Keith McCullough, Founder & CEO of @Hedgeye Risk Management, joins Maggie Lake to explain why he believes the AI trade is already beginning to unwind — and why the next major market move may be a rotation away from today’s biggest winners.
McCullough breaks down Hedgeye’s “Quad 4” outlook for the first half of 2027, a potential environment of slowing economic growth and slowing inflation. He explains why that backdrop has pushed him toward U.S. Treasury bonds and defensive sectors, and what investors should be watching as volatility returns to markets.
The conversation also covers the growing credit and financing risks behind the AI boom, what credit spreads may be signaling about the economy and the Federal Reserve, Keith’s evolving views on oil and gold, and why investors can get into trouble by holding on too long to the assets that led the previous market cycle.
Maggie and Keith also discuss leveraged funds, retail investor behavior, bond yields, corporate profits, inflation, and the signals that could determine where markets head next.
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