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Reinventing the Financial System

By Marc Rubinstein | June 15, 2021 | 4 Comments

If you’re like me, you’ve been put off from digging deeper into DeFi by the terrible signal-to-noise ratio of anything crypto-related on the interwebs. That’s why I found this DeFi primer (using Maker DAO as a specific example) by ET contributor and banking analyst Marc Rubinstein to be so fantastic.

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Why Am I Reading This Now? 12.02.24

Recent major media stories that feel to us like they’re part of a larger narrativ‌e campaign.



Why Am I Reading This Now? 11.25.24

Recent major media stories that feel to us like they’re part of a larger narrativ‌e campaign.



Why Am I Reading This Now? 11.18.24

Recent major media stories that feel to us like they’re part of a larger narrativ‌e campaign.



Why Am I Reading This Now? 11.11.24

Recent major media stories that feel to us like they’re part of a larger narrativ‌e campaign.



Why Am I Reading This Now? 11.04.24

Recent major media stories that feel to us like they’re part of a larger narrativ‌e campaign.



ZG-item-cap-black

Why Am I Reading This Now? 12.02.24

Recent major media stories that feel to us like they’re part of a larger narrativ‌e campaign.



Why Am I Reading This Now? 11.25.24

Recent major media stories that feel to us like they’re part of a larger narrativ‌e campaign.



Recent Notes

Magical Thinking

By Ben Hunt | August 31, 2016

Live from New York in episode 8 of the Epsilon Theory podcast, host Dr. Ben Hunt tackles LIBOR, the money market, and explores magical thinking…

The Narrative Machine

By Ben Hunt | August 17, 2016

“So, in the interests of survival, they trained themselves to be agreeing machines instead of thinking machines. All their minds had to do was to discover what other people were thinking, and then they thought that, too.” – Kurt Vonnegut

If there’s a better description of modern markets, I have yet to find it. We have become agreeing machines.

Full House

By Ben Hunt | August 10, 2016

On episode seven of the Epsilon Theory podcast, host Dr. Ben Hunt is joined in San Francisco by Salient’s president Jeremy Radcliffe and deputy CIO…

Dungeons & Dragons

By Ben Hunt | July 27, 2016

On episode six of the Epsilon Theory podcast, host Dr. Ben Hunt is joined again by Salient deputy chief investment officer Rusty Guinn to talk…

Crisis Actors and a Reichstag Fire

By Ben Hunt | July 26, 2016

Man in Bar: Tomorrow, I’m gonna be a hero. Gideon: I’m sorry?  Man in Bar: You may just be a patsy, but you’re an important…

Financial “Innovation” Returns to ABS Market

By Ben Hunt | July 20, 2016

On Monday, Verizon Wireless successfully securitized more than $1 billion in cellphone contracts and sold the notes into the Asset-Backed Securities (ABS) market. Here’s the…

Mailbag #1

By Ben Hunt | July 12, 2016

On episode five of the Epsilon Theory podcast, host Dr. Ben Hunt riffles through the mailbag to answer reader questions. Join the conversation and subscribe…

When Narratives Go Bad

By Ben Hunt | July 7, 2016

How many things served us yesterday as articles of faith, which today are fables for us? – Michel de Montaigne, The Complete Essays (1580) That…

Special Edition: Brexit

By Ben Hunt | June 30, 2016

On a special episode of the Epsilon Theory podcast, hosts Dr. Ben Hunt and Jeremy Radcliffe discuss the economic and historical context of the Brexit…

Waiting for Humpty Dumpty

By Ben Hunt | June 24, 2016

Humpty Dumpty sat on a wall, Humpty Dumpty had a great fall. All the king’s horses and all the king’s men Couldn’t put Humpty together…

Cat’s Cradle

By Ben Hunt | June 21, 2016

“No wonder kids grow up crazy. A cat’s cradle is nothing but a bunch of X’s between somebody’s hands, and little kids look and look…

Southern Accents

By Ben Hunt | June 15, 2016

On episode three of the Epsilon Theory podcast, host Dr. Ben Hunt is joined by Salient’s deputy chief investment officer Rusty Guinn. Through anecdotes about Donald…

Pressure and Time

By Ben Hunt | June 7, 2016

Red: [narrating] In 1966, Andy Dufresne escaped from Shawshank prison. All they found of him was a muddy set of prison clothes, a bar of…

Crisis of Faith

By Ben Hunt | June 7, 2016

On episode two of the Epsilon Theory podcast, hosts Dr. Ben Hunt and Jeremy Radcliffe examine why the once-trusted models in finance and politics are…

The Introduction

By Ben Hunt | June 7, 2016

In episode one of the Epsilon Theory podcast, hosts Dr. Ben Hunt and Jeremy Radcliffe discuss the origins of Epsilon Theory, how Dr. Hunt came…

Who’s Being Naïve, Kay?

By Ben Hunt | May 24, 2016

The Mysterious Stranger is a liar, to be sure, but he’s a proper villain, as the Brits would say, and he’s quite upfront about his goals and his use of clever words to accomplish those goals.

Your goal? Survive the encounter.

Optical Illusion / Optical Truth

By Ben Hunt | May 4, 2016

Portion of original dot map by Dr. John Snow, the founding father of epidemiology, showing the clusters of cholera cases in the London epidemic of…

The Placebo Effect

By Ben Hunt | April 20, 2016

BOTOX® is the only FDA-approved, preventive treatment that is injected by a doctor every 12 weeks for adults with Chronic Migraine (15 or more headache…

My Passion is Puppetry

By Ben Hunt | April 6, 2016

Campaign Company Launch Date “Flo” Progressive Insurance 2008 “Rhetorical Question” “Happier Than A … ” “Did You Know?” “It’s What You Do” GEICO 2009 2012…

There for the Right Reasons

By Ben Hunt | March 29, 2016

A quick follow-up to “Hobson’s Choice”, the most widely-read note in the Epsilon Theory canon to date (thank you!). First, I’ll be hosting a one…