, he was a senior equity analyst at Prudential Securities where he was consistently Institutional Investor ranked.
Before Prudential he was at Sanford Bernstein as an equity research associate covering food, beverage, and retail. He began his career as a strategic consultant with PricewaterhouseCoopers. Rob has a MBA from Columbia and BA in Economics from Duke.
Hedgeye Q2 Macro Themes
After a positive growth inflection in the U.S. macro data to start the year, the key risk management consideration from here is whether domestic growth can accelerate in the face of seasonal and fiscal policy headwinds. Alongside strong dollar benefits to discretionary demand, labor market, housing, and birth trends should remain supportive of consumption over the intermediate term.
It all starts and ends with the Buck. We see a stronger U.S. dollar deflating Bernanke's commodity bubbles which should boost U.S. consumption. In particular, we highlight a bullish set-up for the USD versus the EUR and JPY.
Consistent with our call for continued U.S. dollar strength and commodity deflation, we think the very early innings of the next round of emerging market crises is upon us. Sustained USD appreciation exposes EMEs to a variety of economic risks that asset allocators have not had to appropriately discount for over a decade.
Fixing A Broken Wall Street
People are angry. America is being destroyed from within and most of us feel like all we can do is stand by and watch it happen. Hedgeye’s Moshe Silver – a highly regarded Wall Street compliance professional – explains Wall Street's problems and offers concrete solutions.
Crony capitalists and bankers have made lying a global industry. Lawmakers are compromised, regulators are clueless, and the media mostly parrots the worst of what they are told. Silver leads you through the disasters of the last few years, showing why it couldn't have been any other way.
Diary of a Hedge fund manager
An insider's view of the high stakes world of money management, Diary of a Hedge Fund Manager is both a practical guide for investors and the deeply personal story of a man who knows the system inside and out.
One of the best young portfolio managers on Wall Street, and helping to run one of the world's most prestigious firms, Keith McCullough finds himself a lone voice of reason as the economic crisis of 2008 looms large. Shown the door, his life takes a fascinating turn into the world of independent research and no-holds-barred criticism.
About Trade: Trend: Tail (durations)
Trade :: Trend :: Tail Process - These are three durations over which we analyze investment ideas and themes. Hedgeye has created a process as a way of characterizing our investment ideas and their risk profiles, to fit the investing strategies and preferences of our subscribers.
- "Trade" is a duration of 3 weeks or less
- "Trend" is a duration of 3 months or more
- "Tail" is a duration of 3 years or less