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EPSILON THEORY
Ben Hunt and Rusty Guinn, of Second Foundation Partners, write Epsilon Theory to examine the narratives that drive markets, investing, voting and elections through the lenses of game theory and history and artificial intelligence.BRENT X. DONNELLY
Brent Donnelly is a senior risk-taker and FX market maker at HSBC New York and has been trading foreign exchange since 1995. He is the author of The Art of Currency Trading (Wiley, 2019) and his latest book, Alpha Trader, hits the shelves in Q2 2021.. Brent writes a well-known daily FX commentary called AM/FX and has experience as both a sell-side trader (HSBC, Citibank, Lehman Brothers) and BEN HUNT | EPSILON THEORY Ben Hunt is the creator of Epsilon Theory and inspiration behind Second Foundation Partners, which he co-founded with Rusty Guinn in June 2018. Epsilon Theory, Second Foundation’s principal publishing brand, is a newsletter and website that examines markets through the lenses of game theory and history. Over 100,000 professional investorsand
WAGE INFLATION ISN'T COMING. IT'S ALREADY HERE. Q3 2020 wages were 6.2% higher than Q3 2019 wages. Q2 2020 wages were 6.5% higher than Q2 2019 wages. These are also facts. I am not making this up. Over the past 10 years prior to the past 4 quarters, the highest single quarterly year-over-year wage growth was 3.6% in Q42018.
MORTGAGE MAYHEM
Marc Rubinstein has over 25 years experience as an analyst and investor in the financials sector which he distills into a free weekly newsletter, Net Interest, which I think is a really great read!Between 2006 and 2016 he was senior analyst and portfolio manager on the Lansdowne Global Financials Fund, a fundamental long/short equity fund focused exclusively on the global financials AFTER ALL, WE ARE NOT COMMUNISTS 17+. PDF Download (Paid Subscription Required): After All, We Are Not Communists. If Don Corleone had all the judges and the politicians in New York, then he must share them, or let us others use them. He must let us draw the water from the well. Certainly he can present a bill for such services; after all we are not Communists.GELL-MANN AMNESIA
"Briefly stated, the Gell-Mann Amnesia effect is as follows. You open the newspaper to an article on some subject you know well. In Murray's case, physics. In mine, show business. You read the article and see the journalist has absolutely no understanding of either the facts or the issues. Often, the article is so wrong it actually presents the story backward—reversing cause and effect. I YOU ARE WHAT YOUR RECORD SAYS YOU ARE You are, not a slave, but an indentured servant to those who DO own your public identity. So let me ask you, and I’m not (just) asking about whatever investment record you may or may not have, but I’m asking about every aspect of your behavior, from how you spend money to how you take care of your health to how you participate politically "REBALANCE TIMING LUCK: THE DUMB (TIMING) LUCK OF SMARTSEE MORE ONEPSILONTHEORY.COM
THE DOG THAT DIDN'T BARK Holmes: That was the curious incident. In “The Adventure of Silver Blaze”, one of Arthur Conan Doyle’s most popular stories, Sherlock Holmes cracks the case of the missing race horse and the murdered trainer by noting that the guard dog did NOT bark on the night in question, revealing that the criminal must have been well known to thedog.
EPSILON THEORY
Ben Hunt and Rusty Guinn, of Second Foundation Partners, write Epsilon Theory to examine the narratives that drive markets, investing, voting and elections through the lenses of game theory and history and artificial intelligence.BRENT X. DONNELLY
Brent Donnelly is a senior risk-taker and FX market maker at HSBC New York and has been trading foreign exchange since 1995. He is the author of The Art of Currency Trading (Wiley, 2019) and his latest book, Alpha Trader, hits the shelves in Q2 2021.. Brent writes a well-known daily FX commentary called AM/FX and has experience as both a sell-side trader (HSBC, Citibank, Lehman Brothers) and BEN HUNT | EPSILON THEORY Ben Hunt is the creator of Epsilon Theory and inspiration behind Second Foundation Partners, which he co-founded with Rusty Guinn in June 2018. Epsilon Theory, Second Foundation’s principal publishing brand, is a newsletter and website that examines markets through the lenses of game theory and history. Over 100,000 professional investorsand
WAGE INFLATION ISN'T COMING. IT'S ALREADY HERE. Q3 2020 wages were 6.2% higher than Q3 2019 wages. Q2 2020 wages were 6.5% higher than Q2 2019 wages. These are also facts. I am not making this up. Over the past 10 years prior to the past 4 quarters, the highest single quarterly year-over-year wage growth was 3.6% in Q42018.
MORTGAGE MAYHEM
Marc Rubinstein has over 25 years experience as an analyst and investor in the financials sector which he distills into a free weekly newsletter, Net Interest, which I think is a really great read!Between 2006 and 2016 he was senior analyst and portfolio manager on the Lansdowne Global Financials Fund, a fundamental long/short equity fund focused exclusively on the global financials AFTER ALL, WE ARE NOT COMMUNISTS 17+. PDF Download (Paid Subscription Required): After All, We Are Not Communists. If Don Corleone had all the judges and the politicians in New York, then he must share them, or let us others use them. He must let us draw the water from the well. Certainly he can present a bill for such services; after all we are not Communists.GELL-MANN AMNESIA
"Briefly stated, the Gell-Mann Amnesia effect is as follows. You open the newspaper to an article on some subject you know well. In Murray's case, physics. In mine, show business. You read the article and see the journalist has absolutely no understanding of either the facts or the issues. Often, the article is so wrong it actually presents the story backward—reversing cause and effect. I YOU ARE WHAT YOUR RECORD SAYS YOU ARE You are, not a slave, but an indentured servant to those who DO own your public identity. So let me ask you, and I’m not (just) asking about whatever investment record you may or may not have, but I’m asking about every aspect of your behavior, from how you spend money to how you take care of your health to how you participate politically "REBALANCE TIMING LUCK: THE DUMB (TIMING) LUCK OF SMARTSEE MORE ONEPSILONTHEORY.COM
THE DOG THAT DIDN'T BARK Holmes: That was the curious incident. In “The Adventure of Silver Blaze”, one of Arthur Conan Doyle’s most popular stories, Sherlock Holmes cracks the case of the missing race horse and the murdered trainer by noting that the guard dog did NOT bark on the night in question, revealing that the criminal must have been well known to thedog.
"YAY, ENVIRONMENT!"
