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.

“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
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
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
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
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

“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
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
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
Karnak
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!
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!
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
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
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
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!
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
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
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
“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
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
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
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
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
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
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
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
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
“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
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…