All Epsilon Theory Content

All Epsilon Theory Content


Everything we have published at Epsilon Theory since 2013, an archive of more than 1,000 evergreen notes.

The MacGuffin, Part 1

By Ben Hunt | May 17, 2022 | 49 Comments

If you don’t see that the crypto “industry” has become just as blindingly corrupt, just as oozingly fatuous, just as profoundly captured by the Nudging Oligarchy as the traditional financial services industry it was supposed to replace … well, you’re just not paying attention.

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The Most Important Trading Decision

By Brent Donnelly | May 10, 2022 | 1 Comment

Trading is hard. Your odds of success are heavily influenced by the seat you choose. Retail trader or bank trader or PM, here are metrics to evaluate that seat.

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Cursed Knowledge #10: This Podcast Never Happened

By Harper Hunt | April 21, 2022 | 4 Comments

We’ve all fallen victim to a bad retcon at some point in our lives. It’s Sherlock Holmes coming back from the dead. It’s the reveal that an entire season of Dallas was only a dream. It’s the author changing their mind and trying to convince you that it’s all part of the plan. I don’t buy it. And neither should you.

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By Ben Hunt | April 11, 2022 | 114 Comments

The Fed’s rate hikes to curb inflation?

Not gonna make it.

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Money Can Buy Happiness (in variable and diminishing quantities)

By Brent Donnelly | April 6, 2022 | 32 Comments

What does your money/happiness curve look like? Is it curved or linear? Does it flatline somewhere? If so, where?

There’s the game of trading and the metagame of life. To win the latter, you have to Know Thyself.

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Winner’s Tilt

By Brent Donnelly | March 31, 2022 | 9 Comments

The most damaging stories and narratives are not those that others tell us, but those that we tell ourselves.

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Waiting for the Dog to Bark

By Marc Rubinstein | March 28, 2022 | 2 Comments

In the days leading up to their invasion of Ukraine, Russia successfully mounted a largescale cyberattack on Ukrainian banks, utilities and government agencies. Since then … crickets.

What are the vulnerabilities of Western financial systems to a new and wider attack?

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Narrative and Metaverse, Pt. 3: The Luther Protocol

By Ben Hunt | March 24, 2022 | 73 Comments

“The arc of the moral universe is long, but it bends towards justice.” – MLK

Does it? Does it really?

Today we take a stand to defend the arc of the moral universe in its long path towards liberty and justice for all. Today we begin the Luther Protocol.

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They’re Not Sending Their Best

By Ben Hunt | March 15, 2022 | 16 Comments

The Big Oil Windfall Profits Tax Act is an abomination. It won’t lower gas prices, it will raise them. And the sponsors of the bill know it.

This bill was not written to become a good law. It was written to tell a good story.

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Cursed Knowledge #9: Cat Eyes, Full Ass, Can’t Smile

By Harper Hunt | March 10, 2022 | 0 Comments

We’ve all felt insecure about our looks at one point or another. Especially in our chronically online world where how you look can be your whole brand. So with plastic surgery rates on the rise, let’s peel back the layers of this industry and see how information (and lies) about procedures spread and examine the real price of beauty.

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Tough Guys

By Ben Hunt | March 7, 2022 | 47 Comments

Using NATO to escalate a shooting war with Russia – either directly through a no-fly zone or indirectly through a Polish cut-out and NATO “backfill” – is exactly what Putin wants. It’s the only thing that can save him. It’s how we ALL lose.

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By Ben Hunt | February 21, 2022 | 10 Comments

Tired: Pump and Dump

Wired: ChaChaCha!

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The Reckless Driver! TM Narrative

By Charles Marohn | February 21, 2022 | 14 Comments

Reckless Drivers! is the dominant narrative for increased traffic deaths in the US. It’s dominant not because it’s true (it’s not), but because it serves the interests of the Nudging State to blame and the Nudging Oligarchy to spend.

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By Brent Donnelly | February 17, 2022 | 3 Comments

in the spirit of the question we are always asking ourselves at Epsilon Theory – WHY AM I READING THIS NOW? – Brent asks a slightly different question about announcements of senior management departures. DOES WHAT I’M READING NOW MATTER?

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Cursed Knowledge #8: Bad Publicity

By Harper Hunt | February 7, 2022 | 0 Comments

Someone once said there’s no such thing as bad publicity. With all due respect, this person is an idiot. Publicity, both good and bad, can have major ramifications. Even if you don’t play a part in creating it.

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Narrative and Metaverse, Pt. 2: Gain of Function

By Ben Hunt | February 2, 2022 | 78 Comments

Big Tech, Big Media and Big Politics are engaged in a widespread program of gain-of-function research on the linguistic entities of the metaverse.

It’s more dangerous than any virus.

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Getting to War

By Ben Hunt | January 28, 2022 | 46 Comments

The international “negotiations” over Ukraine are 100% designed for domestic Russian consumption. They are as necessary a part of successfully invading Ukraine as mobilizing troops and tanks.

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Narrative and Metaverse, Pt. 1: The Living Word

By Ben Hunt | January 18, 2022 | 75 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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Stocks and Bonds

By Harper Hunt | January 13, 2022 | 0 Comments

Jonathan Plotkin is a longtime ET reader and brilliant cartoonist. For years he’s been sending Ben illustrations inspired by our notes and we’ve been dying…


By Harper Hunt | January 13, 2022 | 0 Comments

Jonathan Plotkin is a longtime ET reader and brilliant cartoonist. For years he’s been sending Ben illustrations inspired by our notes and we’ve been dying…