If you were a smart guy like MicroStrategy CEO Michael Saylor and you thought a stagflationary tsunami of enormous proportion was going to wash over the US economy regardless of who wins in November, what would you be doing right now?
I think you might be doing whatever you can to get liquid in the global reserve currency without spooking the marks.
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.
The cure for the cancer of gun culture and police culture is not to be found in reform laws around guns and police, but in reform ideas around culture, ideas that create a new dimension of American society that rejects LARPing and LARPers alike.
Inflation
What made Bitcoin special is nearly lost, and what remains is a false and constructed Narrative that exists in service to Wall Street and Washington rather than in resistance.
The Bitcoin narrative must be renewed. And that will change everything.
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Crypto
Recent Notes
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…
Pressure and Time
Red: [narrating] In 1966, Andy Dufresne escaped from Shawshank prison. All they found of him was a muddy set of prison clothes, a bar of…
Crisis of Faith
On episode two of the Epsilon Theory podcast, hosts Dr. Ben Hunt and Jeremy Radcliffe examine why the once-trusted models in finance and politics are…
The Introduction
In episode one of the Epsilon Theory podcast, hosts Dr. Ben Hunt and Jeremy Radcliffe discuss the origins of Epsilon Theory, how Dr. Hunt came…
Who’s Being Naïve, Kay?
The Mysterious Stranger is a liar, to be sure, but he’s a proper villain, as the Brits would say, and he’s quite upfront about his goals and his use of clever words to accomplish those goals.
Your goal? Survive the encounter.
Optical Illusion / Optical Truth
Portion of original dot map by Dr. John Snow, the founding father of epidemiology, showing the clusters of cholera cases in the London epidemic of…