***This webcast originally aired live on Hedgeye.com on June 9, 2026***

Markets may look chaotic. But are they truly random?

In this special Real Conversation, Hedgeye Founder and CEO Keith McCullough sits down with Richard Brennan, author of The Fractals of Finance: Determinism, Adaptation and the Geometry of Markets, for a fascinating discussion on the deeper structure driving financial markets.

Brennan’s work challenges the conventional view that markets are clean, efficient machines. Instead, he argues they behave more like complex adaptive systems, shaped by feedback loops, human behavior, volatility clustering, regime change and recurring fractal patterns.

That makes this a must-watch conversation for investors trying to understand what really drives trends, crashes, inflections and outlier moves.

Keith has long been fascinated by fractals and the non-linear nature of markets. In this conversation, he and Brennan will explore why price action often rhymes across timeframes, why extreme events happen far more often than traditional models suggest and why the market’s apparent noise may reveal a deeper geometry.

They’ll also discuss what fractals can teach investors about risk, trend formation, adaptability and the discipline required to navigate markets that are constantly changing.

If you want to better understand how markets move, why patterns repeat and what investors can learn from the hidden architecture of price, this is a conversation you won’t want to miss.

Visit Hedgeye.com for more great investing content.

Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

In the latest episode of Protect the Pile, RPK and Sam break down a volatile market setup: strong U.S. growth data, tightening dollar liquidity, tech factor reversals, and continued strength in semiconductors despite a sharp pullback. Patrick and Sam debate whether current conditions remain Quad 2 or are drifting toward Quad 1 or Quad 3, with health care showing early relative strength. They also dig into the oil supply shock, China’s inventory drawdowns, fuel-shortage risks, Bitcoin’s weakening use case, and how stablecoins could reshape payments and challenge legacy financial rails.

00:00 — Welcome
00:57 — Market setup: tech pressure, semis strength, and global leaders
02:59 — Dollar liquidity, crypto weakness, and the “weak zebra”
04:21 — Strong U.S. data and the Quad 2 backdrop
08:10 — Tech whiplash, momentum unwinds, and breadth
12:13 — Sector rotation: health care, financials, and small caps
17:42 — Quad 1, Quad 2, and the risk of Quad 3 ahead
19:25 — Memory stocks, DRAM pricing, and AI demand
29:18 — Macro risks: dollar strength, Fed pressure, and oil
30:18 — The oil shock hiding in plain sight
35:29 — Inventory drawdowns, tanker flows, and refinery risks
39:07 — Could fuel shortages hit the U.S.?
43:35 — Bitcoin, stablecoins, and the future of payments
49:09 — Big Tech, peer-to-peer payments, and stablecoin networks
53:24 — Closing thoughts

Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

In this episode of Protect the Pile, the team covers liquidity-driven market strength, record S&P levels, resilient global equities, and oil’s strange weakness despite tightening inventories. Patrick Kent, Sam Rahman, David Salem, and new HAM portfolio manager Brooks Cutright discuss index mechanics, free-float rules, profitability tests, and how massive IPOs could reshape passive buying. Sam shares takeaways from Bernstein’s conference, including AI data-center delays, power constraints, and semiconductor momentum. The panel also debates whether energy markets are mispricing crude shortages, potential demand destruction, and late-summer fuel risks. Brooks introduces his index-rebalance background and explains why index inclusion matters. 

Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

We hosted a powerful "Real Conversation" between Hedgeye CEO Keith McCullough and Sam Goodwin — bestselling author, keynote speaker, and global traveler turned hostage survivor.

In 2019, Sam's quest to visit every country on Earth took a violent detour.

He was abducted by the Syrian regime, accused of being a CIA spy, and threatened with being handed to ISIS for beheading.

He survived, wrote about it, and turned the experience into a framework for thriving in chaos.

In Sam's own words from Saving Sam:

"After a twenty-minute ride, a Syrian military compound lined with barbed wire and concrete fences appeared out of nowhere in a field. We pulled in… As I got out, it dawned on me that they had all been waiting just for me." (pg. 30)

Perspective matters. Markets will always test your comfort level — that’s how resilience is built.

The best investors, like the strongest people, don’t fight uncertainty; they embrace it, adapt, and come out stronger on the other side.

That is the heartbeat of Hedgeye's process, and it is the foundation of Sam's signature program, "Winning Through Uncertainty."

In this timely conversation, Keith and Sam draw a straight line from surviving captivity to surviving markets.

Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

In this episode of Protect the Pile, RPK and Sam discuss strong earnings, tech leadership, lower volatility, and a possible Quad 2-to-Quad 3 transition favoring healthcare over industrials. Nvidia’s results were strong, but AI bottlenecks are shifting toward CPUs, networking, and compute capacity. They debate hyperscaler spending, Anthropic/OpenAI demand, and AI monetization. Energy remains a key risk, with Strait of Hormuz disruptions, inventory draws, and stagflationary pressure. They close on momentum, liquidity, risk ranges, portfolio discipline, Nasdaq hedging, and future IPOs

Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

Brian "Ponch" Rivera's 28-year U.S. Navy career as a F-14 Top Gun aviator is one marked by exceptional leadership and operational expertise. But it wasn't without tremendous sacrifice. 

