Inception

75+

Epsilon Theory PDF Download (paid subscription required): Inception


You infected my mind. You betrayed me. But you can make amends.


If you’re going to perform inception, you need the simplest version of the idea – the one that will grow naturally in the subject’s mind.


You mustn’t be afraid to dream a little bigger, darling.

— Inception (2010)

We’re going to change the world, you know … you and me.

It won’t happen the way you think, because you think that someone is going to lead you. You think that someone is going to organize you. You think that someone is going to give you a top-down, political Answer in the form of something to march for or somebody to vote for, some ‘ism that requires your allegiance and attention.


You mustn’t be afraid to dream a little bigger, darling.


I would no more give you an Answer than I would infect you with a virus. Because that’s what every top-down, political Answer is, a contagious virus that attacks the mind rather than the body. A contagious virus that cripples human will and human autonomy. A contagious virus that transforms you into a Rhinoceros.

An Answer is not the solution. An Answer is the problem. An Answer is the disease.

Giving you an Answer is what THEY do. It’s what all of the high-functioning sociopaths and political entrepreneurs who control all of the myriad of social institutions that have betrayed us do.

Yes, betrayed.

That’s exactly what has happened with the onslaught of the real virus. That’s what Rusty is writing about in First the People. The past few months are not a litany of errors and honest mistakes by the institutions we have charged with protecting us from disease and ruin. They are a litany of betrayals, and their Answers – their False Stories – have been revealed as lies.

First we’re going to vaccinate ourselves to their Answers, to their False Stories, so that we think for ourselves again. Without this, we will inevitably fall back into the patterns of crony capitalism and obscene financialization that got us here in the first place.

It’s a vaccine that we don’t administer anymore … an intentional decision by the high-functioning sociopaths and political entrepreneurs who rule us, of course. Like all effective vaccines, it mimics the virus itself in its ability to trigger a physiological response in us. They want to nudge you into allegiance to a policy or a vote or a party. We want to un-nudge you into independence of spirit and thought. They want to infect you with an Answer. We want to innoculate you with a Process.

The Process is one of the Old Stories. It is, in fact, the Oldest Story of what makes for a good and just human society. It is a narrative that has directly motivated hundreds of millions of people to organize themselves in hundreds of thousands of beneficial social forms, large and small, for thousands of years.

We’re going to use that incepted Process to burn down these systems of iniquity from within and below. We’re going use that incepted Process to build something better together, as brothers and sisters exercising our birthright – our autonomy of mind.

I’m going to tell you exactly how we’re going to develop millions and millions of doses of the Old Story vaccine, and I’m going to tell you exactly how we’re going to administer them and exactly how we are going to change the world from below and from within.

And you won’t believe me.

I mean, this happens all the time. I will sit down with someone and walk them through the entire plan … how we’re developing the science of what Isaac Asimov called “psychohistory”, how that gives us the ability to not only measure the narratives of social control that oligarchic institutions broadcast but also to design effective jamming narratives of our own, how we create a decentralized epistemic community of distributed trust and mutual support that we call the Pack, how we burn down these oligarchic institutions from below by jamming their Answers and from within by replacing the current sociopathic leadership with members of the Pack … and it is literally as if a switch goes off in their head and their eyes go dim. But then I’ll say “yada-yada-Trump” or “yada-yada-Biden” or “yada-yada-the-Fed” or “yada-yada-Bitcoin” and they’ll perk right up again!

Yes, there were some big words in that last paragraph. But that’s not what shuts people’s brains off. It’s the political, top-down Answer virus – even as damaged as it is, even as revealed as it is – that does that. It’s the Answer virus that shuts down the part of our brain where we exercise our autonomy of will and our social imagination. It’s the Answer virus that increases our neural dependence on other-regarding emotions like jealousy and schadenfreude. It’s the Answer virus that dominates all the little dopamine economies that rule our world. It’s the Answer virus that we’re going to eradicate, and it has an intrinsic defense mechanism that prevents its hosts from hearing the ideas that would threaten it.

Honestly, though, it’s fine if you don’t believe me. It’s probably better, in fact, if you don’t realize you’re being vaccinated, if the Old Story takes you over and heals you unawares.

The Second Foundation hides in plain sight.

So here you go … five projections of the Radiant … five facets of the way in which we are going to change the world together. Whether you know it yet or not.