In Epsilon Theory-speak, we use “Yay, Good-Thing!” as shorthand for a narrative that takes a linguistic construction that we all agree is a Good Thing (something like “capitalism” or “freedom” or “democracy”) and turns it into a behaviorally powerfully argument for something that is decidedly not that Good Thing, but can be painted with other behaviorally powerful words into BITCOIN MARKET PROFILE Brent Donnelly is a senior risk-taker and FX market maker at HSBC New York and has been trading foreign exchange since 1995. He is the author of The Art of Currency Trading (Wiley, 2019) and his latest book, Alpha Trader, hits the shelves in Q2 2021. Brent writes a daily email focused on FX markets that is my go-to source for understanding that enormous corner of the market, but in truth hisFIAT NEWS IN ACTION
There’s really no such thing as “real money”, i.e., gold and silver as a medium for exchange or a store of value, in existence in the world today.That MEMBERS | EPSILON THEORY The Long Now, Pt. 1 – Tick-Tock; The Long Now, Pt. 2 – Make, Protect, Teach; The Long Now, Pt. 3 – Wink; The Long Now, Pt. 4 –Snip!
PANOPTICON | EPSILON THEORY As Bentham wrote, the Panopticon design was a means of controlling the minds of prisoners or workers through mental force, as opposed to the traditional goal in 18th century prisons and workhouses of controlling bodies through brute force. Just like the warden in Cool Hand Luke, just like Dick Clark with American Bandstand, Bentham understood THE BITCOIN METAGAME Wall Street is redefining Bitcoin to be an Inflation Hedge™ product. This is how Wall Street creates flow. This is how Wall Street makes money. All that stands in the way is the unregulated nature of Bitcoin. So that's gonna change. Read more TEN TIMES FASTER THAN THE SUN'S BEAMS Which ten times faster glide than the sun’s beams, Driving back shadows over louring hills: Therefore do nimble-pinion’d doves draw love, And therefore hath the wind-swift Cupid wings. Romeo and Juliet, Act 2 Scene 5. That’s how Shakespeare described YOU ARE WHAT YOUR RECORD SAYS YOU ARE You are, not a slave, but an indentured servant to those who DO own your public identity. So let me ask you, and I’m not (just) asking about whatever investment record you may or may not have, but I’m asking about every aspect of your behavior, from how you spend money to how you take care of your health to how you participate politicallyRUST AND BLIGHT
Rust and Blight. Suddenly, over the slope, as if tethered to a cord of air drawing quickly upward, came a Northern Harrier, motionless but for its rising. So still was the bird – wings, tail, head – it might have been a museum specimen. Then, as if atop the wind, it slid down the ridge, tilted a few times, veered, tacked up the hill, its ADMIRING THE PROBLEM One of the missionary's most powerful tools is admiring the unsolvable problem - finding new ways of describing what's wrong without an honest effort to actually fix it. With apologies, add this to the list of things that you will now see everywhere. Read moreEPSILON THEORY
Ben Hunt and Rusty Guinn, of Second Foundation Partners, write Epsilon Theory to examine the narratives that drive markets, investing, voting and elections through the lenses of game theory and history and artificial intelligence.A WORKING NARRATIVE
The future of remote work after the pandemic ends has been a part of the zeitgeist for more than a year. Now it IS the zeitgeist. It is also a narrative battlefield being actively conflated with a half dozen other major social and policy topics. Read moreBRENT X. DONNELLY
Brent Donnelly is a senior risk-taker and FX market maker at HSBC New York and has been trading foreign exchange since 1995. He is the author of The Art of Currency Trading (Wiley, 2019) and his latest book, Alpha Trader, hits the shelves in Q2 2021.. Brent writes a well-known daily FX commentary called AM/FX and has experience as both a sell-side trader (HSBC, Citibank, Lehman Brothers) and BITCOIN MARKET PROFILE Brent Donnelly is a senior risk-taker and FX market maker at HSBC New York and has been trading foreign exchange since 1995. He is the author of The Art of Currency Trading (Wiley, 2019) and his latest book, Alpha Trader, hits the shelves in Q2 2021. Brent writes a daily email focused on FX markets that is my go-to source for understanding that enormous corner of the market, but in truth his WAGE INFLATION ISN'T COMING. IT'S ALREADY HERE. Q3 2020 wages were 6.2% higher than Q3 2019 wages. Q2 2020 wages were 6.5% higher than Q2 2019 wages. These are also facts. I am not making this up. Over the past 10 years prior to the past 4 quarters, the highest single quarterly year-over-year wage growth was 3.6% in Q42018.
MORTGAGE MAYHEM
Marc Rubinstein has over 25 years experience as an analyst and investor in the financials sector which he distills into a free weekly newsletter, Net Interest, which I think is a really great read!Between 2006 and 2016 he was senior analyst and portfolio manager on the Lansdowne Global Financials Fund, a fundamental long/short equity fund focused exclusively on the global financials AFTER ALL, WE ARE NOT COMMUNISTS 17+. PDF Download (Paid Subscription Required): After All, We Are Not Communists. If Don Corleone had all the judges and the politicians in New York, then he must share them, or let us others use them. He must let us draw the water from the well. Certainly he can present a bill for such services; after all we are not Communists.GELL-MANN AMNESIA
"Briefly stated, the Gell-Mann Amnesia effect is as follows. You open the newspaper to an article on some subject you know well. In Murray's case, physics. In mine, show business. You read the article and see the journalist has absolutely no understanding of either the facts or the issues. Often, the article is so wrong it actually presents the story backward—reversing cause and effect. INEVILLE CRAWLEY
The Anxiety Algorithm: An interview with Adam Julian Goldstein. Epsilon Theory contributor Neville Crawley is back with an interview of Adam Julian Goldstein, discussing Adam’s fascinating new work on anxiety. If, like me, you have the entrepreneurial THE DOG THAT DIDN'T BARK Holmes: That was the curious incident. In “The Adventure of Silver Blaze”, one of Arthur Conan Doyle’s most popular stories, Sherlock Holmes cracks the case of the missing race horse and the murdered trainer by noting that the guard dog did NOT bark on the night in question, revealing that the criminal must have been well known to thedog.
