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.

It’s 9am on a Sunday, and my wife and I are currently 2 hours and 177 miles behind schedule. We’re sitting in a tire shop, with a screw puncturing the side wall on our front, passenger tire, and wondering why they’re blasting old episodes of “Saved by the Bell” so loudly.
There’s a guy directly across from us busy on his phone. He won’t say anything to us for the entirety of our wait. But there’s another guy coming inside, who just finished a cigarette out front, and now that he’s ready to sip his coffee as he sits down at our immediate left and eyes us up.
“Phillies fans, eh” he says. We both have Phillies hats on. This is not an episode of Sherlock Holmes.
“We are!” my wife politely tells him. I can already tell there’s a story here we’re about to get. My wife can too, we both have that weird thing where people look at us and want to overshare, but she’s not exactly in the mood for that and tries to change the subject quickly with, “What about you – who’s your team.”
“I like the Mets.” “Uh-oh,” my wife adds, jokingly. “Yeah, I just couldn’t ever support a team from Philadelphia, nothing good ever happens to me in that city,” he responds.
“Here we go,” I say to myself. My wife taps my leg to echo my thought. Somewhere above us Zack Morris is sweet talking a character named Stacey, that I can’t quite picture but I’ll swear she’s wearing a leather jacket in this scene, and he’s talking her into participating in the 4th of July Miss Liberty pageant. I somehow remember there’s a voting scandal or something in this episode but… ADHD takes back over and I look at the Mets fan who’s about to tell us a story.
Read more at cultishcreative.com
Do you know Bob Seawright? He’s a brilliant financial writer, sports enthusiast, and cross-generational community builder who writes “The Better Letter” on Substack.
If not, allow me to introduce you. Bob is someone who sees the deep connections between sports, investment philosophy, and human behavior across generations. He’s been a Manchester United fan since before the Premier League existed and coaches his grandchildren while watching games with them every weekend. I wanted to connect with him because he embodies something I value deeply: the ability to find profound wisdom in everyday shared experiences, whether that’s a soccer match or a family gathering.
Our conversation is LIVE now on the Just Press Record YouTube channel (and this Cultish Creative Playlist). Listen and you’ll hear us dive deep into sports as community assets, the psychology of fandom across generations, and why accountability matters more than talent in building lasting success.
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
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

It’s 9am on a Sunday, and my wife and I are currently 2 hours and 177 miles behind schedule. We’re sitting in a tire shop, with a screw puncturing the side wall on our front, passenger tire, and wondering why they’re blasting old episodes of “Saved by the Bell” so loudly.
There’s a guy directly across from us busy on his phone. He won’t say anything to us for the entirety of our wait. But there’s another guy coming inside, who just finished a cigarette out front, and now that he’s ready to sip his coffee as he sits down at our immediate left and eyes us up.
“Phillies fans, eh” he says. We both have Phillies hats on. This is not an episode of Sherlock Holmes.
“We are!” my wife politely tells him. I can already tell there’s a story here we’re about to get. My wife can too, we both have that weird thing where people look at us and want to overshare, but she’s not exactly in the mood for that and tries to change the subject quickly with, “What about you – who’s your team.”
“I like the Mets.” “Uh-oh,” my wife adds, jokingly. “Yeah, I just couldn’t ever support a team from Philadelphia, nothing good ever happens to me in that city,” he responds.
“Here we go,” I say to myself. My wife taps my leg to echo my thought. Somewhere above us Zack Morris is sweet talking a character named Stacey, that I can’t quite picture but I’ll swear she’s wearing a leather jacket in this scene, and he’s talking her into participating in the 4th of July Miss Liberty pageant. I somehow remember there’s a voting scandal or something in this episode but… ADHD takes back over and I look at the Mets fan who’s about to tell us a story.
Read more at cultishcreative.com
Do you know Bob Seawright? He’s a brilliant financial writer, sports enthusiast, and cross-generational community builder who writes “The Better Letter” on Substack.
If not, allow me to introduce you. Bob is someone who sees the deep connections between sports, investment philosophy, and human behavior across generations. He’s been a Manchester United fan since before the Premier League existed and coaches his grandchildren while watching games with them every weekend. I wanted to connect with him because he embodies something I value deeply: the ability to find profound wisdom in everyday shared experiences, whether that’s a soccer match or a family gathering.
Our conversation is LIVE now on the Just Press Record YouTube channel (and this Cultish Creative Playlist). Listen and you’ll hear us dive deep into sports as community assets, the psychology of fandom across generations, and why accountability matters more than talent in building lasting success.
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
Core Curriculum
I distributed this Epsilon Theory reading list last summer, but it never made it to the website. Given the volume of requests I receive for…
The Business of Epsilon Theory
I started the Epsilon Theory project nine months ago with the publication of a “Manifesto” and an email to a few hundred friends and colleagues.…
The Adaptive Genius of Rigged Markets
Same as it ever was, same as it ever was, same as it ever was, same as it ever was – Talking Heads, “Once in…
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.