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Clever Hans

By Ben Hunt | 0 Comments

Part 7 of Ben’s Notes from the Field series reminds us that you don’t break a wild horse by crushing its spirit. You nudge it into willingly surrendering its autonomy. Because once you’re trained to welcome the saddle, you’re going to take the bit. We are Clever Hans, dutifully hanging on every word or signal from the Nudging Fed and the Nudging Street as we stomp out our investment behavior.

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Hobson’s Choice

By Ben Hunt | 7 Comments

“What do you mean you don’t make side orders of toast? You make sandwiches, don’t you?”

Bobby thinks he has lots of choices, but really he only has one.

We’re all Bobby today.

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The NFL Has a Gambling Problem

By Rusty Guinn | 20 Comments

The outcomes of NFL games are inordinately influenced by officials relative to other sports. This is not new. The narrative environment faced by the NFL in 2021, however, IS new.

I’m not sure they’re ready for it.

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Why Am I Reading This Now?

Pack member Rob H. brought this up at last week’s Office Hours, and it deserves its own thread (as well as some attention from the Narrative Machine).

I think the most interesting part of the burgeoning UFO/UAP narrative is that it is clearly being driven by the Defense Dept.

I also think the only things DOD truly cares about today are China and budgets.

Why am I reading this NOW?

— Ben Hunt | May 23, 2021 | 9:12am

Homeschooling Resources on ET Forum?

I think a homeschooling VMPT is a natural for the ET Forum!

On last week’s Office Hours conversation, ET Pack member Dan W. brought this up:

I would love to have a conversation about the state of public education in the US right now. My wife taught in public schools for ~10 years before deciding she wanted to stay home with our children (and homeschool them, something ET deserves a lot of credit for). Over the past year, several friends have reached out to us because they’re suddenly contemplating either homeschooling or… something different. It’s kind of heartbreaking – people in our circle are desperately looking for some kind of option that doesn’t seem to exist at present. I am not that interested in the politics of public education, but very interested in pack-sourcing some solutions for people that have had their confidence in public education shaken over the last year. Thanks!

— Ben Hunt | May 23, 2021 | 8:41 am

Proof of Plant: A New Vision for Crypto, Pt 1

By Ben Hunt | 39 Comments

I want to change the language of crypto from mining to growing. I do not mean this in a metaphorical sense. I mean a proof-of-plant method for literally growing cryptocurrency tokens as a representation of the value stored in the human cultivation of plants.

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In Praise of Bitcoin

By Ben Hunt | 57 Comments

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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Through the Looking Glass, or … This is the Red Pill

By Ben Hunt | 1 Comment

The first ET note focused on Information Theory.

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Recent Notes

Critical State Theory

By Ben Hunt

This note is about the narrative process that makes it so politically difficult to say that yes, parents are responsible for their children’s education AND yes, our children should be taught the fact of embedded racism in our nation’s history.

And why it’s so important that we do so, anyway.

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Cursed Knowledge #6: F*ck Almonds

By Harper Hunt

Move over Hollywood! Almonds are one of the most lucrative and fastest growing industries in California. Unfortunately they’re not as good for us as you’d think.

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Prime Time in Crypto

By Marc Rubinstein

No one gives a clearer explanation of how financial institutions work than ET contributor Marc Rubinstein, and his primer on prime brokerage services (and its extension into crypto) is no exception.

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The NFL Has a Gambling Problem

By Rusty Guinn

The outcomes of NFL games are inordinately influenced by officials relative to other sports. This is not new. The narrative environment faced by the NFL in 2021, however, IS new.

I’m not sure they’re ready for it.

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The Mandarin Class

By Ben Hunt

I don’t think there’s anything illegal in how Fed governors trade their personal accounts.

No, I think it’s much worse than that.

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When Narrative Takes Flight

By Rusty Guinn

We find ourselves together now at the stage of the Widening Gyre in which your political identity now determines the reality you wish to accept about three days of moderate operational difficulties at the ninth largest global airline, as measured by passenger-miles.

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No Time to Die: China Banks Edition

By Marc Rubinstein

With $300+ billion of assets, Evergrande is big, but if you want REALLY big, take a look at the balance sheets of Chinese banks.

