ET on Tape

ET on Tape

Anytime, Anywhere

The only thing better than reading an Epsilon Theory note is listening to one! To better accommodate our readers and spread our message as far as possible, we've created a collection of audio recordings of our favorite notes. Now you can listen to Epsilon Theory anytime, anywhere!

All Epsilon Theory Recordings

Sheep Logic

By Ben Hunt | October 5, 2017

In Part 6 of the Notes from the Field Series, Ben observes that we think we are wolves, living by the logic of the pack. In truth we are sheep, living by the logic of the flock.

The Three-Body Problem

By Ben Hunt | December 21, 2017

What if I told you that the dominant strategies for human investing are, without exception, algorithms and derivatives? I don’t mean computer-driven investing, I mean good old-fashioned human investing … stock-picking and the like. And what if I told you that these algorithms and derivatives might all be broken today? You might want to sit down for Part 9 of the Notes from the Field series.

A Song of Ice and Fire

By Ben Hunt | May 27, 2019

We are the human animal.

We are non-linear.

We ARE a song of ice and fire.

It’s a song that has built cathedrals and fed billions and taken us to the moon. It’s a song that can do all of that and more … far, far more … if only we remember the tune.

The Pack remembers.

The Long Now, Pt. 4 – Snip!

By Ben Hunt | December 26, 2019

The Long Now has severed the tether between taxation and spending – the most important macroeconomic policy relationship in our social lives as both investors and citizens.

Here’s what that means.

And here’s what we’re going to do about it.

The Long Now, Pt. 2 – Make, Protect, Teach

By Ben Hunt | September 11, 2019

It’s time to start a fire. To burn, yes, but also to illuminate.

My advice? Abandon the political party as your vehicle for political participation.

My alternative? Find your Pack.

My platform? Make – Protect – Teach.

The Long Now, Pt. 1 – Tick-Tock

By Ben Hunt | July 31, 2019

The Long Now is everything we pull into the present from our future selves and our children.

We are told that the economic stimulus and the political fear of the Long Now are costless, when in fact they cost us … everything.

Tick-tock.

This Is Why We Can’t Have Nice Things

By Ben Hunt | May 22, 2018

Part 13 of the Notes from the Field series discusses the Narrative Machine, which can help us see the invisible memes that drive our political behaviors. Because you’re smart enough to make up your own damn mind.

Good Job!

By Ben Hunt | March 1, 2018

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.

Always Go To the Funeral

By Ben Hunt | August 23, 2017

There’s a pose that very sick farm animals sometimes take when they’re near death, where they lie down and twist their head way back into their shoulder in a very unnatural way. It’s an odd sight if you don’t know what it signifies, a horrible sight if you do.

Both the Republican Party and the Democratic Party are starting to twist their heads back into their shoulders. I don’t know if it’s too late to save them or not, but I’m increasingly thinking that it is. We need to start thinking about the funeral, who’s going to speak, and what they’re going to say.

The Goldfinch in Winter

By Ben Hunt | July 14, 2017

Part 2 of Ben’s Notes from the Field series, in which he considers the question: what can a bird teach us about value investing? To everything there is a season.