A Zeitgeist Portfolio

Every morning, we run The Narrative Machine on the past 24 hours worth of financial media to find the most on-narrative (i.e. interconnected and central) stories in financial media. It’s not a list of best articles or articles we think are most interesting … often far from it.

But for whatever reason these are articles that are representative of some sort of chord that has been struck in Narrative-world.


New Mexico State Investment Council changes target allocations for 2 endowments [Pensions & Investments]

The tobacco fund’s new target allocation reduces broad U.S. equity to 10% from 33%, broad international equity to 10% from 33%, and core fixed income to 10% from 24%. The new tobacco fund allocation increases non-core fixed income to 25% from 10%, real return to 25% from zero, and real estate to 20% from zero.

I don’t know the folks at New Mexico State Investment Council well, although there are a couple of Epsilon Theory subscribers at NMSIC. But I’ll say this … I love what they’re doing here. It’s a very Zeitgeist-aware portfolio shift, and not just a tweak of a few percentage points here and there. This is a big swing!

I’m overdue for writing the final chapter in the Pricing Power series, where we dig into real assets. Here are the first three chapters …

I’m on it.


Comments

  1. Ben, your comments on the subject of real assets can’t come too soon.

  2. Avatar for xmj xmj says:

    I was reading through the old Pricing Power notes earlier today.

    @bhunt which title comes closest to the one you mentioned wanting to write, on Real Assets?

    The Opposite of 2008, of course… what else?

  3. This post (and portfolio) aged well.

Continue the discussion at the Epsilon Theory Forum

Participants

Avatar for bhunt Avatar for JaneyVee Avatar for chudson Avatar for xmj

The Daily Zeitgeist

ET Zeitgeist: Raccoons Never Sleep

By Ben Hunt | May 28, 2021 | 5 Comments

Lemonade (LMND) isn’t just an insurance company. No, no … they’re an AI Company! ™.

Plus Chamath is up to his old tricks.

I hate raccoons.

Inflation as Ad Campaign

By Ben Hunt | May 24, 2021 | 0 Comments

An ET Pack member sent me this. Anyone else come across ads that directly call out inflation expectations? Would love to collect more screenshots like…

Many People Are Saying … Bitcoin is Art

By Ben Hunt | May 24, 2021 | 0 Comments

The Bitcoin Is Art thesis that I put out back in 2015 (The Effete Rebellion of Bitcoin) and recently put forward again (In Praise of…

The Game of Tesla

By Ben Hunt | September 3, 2020 | 4 Comments

Recent price action in Tesla is the Common Knowledge Game in action.

It is the power of the crowd watching the crowd. It is the power of – not what you think is true, and not what you think the crowd thinks is true – but of what the crowd thinks the crowd thinks is true.

The Cartoon Put

By Rusty Guinn | September 1, 2020 | 12 Comments

Seeing cartoons made from data doesn’t give us license to ignore the underlying feature of the world being measured – it gives us a duty to cut through the abstractions obscuring that feature of the world.

Sacrifice for Thee, Vast Wealth for Me

By Ben Hunt | August 25, 2020 | 10 Comments

Doug Parker, American Airlines CEO and Chairman of the Board, wrote a letter to his employees today that pretty much defines high-functioning sociopathy.

I’m going to reprint excerpts from that letter – which is couched in the saccharine vocabulary of modern team-speak, but is in truth a shakedown letter to employees and a ransom note to the US government – and then I’m going to tell you a few things about Doug.

DISCLOSURES
This commentary is being provided to you as general information only and should not be taken as investment advice. The opinions expressed in these materials represent the personal views of the author(s). It is not investment research or a research recommendation, as it does not constitute substantive research or analysis. Any action that you take as a result of information contained in this document is ultimately your responsibility. Epsilon Theory will not accept liability for any loss or damage, including without limitation to any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Consult your investment advisor before making any investment decisions. It must be noted, that no one can accurately predict the future of the market with certainty or guarantee future investment performance. Past performance is not a guarantee of future results.

Statements in this communication are forward-looking statements. The forward-looking statements and other views expressed herein are as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and there is no guarantee that any predictions will come to pass. The views expressed herein are subject to change at any time, due to numerous market and other factors. Epsilon Theory disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein. This information is neither an offer to sell nor a solicitation of any offer to buy any securities. This commentary has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Epsilon Theory recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.