EPSILON THEORY
Ben Hunt and Rusty Guinn, of Second Foundation Partners, write Epsilon Theory to examine the narratives that drive markets, investing, voting and elections through the lenses of game theory and history and artificial intelligence.A WORKING NARRATIVE
The future of remote work after the pandemic ends has been a part of the zeitgeist for more than a year. Now it IS the zeitgeist. It is also a narrative battlefield being actively conflated with a half dozen other major social and policy topics. Read moreBRENT X. DONNELLY
Brent Donnelly is a senior risk-taker and FX market maker at HSBC New York and has been trading foreign exchange since 1995. He is the author of The Art of Currency Trading (Wiley, 2019) and his latest book, Alpha Trader, hits the shelves in Q2 2021.. Brent writes a well-known daily FX commentary called AM/FX and has experience as both a sell-side trader (HSBC, Citibank, Lehman Brothers) and BITCOIN MARKET PROFILE Brent Donnelly is a senior risk-taker and FX market maker at HSBC New York and has been trading foreign exchange since 1995. He is the author of The Art of Currency Trading (Wiley, 2019) and his latest book, Alpha Trader, hits the shelves in Q2 2021. Brent writes a daily email focused on FX markets that is my go-to source for understanding that enormous corner of the market, but in truth his WAGE INFLATION ISN'T COMING. IT'S ALREADY HERE. Q3 2020 wages were 6.2% higher than Q3 2019 wages. Q2 2020 wages were 6.5% higher than Q2 2019 wages. These are also facts. I am not making this up. Over the past 10 years prior to the past 4 quarters, the highest single quarterly year-over-year wage growth was 3.6% in Q42018.
MORTGAGE MAYHEM
Marc Rubinstein has over 25 years experience as an analyst and investor in the financials sector which he distills into a free weekly newsletter, Net Interest, which I think is a really great read!Between 2006 and 2016 he was senior analyst and portfolio manager on the Lansdowne Global Financials Fund, a fundamental long/short equity fund focused exclusively on the global financials AFTER ALL, WE ARE NOT COMMUNISTS 17+. PDF Download (Paid Subscription Required): After All, We Are Not Communists. If Don Corleone had all the judges and the politicians in New York, then he must share them, or let us others use them. He must let us draw the water from the well. Certainly he can present a bill for such services; after all we are not Communists.GELL-MANN AMNESIA
"Briefly stated, the Gell-Mann Amnesia effect is as follows. You open the newspaper to an article on some subject you know well. In Murray's case, physics. In mine, show business. You read the article and see the journalist has absolutely no understanding of either the facts or the issues. Often, the article is so wrong it actually presents the story backward—reversing cause and effect. INEVILLE CRAWLEY
The Anxiety Algorithm: An interview with Adam Julian Goldstein. Epsilon Theory contributor Neville Crawley is back with an interview of Adam Julian Goldstein, discussing Adam’s fascinating new work on anxiety. If, like me, you have the entrepreneurial THE DOG THAT DIDN'T BARK Holmes: That was the curious incident. In “The Adventure of Silver Blaze”, one of Arthur Conan Doyle’s most popular stories, Sherlock Holmes cracks the case of the missing race horse and the murdered trainer by noting that the guard dog did NOT bark on the night in question, revealing that the criminal must have been well known to thedog.
"YAY, ENVIRONMENT!"
In Epsilon Theory-speak, we use “Yay, Good-Thing!” as shorthand for a narrative that takes a linguistic construction that we all agree is a Good Thing (something like “capitalism” or “freedom” or “democracy”) and turns it into a behaviorally powerfully argument for something that is decidedly not that Good Thing, but can be painted with other behaviorally powerful words intoFIAT NEWS IN ACTION
There’s really no such thing as “real money”, i.e., gold and silver as a medium for exchange or a store of value, in existence in the world today.ThatTHE LONG NOW
The Long Now, Pt. 1 – Tick-Tock. The Long Now is everything we pull into the present from our future selves and our children. The Long Now is the constant stimulus that Management applies to our economy and the constant fear that Management applies to our politics. We are told that the economic stimulus and the political fear of the Long Now MEMBERS | EPSILON THEORY We use cookies to optimize our website and our service. Read more BEN HUNT | EPSILON THEORY Ben Hunt is the creator of Epsilon Theory and inspiration behind Second Foundation Partners, which he co-founded with Rusty Guinn in June 2018. Epsilon Theory, Second Foundation’s principal publishing brand, is a newsletter and website that examines markets through the lenses of game theory and history. Over 100,000 professional investorsand
MEMBERS | EPSILON THEORY The Long Now, Pt. 1 – Tick-Tock; The Long Now, Pt. 2 – Make, Protect, Teach; The Long Now, Pt. 3 – Wink; The Long Now, Pt. 4 –Snip!
PANOPTICON | EPSILON THEORY As Bentham wrote, the Panopticon design was a means of controlling the minds of prisoners or workers through mental force, as opposed to the traditional goal in 18th century prisons and workhouses of controlling bodies through brute force. Just like the warden in Cool Hand Luke, just like Dick Clark with American Bandstand, Bentham understoodTHE HORSE IN MOTION
Yes, all four hooves leave the ground at the same time. But it’s NOT in the outstretched flying position. Instead, it’s in the tucked position, which — because it’s not as romantic a narrative as flying — had never been widely considered as an answer. In fact, for decades after the 1882 publication of The Horse in Motion in book form (a book by Leland Stanford’s fellow rich guy TEN TIMES FASTER THAN THE SUN'S BEAMS Which ten times faster glide than the sun’s beams, Driving back shadows over louring hills: Therefore do nimble-pinion’d doves draw love, And therefore hath the wind-swift Cupid wings. Romeo and Juliet, Act 2 Scene 5. That’s how Shakespeare described THE SPANISH PRISONER Mark Zuckerberg is not The Spanish Prisoner. He's the guy running the con. Libra, the cryptocoin promoted by Facebook, is a classic Spanish Prisoner con. This is how the State and the Oligarchy co-opt crypto. Not with the heel of a jackboot. But with the glamour of convenience and narrative. Bitcoin will be permanently diminished in its social importance by the adoption of Libra and otherEPSILON THEORY
Ben Hunt and Rusty Guinn, of Second Foundation Partners, write Epsilon Theory to examine the narratives that drive markets, investing, voting and elections through the lenses of game theory and history and artificial intelligence.BRENT X. DONNELLY
Brent Donnelly is a senior risk-taker and FX market maker at HSBC New York and has been trading foreign exchange since 1995. He is the author of The Art of Currency Trading (Wiley, 2019) and his latest book, Alpha Trader, hits the shelves in Q2 2021.. Brent writes a well-known daily FX commentary called AM/FX and has experience as both a sell-side trader (HSBC, Citibank, Lehman Brothers) and WAGE INFLATION ISN'T COMING. IT'S ALREADY HERE. Q3 2020 wages were 6.2% higher than Q3 2019 wages. Q2 2020 wages were 6.5% higher than Q2 2019 wages. These are also facts. I am not making this up. Over the past 10 years prior to the past 4 quarters, the highest single quarterly year-over-year wage growth was 3.6% in Q42018.
