New Home 21

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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Bob Seawright Returns To JUST PRESS RECORD

“When I was a kid” is usually the sign of an incoming bad argument. Well, maybe not bad, but definitely flawed. And the person saying it usually isn’t acknowledging the flaw which is part of the issue.

Bob Seawright isn’t the type to avoid a flaw though. With him, it’s all and always about exposing nuance. So you have to pay extra close attention when he says, but mostly observes, that the shift from three TV stations when he was a kid to infinite streaming options today means way more of life has changed than just what we watch.

Infinite options means less common ground for starters. Not that topics have become uncommon, but with so many topics to choose from, we’ve come a long way from 100 million+ final Mash viewers to me wondering where the water cooler in some obscure corner of twitter is for the 67 people who watched what I otherwise believe to be an incredibly thoughtful Just Press Record solo episode with Matt Reustle.

Bob isn’t opining the death of monocultural experiences. That’s not his style. He is pointing out the nuance of finding new micro-cultural experiences to keep some quality in human existence.


Read more at cultishcreative.com

Art is Expression, Commerce is Separate

I can’t shake these 2023 survey stats:

  • 86% said arts and culture improved their community’s quality of life
  • 79% attended an artistic or cultural event in the past year
  • 48% said they actively create: painting, making music, writing, crafting

Despite this, creative people still struggle to earn a living from their work:

  • 85% of artists earn less than $25,000 a year (source)
  • 13% of artists earn a full-time living from their practice (source)

86% of Americans benefit, so first off, who are those 14% and tell me they’re not even on Netflix or something, but sure, AND 85% earning $0-$24,999 I see and feel your frustration with this creator-consumer gap.

It’s brutal. But here’s what it really means for creators.


Read more at cultishcreative.com

The Social Cost of Incompetent People

Larry McMurtry said, “Incompetents invariably make trouble for people other than themselves.”

The definition of incompetent is more generous than the word feels: “not having or showing the necessary skills to do something successfully.”

But if you invert the quote and the definition,

“Competents invariably eliminate trouble for people other than themselves.”

And “having or showing the necessary skills to do something successfully,” this is telling.

Because if you’re competent, you reduce frictions.

If you’re incompetent, you create frictions.

If you’re competent you reduce burdens.

If you’re incompetent, you increase burdens.


Read more at cultishcreative.com

Sunday Music: Flood of ’72 (Title Fight and Trauma Redemption)

On Title Fight’s first record, Shed, there’s a song called “Flood of ‘72” that I always wondered what anybody from anywhere else in the world would think of. If you’re from Wilkes-Barre, or anywhere in the river valley where Title Fight is from (Kingston, Forty-Fort, Luzerne, and the greater WB area – represent!), the Flood of ‘72, aka Agnes, has been etched into your DNA, no matter how old you are or were. It changed life here. All of it. But, then again, if you’re not from here, you can only know your own version of a similar weight.

Natural disasters destroy a lot, and they destroy a diversity of things. Ecosystems get literally and figuratively washed away in a flood. And, I don’t think we give this as much time as we ought to: crisis creates culture. Disasters don’t just destroy – they generate new ways of being together.

I’m bringing this to music. This is a Sunday Music post, let me remind you. I just have to unpack the river-mud in the soul of my basement a bit with you.

The first show I ever played, where I got up in front of my peers on a stage, and somebody handed us money made at the door before we went home, was at a half-abandoned hotel in downtown Wilkes-Barre called the Café Metropolis.


Read more at cultishcreative.com

Playing With Networking (Weekly Recap July 12, 2025)

It’s All Art

Sometimes the most profound creative insight comes from the simplest choice: deciding that something is art because you say it is. This post captures a moment of street-corner philosophy that opens up bigger questions about perspective, agency, and the democratic nature of creative expression.

Quote from the (Personal) Archive: (choosing to see art everywhere)

“The point is, it’s a choice, and today I’m choosing to say it was art.”

It Takes An Outside Act To Have An Outsized Impact

Building on the theme of choosing unconventional perspectives, this post dives into why breaking norms creates breakthrough results. The framework here is simple but powerful: normal execution creates normal results, period. The magic happens at the edges, whether through brilliant innovation or boring persistence executed in extraordinary ways.

Quote from the (Personal) Archive: (on the power of operating outside conventional boundaries)

“Bottom line, normal creates normal results unless you think or execute in some abnormal way. Think outside of the lines. It takes an outside act to have an outsized impact.”


