#OurFinestHour

Self Assured Destruction

By Ben Hunt | May 30, 2020 | 20

Our leaders have botched the Covid-19 war, and we are defenseless against a now endemic disease.

15,000 to 20,000 Americans officially sick. 500 to 1,000 Americans officially dead.

Every day.

The free world does not easily survive a globally endemic Covid-19.

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A New Gilded Age

By Rusty Guinn | May 24, 2020 | 21

A Gilded Age isn’t an age of prosperity. It is an age of the narrative of prosperity, and narratives of prosperity are always top-down political narratives.

There is but one way to tear down top-down political narratives: action.

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A Truth That’s Told With Bad Intent

By Ben Hunt | May 14, 2020 | 37

A truth that’s told with bad intent
Beats all the lies you can invent.
– William Blake

Our narratives of COVID-19 are all lies.

They are lies of a particular sort, political narratives that have a nugget of truth within them, but are told with bad intent. They are told this way because it works. Because the nugget of truth hides a deeper, unpleasant truth. And a Big Lie.

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ET In Full

The Narrative Shift around Emerging Markets

By Ben Hunt | August 21, 2013 | 0

The core Narrative around Emerging Markets is shifting away from growth and towards value. This is a profoundly disruptive development. epsilon-theory-the-narrative-shift-around-emerging-markets-august-21-2013.pdf (50KB)

Increased Instability in US Markets

By Ben Hunt | August 19, 2013 | 0

The Common Knowledge informational structure around the US market has weakened in recent weeks, making the risk/reward assessment of ALL exposures — long and short — less certain. epsilon-theory-increased-instability-in-us-markets-august-19-2013.pdf (246KB)

Schrödinger’s Portfolio

By Ben Hunt | August 3, 2013 | 0

“The world is given to me only once, not one existing and one perceived.” – Erwin Schrödinger “Quantum theory provides us with a striking illustration of the fact that we can fully understand a connection though we can only speak of it in images and parables.” – Werner Heisenberg “What we observe is not nature itself, but …

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The Framing of Macro Data

By Ben Hunt | July 31, 2013 | 0

A review of Narrative formation immediately after the July 31st release of Q2 US GDP data. epsilon-theory-the-framing-of-macro-data-july-31-2013.pdf (232Kb)

Rise of the Machines

By Ben Hunt | July 28, 2013 | 0

“Music, this complex and mysterious act, precise as algebra and vague as a dream, this art made out of mathematics and air, is simply the result of the strange properties of a little membrane. If that membrane did not exist, sound would not exist either, since in itself it is merely vibration. Would we be …

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The Tao of Portfolio Management

By Ben Hunt | July 21, 2013 | 0

“Shape clay into a vessel; It is the space within that makes it useful. Cut doors and windows for a room; It is the holes which make it useful. Therefore benefit comes from what is there; Usefulness from what is not there. ” – Lao Tzu “The limits of my language means the limits of my …

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ET Poll

Are States Reopening Too Fast?

Archive Spotlight

A Holy Day

May 27, 2019

If Memorial Day is anything, it is a day for telling and re-telling stories about Full Hearts. Let me tell and re-tell you the story of Milton Lee Olive III.

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ET Live!

ET Live! – 4.28.2020

April 28, 2020

Join us this afternoon for the Pandemic Edition of Epsilon Theory Live! As usual, we start promptly, so if you don’t have video within a short period after 2PM ET, please refresh your browser. We recommend Chrome for the best experience.

ET Live! – 3.10.2020

March 9, 2020

Covid-19 is a fertile ground for narratives and missionaries of all kinds – from politicians to central banks, corporate leaders and financial media pundits. Join us as we discuss them.

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