Hedgeye Risk Management is an independent investment research and online financial media company. Focused exclusively on generating and delivering thoughtful investment ideas in a proven buy-side process, the firm combines quantitative, bottom-up and macro analysis with an emphasis on timing. The Hedgeye team features some of the most highly-regarded research analysts on Wall Street, all with buy-side experience, covering Macro, Financials, Energy, Healthcare, Retail, Gaming, Lodging & Leisure (GLL), Restaurants, Industrials, Consumer Staples, Internet & Media, Housing, Materials, Technology, Demography and Washington policy analysis.
By subscribing you'll gain variable access to our research and Managing Directors. Our fundamental research is married with a robust macro process for unparalleled depth. Clients we serve range from the country's largest mutual funds to the world's top hedge funds.
The Macro Team has well over a decade of experience with its core edge being its repeatable process and consisting of both quantitative risk management tools as well as qualitative research frameworks that are similar to the analytical methods employed by the world’s leading quant and global macro hedge funds. This allows the team to consistently produce timely and actionable investment recommendations that are differentiated from sell-side consensus.
Focused, deep-dive research on a relatively small number of companies selected from a large universe of names (all of energy) results in high-conviction, differentiated, and contrarian ideas. The team seeks market inefficiencies - where views of cash flows and earnings are significantly divergent from market expectations. Recent coverage includes $KMI, $LINE, and $BWP, among others.
The Financials Team has nearly three decades of collective experience as a dedicated Financial sector analysts with a strong combination of bottoms up model, and driven security selection in combination with macro thematic investing, all allowing the team to produce deep-dive analysis on high-conviction ideas. Recent coverage includes $FII, $TROW, $JNS, $NSM, $COF, BAC, $OZM, $LAZ, and $LM, among others.
GAMING | LODGING | LEISURE
The GLL Team has nearly two decades of experience with an edge consists of heavy statistical modeling, contacts in Macau, Singapore and China; proprietary surveys on cruise pricing, cruise bookings, and hotel rates; and deep dive analysis on high conviction ideas. Recent coverage includes $LVS, $IGT, $RCL, $PENN, and $HLT, among others.
The Healthcare Team has nearly two decades of experience with a process that relies on identifying high frequency data series that drive a company’s fundamentals and our models. The team has also developed a proprietary, web-based tool called “Hedgeye Drivers” that helps quickly identify relationships across 1,500+ macro and fundamental data series. Recent coverage includes $HOLX, $HCA, $ATHN, $MDSO, $ILMN and $ZMH, among others.
The Housing Team takes a top down approach to covering the residential real estate market, helping investors to front-run major inflections in the largest and most broadly held domestic asset class. The team provides hyper-consumable distillation of the high frequency housing macro data as well as deep-dive thematic, demographic and industry fundamental research. Their comprehensive coverage of the Housing sector represents the collective effort and expertise of Hedgeye’s U.S. Macro and Financial's Team.
The Industrials Team has well over a decade of experience covering the sector. The team is process-focused, with deep-dive work on a narrow set of individual 'outlier' names selected from the investable global universe. The research process focuses on industry-specific cyclicality, industry structure, and valuation. Recent coverage includes $MTW, $CAT, and $WAB, among others.
INTERNET & MEDIA
The Internet & Media Team has nearly a decade of analytical experience with its edge in aggregating, deconstructing, and synthesizing the broadest array of data possible along with web scrapes, and surveys to identify opportunities. We don’t confuse theories, opinions, or assumptions with fact, and have produced deep dive analysis on $BABA, $P, $YLP, $TWTR, $EHTH and $WTW, among others.
The Restaurants Team has over two decades of experience with an edge consisting of unparalleled coverage of the restaurant space; extensive bench of industry contacts and deep dive analysis on high conviction ideas, combined with the benefit of working with the Macro Team to identify cyclical trends in consumer discretionary spending. The team has the regular ability to identify value creating opportunities that require a strategic thought process. Recent coverage includes $MCD, $SBUX, $YUM, $DRI, $HAIN, and $CAKE, among others.