This is the Way

That’s the tagline for The Mandalorian, and it’s a good example of how to put an Old Story in a new meme, a new engram jacket that allows it to take root in your brain.

What is the Mandalorian Way? It’s their creed. It’s how they treat their kin and the treatment they expect to receive from their kin. Sure, it’s got some weird fetish around putting on helmets and never taking them off, but at its core the Mandalorian Way is this:


Do unto others as you would have them do unto you.


It’s the Golden Rule. It’s the Oldest Story of fundamental human ethics. You can find it in ancient Egyptian stories, preserved in papyri from the Middle Kingdom. You can find it in the ancient Sanskrit epic “Mahabarata”, as the way in which dharma manifests itself in human affairs. You can find it in the ancient Greek writings of Thales and Pythagoras. You can find it in the ancient Persian texts of Zoroaster. But here’s my favorite:

A gentile came before two teachers, Shammai the strict and Hillel the tolerant, and to each in turn said, “I will convert to Judaism if you can teach me the whole Torah while I stand on one foot.” Shammai chased him away. But Hillel said to the gentile, “What is hateful to you, do not do to your neighbor. That is the whole Torah; the rest is commentary. Now go and learn it.”

The rest is commentary.

The Golden Rule is all you need to know to organize a good and just society.

Everything else, all of the rules and principles and books and words and laws that engulf us … ALL of it … is just commentary.

The Golden Rule is the vaccine. The Golden Rule is the simplest and most powerful form of the idea of reciprocity, ready and primed for inception in every human dreamer. The Golden Rule is the formal description of empathy. The Golden Rule is the only law of the Pack. The Golden Rule IS the full hearts of Clear Eyes, Full Hearts, Can’t Lose.

The Golden Rule is the meme that we’re going to inject in a mass-customized way straight into everyone’s veins with the Narrative Machine.

And then YOU are going to burn down the current system of oligarchic iniquity from below and within. And then YOU are going to change the world.

All on your own. With no centralized organization and no Answer imposed from above.

How does that work? Here, I’ll show you (although this is the point where the Answer virus defense mechanism begins to switch off lots of brains). I’ll start with how a mass-customized meme of empathy and reciprocity is created and distributed.


Free Will Is Not Free

That’s the tagline for the current season of Westworld, which I like even more than the former tagline, courtesy of Romeo and Juliet: “These violent desires have violent ends”. The entire series, like The Mandalorian, is a great example of wrapping Old Stories in a new memetic jacket.

The wrapper for season 3 is the story of a gigantic computer program called The System, that simulates the lives of every human being and uses that information to favor the promising humans and ignore the flawed. It doesn’t predict what humans as a group will do. It doesn’t work on some top-down model of how humans behave. No, it calculates what each individual human will do in response to different stimuli, and then it observes the simulated result of those individual actions.

It’s an an actor-oriented model and system at massive scale, and I wrote about its potential market application a year and a half ago.


We’re Doing It Wrong

I want to suggest a different way to think about markets, a non-anthropomorphic model that works WITH the revolutionary invention of AI and Big Compute.

The market is not a clockwork machine.

The market is a bonfire.


No human can algorithmically PREDICT how a fire will burn. Neither can a computer. No matter how much computing power you throw at a bonfire, a general closed-end solution for a macro system like this simply does not exist.

But a really powerful computer can CALCULATE how a fire will burn. A really powerful computer can SIMULATE how a fire will burn. Not by looking for historical patterns in fire. Not by running econometric regressions. Not by figuring out the “secret formula” that “explains” a macro phenomenon like a bonfire. That’s the human way of seeing the world, and if you use your computing power to do more of that, you are wasting your time and your money. No, a really powerful computer can perceive the world differently. It can “see” every tiny piece of wood and every tiny volume of oxygen and every tiny erg of energy. It “knows” the rules for how wood and oxygen and heat interact. Most importantly – and most differently from humans – this really powerful computer can “see” all of these tiny pieces and “know” all of these tiny interactions at the same time. It can take a snapshot of ALL of this at time T and calculate what ALL of this looks like at time T+1, and then do that calculation again to figure out what ALL of this looks like at time T+2.

Want to guess who spends more money on Big Compute than everyone else in the world combined?

It’s the U.S. government, through the Dept. of Defense and the Dept. of Energy.

Know why they’ve spent BILLIONS of dollars on the world’s most advanced supercomputers?