MORTGAGE MAYHEM
Marc Rubinstein has over 25 years experience as an analyst and investor in the financials sector which he distills into a free weekly newsletter, Net Interest, which I think is a really great read!Between 2006 and 2016 he was senior analyst and portfolio manager on the Lansdowne Global Financials Fund, a fundamental long/short equity fund focused exclusively on the global financials BEN HUNT | EPSILON THEORY Ben Hunt is the creator of Epsilon Theory and inspiration behind Second Foundation Partners, which he co-founded with Rusty Guinn in June 2018. Epsilon Theory, Second Foundation’s principal publishing brand, is a newsletter and website that examines markets through the lenses of game theory and history. Over 100,000 professional investorsand
AFTER ALL, WE ARE NOT COMMUNISTS 17+. PDF Download (Paid Subscription Required): After All, We Are Not Communists. If Don Corleone had all the judges and the politicians in New York, then he must share them, or let us others use them. He must let us draw the water from the well. Certainly he can present a bill for such services; after all we are not Communists. YOU ARE WHAT YOUR RECORD SAYS YOU ARE You are, not a slave, but an indentured servant to those who DO own your public identity. So let me ask you, and I’m not (just) asking about whatever investment record you may or may not have, but I’m asking about every aspect of your behavior, from how you spend money to how you take care of your health to how you participate politicallyGELL-MANN AMNESIA
"Briefly stated, the Gell-Mann Amnesia effect is as follows. You open the newspaper to an article on some subject you know well. In Murray's case, physics. In mine, show business. You read the article and see the journalist has absolutely no understanding of either the facts or the issues. Often, the article is so wrong it actually presents the story backward—reversing cause and effect. I THE DOG THAT DIDN'T BARK Holmes: That was the curious incident. In “The Adventure of Silver Blaze”, one of Arthur Conan Doyle’s most popular stories, Sherlock Holmes cracks the case of the missing race horse and the murdered trainer by noting that the guard dog did NOT bark on the night in question, revealing that the criminal must have been well known to thedog.
MISFORTUNE VS. CARELESSNESS LOL. Back in 2013 – in some of my very first Epsilon Theory notes – I wrote about how unemployment data was chronically misreported during Barack Obama’s first term, with an outrageous bias towards making the employment news flow in the United States look much better in narrative than it was in fact. You can read the original note – Heere Comes Lucky! – or the more in-depth noteEPSILON THEORY
Ben Hunt and Rusty Guinn, of Second Foundation Partners, write Epsilon Theory to examine the narratives that drive markets, investing, voting and elections through the lenses of game theory and history and artificial intelligence.BRENT X. DONNELLY
Brent Donnelly is a senior risk-taker and FX market maker at HSBC New York and has been trading foreign exchange since 1995. He is the author of The Art of Currency Trading (Wiley, 2019) and his latest book, Alpha Trader, hits the shelves in Q2 2021.. Brent writes a well-known daily FX commentary called AM/FX and has experience as both a sell-side trader (HSBC, Citibank, Lehman Brothers) and WAGE INFLATION ISN'T COMING. IT'S ALREADY HERE. Q3 2020 wages were 6.2% higher than Q3 2019 wages. Q2 2020 wages were 6.5% higher than Q2 2019 wages. These are also facts. I am not making this up. Over the past 10 years prior to the past 4 quarters, the highest single quarterly year-over-year wage growth was 3.6% in Q42018.
MORTGAGE MAYHEM
Marc Rubinstein has over 25 years experience as an analyst and investor in the financials sector which he distills into a free weekly newsletter, Net Interest, which I think is a really great read!Between 2006 and 2016 he was senior analyst and portfolio manager on the Lansdowne Global Financials Fund, a fundamental long/short equity fund focused exclusively on the global financials BEN HUNT | EPSILON THEORY Ben Hunt is the creator of Epsilon Theory and inspiration behind Second Foundation Partners, which he co-founded with Rusty Guinn in June 2018. Epsilon Theory, Second Foundation’s principal publishing brand, is a newsletter and website that examines markets through the lenses of game theory and history. Over 100,000 professional investorsand
AFTER ALL, WE ARE NOT COMMUNISTS 17+. PDF Download (Paid Subscription Required): After All, We Are Not Communists. If Don Corleone had all the judges and the politicians in New York, then he must share them, or let us others use them. He must let us draw the water from the well. Certainly he can present a bill for such services; after all we are not Communists. YOU ARE WHAT YOUR RECORD SAYS YOU ARE You are, not a slave, but an indentured servant to those who DO own your public identity. So let me ask you, and I’m not (just) asking about whatever investment record you may or may not have, but I’m asking about every aspect of your behavior, from how you spend money to how you take care of your health to how you participate politicallyGELL-MANN AMNESIA
"Briefly stated, the Gell-Mann Amnesia effect is as follows. You open the newspaper to an article on some subject you know well. In Murray's case, physics. In mine, show business. You read the article and see the journalist has absolutely no understanding of either the facts or the issues. Often, the article is so wrong it actually presents the story backward—reversing cause and effect. I THE DOG THAT DIDN'T BARK Holmes: That was the curious incident. In “The Adventure of Silver Blaze”, one of Arthur Conan Doyle’s most popular stories, Sherlock Holmes cracks the case of the missing race horse and the murdered trainer by noting that the guard dog did NOT bark on the night in question, revealing that the criminal must have been well known to thedog.
MISFORTUNE VS. CARELESSNESS LOL. Back in 2013 – in some of my very first Epsilon Theory notes – I wrote about how unemployment data was chronically misreported during Barack Obama’s first term, with an outrageous bias towards making the employment news flow in the United States look much better in narrative than it was in fact. You can read the original note – Heere Comes Lucky! – or the more in-depth noteA WORKING NARRATIVE
The future of remote work after the pandemic ends has been a part of the zeitgeist for more than a year. Now it IS the zeitgeist. It is also a narrative battlefield being actively conflated with a half dozen other major social and policy topics. Read moreFIAT NEWS IN ACTION
There’s really no such thing as “real money”, i.e., gold and silver as a medium for exchange or a store of value, in existence in the world today.That PANOPTICON | EPSILON THEORY As Bentham wrote, the Panopticon design was a means of controlling the minds of prisoners or workers through mental force, as opposed to the traditional goal in 18th century prisons and workhouses of controlling bodies through brute force. Just like the warden in Cool Hand Luke, just like Dick Clark with American Bandstand, Bentham understood MEMBERS | EPSILON THEORY We use cookies to optimize our website and our service. Read more MEMBERS | EPSILON THEORY The Long Now, Pt. 1 – Tick-Tock; The Long Now, Pt. 2 – Make, Protect, Teach; The Long Now, Pt. 3 – Wink; The Long Now, Pt. 4 –Snip!
