The Zeitgeist

The Church of the Long Now

By Ben Hunt | January 17, 2020

That Which We Call a Law School

By Rusty Guinn | January 16, 2020

Shot, Chaser

By Ben Hunt | January 13, 2020

Alpha/Beta Amnesiacs

By Rusty Guinn | January 10, 2020

An Experiment

By Rusty Guinn | January 6, 2020

Normalize This

By Ben Hunt | January 3, 2020

A Perfect Meme

By Rusty Guinn | December 31, 2019

An End to War!

By Rusty Guinn | December 17, 2019

It’s Not So Much …

By Ben Hunt | December 16, 2019

One Narrative Keeps on Trucking

By Rusty Guinn | December 9, 2019

Mailbag: By Our Own Petard

By Rusty Guinn | December 7, 2019

Presented Without Comment

By Ben Hunt | December 4, 2019

Hyakujos Fox

By Demonetized | December 3, 2019

Our Dumb World

By Rusty Guinn | December 2, 2019

A Cycle of Addiction

By Peter Cecchini | November 26, 2019

The Long Now, Pt. 4 – Snip!

The Long Now has severed the tether between taxation and spending – the most important macroeconomic policy relationship in our social lives as both investors and citizens.

Here’s what that means.

And here’s what we’re going to do about it.

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ET In Full

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.

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License to Kill Gophers

By Peter Cecchini | August 22, 2019 | 3

The desire of central banks to forestall recession at all costs reminds us of the war that groundskeeper Carl Spackler had with the gopher in Caddyshack.

Sure, you can defeat the gopher. But you’ve gotta blow up the golf course with dynamite to do it.

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The World ‘Twixt Ought To and Is

By Rusty Guinn | August 18, 2019 | 9

Honest investing means finding a balance between approaches which imply we know everything and those which imply we can’t know anything. It means humility.

We think there are three – and only three – paths to finding this balance. One is the heart of what we are trying to achieve with Epsilon Theory.

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I’m a Superstitious Man

By Ben Hunt | August 13, 2019 | 6

“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

Same.

The Nudging State and the Nudging Oligarchy cannot be defeated on a single point of failure like Jeffrey Epstein’s testimony at trial. Or like the bankruptcy of AIG.

But a million effin’ points of failure? A refusal to vote for ridiculous candidates and buy ridiculous securities? A refusal AT SCALE?

Yeah, that can work.

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The Long Now, Pt. 1 – Tick-Tock

By Ben Hunt | July 31, 2019 | 7

The Long Now is everything we pull into the present from our future selves and our children.

The Long Now is the constant stimulus that Management applies to our economy and the constant fear that Management applies to our politics.

We are told that the economic stimulus and the political fear of the Long Now are costless, when in fact they cost us … everything.

There is another way.

Tick-tock.

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The Spanish Prisoner

By Ben Hunt | July 7, 2019 | 26

Mark Zuckerberg is not The Spanish Prisoner. He’s the guy running the con.

Libra, the cryptocoin promoted by Facebook, is a classic Spanish Prisoner con. This is how the State and the Oligarchy co-opt crypto. Not with the heel of a jackboot. But with the glamour of convenience and narrative.

Bitcoin will be permanently diminished in its social importance by the adoption of Libra and other Oligarchy-sponsored and State-embracing crypto currencies. Bitcoin will never again MEAN what it used to mean.

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ET Live!

ET Live! – 12.19.2019

December 19, 2019

Join us at 2PM ET on December 19th for the last 2019 edition of Epsilon Theory Live! for a lively – and live – discussion of the narrative intersection of politics and financial markets.

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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.

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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.

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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.

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