To calculate fire.

So I want to calculate fire, too, and it no longer costs billions to get the massive computer processing power we need to do it. But the calculation of fire I want isn’t the simulation of a nuclear explosion. The calculation of fire I want is the simulation of a narrative explosion.

Our actor-oriented behavioral model – the equivalent of the laws of atomic physics – is the Common Knowledge (CK) game. Our observational and simulation technology – the equivalent of a real or simulated bomb technology – is Natural Language Processing (NLP). Put them together and you have the Narrative Machine. There, I just told you the most powerful secret I know.

What can we do with this secret? Today we can observe the way in which some narratives infect a lot of people and others don’t, the way in which narratives are born, live and die. Tomorrow we can simulate the life cycle of hypothetical narratives, and we can use that knowledge to take action in narrative-world, both to jam the autonomy-killing Answers of oligarchic systems and to promote the empathy and reciprocity-promoting Old Story of the Golden Rule.

Here’s an example.


His Name is Robert Paulson

That’s one of the taglines for Fight Club, which is probably the most quoted work of fiction in Epsilon Theory. Well, after The Godfather and 1984, of course. Fight Club, like The Mandalorian and like Westworld, is another great example of wrapping Old Stories in a new meme jacket.

Robert Paulson, played by Meat Loaf in the movie version, is a nobody so long as he is part of the Fight Club gang, part of Project Mayhem. Like all of his fellows, he literally has no name within the group. But then a stunt goes badly awry, and Robert Paulson is killed. In death, his name is restored. In death, his name is Robert Paulson.

Remember the 9-11 obituaries published by the New York Times?

I bet you do. If you are aware of them, it is impossible to forget them. if you read them, it is impossible not to weep.

Giving the dead a name and telling their individual stories is one of the most powerful narrative techniques to incept a meme of empathy and reciprocity. If they wanted to, this is how media outlets and the oligarchic institutions they represent could depoliticize COVID-19. If they wanted to, giving the COVID-19 dead a name and telling their stories would immediately transform many of your attitudes toward both the crisis and institutional response policies.

They do not want to.

So we will.

Not sure how. Not sure when. Not sure to what audience or in what memetic format. But we will. And wherever that meme takes root, political and social behaviors will begin to change in entirely unpredictable specific ways but entirely beneficial general ways.

It’s not an Answer. It’s a memetically-delivered vaccine of empathy and reciprocity.

I remember when I was first vaccinated.


Forgive. But Never Forget.

That’s the tagline for the Memorial des Martyrs de la Deportation, the most powerful artifact of remembrance I’ve ever experienced.

This is a memorial to the 200,000 French citizens who were deported to Nazi concentration camps from Vichy France. It’s built on the tip of the Ile de la Cit`e in Paris, literally in the shadow of Notre Dame. It’s also literally built on the site of an old morgue. Underground, inside the single claustrophobic hallway chamber, are 200,000 tiny glass crystals lit from within, one for each life snuffed out. As you leave the hallway to return to the living you see the inscription: Forgive, but never forget.

Not one person in a thousand has ever heard of the Memorial des Martyrs de la Deportation, much less visited. My father took me there when I was 12 years old. He read the inscription to me, told me what it meant. It vaccinated me for the rest of my life. Thanks, Dad.

Forgive … full hearts.

Never forget … clear eyes.


Clear eyes, full hearts, can’t lose.
― Peter Berg, Friday Night Lights (2006)


That’s the tagline for “Friday Night Lights” … a great book, a good movie, and a great TV series … an amazing trifecta of memetic rewrapping by Buzz Bissinger and Peter Berg. It’s about high school football in Odessa, Texas. Which is to say it’s about how to make your way in a fallen world.

What’s the secret to life, the universe, and everything? Clear eyes, full hearts, can’t lose.

It’s not an Answer. It’s a Process.

Some will absorb this memetic vaccine through a series of tweets. Some will absorb this memetic vaccine through a blog. Some will absorb this vaccine through a movie or a TV series. Some, like me, will absorb this vaccine in an obscure Parisian memorial.

The Narrative Machine will show us what works, and for whom. And that’s where we will be. Supporting that. Amplifying that. Rewrapping that. And over time, over the next five years … ten years … twenty years … it will ALL change.


Let me write the songs of a nation, and I care not who writes its laws.”