TEN TIMES FASTER THAN THE SUN'S BEAMS Which ten times faster glide than the sun’s beams, Driving back shadows over louring hills: Therefore do nimble-pinion’d doves draw love, And therefore hath the wind-swift Cupid wings. Romeo and Juliet, Act 2 Scene 5. That’s how Shakespeare describedDAVID SALEM
David Salem is a consultant to institutional investors and family offices, a Contributor to Epsilon Theory, a frequent speaker on investment-related topics, and served most recently (2018 - 2019) as Co-Chairman of New Providence Asset Management (NP). THE DRUM MAJOR INSTINCT The Drum Major Instinct. On February 4, 1968, Martin Luther King, Jr. delivered a powerful sermon about the greatness-seeking impulses that are the source of many types of conflict, racism, bigotry and greed – impulses which are precisely those appealed to by social institutions in order to create the Long Now we all inhabit. He also A DISTURBANCE IN THE FORCE Yesterday, one of Softbank’s largest portfolio companies – Katerra – filed for bankruptcy. Katerra was at the heart of the relationship between Softbank and Greensill, and I think it’s the most viable path by which the Greensill fraud and financial crimes can MEMBERS | EPSILON THEORY First Name: Dale. Last Name: Miller. Nickname: dtmiller. © 2021 - Epsilon Theory. Terms of Service; Disclosures; Privacy Policy; Cookiepolicy (EU)
EPSILON THEORY
Ben Hunt and Rusty Guinn, of Second Foundation Partners, write Epsilon Theory to examine the narratives that drive markets, investing, voting and elections through the lenses of game theory and history and artificial intelligence.BRENT X. DONNELLY
Brent Donnelly is a senior risk-taker and FX market maker at HSBC New York and has been trading foreign exchange since 1995. He is the author of The Art of Currency Trading (Wiley, 2019) and his latest book, Alpha Trader, hits the shelves in Q2 2021.. Brent writes a well-known daily FX commentary called AM/FX and has experience as both a sell-side trader (HSBC, Citibank, Lehman Brothers) and WAGE INFLATION ISN'T COMING. IT'S ALREADY HERE. Q3 2020 wages were 6.2% higher than Q3 2019 wages. Q2 2020 wages were 6.5% higher than Q2 2019 wages. These are also facts. I am not making this up. Over the past 10 years prior to the past 4 quarters, the highest single quarterly year-over-year wage growth was 3.6% in Q42018.
BEN HUNT | EPSILON THEORY Ben Hunt is the creator of Epsilon Theory and inspiration behind Second Foundation Partners, which he co-founded with Rusty Guinn in June 2018. Epsilon Theory, Second Foundation’s principal publishing brand, is a newsletter and website that examines markets through the lenses of game theory and history. Over 100,000 professional investorsand
RUSTY GUINN
Rusty Guinn is co-Founder and CEO of Second Foundation Partners, LLC, and has been a contributing author to Epsilon Theory since 2017. Before Ben and Rusty established Second Foundation, Rusty served in a variety of investment roles in several organizations. He managed and operated a $10+ billion investment business, led investment strategyfor
AFTER ALL, WE ARE NOT COMMUNISTS 17+. PDF Download (Paid Subscription Required): After All, We Are Not Communists. If Don Corleone had all the judges and the politicians in New York, then he must share them, or let us others use them. He must let us draw the water from the well. Certainly he can present a bill for such services; after all we are not Communists. WE ARE SECOND FOUNDATION PARTNERS We are Second Foundation Partners. Epsilon Theory began in the spring of 2013 as a series of emails I wrote to myself and a few colleagues, trying to make sense of markets that didn’t make much sense. I decided to post a few of those emails online, and I cobbled together what I grandiosely called a Manifesto, proposing a new way of lookingat
TAIWAN IS NOW ARRAKIS "He who controls the spice controls the universe." The world's principal supplier of semiconductors - the spice of OUR global empire - is now Taiwan. Thanks a lot, Intel. Thanks a lot, Bob Swan. Thanks a lot, Jack Welch. Thanks a lot, all you Wall Street wizards of financialization. Taiwan is now Arrakis. And we WILL fight over it.Read more
GELL-MANN AMNESIA
"Briefly stated, the Gell-Mann Amnesia effect is as follows. You open the newspaper to an article on some subject you know well. In Murray's case, physics. In mine, show business. You read the article and see the journalist has absolutely no understanding of either the facts or the issues. Often, the article is so wrong it actually presents the story backward—reversing cause and effect. I THE DOG THAT DIDN'T BARK Holmes: That was the curious incident. In “The Adventure of Silver Blaze”, one of Arthur Conan Doyle’s most popular stories, Sherlock Holmes cracks the case of the missing race horse and the murdered trainer by noting that the guard dog did NOT bark on the night in question, revealing that the criminal must have been well known to thedog.
EPSILON THEORY
Ben Hunt and Rusty Guinn, of Second Foundation Partners, write Epsilon Theory to examine the narratives that drive markets, investing, voting and elections through the lenses of game theory and history and artificial intelligence.BRENT X. DONNELLY
Brent Donnelly is a senior risk-taker and FX market maker at HSBC New York and has been trading foreign exchange since 1995. He is the author of The Art of Currency Trading (Wiley, 2019) and his latest book, Alpha Trader, hits the shelves in Q2 2021.. Brent writes a well-known daily FX commentary called AM/FX and has experience as both a sell-side trader (HSBC, Citibank, Lehman Brothers) and WAGE INFLATION ISN'T COMING. IT'S ALREADY HERE. Q3 2020 wages were 6.2% higher than Q3 2019 wages. Q2 2020 wages were 6.5% higher than Q2 2019 wages. These are also facts. I am not making this up. Over the past 10 years prior to the past 4 quarters, the highest single quarterly year-over-year wage growth was 3.6% in Q42018.
