All Epsilon Theory Content
Everything we have published at Epsilon Theory since 2013, an archive of more than 1,000 evergreen notes.
If you view the world through Clear Eyes, and hold loosely to your convictions, you’ll have an easier time adapting to a dramatic shift in the market regime than your competitors who’ve been lulled into a Narrative-induced fugue state. You’ll make up your own damn mind. You, your clients, and your business will all be better off for it.
Why VC loves fintech for some reason, populist messages, “optimism over trade talks” take 25, and more popullsm.
We’re all passengers in the backseat of the State-driven car, and we all suspect that our drivers might be high-functioning lunatics, and we’re all terrified about what they might do next.
But we need the eggs.
What the rise and fall of baseball cards can and can’t tell us about bubbles and the turning of markets into utilities.
Fawning Tesla press, coming storms, ESG and data, striking a balance between tasteful display of art collections and pay cuts at banks, and post-Yorkshire pudding walks.
Today’s specials: Megadevelopments in Chicago, online grocery shopping, slowdowns at Apple, vagueness at Alphabet and Canadian weed.
Your mother was a hamster and your father smelt of elderberries … the pricing power found in intellectual property. It’s not as easy as it looks.
In today’s edition, it’s captain obvious takes on the ECB, is there anything active funds CAN do?, more Brexit and dead-cat bounces.
Trust in media is being debased from without and within. The Clear Eyed, Full-Hearted answer? Don’t pick and choose. Set yourself against both threats.
In which we hear the term, ‘megadeal hunger’, contemplate a Larry Fink v. Ken Fisher celebrity steel cage match, and boggle at the unironic advocacy of regulation as the solution for lack of trust in blockchain applications.
The near-term focus of financial markets coverage seems squarely on M&A in the U.S. Elsewhere, Lord Fink (!) roasts Corbyn and Australian housing has become a media obsession.
There is a paradox – only it isn’t really a paradox – in that to act boldly on and hold loosely to our beliefs requires us to design processes which are subject to an almost opposite standard.
Amazon ‘buts’, all sorts of January 1987 comparisons, a grab bag of central banking and politics, and a notable omission from your Brexit Bunker.
We no longer have real discussions about critical civic issues in part because we’ve stopped calling things by their proper name. Our lack of nuance causes those conversations to degrade into predictable, exhausting patterns. Let’s figure this out before it’s too late.
A big day for the Green New Deal, tax policy old and new, a solution for morale problems at Palantir and a solution for god only knows at Davos.
Watching Jay Powell’s press conference today, it hit me – THIS HAS ALL HAPPENED BEFORE.
Back in September, 2013 to be precise, when Ben Bernanke told us that QE was not going to roll off as expected, that “data dependent” meant “market dependent”, and the Fed was a prisoner of the White House and Wall Street.
You are here. Again.
Today’s Zeitgeist has a bit of private markets, Boeing and Apple, conspiracies and tax avoidance.
When facing a no-win scenario, sometimes the only rational choice is for our advisers and managers to change the conditions of the test. That doesn’t mean we have to buy what they’re selling.
Food and retailing are top of mind (and…bullish?), trade continues to dominate content and commentary, and a hero rides in to protect the Lu Ann Platter.
The next stops in our discovery of the process of discovery? A town of 1,282 people and the mind of a German physicist named Arnold Sommerfeld.