ET contributor Marc Rubinstein was there at the beginning when Chinese banks went public, and he’s here now to review the sector.

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How Lucky You Are To Be Alive Right Now

By David Salem

ET friend and contributor David Salem is back!

Here with his Constitution Day address at Middlebury College, David makes the rich tradition of academic speeches richer still, with nods to the Founders and Vitalik Buterin alike.

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The Uncontained Spark

By Ben Hunt

There is an uncontained spark in the financial world today, a spark that emerged from the unlikeliest of places, a federal courthouse in Florida.

It’s a spark with the potential to light a searing bonfire under Robinhood and Citadel.

#BITFD

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Zeroism and the Allocator Status Quo

By Matthew Edwards

ET contributor Matthew Edwards pushes back on seven rules that allocators often apply to new managers.

1) We don’t do crypto.
2) We only invest in what we know.
3) We never pay full fees.
4) We prefer fundamental investment strategies.
5) We seek strong alignment of interests.
6) We cannot be greater than x% of a fund’s total assets under management.
7) We require a minimum track record of X years.

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Unanchored

By Brent Donnelly

ET contributor Brent Donnelly starts up where he left off, with a new launch of AM/FX and a new riff on the classic ET note, “Snip!”.

In the immortal words of Hunter S. Thompson, when the going gets weird, the weird turn pro!

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Whitestone Bridge

By Ben Hunt

Our true enemies on 9/11 – the Deep State of Saudi Arabia and the Deep State of Pakistan – are our true enemies still.

And we won’t defeat them until we bridge our petty divides.

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The Green Protocol: A New Vision for Crypto, Pt 2

By Ben Hunt

The Green Protocol is a set of rules for the tokenization of symbolic betting markets in positive social good.

I think this is how crypto saves the world.

Our first step on this new path? Let’s plant one billion new trees in North America over the next ten years.

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Cursed Knowledge #5: Hot Coffee

By Harper Hunt

The McDonalds Hot Coffee lawsuit is the archetypal example of nonsense litigation. But there’s a lot more to the story than most people know.

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Notes from Camp Kotok 2021

By Brent Donnelly

ET contributor Brent Donnelly with an end-of-summer compilation of the top–of-mind topics at Camp Kotok!

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Prophet of the Pandemic

By Luke Burgis

Sophocles knew it. Dostoevsky knew it.

Disruption to the biological order and disruption to the social order are one and the same.

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Afghanistan and the Common Knowledge Game

By Ben Hunt

When the State Department announced on August 12th that it was removing all remaining non-essential personnel from Kabul within 3 days and was considering a relocation of the US embassy to the more defensible airport, the fall of the Afghani government became common knowledge.

And that’s when everything fell apart.

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The Afghanistan Narratives

By Rusty Guinn

We are in the very early innings of the narrative formation around responsibility for the outcome in Afghanistan. Steel yourselves for weeks of gaslighting from every angle. Hooray.

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ET Podcast #13 – Wanting

By Ben Hunt

It’s the only question that really matters here in the Age of Nudge: why do we want what we want?

A conversation with Luke Burgis, author of “Wanting: The Power of Mimetic Desire in Everyday Life”.

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Cursed Knowledge #4: The Olympics

By Harper Hunt

The Olympic games are known as a time of triumph and glory. The truth is that a lot more work goes into creating and maintaining that narrative than you’d expect.

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False Binary Choices

We seem obsessed with false binary choices. What do I mean – choices that aren’t really choices. Sort of like when your mom says do you want orange juice or apple juice? I don’t want juice. I want Soda. But that is not on the menu.

Do you want Brainard or Powell? Seems right in the zip code here. Like does this choice really matter? I don’t think so and the fact that markets are moving on these small binary choices that are meaningless seems like its becoming part of the weaponized narrative arsenal.

Take a look at what I mean.

https://www.bloomberg.com/opinion/articles/2021-11-23/markets-have-overreacted-wildly-to-the-powell-brainard-fed-drama?srnd=premium&sref=9XsJozxv

And btw, we’ve talked about this before.

— Harper Hunt | November 23, 2021|

Why Am I Reading This Now? 11.22.21

Recent major media stories that feel to us like they’re part of a larger narrative campaign.