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When Success Springs Out of Failure (w/ Keith McCullough)

Keith McCullough, CEO of Hedgeye, talks about how he used failure to fuel his success. From getting fired and stoking his entrepreneurial spirits, McCullough saw an opportunity to give the investment research business a new, more transparent perspective. This video is excerpted from a piece published on Real Vision on January 25, 2019 entitled “A New Model to Manage Macro Risk.” #finance #investing #economy Watch more Real Vision™ videos: http://po.st/RealVisionVideos Subscribe to Real Vision™ on YouTube: http://po.st/RealVisionSubscribe Watch more by starting your 14-day free trial here: https://rvtv.io/2KodfJN About How I Got My Start In Finance: In this series, legends of the financial industry tell the stories of how they got their starts. About Real Vision™: Real Vision™ is the destination for the world’s most successful investors to share their thoughts about what’s happening in today's markets. Think: TED Talks for Finance. On Real Vision™ you get exclusive access to watch the most successful investors, hedge fund managers and traders who share their frank and in-depth investment insights with no agenda, hype or bias. Make smart investment decisions and grow your portfolio with original content brought to you by the biggest names in finance, who get to say what they really think on Real Vision™. Connect with Real Vision™ Online: Twitter: https://rvtv.io/2p5PrhJ Instagram: https://rvtv.io/2J7Ddlw Facebook: https://rvtv.io/2NNOlmu Linkedin: https://rvtv.io/2xbskqx When Success Springs Out of Failure (w/ Keith McCullough)    / realvisiontelevision   Transcript: For the full transcript visit: https://rvtv.io/2KodfJN JUSTINE UNDERHILL: Welcome to How I Got My Start in Finance. In this episode, Hedgeye CEO Keith McCullough speaks with Real Vision co-founder and CEO Raoul Pal about using failure to find his calling. KEITH MCCULLOUGH: So now I have a company called Hedgeye that's 10 years old. When I started as any other analyst on Wall Street, got a job as a hedge fund analyst. Didn't know what I was doing. Sort to figured that out a little bit. I worked with a guy named John Dawson as he was breaking up with a guy named Art Samberg, if-- you probably recall Pequot Capital. RAOUL PAL: Yeah. Art's been on Real Vision. KEITH MCCULLOUGH: Yeah, OK, cool. And so we were right there on Pequot Avenue. That's why it's called Pequot in Southport Connecticut. And I cut my chops as a buy side analyst. Then they gave me my own book, probably too early. Back then we didn't have factor exposures or limits-- RAOUL PAL: Which year was this? KEITH MCCULLOUGH: This was back in-- well, I started as an analyst back in 2000. RAOUL PAL: Right. OK. KEITH MCCULLOUGH: I graduated from college in '99. As a Canadian, you're about 35 years old at that point. So then I rolled into your traditional Wall Street investment banking program. Couldn't stand that after a year and went to the buy side. And then eventually became a portfolio manager, had my own fund, and sold it-- RAOUL PAL: And you were running tech-- tech portfolio, or-- KEITH MCCULLOUGH: Consumer. Global consumer. With a big-- and that's how I got into global macro, was I got tired of modeling companies that couldn't tell me what the forward outlook was from a macro perspective. Because that's, of course, what they would always get wrong, so I would get wrong. And I didn't like being wrong. So I started to build a global macro overlay to actually analyzing companies from a bottom up perspective, which was easier with global companies like Nike, for example, or some of the big ones that I started to understand better earlier. But it all started with just being an analyst. I started as an analyst. And now today, like, as-- I guess I moonlight as a macro strategist. But most of my-- all my macro calls are borne out of that same analytical process. That's 20 years-- we're almost 20 years later. But I've really just applied most of my fundamental learnings as a bottom up analyst to my top down view. And that's certainly not a qualitative one. That's how I quantify it. Like, this whole rate of change process that we've built and whatnot.