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.

The Mountain and the Molehill

By Rusty Guinn | August 4, 2020 | 0 Comments

There ARE real threats to both the rule of law and our cherished capitalist system today.

But you won’t find either on the streets of Portland or Seattle.

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It’s a Mad, Mad, Mad, Mad Market

By Peter Cecchini | August 3, 2020 | 4 Comments

If you’ve never seen the 1963 comedy “It’s a Mad, Mad, Mad, Mad World”, do yourself a favor and check it out. Phil Silvers and Spencer Tracy and Ethel Merman and Jonathan Winters? Yes, please.

ET contributor Pete Cecchini remembers. Better yet, it’s the perfect foil for figuring out a Mad, Mad, Mad, Mad Market.

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The Grifters, chapter 1 – Kodak

By Ben Hunt | July 30, 2020 | 13 Comments

We’ve been assaulted by three brutal grifts in just the past week … three smacks from Bobo and his bag of oranges … each deserving of an Epsilon Theory note.

Here’s chapter 1 – the ludicrous crony capitalism of the US government giving Kodak $765 million for “pharmaceutical supply production”.

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That’s the Thing I’m Sensitive About!

By Rusty Guinn | July 29, 2020 | 1 Comment

Like all abstractions, extremes can be misleading. They can also be revealing. Using extreme times to learn what our leaders and institutions are sensitive about is a critical, unmissable lesson.

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Taiwan is now Arrakis

By Ben Hunt | July 27, 2020 | 17 Comments

“He who controls the spice controls the universe.”

The world’s principal supplier of semiconductors – the spice of OUR global empire – is now Taiwan.

Thanks a lot, Intel. Thanks a lot, Bob Swan. Thanks a lot, Jack Welch. Thanks a lot, all you Wall Street wizards of financialization.

Taiwan is now Arrakis. And we WILL fight over it.

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Overserved

By Ben Hunt | July 20, 2020 | 13 Comments

Everyone is in a tizzy about day traders and Robinhood. “Ooooh, they’re going to have such a hangover when the bubble pops.”

Pffft. They’ll be fine.

The investors facing a hangover are small family offices, plied with endless offerings of fee-heavy SPVs and SPACs by multi-billion dollar asset managers.

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The Stupid War

By Rusty Guinn | July 19, 2020 | 23 Comments

The war over reopening schools is a proxy war.

The real war is between political parties, but they’ve set up the fight as teachers on one side vs. parents on the other.

This is not our war. This is THEIR war.

How to stop it? We refuse to fight.

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Snip!

By Ben Hunt | July 16, 2020 | 5 Comments

Both Trump and Biden have proposed $2 trillion spending plans for next year, confirming exactly what we wrote last December. To the dollar. To the word.

We can’t always write tomorrow’s headlines today. But we do try!

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We the People? We the Pack.

By Ben Hunt | July 14, 2020 | 21 Comments

I still believe this will be our finest hour.

Not of the America that was. But of the America that can be.

As the creeper that girdles the tree trunk, the law runneth forward and back;

For the strength of the pack is the wolf, and the strength of the wolf is the pack.

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An Advantageous Contagion

By Rusty Guinn | July 14, 2020 | 17 Comments

Sometimes good news comes from unexpected places.

And sometimes it’s best just to go with it.

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The Anti-Anarchist Cookbook

By Ben Hunt | July 8, 2020 | 45 Comments

Defund the police? No.

Demilitarize and Deunionize? Yes.

Here’s how we use narrative to start taking back our world from the culture-porn merchants on the left and the right.

Police reform is just the start.

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Harrumph!

By Rusty Guinn | July 7, 2020 | 8 Comments

There is an emerging narrative structure that places a lot of demands on us as citizens – and justifiably so.

But the claim that “silence is complicity” becomes something else entirely when we redefine silence as the failure to say exactly what we demand.

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The Lost Art of the Jawbone

By Rusty Guinn | July 7, 2020 | 4 Comments

Market propaganda used to be an art form, I tell you! What happened to us?

The transformation of capital markets into political utilities happened.

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ET Live! – 6.30.2020

By Rusty Guinn | June 30, 2020 | Comments Off on ET Live! – 6.30.2020

It’s the June 30th edition of ET Live!, an interactive livestream in which Ben and Rusty discuss all things narrative in the world today.

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Sideways: Observations on Pain and Privilege

By Ben Hunt | June 29, 2020 | 25 Comments

A sideways moment is when your life becomes a probabilistic exercise, where you are at the mercy of one of two merciless social institutions: hospitals or the police.

My life went sideways a week ago, and here’s what I learned about pain and privilege.

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The Anxiety Algorithm: An interview with Adam Julian Goldstein

By Neville Crawley | June 25, 2020 | 0 Comments

Epsilon Theory contributor Neville Crawley is back with an interview of Adam Julian Goldstein, discussing Adam’s fascinating new work on anxiety. If, like me, you have the entrepreneurial bug (and it is a bug, not a feature), this is a must read!

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What is Permissible

By Rusty Guinn | June 24, 2020 | 6 Comments

The slow wave that has moved America’s largest asset owners from direct positions in American companies to indirect pools of passive ownership has been a good thing for costs and diversification. It has, however, contributed to our present breakdown in corporate governance.

The past revolutions to fix this have failed for predictable reasons. Future revolutions don’t have to.

It is time to take back your ownership.

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The Lystrosaurus

By Rusty Guinn | June 17, 2020 | 12 Comments

There is practically no information in knowing that everybody is talking about something. There is some information in knowing that everybody is using the same language to talk about something.

But there is a lot of value in knowing that people and publications with no underlying connection are simultaneously inspired to use the same language to talk about different angles of the same issue.

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The Portnoy Top

By Peter Cecchini | June 15, 2020 | 3 Comments

Written during last week’s sell-off, ET Contributor Peter Cecchini coins a phrase – The Portnoy Top.

What do you get when you combine Barstool Sports and Printer Goes Brrr?

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No Country for Old Men

By Ben Hunt | June 12, 2020 | 12 Comments

We all know someone who is in urgent-but-not-emergency need of some medical procedure that can’t be scheduled while Covid-19 is storming the hospital ramparts.

I’m one of them.

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