He opens in the cockpit on a 2001 training mission over the Bay of Bengal, with the roommate he swapped seats with, who never came back. Through his emotional retelling, Rivera explains how, in a complex adaptive system, you can make all the right decisions, have all the right hedges on, and still end up with a catastrophic outcome.

Since 9/11, just over 7,000 American service members have died in combat. In that same period, 140,000 veterans have died by suicide — the VA puts the rate at 17 a day; independent research puts it as high as 44 once overdoses are counted honestly. The system's answer is SSRIs, benzos, sleep aids, and painkillers. They're treating symptoms, not the system.

Rivera traces the path from the "Just Say No" era of the 1970s War on Drugs to his story of ibogaine treatment in Tijuana alongside his friend Mark "Slider" Keller, who'd spent seven years on a couch after a moral injury in combat and was injecting cocaine by the time they boarded the plane.

A Stanford study of 30 special operators showed PTSD symptoms down 88%, depression down 87%, and anxiety down 81% one month after a single ibogaine treatment.

The medicine — still DEA Schedule I, "no accepted medical use" — interrupts opioid, meth, cocaine, and alcohol addiction within 24 to 36 hours and rebuilds severed neural connections. Rivera's work with Veterans Exploring Treatment Solutions helped push it from the underbelly of Tijuana to the White House in five years, culminating in President Trump's April 2026 executive order opening federal funding for ibogaine research.

Weaving together predictive processing, controlled hallucination, fractal attractor dynamics, and Neil Howe's Fourth Turning, Rivera makes the case that the trauma isn't the event — it's the response.

Visit Hedgeye.com for more great investing content.

Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book.

***This webcast originally aired live on Hedgeye.com on May 14, 2026***

In a market environment defined by whiplash, uncertainty, and rapidly shifting narratives, clarity is more valuable than ever.

Join us for a Real Conversation between Hedgeye CEO Keith McCullough and New York Times bestselling author Jim Rickards.

From wild swings across equities, bonds, gold, currencies, and commodities to fresh questions about inflation, growth, policy, and geopolitics, Keith and Jim dig into the forces shaping today’s risk landscape. The conversation promises to dig into how investors can think clearly amid turbulence.

Expect sharp perspective, big-picture context, and a candid look at what recent market and economic volatility may be signaling for the road ahead.

Visit Hedgeye.com for more great investing content.

Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

In the latest Protect the Pile, Patrick Kent, Sam Rahman, David Salem, and John McNamara tackle a market that refuses to crack despite geopolitical shocks, oil disruptions, rising rates, and unresolved risks. The crew debates whether this is the most stressful investing environment in years, why liquidity and passive flows keep overpowering fundamentals, and how today’s market structure is reshaping every decision. They dig into the potential SpaceX IPO, the role of forced buyers, private-market valuation pressure, and what AI giants like OpenAI and Anthropic could mean for public markets.

Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

***This webcast originally aired live on Hedgeye.com on April 23, 2026***

This is an exclusive "Hedgeye Investing Summit" interview between Mike Taylor, Hedge Fund Veteran, Portfolio Manager of PINK Shares for the Cure, and Hedgeye CEO Keith McCullough.

To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.

Visit Hedgeye.com for more great investing content.

Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.

Turn off that tired “Old Wall” TV and tune into The Macro Show, Hedgeye’s live daily broadcast featuring key market and economic insights, investing implications and interactive viewer Q&A. See for yourself why more and more investors in the U.S. and abroad have made this “must-see” market TV. We are live online every weekday morning at 9:00am ET. CLICK HERE to check out our product page.

***This webcast originally aired live on Hedgeye.com on April 23, 2026***

This is an exclusive "Hedgeye Investing Summit" interview between Nancy Davis, Founder & CIO of Quadratic Capital, and Hedgeye CEO Keith McCullough.

To watch more "Hedgeye Investing Summit" interviews, CLICK HERE.

Visit Hedgeye.com for more great investing content.

Hedgeye Founder & CEO Keith McCullough's long-awaited new book, “Master The Market” is available now! In this 52-page e-book, Keith McCullough distills decades of Wall Street experience into actionable insights. Discover how to navigate market cycles, avoid major losses, and invest with the confidence of a seasoned pro. Download your free copy right now. Go to Hedgeye.com/book. That’s Hedgeye.com/book.

Get an investing edge on the enormous amount of money flowing into options every day, what they’re signaling, and the structural and behavioral trends driving markets higher or lower. The Market Situation Report™ includes access to a daily newsletter and weekly webcast featuring analysis of the Tier 1 Alpha team's proprietary models. CLICK HERE to check out our product page.