R. Patrick Kent (RPK)

Portfolio Manager, Hedgeye Asset Management | Co-Founder & Pres, Biophysical Economics Inst | 25+ years Investment Experience | CFA, CMT | Bass Player & BJJ

[R. Patrick Kent (RPK) @Hedgeye_HELS]

I've worked on the Sell Side, Buy Side and Hedge Funds in my career and I can say one thing for certain: everyone thinks everyone else is an idiot. 😂

[R. Patrick Kent (RPK) @Hedgeye_HELS]

@HedgeyeComm It will be SuperAmericaIntelligence in like a week.

[R. Patrick Kent (RPK) @Hedgeye_HELS]

"superintelligence" 🤮

[Mark Zuckerberg @finkd]

We believe superintelligence will create significant new opportunities for all people and businesses. Meta already serves billions of people at scale and helps hundreds of millions of businesses reach customers. Today we are starting the next major pillar of our business, Meta Enterprise Platform, to help businesses use AI to grow and transform in new ways as well.

[R. Patrick Kent (RPK) @Hedgeye_HELS]

ROIC go down

[Andrew Freedman, CFA 🦅 @HedgeyeComm]

There is not enough room for $MSFT $SPCX $GOOGL $META Anthropic and OpenAI to all win in the enterprise…

Tell me why this is wrong?

[R. Patrick Kent (RPK) @Hedgeye_HELS]

@Hedgeye_ADDS @FT Goldman will generally lend between 25-35%t of the value for NAV loans

[R. Patrick Kent (RPK) @Hedgeye_HELS]

Let's paper it for now... on a long enough timeline the NAV has to be right, right? 🤦‍♂️ https://t.co/HMN2VlnPX6 via @ft

[R. Patrick Kent (RPK) @Hedgeye_HELS]

Poor breadth shouldn't be a surprise when you consider the liquidity picture on the dollar surge: neutral / negative.

[R. Patrick Kent (RPK) @Hedgeye_HELS]

Morning! Game 185 in the 2026 season. Get after it.

[Keith McCullough @KeithMcCullough]

Top of the risk mgt morn

[R. Patrick Kent (RPK) @Hedgeye_HELS]

The Cheap Money Era Is Over | Protect the Pile Episode 27 w/ @gnoble https://t.co/exGyYOKRnn via @YouTube

[Sam Rahman @Hedgeye_HGRO]

Quite a conversation with @gnoble79!

@Hedgeye_HELS

The Cheap Money Era Is Over | Protect the Pile Episode 27 w/ George Noble https://t.co/jkZz8XyZJ0 via @YouTube

[Adam Butler @GestaltU]

Over the last year I’ve swapped between Anthropic and OpenAI models (Claude Code and Codex) as my daily driver a half dozen times, with zero switching costs. I often use one to drive the other, and use each in parallel on different tasks. Last year’s models are more than capable enough for 95% of human work, and will be replaced by narrow and/or local models once the frontier labs make people actually pay for the computer they use. No one will notice a difference except perhaps top engineers and scientists.
When a product is completely interchangeable with other products for frontier tasks, and replaceable by free (local) or nearly free (open source) models for most tasks, how exactly are we expecting the frontier labs to sustain even a fraction of the supernormal growth baked into their valuations and hyperscaler aspirations? Seriously, how is this ecosystem still buoyant? Honest question.
Is the thesis that enterprises and consumers will allow themselves to get locked into a single platform? Like the labs will be able to succeed with the Microsoft model? Are enterprise and consumers really that stupid? And even if so, is it anywhere near sufficient?

[Hedgeye @Hedgeye]

You don't have to like it. You just have to observe it.

[Neeraj K. Agrawal @NeerajKA]

Anthropic marketing: We built a god only we can control and gave it a “wet lab”

Muse marketing: Heyy girl I know you have dozens of unpaid parking tickets. Let’s get that cleaned up

[R. Patrick Kent (RPK) @Hedgeye_HELS]

@LeylaKuni You were the one who told me to watch if this stopped... it hasn't.

[R. Patrick Kent (RPK) @Hedgeye_HELS]

What they say vs what they do... Bull bear is negative newsletter writers. Put/Call is actual positioning for upside.

[R. Patrick Kent (RPK) @Hedgeye_HELS]

I love a big ambitious beautiful disaster of a film. Color me intrigued.

[The Hollywood Reporter @THR]

Tom Cruise‘s Digger is being called a very big swing of a dramatic satire that’s provoking very mixed reactions after the film’s first press screenings. https://t.co/K3Bz7Kjxaf

[R. Patrick Kent (RPK) @Hedgeye_HELS]

@HedgeyeComm Time for apple picking.

[R. Patrick Kent (RPK) @Hedgeye_HELS]

Zuck beating Apple to this would never have happened under Jobs.

[R. Patrick Kent (RPK) @Hedgeye_HELS]

Ares Strategic Income Fund, which has about $23B in assets, said that it would again cap withdrawals at 5% of outstanding shares after 13.1% looked to pull their money... @HedgeyeFIG @LeylaKuni

[R. Patrick Kent (RPK) @Hedgeye_HELS]

BJJ/MMA/Crossfit does wonders.

[Jeff Macke @JeffMacke]

Who is this charismatic bastard?

This guy couldn’t eat toast realistically 5yrs ago. Nice work, Zuck.

[R. Patrick Kent (RPK) @Hedgeye_HELS]

Morning! Game 183 in the 2026 season. Some days you start by fighting people 1/2 your age. That also works as a metaphor.

[Keith McCullough @KeithMcCullough]

Top of the (was up late) risk mgt morn