Read more at cultishcreative.com

ZG-item-cap-black

Bob Seawright Returns To JUST PRESS RECORD

“When I was a kid” is usually the sign of an incoming bad argument. Well, maybe not bad, but definitely flawed. And the person saying it usually isn’t acknowledging the flaw which is part of the issue.

Bob Seawright isn’t the type to avoid a flaw though. With him, it’s all and always about exposing nuance. So you have to pay extra close attention when he says, but mostly observes, that the shift from three TV stations when he was a kid to infinite streaming options today means way more of life has changed than just what we watch.

Infinite options means less common ground for starters. Not that topics have become uncommon, but with so many topics to choose from, we’ve come a long way from 100 million+ final Mash viewers to me wondering where the water cooler in some obscure corner of twitter is for the 67 people who watched what I otherwise believe to be an incredibly thoughtful Just Press Record solo episode with Matt Reustle.

Bob isn’t opining the death of monocultural experiences. That’s not his style. He is pointing out the nuance of finding new micro-cultural experiences to keep some quality in human existence.


Read more at cultishcreative.com

Art is Expression, Commerce is Separate

I can’t shake these 2023 survey stats:

  • 86% said arts and culture improved their community’s quality of life
  • 79% attended an artistic or cultural event in the past year
  • 48% said they actively create: painting, making music, writing, crafting

Despite this, creative people still struggle to earn a living from their work:

  • 85% of artists earn less than $25,000 a year (source)
  • 13% of artists earn a full-time living from their practice (source)

86% of Americans benefit, so first off, who are those 14% and tell me they’re not even on Netflix or something, but sure, AND 85% earning $0-$24,999 I see and feel your frustration with this creator-consumer gap.

It’s brutal. But here’s what it really means for creators.


Read more at cultishcreative.com

Recent Notes

Karnak

By Ben Hunt | October 27, 2016

On episode 12 of the Epsilon Theory podcast, Dr. Ben Hunt takes a trip down memory lane to look back on the cause of the 2008 financial crisis. He applies those lessons to today’s markets and upcoming election, and nostalgically shares what might boost his spirits.

Anthem!

By Ben Hunt | October 14, 2016

I want to be a patriot again. I want to be a fundamental investor again. It won’t ever be exactly like it was before, but that’s okay. A renewed faith can be a stronger faith. It just won’t be a blind faith. It has to be a faith based on my own labor and my own time, a non-alienated patriotism and a non-alienated investment strategy. It has to be a political participation and a market participation based on who we are, not who we are paid to be.

Anthem!

By Ben Hunt | October 13, 2016

On episode 11 of the Epsilon Theory podcast, Dr. Ben Hunt is joined by two of his daughters, Hannah Hunt and Harper Hunt, to find out if they have an anthem this election season: a rousing cause or political movement about which they feel passionate. They also discuss the role of government and if their difference of opinion is a result of a generational gap.

Virtue Signaling, or … Why Clinton is in Trouble

By Ben Hunt | September 29, 2016

Don’t get me wrong. I’m thoroughly despondent about the calcification, mendacity, and venal corruption that I think four years of Clinton™ will impose. Trump, on the other hand … I think he breaks us. Maybe he already has. He breaks us because he transforms every game we play as a country — from our domestic social games to our international security games — from a Coordination Game to a Competition Game.

The First Presidential Debate

By Ben Hunt | September 29, 2016

On episode 10 of the Epsilon Theory podcast, Dr. Ben Hunt is joined by Downtown Josh Brown, author, CNBC contributor, and CEO of Ritholtz Wealth Management. Ben and Josh discuss their reaction to the first presidential debate and what it would mean to have a President Clinton or a President Trump.

Essence of Decision

By Ben Hunt | September 16, 2016

Here’s the thing. The Fed is now revealing its one True Love — its own reputation and its own political standing — and that’s going to be a bombshell revelation to investors who think that the Fed loves them.

Jubilee!

By Ben Hunt | September 14, 2016

We’re back in Houston on Episode 9 of the Epsilon Theory podcast. Dr. Ben Hunt is joined by Salient’s chief investment officer Lee Partridge and…

Magical Thinking

By Ben Hunt | September 1, 2016

The problem with magical thinking run amok and its perpetuation of a fantasy world is that sooner or later the dream of the delusional king becomes a real world nightmare for real world people. It’s time to wake up.

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…