All Epsilon Theory Content

All Epsilon Theory Content


Everything we have published at Epsilon Theory including our long-form content, a library of hundreds of pieces written by Ben, Rusty and others over the course of the last 5+ years. Plus, short-form pieces for those without the time (or attention span) for classic Epsilon Theory notes.

Narrative and Metaverse, Pt. 1: The Living Word

By Ben Hunt | January 18, 2022 | 14 Comments

The past, present and future of human freedom is not determined in the macroverse but in the metaverse, and it is here where we must make our stand. First we will write the words to see the metaverse. Then we will write the songs to change it.

Clear eyes. Full hearts. Can’t lose.

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That Funny Feeling

By Brent Donnelly | January 10, 2022 | 28 Comments

The AI censors at YouTube banned a video by ET contributor Brent Donnelly for all the wrong reasons.

Meanwhile, the AI censors at Twitter won’t ban an impersonator for any reason.

Kinda gives you that funny feeling that we’re being played. Again.

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Cursed Knowledge #7: Birkin Bags

By Harper Hunt | January 7, 2022 | 0 Comments

Birkin bags are one of the ultimate symbols of status. But how did that happen? And are they worth the hype?

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An Inconvenient Truce

By Rusty Guinn | January 3, 2022 | 61 Comments
Image of the WWI Christmas Truce, as envisioned by an artist decades later

Polarization often isn’t an accident. It is the result of intentional narrative construction – constructions designed to make us believe that we are sane and unfairly judged, and that our opponents are insane and hypocritical.

Understanding how to recognize and respond to these constructions in the wild is now an indispensable skill of the citizen.

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RIP, Expertise

By Ben Hunt | December 30, 2021 | 0 Comments

This is an unedited thread from the ET Forum that I’ve republished in close to its entirety and put outside the paywall. It’s just one example of why the ET Forum is the best thing on the Internet today … thousands of posts across hundreds of threads, written by truth-seekers from all over the world and all walks of life, speaking to each other with respect and curiosity. If this is your Pack, join us!

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25 Anti-Mimetic Tactics for Living a Counter-Cultural Life

By Luke Burgis | December 13, 2021 | 10 Comments

The social rewards that come from imitating others feel good, but they come at a high price.

Here are 25 Anti-Mimetic ideas that can help us craft a life that is a little more free from the herd, and a bit more open to the spontaneity and wonder of new things.

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Inflation and the Common Knowledge Game

By Ben Hunt | December 8, 2021 | 53 Comments

At whatever point in time you think inflation will start to fade, you are being too optimistic.

Why? Because common knowledge.

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The Medium is the Message

By Rusty Guinn | November 30, 2021 | 10 Comments

Social media is not just a delivery mechanism for content.

The delivery of content through social media IS the content.

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Defund the World Health Organization

By Ben Hunt | November 29, 2021 | 11 Comments

Skipping the Greek letter Xi in naming the latest Covid variant is ridiculous, not dangerous.

What’s dangerous is WHO leadership placing Chinese political interests ahead of global health interests.

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Critical State Theory

By Ben Hunt | November 24, 2021 | 13 Comments

This note is about the narrative process that makes it so politically difficult to say that yes, parents are responsible for their children’s education AND yes, our children should be taught the fact of embedded racism in our nation’s history.

And why it’s so important that we do so, anyway.

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Cursed Knowledge #6: F*ck Almonds

By Harper Hunt | November 16, 2021 | 0 Comments

Move over Hollywood! Almonds are one of the most lucrative and fastest growing industries in California. Unfortunately they’re not as good for us as you’d think.

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Prime Time in Crypto

By Marc Rubinstein | November 16, 2021 | 0 Comments

No one gives a clearer explanation of how financial institutions work than ET contributor Marc Rubinstein, and his primer on prime brokerage services (and its extension into crypto) is no exception.

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The NFL Has a Gambling Problem

By Rusty Guinn | November 15, 2021 | 20 Comments

The outcomes of NFL games are inordinately influenced by officials relative to other sports. This is not new. The narrative environment faced by the NFL in 2021, however, IS new.

I’m not sure they’re ready for it.

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The Mandarin Class

By Ben Hunt | October 22, 2021 | 42 Comments

I don’t think there’s anything illegal in how Fed governors trade their personal accounts.

No, I think it’s much worse than that.

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When Narrative Takes Flight

By Rusty Guinn | October 14, 2021 | 18 Comments

We find ourselves together now at the stage of the Widening Gyre in which your political identity now determines the reality you wish to accept about three days of moderate operational difficulties at the ninth largest global airline, as measured by passenger-miles.

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No Time to Die: China Banks Edition

By Marc Rubinstein | October 7, 2021 | 4 Comments

With $300+ billion of assets, Evergrande is big, but if you want REALLY big, take a look at the balance sheets of Chinese banks.

ET contributor Marc Rubinstein was there at the beginning when Chinese banks went public, and he’s here now to review the sector.

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How Lucky You Are To Be Alive Right Now

By David Salem | October 7, 2021 | 3 Comments

ET friend and contributor David Salem is back!

Here with his Constitution Day address at Middlebury College, David makes the rich tradition of academic speeches richer still, with nods to the Founders and Vitalik Buterin alike.

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The Uncontained Spark

By Ben Hunt | October 1, 2021 | 15 Comments

There is an uncontained spark in the financial world today, a spark that emerged from the unlikeliest of places, a federal courthouse in Florida.

It’s a spark with the potential to light a searing bonfire under Robinhood and Citadel.


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Zeroism and the Allocator Status Quo

By Matthew Edwards | September 21, 2021 | 2 Comments

ET contributor Matthew Edwards pushes back on seven rules that allocators often apply to new managers.

1) We don’t do crypto.
2) We only invest in what we know.
3) We never pay full fees.
4) We prefer fundamental investment strategies.
5) We seek strong alignment of interests.
6) We cannot be greater than x% of a fund’s total assets under management.
7) We require a minimum track record of X years.

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By Brent Donnelly | September 15, 2021 | 7 Comments

ET contributor Brent Donnelly starts up where he left off, with a new launch of AM/FX and a new riff on the classic ET note, “Snip!”.

In the immortal words of Hunter S. Thompson, when the going gets weird, the weird turn pro!

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