The Retail Team has over two decades of experience in the Retail Sector. The team covers 130 names across the Retail landscape, and use a multitude of proprietary systems developed over the years to hone in on the biggest ideas across multiple durations. Recent coverage includes $RH, $KATE, $LULU, $KSS, $FL, $HIBB, and $TGT among others.
The Consumer Staples Team has over twenty years of experience both covering and actually working inside the industry. Our granular research process includes a deep-dive, bottom-up approach on all of our high-conviction ideas. Our unique process includes surveying the key aspects of each company covered within our proprietary macro overlay. Recent coverage includes General Mills (GIS), WhiteWave (WWAV), Snyder's-Lance (LNCE), United Natural Foods (UNFI), Hain Celestial Group (HAIN) among others.
The Materials Team has over a decade and a half of experience covering commodity driven-businesses. Our process is rooted in identifying structural strengths and weaknesses within longer term cycles of over and under investment. We generate deep dive long/short ideas by observing non-consensus supply/demand changes that have a significant effect on a company’s forward looking cash flow and earnings expectations. We then embed this longer-term view into Hedgeye's process-oriented macro outlook for timely idea generation.
Our Demography Team is the renowned authority on generations and social change in America. We are the industry leader on today's generations—who they are, what motivates them, and how they will shape America's economic future. Armed with over three decades' experience, we produce cutting-edge research to help our customers identify the most significant, long-term, secular trends in the U.S. and abroad. Working together with our Macro Team, we highlight the most important developments, market implications and how to position accordingly.
Our Technology Team has nearly two decades of experience covering the domestic and international technology sector and generating ideas across all tech sub sectors including semis, hardware and software. The primary objective of our granular, deep-dive research is identifying the most attractive long/short ideas for our institutional customers. Recent coverage includes Google (GOOGL), Microsoft (MSFT), KLA-Tencor Corp (KLAC), Red Hat (RHT), ON Semiconductor (ON), VMware (VMW), Skyworks Solutions (SWKS), Cypress Semiconductor (CY) and Sony (SNE) among others.
Our Policy Team is based in Washington D.C. and provides institutional investors with macroeconomic, sector policy, and emerging market research. With a top-down, qualitative approach, our team helps clients across the investment process. Timely regulatory analysis, custom projects, and access to the most knowledgeable sources within the Beltway, allows Hedgeye Potomac Research clients to gain an unparalleled understanding of how activity in Washington is impacting the industries and companies they cover.
The hand of the U.S. Government materially impacts the stock and bond markets on a daily basis. Tracking, understanding and predicting the effects of Congressional, presidential and federal agency initiatives is today - and will be tomorrow - a critical part of portfolio management. Our Macro Policy Team is constantly evaluating how big picture policy issues are moving markets.
The U.S. government's role in healthcare continues to have a significant impact on the sector. From the effects of impending legislation and regulation, to shifting politics, Our Healthcare Team has extensive Washington to Wall Street experience in translating policy initiatives into clear investment themes. Our team produces broad sector outlooks as well as deep-dive analysis on specific health services, and the areas of medical devices, and biotechnology companies.
The Defense Policy Team has extensive, firsthand experience in the U.S. defense budget process. Led by Lt. General Emerson "Emo" Gardner, USMC RET., the former Pentagon budget architect under Defense Secretary Robert Gates, the team is focused on how the budget process impacts the prime contractors and the industry as a whole.
TELECOM AND MEDIA POLICY
Telecommunications and media companies are under increased scrutiny as The White House and The Federal Communications Commission (FCC) pursue an agenda of innovation and competition. The Telecom and Media Policy Team is led by Paul Glenchur, who brings extensive experience as both an analyst and an attorney in analyzing the impact of regulation and legislation on companies in the space.
The Energy Policy Team has over two decades of experience and insight into the Department of Energy, the White House, and top foreign energy markets. Led by former Senator and Secretary of Energy Spencer Abraham, and former International Energy Agency Vice Chairman Joe McMonigle, the Energy Policy Team closely monitors how geopolitics, the oil markets, and shifting policies shape the sector.