Epsilon Theory In Full

Epsilon Theory In Full


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.

7 Quick Points on Europe

By Ben Hunt | January 26, 2015 | 0 Comments

#1) Here are the most relevant recent notes for an Epsilon Theory perspective on the underlying political and market risks in Europe: “The Red King”…

Ghost in the Machine, Part 1

By Ben Hunt | January 20, 2015 | 0 Comments

  The way out is through the door. Why is it that no one will use this method? ― Confucius (551 – 479 BC) Tanzan…

Catch – 22

By Ben Hunt | January 12, 2015 | 0 Comments

Four times during the first six days they were assembled and briefed and then sent back. Once, they took off and were flying in formation…

The Clash of Civilizations

By Ben Hunt | December 29, 2014 | 0 Comments

Thomas Cole, “The Course of Empire: Destruction” (1836) In the emerging world of ethnic conflict and civilizational clash, Western belief in the universality of Western…

Now There’s Something You Don’t See Every Day, Chauncey

By Ben Hunt | December 16, 2014 | 0 Comments

Narrator: Well, today we find our heroes flying along smoothly… Rocket J. Squirrel: Flying along smoothly? Bullwinkle J. Moose: You’re just looking at the picture…

Narrative Uber Alles

By Ben Hunt | December 11, 2014 | 0 Comments

Yesterday the Wall Street Journal ran a front page story titled “OPEC Sees Less Demand for Its Oil in 2015”, as well as another article…

We Now Return to Our Regularly Scheduled Programming

By Ben Hunt | December 5, 2014 | 0 Comments

Hilsenrath Analysis: Friday’s Jobs Report Assures Global Central Banks Going in Two Directions ― Wall Street Journal, December 5th, 9:59a ET Earlier today I tweeted that “I…

Signs and Portents

By Ben Hunt | December 1, 2014 | 0 Comments

Young nanny: Look at me, Damien! It’s all for you.   [she jumps off a roof, hanging herself]  – “The Omen” (1976)   When one has…

The Unbearable Over-Determination of Oil

By Ben Hunt | November 24, 2014 | 0 Comments

Market outcomes are always overdetermined, which is a $10 word that means if you added up all of the likely causes and their likely percentage contribution to the outcome you would get a number way above 100%.

Nowhere is this more true than the price of oil.

Mike Tyson: Master Game Theorist

By Ben Hunt | November 6, 2014 | 0 Comments

Everyone has a plan until they get hit in the mouth. – Mike Tyson My long-term strategy turned into a 12-hour strategy. – “Survivor” contestant…

Wherefore Art Thou, Marcus Welby?

By Ben Hunt | October 30, 2014 | 0 Comments

Seek not the favor of the multitude; it is seldom got by honest and lawful means. But seek the testimony of few; and number not…

Calvin the Super Genius

By Ben Hunt | October 14, 2014 | 0 Comments

People think it must be fun to be a super genius, but they don’t realize how hard it is to put up with all the…

Hey Spike

By Ben Hunt | October 9, 2014 | 0 Comments

The strong do what they can, while the weak suffer what they must. — Thucydides, “The History of the Peloponnesian War” (395 BC) Global growth…

Going Gray

By Ben Hunt | October 1, 2014 | 0 Comments

Everything under the sun is in chaos. The situation is excellent. – Mao Zedong (1893 – 1976) Forget it, Jake. It’s Chinatown. – Chinatown (1974)…

Best of List

By Ben Hunt | September 26, 2014 | 0 Comments

I’ll have a new full-length Epsilon Theory note out early next week (“Going Gray”), but wanted to pass along two background points. First, a replay…

Finest Worksong

By Ben Hunt | September 15, 2014 | 0 Comments

Take your instinct by the reinsYou’d better best to rearrangeWhat we want and what we needHas been confused, been confused– REM, “Finest Worksong” (1987) The…

The Game of Thrones and the Game of Markets

By Ben Hunt | September 11, 2014 | 0 Comments

Two items for the mid-week. First, an invitation to attend a Salient Webinar I’ll be presenting next Thursday, September 18th at 2pm ET, titled: “The Game…

The Ministry of Markets

By Ben Hunt | September 8, 2014 | 0 Comments

– Actual conversation as I left a client meeting with a Salient colleague last Friday and we checked our phones… Colleague: Wow, looks like the…

The Name of the Rose

By Ben Hunt | September 1, 2014 | 0 Comments

If names be not correct, language is not in accordance with the truth of things.  ― Confucius, “The Analects of Confucius” (551 – 479 BC)…

An Ice Bucket Dilemma

By Ben Hunt | August 25, 2014 | 0 Comments

Something on the lighter side from Epsilon Theory today, as summer winds downs here in the last week of August. Most of us have seen videos galore…