The soul of Epsilon Theory is our long-form content, a library of hundreds of pieces written by Ben, Rusty and others over the course of the last 5+ years. These are the print-and-take-home-for the weekend notes that made Epsilon Theory what it is today.
It’s hard to be larger than life in a smaller than life world. It’s hard to be authentic in your art without being artificial. Good theatre does just that. We’re hoping to do the same in Epsilon Theory.
Part 2 of the Notes from the Road series, about the value of and problems with adaptive frameworks. In this installment, an exploration of…
Part 2 of a three-part series on what it means to have a polarized electorate and a monolithic market. Today’s note: How do things fall apart in a monolithic market? Not with a bang but a whimper.
In Part 1 of his Notes from the Road series, Rusty takes us to Ireland. There he begins an exploration of path-dependence and priors in our thinking as investors and citizens.
Part 1 of a three-part series on what it means to have a polarized electorate and a monolithic market. Today’s note: the Age of Ridiculousness and the decline and fall of the American Empire.
Investing requires mental toughness, but it doesn’t require us to pretend that we — or our colleagues — are invincible. More often, it instead requires us to acknowledge our weakness.
Many of the memes that drive our political behaviors inherently push us toward Competitive Games and tribalism. Resisting these memes means losing both arguments and credibility – and we have to be willing to do both.
Part 2 of the multi-part Three-Body Alpha series, introduced in Rusty’s recent Investing with Icarus note. The Series seeks to explore how the increasing transformation of fundamental and economic data into abstractions may influence strategies for investing — and how it should influence investors accessing them.
Two negative narratives have derailed ebullient markets – Inflation and Trade War. While I think both are here to stay, I’ve put inflation through the Narrative Machine first. The result? Inflation is Coming.
The allure of a fundamental truth is powerful. Investors are hungry for that kind of clarity about markets, but it doesn’t exist. In the first in a series, Rusty discusses a framework for investing in a time of Icarus.
We live in a Cartoon Age, an era not of alienation per Karl Marx, but of alienation per Groucho Marx. What’s the cause, what’s the future, and what do we do about all this? It’s a TL;DR cri de coeur in Part 12 of Epsilon Theory’s Notes from the Field series.
The #1 question investors ought to ask of a financial services company trying to sell them something is: “What is it, really?” If you don’t know what you’re investing in, you’re liable to end up eating a lot of crunchy frogs.
This is Part 11 of Ben’s Notes from the Field series. I don’t need to calculate a Sortino ratio to know if my dogs are doing a Good Job. Same with active investment management. Same with active citizenship. It’s all about embracing Convexity, not as a mathematical cartoon, but as a philosophy.
Most investors think that other investors think that last week’s correction was about vol-selling. The real story? Everybody knows that everybody knows that inflation will change the way portfolios are built and managed.
We’ve had a heckuva busy year at Epsilon Theory, so to ring out 2017 I thought it might be helpful to distribute a master list of our publications over the past 12 months. We’re long essay writers trying to make our way in a TLDR world, so even the most avid follower may well need a map!