Keith McCullough, CEO of Hedgeye Risk Management, is always a great communicator. He has a super clear, mathematical methodology for asset allocation that is tried and tested over the years. When Keith has a change of “Quad”, we listen. Keith’s models are picking up that the market is underestimating Q4 and maybe Q1 in terms of growth and expectations moving into Quad 2—rising growth and risking inflation—and that leads to several trading opportunities. Raoul and Keith dig into the details of his asset allocation shifts and what they mean for the asset classes, along with how he could be forced to change his view and what this might mean for next year too, which again might be a different type of surprise. Keith’s clear methodology is something we can all follow, and it helps guide how we should allocate assets—from bonds to emerging markets, from commodities to crypto. Filmed on September 28, 2021.