BEN HUNT | EPSILON THEORY Ben Hunt is the creator of Epsilon Theory and inspiration behind Second Foundation Partners, which he co-founded with Rusty Guinn in June 2018. Epsilon Theory, Second Foundation’s principal publishing brand, is a newsletter and website that examines markets through the lenses of game theory and history. Over 100,000 professional investorsand
RUSTY GUINN
Rusty Guinn is co-Founder and CEO of Second Foundation Partners, LLC, and has been a contributing author to Epsilon Theory since 2017. Before Ben and Rusty established Second Foundation, Rusty served in a variety of investment roles in several organizations. He managed and operated a $10+ billion investment business, led investment strategyfor
AFTER ALL, WE ARE NOT COMMUNISTS 17+. PDF Download (Paid Subscription Required): After All, We Are Not Communists. If Don Corleone had all the judges and the politicians in New York, then he must share them, or let us others use them. He must let us draw the water from the well. Certainly he can present a bill for such services; after all we are not Communists. WE ARE SECOND FOUNDATION PARTNERS We are Second Foundation Partners. Epsilon Theory began in the spring of 2013 as a series of emails I wrote to myself and a few colleagues, trying to make sense of markets that didn’t make much sense. I decided to post a few of those emails online, and I cobbled together what I grandiosely called a Manifesto, proposing a new way of lookingat
TAIWAN IS NOW ARRAKIS "He who controls the spice controls the universe." The world's principal supplier of semiconductors - the spice of OUR global empire - is now Taiwan. Thanks a lot, Intel. Thanks a lot, Bob Swan. Thanks a lot, Jack Welch. Thanks a lot, all you Wall Street wizards of financialization. Taiwan is now Arrakis. And we WILL fight over it.Read more
GELL-MANN AMNESIA
"Briefly stated, the Gell-Mann Amnesia effect is as follows. You open the newspaper to an article on some subject you know well. In Murray's case, physics. In mine, show business. You read the article and see the journalist has absolutely no understanding of either the facts or the issues. Often, the article is so wrong it actually presents the story backward—reversing cause and effect. I THE DOG THAT DIDN'T BARK Holmes: That was the curious incident. In “The Adventure of Silver Blaze”, one of Arthur Conan Doyle’s most popular stories, Sherlock Holmes cracks the case of the missing race horse and the murdered trainer by noting that the guard dog did NOT bark on the night in question, revealing that the criminal must have been well known to thedog.
A WORKING NARRATIVE
The future of remote work after the pandemic ends has been a part of the zeitgeist for more than a year. Now it IS the zeitgeist. It is also a narrative battlefield being actively conflated with a half dozen other major social and policy topics. Read moreTHE LONG NOW
The Long Now, Pt. 1 – Tick-Tock. The Long Now is everything we pull into the present from our future selves and our children. The Long Now is the constant stimulus that Management applies to our economy and the constant fear that Management applies to our politics. We are told that the economic stimulus and the political fear of the Long Now ET ZEITGEIST: DEADLY THEATRE The Zeitgeist of June 4, 2021. Read moreFIAT NEWS IN ACTION
There’s really no such thing as “real money”, i.e., gold and silver as a medium for exchange or a store of value, in existence in the world today.That PANOPTICON | EPSILON THEORY As Bentham wrote, the Panopticon design was a means of controlling the minds of prisoners or workers through mental force, as opposed to the traditional goal in 18th century prisons and workhouses of controlling bodies through brute force. Just like the warden in Cool Hand Luke, just like Dick Clark with American Bandstand, Bentham understoodTHE HORSE IN MOTION
Yes, all four hooves leave the ground at the same time. But it’s NOT in the outstretched flying position. Instead, it’s in the tucked position, which — because it’s not as romantic a narrative as flying — had never been widely considered as an answer. In fact, for decades after the 1882 publication of The Horse in Motion in book form (a book by Leland Stanford’s fellow rich guy MEMBERS | EPSILON THEORY We use cookies to optimize our website and our service. Read more THE DRUM MAJOR INSTINCT The Drum Major Instinct. On February 4, 1968, Martin Luther King, Jr. delivered a powerful sermon about the greatness-seeking impulses that are the source of many types of conflict, racism, bigotry and greed – impulses which are precisely those appealed to by social institutions in order to create the Long Now we all inhabit. He also A DISTURBANCE IN THE FORCE Yesterday, one of Softbank’s largest portfolio companies – Katerra – filed for bankruptcy. Katerra was at the heart of the relationship between Softbank and Greensill, and I think it’s the most viable path by which the Greensill fraud and financial crimes can MEMBERS | EPSILON THEORY Loading member’s groups. Please wait. © 2021 - Epsilon Theory. Terms of Service; Disclosures; Privacy Policy; Cookie policy (EU)EPSILON THEORY
Ben Hunt and Rusty Guinn, of Second Foundation Partners, write Epsilon Theory to examine the narratives that drive markets, investing, voting and elections through the lenses of game theory and history and artificial intelligence.BRENT X. DONNELLY
Brent Donnelly is a senior risk-taker and FX market maker at HSBC New York and has been trading foreign exchange since 1995. He is the author of The Art of Currency Trading (Wiley, 2019) and his latest book, Alpha Trader, hits the shelves in Q2 2021.. Brent writes a well-known daily FX commentary called AM/FX and has experience as both a sell-side trader (HSBC, Citibank, Lehman Brothers) and WAGE INFLATION ISN'T COMING. IT'S ALREADY HERE. Q3 2020 wages were 6.2% higher than Q3 2019 wages. Q2 2020 wages were 6.5% higher than Q2 2019 wages. These are also facts. I am not making this up. Over the past 10 years prior to the past 4 quarters, the highest single quarterly year-over-year wage growth was 3.6% in Q42018.