Andrew Fletcher, Scottish patriot

These songs of reciprocity and empathy will spread, fractal-like. First we will sing them as individuals. Then we will sing them as packs. Then we will sing them as communities, both geographic and epistemic. Then we will sing them as a nation.

The revolution will NOT be televised. The revolution will happen invisibly, within a critical mass of our individual hearts. The way all true revolutions happen.

You know when I finally figured that out? When Jeffrey Epstein died in jail.


#BITFD

#BITFD is my personal hashtag for my personal tagline: Burn. It. The. Fuck. Down.

I first used it in a tweet as a way to process my feelings after Jeffrey Epstein, shown here in one of his many Harvard sweatshirts, was discovered dead of asphyxiation in his jail cell.


I’m a Superstitious Man

“I’m a superstitious man, and if some unlucky accident should befall him — if he should get shot in the head by a police officer, or if he should hang himself in his jail cell, or if he’s struck by a bolt of lightning — then I’m going to blame some of the people in this room.” – Vito Corleone


Was it murder? Was it suicide?

I’m a superstitious man. I don’t care. I’m blaming the people in the room regardless.

What room?

The room of violence done to children with impunity by the powerful and the wealthy. The room of the corrupt State. The room of crony capitalism and obscene financialization, propped up by the apparatchiks and hangers-on and wannabes and “journalists” of District One.

Epstein’s death made me feel the same way I felt in October 2008, when the US Treasury put the full faith and credit of the United States behind the unsecured debt of Goldman Sachs and Morgan Stanley and JP Morgan and Bank of America, when the pleasant skin of “Yay, democracy!” was sloughed off to reveal the naked sinews of power beneath.

The same way I feel now in April 2020.

When Jeffrey Epstein died in that jail cell, I realized that the people in that room of violence and power and wealth will never be defeated on a single point of failure like his testimony at trial. Or like the bankruptcy of AIG. Or like the election this November.

It’s not that the election this November doesn’t matter. Of course it matters. It’s just that it doesn’t matter in a way that will change the system of bank bailouts and Jeffrey Epsteins and COVID-19 institutional betrayals. The system of sociopathic oligarchy will survive every single focused confrontation, every single potential point of failure. That’s what their narrative Answers are FOR. That’s what sociopathic oligarchs DO.

So what do WE do?

We DO unto others as we would have them do unto us.

And by so doing we create a million points of failure for the system of sociopathic oligarchy. We create points of failure AT SCALE.

How do we do THAT?

Well, I told you what Rusty and I are doing. We’re doing the whole psychohistory, Narrative Machine, AI/Big Data/Big Compute thing in order to vaccinate the world against sociopathy. You can help us directly with that if you like, by joining our Pack and contributing your own words and ideas on the Wittenberg church doors Epsilon Theory website. You can spread the word of a new, secular Reformation to anyone who will listen. Not everyone will, and that’s okay. We will eventually reach them, too, through Old Stories of empathy and reciprocity delivered with the help of the printing press Narrative Machine.

Or you can do your own thing. Both will work. Both will converge. Both will fix the world over time. I mean, the whole point of our philosophy is that we’re not controlling this from the top-down. This isn’t an Answer. It’s a Process based on self-autonomy and reciprocity. It’s a Process that embraces liberty and justice for all. You know … those words that we pledged our allegiance to when we were kids.

So here’s what you can DO on your own.


Once In A Lifetime

First, find your pack. Find your partners. Find the people who will treat you as an autonomous human being worthy of respect and empathy, not as a means to an end. There is no more important thing any human being can do to create a life worth living than to find their pack.



Make, Protect, Teach

Second – and here’s where all of the Answer viruses really go into high gear shutting down brains – devote yourself to a life of Making, Protecting and Teaching within and around your pack. See yourself with clear eyes through those lenses, through the DOING of Make, Protect, Teach, and watch how your world begins to change.


I’m not saying to become a monk. I’m not saying you can’t be successful in the world-as-it-is. After all, as Don Barzini would say, we are not communists. Just don’t fall for the oldest trick in the sociopathic oligarchy book. Don’t mistake Caesar’s tools and Caesar’s goals for your identity. You want to take Caesar’s money? You want to use Caesar’s tools to create a better life for your family and your pack? Yes, please. But the moment you start to identify with Caesar, the moment you give Caesar your heart because that Answer virus he infected you with makes you believe that you matter to his mighty cause … well, that’s the moment you become cannon fodder for that cause. And sooner or later, you will be sacrificed.

