Ben Hunt

Ben Hunt

Co-Founder and CIO

 @EpsilonTheory

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 investors and allocators across 180 countries read Epsilon Theory for its fresh perspective and novel insights into market dynamics. As Chief Investment Officer, Ben bears primary responsibility for determining the Company’s investment views and positioning of model portfolios. He is also the primary author of materials distributed through Epsilon Theory.

Ben taught political science for 10 years: at New York University from 1991 until 1997 and (with tenure) at Southern Methodist University from 1997 until 2000. He also wrote two academic books: Getting to War (Univ. of Michigan Press, 1997) and Policy and Party Competition (Routledge, 1992), which he co-authored with Michael Laver. Ben is the founder of two technology companies and the co-founder of SmartEquip, Inc., a software company for the construction equipment industry that provides intelligent schematics and parts diagrams to facilitate e-commerce in spare parts.

He began his investment career in 2003, first in venture capital and subsequently on two long/short equity hedge funds. He worked at Iridian Asset Management from 2006 until 2011 and TIG Advisors from 2012 until 2013. He joined Rusty at Salient in 2013, where he combined his background as a portfolio manager, risk manager, and entrepreneur with academic experience in game theory and econometrics to work with Salient’s own portfolio managers and its financial advisor clients to improve client outcomes.

Ben is a graduate of Vanderbilt University (1986) and earned his Ph.D. in Government from Harvard University in 1991. He lives in the wilds of Redding, CT on Little River Farm, where he personifies the dilettante farmer that has been a stock comedic character since Cicero's day. Luckily his wife, Jennifer, and four daughters, Harper, Hannah, Haven and Halle, are always there to save the day. Ben's hobbies include comic books, Alabama football, beekeeping, and humoring Rusty in trivia "competitions".

Articles by Ben:

It’s Still Not About the Nail

By Ben Hunt | April 14, 2015 | 0 Comments

Reader reaction to the March 31 Epsilon Theory note, “It’s Not About the Nail”, was probably the strongest and most positive for any note to…

It’s Not About the Nail

By Ben Hunt | March 31, 2015 | 0 Comments

Do, or do not. There is no try.” – Yoda, “Star Wars: Episode V – The Empire Strikes Back” (1980) I see it all perfectly;…

Troy Will Burn – the Big Deal about Big Data

By Ben Hunt | March 16, 2015 | 0 Comments

For the life of me, I don’t understand the debate [over the NSA metadata program]. – Jeb Bush, February 18, 2015 The Central Intelligence Agency…

Epsilon Theory Mailbag: Bitcoin and Big Data

By Ben Hunt | March 9, 2015 | 0 Comments

One of the best parts of authoring Epsilon Theory is the correspondence I get from readers. For the past few months, however, I’ve been frustrated…

Why Take a Chance?

By Ben Hunt | February 24, 2015 | 0 Comments

Vinny Forlano: He won’t talk. Stone is a good kid. Stand-up guy, just like his old man. That’s the way I see it. Vincent Borelli:…

The Effete Rebellion of Bitcoin

By Ben Hunt | February 17, 2015 | 0 Comments

In structure, Bitcoin is a bearer bond.

In meaning, Bitcoin is the cautious expression of a rebellious identity. 

First Known When Lost

By Ben Hunt | February 3, 2015 | 0 Comments

I never noticed it until ‘Twas gone – the narrow copse Where now the woodman lops The last of the willows with his bill –…

7 Quick Points on Europe

By Ben Hunt | January 26, 2015 | 0 Comments

#1) Here are the most relevant recent notes for an Epsilon Theory perspective on the underlying political and market risks in Europe: “The Red King”…

Ghost in the Machine, Part 1

By Ben Hunt | January 20, 2015 | 0 Comments

  The way out is through the door. Why is it that no one will use this method? ― Confucius (551 – 479 BC) Tanzan…

Catch – 22

By Ben Hunt | January 12, 2015 | 0 Comments

Four times during the first six days they were assembled and briefed and then sent back. Once, they took off and were flying in formation…