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.
Recent major media stories that feel to us like they’re part of a larger narrative campaign.
Recent major media stories that feel to us like they’re part of a larger narrative campaign.
Recent major media stories that feel to us like they’re part of a larger narrative campaign.
Modeling Common Knowledge by analyzing Missionary statements and their reverberations works. Except when it doesn’t.
What do you get when you give a Raccoon billions of dollars AND invisibility from regulators? Collusion and insider trading.
Most of us are under the impression that a protracted conflict within China will increase national unity. Not this time.
Recent Notes
Beta Earthquake
One of the things I like to keep my eye on when I’m puzzling out what’s going on in the market are the specific company…
The King is Dead. Long Live the King.
Le roi est mort, vive le roi! – French proclamation as coffin of old king is placed into burial vault of Saint Denis Basilica. The…
Hollow Men, Hollow Markets, Hollow World
Apocalypse Now (1979), based on “Heart of Darkness” by Joseph Conrad Kurtz: Did they say why, Willard, why they want to terminate my command? Willard:…
Two Shifting Narratives
Two brief observations on incipient shifts in powerful Narratives … First, China. The pleasant charade that recent currency intervention was nothing more than an effort…
Surely You Can’t Be Serious
The Secret of life is honesty and fair dealing. If you can fake that you’ve got it made. These are my principles, and if you…
Panopticon
The Panopticon: a new mode of obtaining power of mind over mind, in a quantity hitherto without example. – Jeremy Bentham
But the guilty person is only one of the targets of punishment. For punishment is directed above all at others, at all the potentially guilty. – Michel Foucault
Rosebud
Question: Mr. President, a clarification if I may. The people who were blocking the Ukrainian Army units in Crimea were wearing uniforms that strongly resembled…
Two Quick Points
Two quick Epsilon Theory points before the jobs report tomorrow. First, remember the Goldilocks Narrative of the post-Great Recession Era…slow growth keeps the Fed in play, so…
The Power of Why, Exhibit 4,512 in a Continuing Series
No man is an Iland, intire of it selfe; Every man is a peece of the Continent, a part of the maine; If a Clod…
Don’t Fear the Reaper
Buck Finemann, seventy two years old. Cantankerous old geezer. No-one liked him much, but they allowed him to play poker with them once a week…
Goldilocks and the Dog That Didn’t Bark
Det. Gregory: Is there any other point to which you would wish to draw my attention? Holmes: To the curious incident of the dog in…
Oh Stewardess, I Speak Jive
Instead of a long-form note this Sunday, I thought I’d write a briefer note in advance of this Friday’s jobs report. I’ll be back next…
Yen Strengthens Below 102
There was a clear short-term Narrative developed in the financial media last week creating a focal point at 102 in the Yen/USD exchange rate. The…
The Play’s the Thing
There has to be a middle ground between being a Cynic and a Fool, some way of playing the game without losing one’s soul. Recognizing that all of us human animals, including me and including you, are playing multiple multi-level games … well, that seems like a good start to me.
Flatland
To lose one parent, Mr. Worthing, may be regarded as a misfortune; to lose both looks like carelessness. – Oscar Wilde, “The Importance of Being…
American Bandstand
Well, Dick, it’s got a good beat and you can dance to it. – standard response to Dick Clark’s “how do you rate this song”…
Parasite Rex
The most effective alpha-generating strategies are, technically speaking, parasites. I say this with love and admiration.
Adaptive Investing: What’s Your Market DNA?
In 1837 on page 36 of his so-called “B” notebook, Charles Darwin wrote the words “I think” followed by the first depiction of an evolutionary tree.
The rest, as they say, is history,
The Construction of Robert Capa
I went to the Democratic Convention as a journalist, and returned as a cold-blooded revolutionary. – Hunter S. Thompson Some people will say that words…
Whatever It Takes
A few observations on what to look for in the language of the FOMC announcement tomorrow from a game theoretic perspective. Ever since Mario Draghi…