BEN HUNT | EPSILON THEORY Ben Hunt is the creator of Epsilon Theory and inspiration behind Second Foundation Partners, which he co-founded with Rusty Guinn in June 2018. Epsilon Theory, Second Foundation’s principal publishing brand, is a newsletter and website that examines markets through the lenses of game theory and history. Over 100,000 professional investorsand
RUSTY GUINN
Rusty Guinn is co-Founder and CEO of Second Foundation Partners, LLC, and has been a contributing author to Epsilon Theory since 2017. Before Ben and Rusty established Second Foundation, Rusty served in a variety of investment roles in several organizations. He managed and operated a $10+ billion investment business, led investment strategyfor
AFTER ALL, WE ARE NOT COMMUNISTS 17+. PDF Download (Paid Subscription Required): After All, We Are Not Communists. If Don Corleone had all the judges and the politicians in New York, then he must share them, or let us others use them. He must let us draw the water from the well. Certainly he can present a bill for such services; after all we are not Communists. WE ARE SECOND FOUNDATION PARTNERS We are Second Foundation Partners. Epsilon Theory began in the spring of 2013 as a series of emails I wrote to myself and a few colleagues, trying to make sense of markets that didn’t make much sense. I decided to post a few of those emails online, and I cobbled together what I grandiosely called a Manifesto, proposing a new way of lookingat
TAIWAN IS NOW ARRAKIS "He who controls the spice controls the universe." The world's principal supplier of semiconductors - the spice of OUR global empire - is now Taiwan. Thanks a lot, Intel. Thanks a lot, Bob Swan. Thanks a lot, Jack Welch. Thanks a lot, all you Wall Street wizards of financialization. Taiwan is now Arrakis. And we WILL fight over it.Read more
GELL-MANN AMNESIA
"Briefly stated, the Gell-Mann Amnesia effect is as follows. You open the newspaper to an article on some subject you know well. In Murray's case, physics. In mine, show business. You read the article and see the journalist has absolutely no understanding of either the facts or the issues. Often, the article is so wrong it actually presents the story backward—reversing cause and effect. I THE DOG THAT DIDN'T BARK Holmes: That was the curious incident. In “The Adventure of Silver Blaze”, one of Arthur Conan Doyle’s most popular stories, Sherlock Holmes cracks the case of the missing race horse and the murdered trainer by noting that the guard dog did NOT bark on the night in question, revealing that the criminal must have been well known to thedog.
EPSILON THEORY
Ben Hunt and Rusty Guinn, of Second Foundation Partners, write Epsilon Theory to examine the narratives that drive markets, investing, voting and elections through the lenses of game theory and history and artificial intelligence.BRENT X. DONNELLY
Brent Donnelly is a senior risk-taker and FX market maker at HSBC New York and has been trading foreign exchange since 1995. He is the author of The Art of Currency Trading (Wiley, 2019) and his latest book, Alpha Trader, hits the shelves in Q2 2021.. Brent writes a well-known daily FX commentary called AM/FX and has experience as both a sell-side trader (HSBC, Citibank, Lehman Brothers) and WAGE INFLATION ISN'T COMING. IT'S ALREADY HERE. Q3 2020 wages were 6.2% higher than Q3 2019 wages. Q2 2020 wages were 6.5% higher than Q2 2019 wages. These are also facts. I am not making this up. Over the past 10 years prior to the past 4 quarters, the highest single quarterly year-over-year wage growth was 3.6% in Q42018.
BEN HUNT | EPSILON THEORY Ben Hunt is the creator of Epsilon Theory and inspiration behind Second Foundation Partners, which he co-founded with Rusty Guinn in June 2018. Epsilon Theory, Second Foundation’s principal publishing brand, is a newsletter and website that examines markets through the lenses of game theory and history. Over 100,000 professional investorsand
RUSTY GUINN
Rusty Guinn is co-Founder and CEO of Second Foundation Partners, LLC, and has been a contributing author to Epsilon Theory since 2017. Before Ben and Rusty established Second Foundation, Rusty served in a variety of investment roles in several organizations. He managed and operated a $10+ billion investment business, led investment strategyfor
AFTER ALL, WE ARE NOT COMMUNISTS 17+. PDF Download (Paid Subscription Required): After All, We Are Not Communists. If Don Corleone had all the judges and the politicians in New York, then he must share them, or let us others use them. He must let us draw the water from the well. Certainly he can present a bill for such services; after all we are not Communists. WE ARE SECOND FOUNDATION PARTNERS We are Second Foundation Partners. Epsilon Theory began in the spring of 2013 as a series of emails I wrote to myself and a few colleagues, trying to make sense of markets that didn’t make much sense. I decided to post a few of those emails online, and I cobbled together what I grandiosely called a Manifesto, proposing a new way of lookingat
TAIWAN IS NOW ARRAKIS "He who controls the spice controls the universe." The world's principal supplier of semiconductors - the spice of OUR global empire - is now Taiwan. Thanks a lot, Intel. Thanks a lot, Bob Swan. Thanks a lot, Jack Welch. Thanks a lot, all you Wall Street wizards of financialization. Taiwan is now Arrakis. And we WILL fight over it.Read more
GELL-MANN AMNESIA
"Briefly stated, the Gell-Mann Amnesia effect is as follows. You open the newspaper to an article on some subject you know well. In Murray's case, physics. In mine, show business. You read the article and see the journalist has absolutely no understanding of either the facts or the issues. Often, the article is so wrong it actually presents the story backward—reversing cause and effect. I THE DOG THAT DIDN'T BARK Holmes: That was the curious incident. In “The Adventure of Silver Blaze”, one of Arthur Conan Doyle’s most popular stories, Sherlock Holmes cracks the case of the missing race horse and the murdered trainer by noting that the guard dog did NOT bark on the night in question, revealing that the criminal must have been well known to thedog.
A WORKING NARRATIVE
The future of remote work after the pandemic ends has been a part of the zeitgeist for more than a year. Now it IS the zeitgeist. It is also a narrative battlefield being actively conflated with a half dozen other major social and policy topics. Read moreDEADLY THEATRE
The Deadly Theatre of corporate signaling on Pride Month continues to run rampant, with feel-good rebranding pop-ups in all the geographies where this is a marketing advantageTHE LONG NOW
The Long Now, Pt. 1 – Tick-Tock. The Long Now is everything we pull into the present from our future selves and our children. The Long Now is the constant stimulus that Management applies to our economy and the constant fear that Management applies to our politics. We are told that the economic stimulus and the political fear of the Long Now ET ZEITGEIST: DEADLY THEATRE The Zeitgeist of June 4, 2021. Read more PANOPTICON | EPSILON THEORY As Bentham wrote, the Panopticon design was a means of controlling the minds of prisoners or workers through mental force, as opposed to the traditional goal in 18th century prisons and workhouses of controlling bodies through brute force. Just like the warden in Cool Hand Luke, just like Dick Clark with American Bandstand, Bentham understoodTHE HORSE IN MOTION
Yes, all four hooves leave the ground at the same time. But it’s NOT in the outstretched flying position. Instead, it’s in the tucked position, which — because it’s not as romantic a narrative as flying — had never been widely considered as an answer. In fact, for decades after the 1882 publication of The Horse in Motion in book form (a book by Leland Stanford’s fellow rich guy A DISTURBANCE IN THE FORCE Yesterday, one of Softbank’s largest portfolio companies – Katerra – filed for bankruptcy. Katerra was at the heart of the relationship between Softbank and Greensill, and I think it’s the most viable path by which the Greensill fraud and financial crimes can MEMBERS | EPSILON THEORY We use cookies to optimize our website and our service. Read more THE DRUM MAJOR INSTINCT The Drum Major Instinct. On February 4, 1968, Martin Luther King, Jr. delivered a powerful sermon about the greatness-seeking impulses that are the source of many types of conflict, racism, bigotry and greed – impulses which are precisely those appealed to by social institutions in order to create the Long Now we all inhabit. He also MEMBERS | EPSILON THEORY Loading member’s groups. Please wait. © 2021 - Epsilon Theory. Terms of Service; Disclosures; Privacy Policy; Cookie policy (EU)Skip to content
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THE ZEITGEIST
ET ELECTION INDEX (CANDIDATES) – OCTOBER 15, 2019By Rusty Guinn |
October 15, 2019
THE COMMON KNOWLEDGE OF INFLATION By Ben Hunt | October11, 2019
IN CHINESE, THE EMPHASIS IS ON THE SECOND SYLLABLE By Ben Hunt | October9, 2019
IMAGINE THAT.
