Epsilon Theory Logo

Building Vs. Spending Intellectual Capital

Matt Zeigler

December 29, 2025·0 comments·zg

Ben Hunt paraphrased a Henry Kissinger idea while we were recording our top 10 Intentional Investor clips from 2025, and I can’t get it out of my head.

So there's this old line that I like to repeat. It was actually by Henry Kissinger because Kissinger, of course, was an academic for a long time before he went into government. And the line, which I think is really smart, is that he said, “So long as you're in academia, you're building your intellectual capital. Every day you're there, you're building your intellectual capital, and every day you're out of academia, every day you're in government, you're spending it.”

Ben Hunt, The Best of 2025

I really appreciate this idea of storing up intellectual capital before you go and spend it. I like it as a metaphor for school and learning. And I love it as a metaphor for work and life.

The actual Kissinger quote is a bit different - scholars trace these to White House Years and other related commentary:

zg

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.