All Epsilon Theory Content
Everything we have published at Epsilon Theory since 2013, an archive of more than 1,000 evergreen notes.
You think you’re alone until you realize you’re in it. Now fear is here to stay. Love is here for a visit. – Elvis Costello,…
[Jeremiah and Bear Claw hunt elk] Jeremiah: Wind’s right, but he’ll just run soon as we step out of these trees. Bear Claw: Trick to…
“He’s dreaming now,” said Tweedledee, “and what do you think he’s dreaming about?” Alice said, “Nobody can guess that.” “Why, about you!” Tweedledee exclaimed, clapping…
There were no donkeys in Guizhou until an eccentric took one there by boat; but finding no use for it he set it loose in…
Today, however, the Chinese State faces two existential threats, each stemming from or accelerated by the Great Recession and Western policy responses to that crisis of market confidence.
First, QE and other “emergency” Western monetary policies of the past five years threaten the grand political unification of Deng Xiaoping from without.
Second, massive wealth inequality and concentration driven largely by those same monetary policies threaten it from within.
And I don’t want to hear about the freaking economy, either! Sil, break it down for ’em. What two businesses have traditionally been recession-proof since time immemorial?
Certain aspects of show business … and our thing.
When I was a little kid we had a sand box. It was a quicksand box. I was an only child … eventually. – Steven…
That’s not how it works. That’s not how any of this works. – Esurance “Beatrice” commercial There’s a wonderful commercial in heavy rotation on American television,…
Margaret Bourke-White took this photo of the Garment District in 1930. Every single person on the street is wearing a hat. How did THAT behavior change over time? How did the Common Knowledge that All Men Wear Hats change?
Answer: the Common Knowledge Game.
1M implied volatility on the VIX fell to an all-time low last week. Generally speaking, this means that options on short-term market volatility increasing have…
I’ve received a lot of questions over the past few weeks about Russia and the Ukraine, and why I don’t include this flashpoint in my…
A trilogy is a pretty abstract notion. You can apply it to almost any three things. – Jonathan Demme Mozart: So then you like it?…
I distributed this Epsilon Theory reading list last summer, but it never made it to the website. Given the volume of requests I receive for…
I started the Epsilon Theory project nine months ago with the publication of a “Manifesto” and an email to a few hundred friends and colleagues.…
Same as it ever was, same as it ever was, same as it ever was, same as it ever was – Talking Heads, “Once in…
One of the things I like to keep my eye on when I’m puzzling out what’s going on in the market are the specific company…
Le roi est mort, vive le roi! – French proclamation as coffin of old king is placed into burial vault of Saint Denis Basilica. The…
Apocalypse Now (1979), based on “Heart of Darkness” by Joseph Conrad Kurtz: Did they say why, Willard, why they want to terminate my command? Willard:…
Two brief observations on incipient shifts in powerful Narratives … First, China. The pleasant charade that recent currency intervention was nothing more than an effort…
The Secret of life is honesty and fair dealing. If you can fake that you’ve got it made. These are my principles, and if you…