The Zeitgeist

Sorry, we couldn't find any posts. Please try a different search.

ET In Full

By Our Own Petard

By Rusty Guinn | November 20, 2019 | 11

Fiduciary standards, prudent man rules and client sensibilities compel us toward fervent pursuit of “alignment.” There’s just one little problem: we can never be aligned with our agents.

Read more

Yeah, It’s Still Water

By Ben Hunt | October 25, 2019 | 23

You know, everyone is all in a tizzy about Softbank paying Adam Neumann $1.7 billion just to go away.

My unpopular opinion: the Adam Neumann story is repeated in a non-infuriating and non-obvious way every day in every S&P 500 company. And it’s been going on for a DECADE.

One day we will recognize the defining Zeitgeist of the Obama/Trump years as an unparalleled transfer of wealth to the managerial class.

Read more

The Long Now, Pt. 3 – Is This Normal? Asking for a Friend

By Ben Hunt | October 17, 2019 | 12

I believe that we are on the cusp of the Long Now becoming irreversible. Or at least irreversible without a cataclysmic Fall.

Why? Because they have mastered the art of stealing our tells. At scale.

Here’s how we start to confound the stolen tells. At scale.

It won’t be noticeable at first. And then it will. And then it becomes a self-sustaining narrative. And then the world starts to change.

Read more

Rust and Blight

By Rusty Guinn | September 11, 2019 | 7

In an orchard, it isn’t always easy to tell the difference between rust and blight. The same goes for our cultural institutions.

Some should be pruned.

Some should be ripped up root and stem.

It’s not always easy to know which. But if we want our sons and daughters to sit in the shade of our trees, we must learn.

Read more

The Long Now, Pt. 2 – Make, Protect, Teach

By Ben Hunt | September 11, 2019 | 30

It’s time to start a fire. To burn, yes, but also to illuminate.

My advice? Abandon the political party as your vehicle for political participation.

My alternative? Find your Pack.

My platform? Make – Protect – Teach.

Read more

Notes from the Diamond #8: Room For Doubt

By David Salem | September 1, 2019 | 4

In both baseball and in investing, we need an all-purpose test of excellence, not just for identifying MVPs like Mike Trout, but for seeing how all of us mere mortals stack up.

ET contributor David Salem makes the case for an investing corollary to baseball’s Wins Above Replacement (WAR). It’s a defense of value investing, but with a twist.

Read more

Search and Discovery

Navigate Epsilon Theory by searching for content, themes or topics traditionally or by navigating using our NLP-powered Discovery Map below.

Long-form, short-form and interactive video content are all accessible from the menus at the top of the page.

ET Live!

ET Live! – 11.19.2019

November 19, 2019

It’s the November 19th, 2019 edition of Epsilon Theory Live! Be sure to join Ben and Rusty for a discussion of all things narrative in the world of politics and markets.

Read more

ET Live! – 10.22.2019

October 22, 2019

In which Ben and Rusty discuss the three Ps of the narrative of a functioning government – and why their cartoons are being stretched to the limit.

Read more

ET Live! – 8.27.2019

August 27, 2019

It’s the August 27th edition of Epsilon Theory Live! In which political, economic and markets nihilism are the order of the day.

Read more

ET Live! – 7.30.2019

July 30, 2019

It’s the July 30th, 2019 ET Live! Today, we’re all MMT’ers, or at least that’s the narrative in political space. But what about markets?

Read more