Hedgeye CEO Keith McCullough on Stagflation, Bitcoin and the Devalued Dollar

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 6 August 2020

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today on the Brief: Robinhood doubles quarterly trading revenue Square did $875 billion in bitcoin revenue in Q2 - up 600% YoY ADP report: 167,000 jobs added in July (instead of expected 1.2 million) Our main conversation is with Hedgeye CEO Keith McCullough. Before building Hedgeye into a “no-excuses provider of real-time investment research and a premier online financial media company,” Keith worked at hedge funds including Carlyle Blue Wave Partners hedge fund, Magnetar Capital, Falconhenge Partners and Dawson Herman Capital Management. In this conversation, he and NLW discuss: Hedgeye’s “Full Cycle Investing” approach and GIP (Growth, Inflation, Policy) methodology How the economy was in a period of slowing growth and slowing inflation before COVID-19 How we’ve moved into a stagflation period in response to the money printing prompted by the crisis Why bitcoin, gold, emerging market stocks and commodities are likely to thrive in this environment Why most narratives are BS Why the “Old Wall” media distracts rather than educates Check out our guest online: Website: Hedgeye.com Twitter: @KeithMcCullough

Transcript

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0:00.0	The people figure out systematically that things are inflating because they're paying the price of those things.
0:06.1	Whereas investors, or people like me, already front run them.
0:09.8	You know, that's the whole point.
0:10.8	You've got to get long inflation before the people at large realize it.
0:14.2	And that by the time some government guy, central planning gal, by the time they tell us that inflation's here, you know, the investment opportunity
0:21.6	to have been long commodities or Bitcoin for that matter is way in the rearview mirror.
0:27.4	I don't think that the gold price and the Bitcoin price in particular are validations
0:31.9	that great central market plannings are working. I think that they're telling you it's the
0:37.3	beginning of the end
0:38.0	of an establishment in a regime like the Federal Reserve. Welcome back to the breakdown with me
0:44.7	NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:52.1	The breakdown is sponsored by crypto.com, BitStamp, and nexo.io, and produced
0:57.8	and distributed by CoinDesk. What's going on, guys? It is Wednesday, August 5th, and today
1:05.9	I am so excited to bring you an interview with the Mucker himself, Hedge-eye CEO Keith McCullough.
1:13.2	We are going to get into everything from the devalued dollar to Bitcoin and beyond, so stick
1:19.0	around for that. First up, however, the brief. First up on the brief today, Robin Hood
1:24.7	doubles its second quarter trading revenue. Robin Hood has obviously
1:28.8	been throughout the year a huge force in the markets, at least from a narrative perspective.
1:34.8	They have commanded the attention of media, but the question is, are they really growing in step
1:40.2	with that? Well, their revenue doubled between quarter one and quarter two, or at least
1:44.5	nearly doubled from 91 million in quarter one to 180 million in quarter two. Of that,
1:50.8	111 million or 62 percent came from options. Options have obviously been at the center of some
	...

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