All Epsilon Theory Content
Everything we have published at Epsilon Theory since 2013, an archive of more than 1,000 evergreen notes.
The Panopticon: a new mode of obtaining power of mind over mind, in a quantity hitherto without example. – Jeremy Bentham
But the guilty person is only one of the targets of punishment. For punishment is directed above all at others, at all the potentially guilty. – Michel Foucault
Question: Mr. President, a clarification if I may. The people who were blocking the Ukrainian Army units in Crimea were wearing uniforms that strongly resembled…
Two quick Epsilon Theory points before the jobs report tomorrow. First, remember the Goldilocks Narrative of the post-Great Recession Era…slow growth keeps the Fed in play, so…
No man is an Iland, intire of it selfe; Every man is a peece of the Continent, a part of the maine; If a Clod…
Buck Finemann, seventy two years old. Cantankerous old geezer. No-one liked him much, but they allowed him to play poker with them once a week…
Det. Gregory: Is there any other point to which you would wish to draw my attention? Holmes: To the curious incident of the dog in…
Instead of a long-form note this Sunday, I thought I’d write a briefer note in advance of this Friday’s jobs report. I’ll be back next…
There was a clear short-term Narrative developed in the financial media last week creating a focal point at 102 in the Yen/USD exchange rate. The…
There has to be a middle ground between being a Cynic and a Fool, some way of playing the game without losing one’s soul. Recognizing that all of us human animals, including me and including you, are playing multiple multi-level games … well, that seems like a good start to me.
To lose one parent, Mr. Worthing, may be regarded as a misfortune; to lose both looks like carelessness. – Oscar Wilde, “The Importance of Being…
Well, Dick, it’s got a good beat and you can dance to it. – standard response to Dick Clark’s “how do you rate this song”…
The most effective alpha-generating strategies are, technically speaking, parasites. I say this with love and admiration.
In 1837 on page 36 of his so-called “B” notebook, Charles Darwin wrote the words “I think” followed by the first depiction of an evolutionary tree.
The rest, as they say, is history,
I went to the Democratic Convention as a journalist, and returned as a cold-blooded revolutionary. – Hunter S. Thompson Some people will say that words…
A few observations on what to look for in the language of the FOMC announcement tomorrow from a game theoretic perspective. Ever since Mario Draghi…
The Fed is now playing the Common Knowledge game openly and directly, making public statements through their media intermediaries to tell you how ALL market…
FREEDOM IS SLAVERY IGNORANCE IS STRENGTH WAR IS PEACE. – George Orwell, “1984” SECRETS ARE LIES SHARING IS CARING PRIVACY IS THEFT. – Dave Eggers, “The Circle”…
One of the more painful lessons in investing is that the prudent investor (or ‘value investor’ if you prefer) almost invariably must forego plenty of…
If you like your health plan, you can keep your health plan. – Barack Obama Of course, one objective of both traditional and nontraditional policy…
You don’t know what fear is. But you’ll see. It’s catching, it’s catching like small pox! And once you get it, it’s for life! So…