Published 12/23/25
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Real Conversation | The Fourth Turning Portfolio: How to Invest Through Today’s Chaos with the New HEFT ETF
America is in a period of disorder that renowned demographer and bestselling author Neil Howe has spent decades forecasting. In this special Real Conversation, Hedgeye CEO Keith McCullough sits down with Howe and his Hedgeye Asset Management co-portfolio manager R. Patrick Kent to explain what today’s chaotic environment means for investors—and why they launched the Hedgeye Fourth Turning ETF (HEFT).
Howe outlines the defining forces driving the Fourth Turning: polarization, institutional breakdown, geopolitical tension, and mounting economic strain. Neil and RPK connect these generational dynamics directly to today’s market landscape, detailing the sectors, themes, and types of companies they believe are positioned to benefit as this cycle intensifies.
They also walk through the key stock ideas and industry groups shaping HEFT’s construction—grounded in a disciplined, rules-based investment process.
If you want to understand the era we’ve entered—and how to position capital with clarity and conviction through the turbulence—this is a conversation you don’t want to miss.
Disclosure:
Hedgeye Asset Management, LLC ("HAM") is a registered investment adviser and controlled subsidiary of Hedgeye Risk Management, LLC ("HRM"). HAM is compensated, in part, on the asset size of the funds it manages and therefore benefits directly from investments in those funds. HAM is a subsidiary of HRM. HRM holds an ownership interest in HAM and provides research and other services to HAM under a revenue share agreement. As such, HRM benefits indirectly from investments in the funds managed by HAM. For full disclosures, review HAM's Form ADV at https://adviserinfo.sec.gov/