By Ben Hunt | October7, 2019
OK, BOOMER
By Ben Hunt | November18, 2019
THE RAKE
By Ben Hunt | November12, 2019
BYE, ALEXA…
By Rusty Guinn |
November 11, 2019
THE AGE OF THE HIGH-FUNCTIONING SOCIOPATH By Ben Hunt | November8, 2019
WHEN WAS I RADICALIZED? (BOEING EDITION) By Ben Hunt | November5, 2019
THE RETURN OF THE ROTATION MISSIONARIESBy Rusty Guinn |
November 1, 2019
THE ROAD TO REYKJAVÍKBy Rusty Guinn |
October 29, 2019
GUEST POST – A CONSERVATIVE’S TAKE ON THE PACK By Ben Hunt | October23, 2019
THE STEREOGRAM
By Rusty Guinn |
October 22, 2019
WAS THAT WRONG?
By Ben Hunt | October21, 2019
TO MY FELLOW BILLIONAIRES … By Ben Hunt | October15, 2019
ET ELECTION INDEX (CANDIDATES) – OCTOBER 15, 2019By Rusty Guinn |
October 15, 2019
THE COMMON KNOWLEDGE OF INFLATION By Ben Hunt | October11, 2019
IN CHINESE, THE EMPHASIS IS ON THE SECOND SYLLABLE By Ben Hunt | October9, 2019
IMAGINE THAT.
By Ben Hunt | October7, 2019
OK, BOOMER
By Ben Hunt | November18, 2019
THE RAKE
By Ben Hunt | November12, 2019
BYE, ALEXA…
By Rusty Guinn |
November 11, 2019
THE AGE OF THE HIGH-FUNCTIONING SOCIOPATH By Ben Hunt | November8, 2019
BY OUR OWN PETARD
Fiduciary standards, prudent man rules and client sensibilities compel us toward fervent pursuit of “alignment.” There’s just one little problem: we can never be aligned with our agents.Read more
ET IN FULL
YEAH, IT’S STILL WATER By Ben Hunt | October25, 2019 | 23 __
You know, everyone is all in a tizzy about Softbank paying Adam Neumann $1.7 billion just to go away. My unpopular opinion: the Adam Neumann story is repeated in a non-infuriating and non-obvious way every day in every S&P 500 company. And it’s been going on for a DECADE. One day we will recognize the defining Zeitgeist of the Obama/Trump years as an unparalleled transfer of wealth to the managerial class.Read more
THE LONG NOW, PT. 3 – IS THIS NORMAL? ASKING FOR A FRIEND By Ben Hunt | October17, 2019 | 12 __
I believe that we are on the cusp of the Long Now becoming irreversible. Or at least irreversible without a cataclysmic Fall. Why? Because they have mastered the art of stealing our tells. Atscale.
Here’s how we start to confound the stolen tells. At scale. It won’t be noticeable at first. And then it will. And then it becomes a self-sustaining narrative. And then the world starts tochange.
Read more
RUST AND BLIGHT
By Rusty Guinn |
September 11, 2019 | 7 __ In an orchard, it isn’t always easy to tell the difference between rust and blight. The same goes for our cultural institutions. Some should be pruned. Some should be ripped up root and stem. It’s not always easy to know which. But if we want our sons and daughters to sit in the shade of our trees, we must learn.Read more
THE LONG NOW, PT. 2 – MAKE, PROTECT, TEACH By Ben Hunt | September11, 2019 | 30 __
It’s time to start a fire. To burn, yes, but also to illuminate. My advice? Abandon the political party as your vehicle for politicalparticipation.
My alternative? Find your Pack. My platform? Make – Protect – Teach.Read more
NOTES FROM THE DIAMOND #8: ROOM FOR DOUBTBy David Salem |
September 1, 2019 | 4 __ In both baseball and in investing, we need an all-purpose test of excellence, not just for identifying MVPs like Mike Trout, but for seeing how all of us mere mortals stack up. ET contributor David Salem makes the case for an investing corollary to baseball’s Wins Above Replacement (WAR). It’s a defense of value investing, but with a twist.Read more
LICENSE TO KILL GOPHERS By Peter Cecchini | August 22, 2019 | 3 __ The desire of central banks to forestall recession at all costs reminds us of the war that groundskeeper Carl Spackler had with the gopher in Caddyshack. Sure, you can defeat the gopher. But you’ve gotta blow up the golf course with dynamite to do it.Read more
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ET LIVE!
ET LIVE! – 11.19.2019November 19, 2019
It’s the November 19th, 2019 edition of Epsilon Theory Live! Be sure to join Ben and Rusty for a discussion of all things narrative in the world of politics and markets.Read more
ET LIVE! – 10.22.2019October 22, 2019
In which Ben and Rusty discuss the three Ps of the narrative of a functioning government – and why their cartoons are being stretchedto the limit.
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ET LIVE! – 8.27.2019August 27, 2019
It’s the August 27th edition of Epsilon Theory Live! In which political, economic and markets nihilism are the order of the day.Read more
ET LIVE! – 7.30.2019July 30, 2019
It’s the July 30th, 2019 ET Live! Today, we’re all MMT’ers, or at least that’s the narrative in political space. But what aboutmarkets?
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