Prior to joining Hedgeye in early 2023 as its inaugural Managing Director of Capital Allocation, David served as founding President and Chief Investment Officer of The Investment Fund for Foundations (TIFF) and as a partner at GMO, working closely with Jeremy Grantham on investment solutions for large institutional funds.

David received a JD cum laude from Harvard Law School and an MBA with high distinction from Harvard Business School, where he was elected a Baker Scholar. A member of the District of Columbia Bar since earning his JD, David has held adjunct faculty positions at Middlebury College, from which he earned his undergraduate degree summa cum laude, and the University of Virginia, and served in the White House Counsel’s office while enrolled at Harvard.

See our sample reports above for the research provided in Capital Allocation.

Learn more about Capital Allocation with our resources below.

Retail Pro combines historical context, insight on industry cycles and forces, unique stock ideas, non-consensus data analysis, and analyst commentary – enabling investors to professionally manage their consumer exposure across varying economic climates. Retail Pro helps you build informed, longer-term exposure within consumer equities enabling investors to professionally manage risk.

Retail Pro combines historical context, insight on industry cycles and forces, unique stock ideas, non-consensus data analysis, and analyst commentary – enabling investors to professionally manage their consumer exposure across varying economic climates. Retail Pro helps you build informed, longer-term exposure within consumer equities enabling investors to professionally manage risk.

© 2024 Hedgeye Risk Management LLC. The information contained herein is the property of Hedgeye, which reserves all rights thereto. Redistribution of any part of this information is prohibited without the express written consent of Hedgeye. Hedgeye is not responsible for any errors in or omissions to this information, or for any consequences that may result from the use of this information.

Retail Pro combines historical context, insight on industry cycles and forces, unique stock ideas, non-consensus data analysis, and analyst commentary – enabling investors to professionally manage their consumer exposure across varying economic climates. Retail Pro helps you build informed, longer-term exposure within consumer equities enabling investors to professionally manage risk.

RETAIL | INSTITUTIONAL

Professionally risk-manage and invest across multiple sub-sectors within the Retail Consumer space with leading research and investible insight from Hedgeye’s Retail analyst team. Subsectors covered include Traditional Retailers, E-commerce Retailers, Discretionary Consumer Brands, Mass Merchandisers, and Warehouse Clubs.

RETAIL | PRO

Professionally risk-manage and invest across multiple sub-sectors within the Retail Consumer space with leading research and investible insight from Hedgeye’s Retail analyst team. Subsectors covered include Traditional Retailers, E-commerce Retailers, Discretionary Consumer Brands, Mass Merchandisers, and Warehouse Clubs.

RETAIL | SHOW

Professionally risk-manage and invest across multiple sub-sectors within the Retail Consumer space with leading research and investible insight from Hedgeye’s Retail analyst team. Subsectors covered include Traditional Retailers, E-commerce Retailers, Discretionary Consumer Brands, Mass Merchandisers, and Warehouse Clubs.

RETAIL INSTITUTIONAL

For Institutional Investors 

RETAIL PRO

For Professionals & RIAS 

RETAIL PRO SHOW

For All Types of Investors 

GRETAIL INSTITUTIONAL

For Institutional Investors 

RETAIL PRO

For Professionals & RIAS 

RETAIL PRO SHOW

For All Types of Investors 

Hedgeye Risk Management is an independent investment research and online financial media company, focused exclusively on generating and delivering thoughtful investment ideas in a proven buy-side process.  The firm combines quantitative, bottom-up and macro analysis with an emphasis on timing.  

Capital Allocation (CA) is a premium service designed to help institutional investors and asset owners deploy capital effectively and efficiently. Our service includes multiple components, each crafted specifically for professional stewards of long-horizon investment programs. These components include:

1. Dashboards: Featuring a carefully curated selection of economic and market analyses produced by Hedgeye’s Macro Team.

2. Return Prospects: Providing insights into the return prospects for approximately 70 asset classes and sub-classes over horizons relevant to long-horizon investing.

3. Model Portfolios: Reflecting these prospects and incorporating clearly defined drawdown and turnover constraints.

By subscribing to CA, you'll gain access to the tools and insights needed to make informed investment decisions, ensuring your capital is allocated optimally in the ever-evolving market landscape.

• The Art of Asset Allocation: Invest like the Best -- Episode 38. A conversation between David and Patrick O'Shaughnessy focused on asset allocation and manager selection. ~90 minutes; LISTEN HERE

• Oxbox Advisors Interview Series. A conversation between David Salem and veteran investment adviser Ted Oakley focused on the prerequisites for long-term investment success. ~60 minutes; WATCH HERE

• Saying The Quiet Part Out Loud. Hedgeye's Macro Show for 5.17.24 featured David discussing long-term investment opportunities and perils that are top of mind for him as 2024 unfolds. ~30 minutes; WATCH HERE

• The Case for Japan. Hedgeye's Macro Show for 3.15.24 featured head David Salem expanding upon the pro-Japan thesis he presented initially on The Macro Show on 6.6.23 and
  explored at length in his 60-minute interviews of Japanese stock expert Andrew McDermott in July 2023  and June 2024

• A Real Conversation between Hedgeye CEO Keith McCullough and CA Head David Salem. Recorded before David morphed from a happy Hedgeye client to an even happier member of the Hedgeye team. Features David explaining why Hedgeye research the "greatest productivity hack" he's encountered as an investment pro. ~60 minutes; WATCH HERE

• CIO Corner Episodes: Long-form interviews by David running 60 minutes each.