Episode Summary
Macro Mayhem: Filtering the Signal from the Noise: The Interview
Raoul Pal, CEO and co-founder of Real Vision, welcomes back Keith McCullough, founder and CEO of Hedgeye Risk Management, to analyze how divergent indicators in inflation and growth are revealing trading signals for bonds, commodities, and equities going forward. McCullough breaks down his "Quad"-based investment process, going in greater depth on how "risk ranges" affect his trading across various asset classes such as corn, Chinese and Spanish equities, and Treasury Inflation-Protected Securities (TIPS). Pal and McCullough explore how investors should think about liquidity risks, position sizing, and risk allocation, and the two discuss the role of these factors during a time with such confounding economic data. Filmed on October 21, 2020. Key Learnings: The interplay of volatility, volume and price offers asymmetric opportunities across all asset classes. The rate of change of inflation and growth can be an effective way to determine when to bet on high-conviction trades.
Subscribe
Hosts
Ash Bennington
@AshBennington
Maggie Lake
@maggielake
Raoul Pal
@RaoulGMI
Follow Us
We'll be tweeting new episodes, polls, questions, and show updates. Follow us and say hi!
@RealvisionReal Vision Essential
Essential insights for all investors
Our core membership, Real Vision ESSENTIAL, unlocks our most popular shows, introducing the key market themes we focus on and featuring hard-to-access guests like Kyle Bass, Jim Chanos, Jim Grant, Stan Druckenmiller and many more.
Become a member now and get analysis you won’t find anywhere else.
- Daily interviews, investment ideas and presentations
- The Real Vision Daily Briefing – after market close
- Quarterly two-week long investment themes
- Full, ad-free access to the archive
- Binge anytime, anywhere on mobile and OTT apps, and offline with downloadable video, audio and transcripts