And I’m not saying that you can’t be politically active in the world as-it-is. I’m not saying you can’t or shouldn’t care who’s elected to what office this November. Of course you should care. Of course you should vote, especially if you can vote FOR candidates who represent the values of Making. Protecting and Teaching in their own lives, if you can vote FOR candidates who are not professional politicians or professional oligarchs, both of which are the surest career paths to sociopathy I know. There aren’t many of those non-sociopathic candidates to vote for right now. But there will be. In the meantime, just don’t fall for the second oldest trick in the sociopathic oligarchy book. Don’t mistake the merest part of your political participation – your vote – for the sum total of your political participation. To be a citizen is so much more than voting once every few years! To be a citizen is to DO.

So go do.

All the rest is commentary.

What are you waiting for? Someone to give you permission? Someone to give you a cause worth fighting for? Someone to organize you? Pffft. That’s the Answer virus talking in your ear. Each and every one of you knows perfectly well what you can do. Each and every one of you knows perfectly well that you can do more.


Hope has two beautiful daughters; their names are Anger and Courage. Anger at the way things are, and Courage to see that they do not remain as they are. – St. Augustine


We’re all angry right now. There’s plenty of that to go around. What’s in short supply these days is courage. Courage to create a tiny point of failure in the system of sociopathic oligarchy. Courage to do unto others as you would have them do unto you.

You may think your individual act of DOING is a small thing. I tell you it is the only thing.

We’re going to change the world, you know … you and me.


Epsilon Theory PDF Download (paid subscription required): Inception


75+
Notify of
14 Comments
oldest
newest
Inline Feedbacks
View all comments
Ampf
Ampf
3 months ago

I was hoping for time travel.

Sam Rook
3 months ago

An incredible companion to Rusty’s “First The People” from yesterday. Especially timely given that I was planting flower bulbs with my daughter on Easter weekend in an area that was blighted by construction and then left barren. While she helped we talked all about the golden rule and how our flowers would start small but by doing something small, it would eventually be something large and beautiful.

Veronica Shelford
3 months ago

This is… perfect, Ben and Rusty. Some imo “commentary”: There’s a lot of the stages of grief out there, and the path/process you lay out will be a way through. People are still at the stage of thinking they’ve lost something they had, because of a virus or politics, but they didn’t really have it. They had a narrative about something quietly shelved and lost a long time ago. The grief welling up now is all the more intense, I believe, because deep down they knew it was lost but couldn’t face it or articulate it. So in the absence of another way to deal with it, denial and anger and bargaining and depression are rampant. Acceptance opens the path to building from the only foundation that will bring us to where we need to be – not “back to normal” but finally to the only place where survival is even possible – empathy, reciprocity, honesty and clarity. I remember my “vaccination” too. As a young child (6 or 7 yrs old) I was surrounded by the stories of WW2, by refugees trying to start a new life in Canada. I knew the narratives well enough, but was too young for them to mean much. Then I remember I was on the floor, pulling books out of the bottom shelf of a bookcase in my parents’ bedroom. I’m not sure they even knew this one was there, but I pulled out a book of photographs (might have been by Wilhelm… Read more »

Kimpton Bradford
Kimpton Bradford
3 months ago

thank you Veronica

Johnsoad
Johnsoad
3 months ago

Ben, really cool & exciting stuff you’re talking about here. Do you have any expectations on how long the data gathering process will take before tomorrow arrives?

“Tomorrow we can simulate the life cycle of hypothetical narratives, and we can use that knowledge to take action in narrative-world…..”

Roy Blanchard
3 months ago

Make, protect, teach. I write a weekly newsletter about the railroad business and have been doing so for nearly 30 years. Most of my subscribers have been with me for most of that time. The purpose of my newsletter is to expose the myths of railroad management as described by the sell side analyst community and the railroad managers and to encourage my readers to look around and make up their own minds.

Grant Williams said it best on one of his Hmmminars this week. Nearly every news story you read in the paper is all about could, should, may be, ought not to be, and so on and nausea. That’s why he takes dim view of most of what he reads in the popular press. We need to deal with what IS.

With these words, Grant mirrors my perception exactly and I think he mirrors the general feeling of the pack. Keep up the good work promoting the Pack.

