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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? 04.08.24

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



Why Am I Reading This Now? 03.18.24

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



Why Am I Reading This Now? 03.11.24

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



Why Am I Reading This Now? 03.04.24

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



Why Am I Reading This Now? 02.26.24

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? 04.08.24

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



Why Am I Reading This Now? 03.18.24

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



Recent Notes

American Bandstand

By Ben Hunt | January 19, 2014

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

By Ben Hunt | January 12, 2014

The most effective alpha-generating strategies are, technically speaking, parasites. I say this with love and admiration.

Adaptive Investing: What’s Your Market DNA?

By Ben Hunt | January 5, 2014

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

By Ben Hunt | December 22, 2013

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

By Ben Hunt | December 17, 2013

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…

The Stuka

By Ben Hunt | December 9, 2013

The Fed is now playing the Common Knowledge game openly and directly, making public statements through their media intermediaries to tell you how ALL market…

A Dogmatic Slumber

By Ben Hunt | December 1, 2013

FREEDOM IS SLAVERY IGNORANCE IS STRENGTH WAR IS PEACE. – George Orwell, “1984” SECRETS ARE LIES SHARING IS CARING PRIVACY IS THEFT. – Dave Eggers, “The Circle”…

The 18th Brumaire of Janet Yellen

By Ben Hunt | November 24, 2013

One of the more painful lessons in investing is that the prudent investor (or ‘value investor’ if you prefer) almost invariably must forego plenty of…

When E.F. Hutton Talks

By Ben Hunt | November 17, 2013

If you like your health plan, you can keep your health plan. – Barack Obama Of course, one objective of both traditional and nontraditional policy…

The Wages of Fear

By Ben Hunt | November 10, 2013

You don’t know what fear is. But you’ll see. It’s catching, it’s catching like small pox! And once you get it, it’s for life! So…

Poindexter Über Alles

By Ben Hunt | November 7, 2013

Recent papers written by Fed functionaries and the attendant media attention serve as a reminder of the academic and bureaucratic capture of the Fed. More…

A Game of Sentiment

By Ben Hunt | November 3, 2013

I know. You know I know. I know you know I know. We know Henry knows, and Henry knows we know it. We’re a knowledgeable…

Render Unto Caesar

By Ben Hunt | October 31, 2013

There are two sides to the Epsilon Theory coin — looking at market-shaping current events through the lens of game theory and history, and looking…

What Were Once Vices Are Now Habits

By Ben Hunt | October 31, 2013

The central banks of the West announced today that their temporary swap lines would be made permanent. Like QE itself, the meaning of this emergency…

The Koan of Donald Rumsfeld

By Ben Hunt | October 20, 2013

There are known knowns; there are things we know we know.We also know there are known unknowns; that is to say, we know there are…

The Levelers

By Ben Hunt | October 13, 2013

Mr. Incredible:  You mean you killed off real heroes so that you could *pretend* to be one? Syndrome:  Oh, I’m real. Real enough to defeat you! And…

A ‘Precise and Predictable’ Yellen Fed?

By Ben Hunt | October 10, 2013

The pursuit of greater predictability and transparency in Fed communications is a mistake, particularly in the context of broad guarantees concerning world-shaking policies. We learned…

A World of Guarantees

By Ben Hunt | October 6, 2013

“We’re gonna win the game. I guarantee it.” – Joe Namath, 3 days before Super Bowl III “Our torments also may in length of time…

It’s Always Something

By Ben Hunt | September 29, 2013

More evidence that QE is no longer an emergency government policy, but is now a permanent government program. epsilon-theory-its-always-something-september-29-2013.pdf (508KB)

Uttin’ on the Itz

By Ben Hunt | September 22, 2013

High hats and arrowed collars, white spats and lots of dollars Spending every dime, for a wonderful time If you’re blue and you don’t know…