The Zeitgeist

You Had One Job

By Ben Hunt | January 26, 2020

Pleased to Meet You, Hope You Guess My Name

By Ben Hunt | January 22, 2020

The Drum Major Instinct

By Rusty Guinn | January 20, 2020

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

A New Road to Serfdom

By Rusty Guinn | January 24, 2020 | 8

There are many roads to serfdom, and they have all become faster and more perilous. We are walking down one of them now.

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ET In Full

Wage Growth, Groucho Marx Edition

By Ben Hunt | May 7, 2019 | 3

Wage stagnation in 2016 was actually much worse than you were told. Did this make a difference in the Midwestern states that swung the election, in that actual labor conditions were worse than everyone thought they were? I think yes.

Wage growth in 2018 was actually much better than you were told. Did this make a difference in the current Fed/Wall Street/White House narrative that inflation is dead and the easy money punchbowl can be maintained without consequence? I think yes.

For a few days, we’re making this ET Professional note available to everyone to review. We think the ET Pro service is something that every portfolio allocation, wealth management and active investment team can find useful, particularly for risk management.

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In the Trenches: Less Is More

By Peter Cecchini | May 2, 2019 | 1

At some point, all Fed Chairs learn that their primary function is just to wave their hands. Jay Powell has learned this sooner than most.

ET contributor Pete Cecchini goes way off the Wall Street reservation with this: the bullish narrative for U.S. equity risk makes sense only if one accepts a narrative that the Fed will proactively move to prevent a U.S. slowdown before it happens.

Don’t believe it.

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Starry Eyes and Starry Skies

By Rusty Guinn | April 29, 2019 | 8

The student loan crisis is a Big Deal. And it is only a part of a Bigger Deal: the Myth of College.

This issue will be front-and-center in the upcoming elections. We will all be handed our very own ‘Yay, College’ signs to raise high. More often than not, we will be asked to raise them in service of market-distorting policies which will make our problems worse.

You don’t hate education, innovation, progress, equality and merit-based reward systems…do you?

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Notes from the Diamond #7: Hittin ‘Em Where They Ain’t (Part 2)

By David Salem | April 25, 2019 | 20

ET contributor David Salem is back with five core tenets for achieving 5+% real returns over the next few decades.

It’s all a must-read, but I’m gonna highlight #4: “Favor equity investments in companies employing or serving primarily people with abundance as distinct from scarcity mindsets.”

This is the foundation for behavioral economics on a macro scale.

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This is Water

By Ben Hunt | April 17, 2019 | 16

Time to add a fourth shift in the Zeitgeist: capitalist productivity, now 200+ years old, is becoming capitalist financialization.

Wall Street gets something to sell, management gets stock-based comp, the Fed gets a (very) grateful Wall Street, and the White House gets re-election.

What do YOU get out of financialization? You get to hold up a card that says “Yay, capitalism!”.

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The Epsilon Strategy

By Ben Hunt | March 25, 2019 | 11

We can be better investors. Not by playing the cards we’re dealt any harder. But by playing the other players at the table a lot smarter.

It’s a new technology applied to an old investment strategy. It’s a new way to think about money flows and investor behaviors.

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ET Live!

ET Live! – 1.21.2020

January 21, 2020

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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