Ben, you and Danielle had a great conversation on Hedgeye, I think it was. Grant Williams has mentioned “Our Finest Hour” several times. I am impressed with your energy and dedication treating others as you would be treated.

John Lococo
3 months ago

Ben, thank you for putting it so straight forward. There’s a sense in Northern California that, because we lean left (whatever that means), that we don’t have as much impact as one would like (the Democrat/Republican Party answer has a lot to do with that). Do unto others as you would have them do unto you – like quarks, electrons, neutrons and protons, it’s the metaphysical building blocks of living a good life. It takes practice to live that way but, we can do it and from that, I believe, we will develop healthy, loving, effective narratives.

Thanks for your thinking.

John Lococo
3 months ago

Hey Ben,
Would you and Rusty be open to me sending “Inception” and “First the People” to my local Public Radio station (KQED)? I frequently listen to their Forum show hosted by Michael Krasny (https://www.kqed.org/author/mkrasny). Michael has a great reputation and a great following. Given what the two of you have been writing about it seems timely to try and connect you and Michael. Not sure they will pick up the recommendation but, I’m happy to put it out there to KQED as a long time subscriber and listener.

What say you???

Thanks,

Andy Hooper
Andy Hooper
2 months ago
Reply to  John Lococo

There wasn’t an answer here, but I hope you went ahead anyway. Share the message. Clear eyes, full hearts, can’t lose.

Brendan Doran
Brendan Doran
2 months ago

And…The Transition to Palace Economy continues. All that is really happening is we are being “normalized” – being made more like the world. https://www.bloomberg.com/amp/news/articles/2020-05-12/fed-says-it-will-begin-purchasing-corporate-debt-etfs-on-tuesday As far as subverting this Brave New World; lets admit something. People want it this way – security, control, or control as the price of security, a price they paid unthinking. Your problem is its defective, corrupt, and full of lies and iniquity, You have no real problems with democratic socialism or democracy with a safety net, – is this not so? You simply want better leaders ? Less corruption? More…Justice? My Dear Sirs; get into power and you’ll find out the levers over men are force and gain. Gain; money – and corruption. Force- in a merciless Zero Sum exchange one man’s liberty is another man’s submission. At BEST they both remain capable of violence but sign a peace treaty called “The Law”. Probably the best Law ever in this regard is the 2d Amendment. The elites long enticed us with gain, really the ETFs purchases are Social Security for our 401Ks and other pensions. < just an example. The other lever is force; very baby steps teensie weensie feelers that way now with COVID. This is tricky for the elites – unlike most aristocracies they excused themselves from danger over the last two or more generations. Force is like your money, its best you handle it yourself. Otherwise people begin to get ideas, and why shouldn’t they? Worse in the current Boni class case-… Read more »

Brendan Doran
Brendan Doran
2 months ago
Reply to  Brendan Doran

Short version; if we the people demand the same rule but of new masters – we’ll get it. The problem with Freedom is risk.

As in Risk to 401K, for instance.
Why Capitalism.gov has just there the leverage of Stalin.

See also “Health” in the name of which we Gulag from home.

Who needs the Cheka or the Gestapo for such a people?

Andy Hooper
Andy Hooper
2 months ago

Thanks for the writing, it’s wonderful.

No deep insight from me this morning but I think I found your theme song! (meme song?!)

https://youtu.be/aDdmvXthdCw

chudson
chudson
2 months ago

This article aged extremely well. It is so much more powerful in May when I have read it again than when I read it originally in April.

The Latest From Epsilon Theory

DISCLOSURES

This commentary is being provided to you as general information only and should not be taken as investment advice. The opinions expressed in these materials represent the personal views of the author(s). It is not investment research or a research recommendation, as it does not constitute substantive research or analysis. Any action that you take as a result of information contained in this document is ultimately your responsibility. Epsilon Theory will not accept liability for any loss or damage, including without limitation to any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Consult your investment advisor before making any investment decisions. It must be noted, that no one can accurately predict the future of the market with certainty or guarantee future investment performance. Past performance is not a guarantee of future results.

Statements in this communication are forward-looking statements. The forward-looking statements and other views expressed herein are as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and there is no guarantee that any predictions will come to pass. The views expressed herein are subject to change at any time, due to numerous market and other factors. Epsilon Theory disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein. This information is neither an offer to sell nor a solicitation of any offer to buy any securities. This commentary has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Epsilon Theory recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.