The Zeitgeist
#OurFinestHour
Once in a Lifetime
We are led by high-functioning sociopaths, in our politics and our economy, and nowhere is this more apparent than in our war against COVID-19. It’s not a left/right thing. It’s not a Republican/Democrat thing. It’s a power thing.
Enough. It’s time for the Pack to howl.
Empathy + Minimax Regret is the answer. Because 2 + 2 = 4.
Yes, this is a personal note. That’s what this war is for all of us … personal.
Do The Right Thing
I’m angry that I have to write this note about the airline industry and how to structure the bail-out of United, Delta, American and Southwest. But I must, because the raccoons and the high-functioning sociopaths are looking to get their private losses socialized and their private gains locked in.
Bailout the airlines and their rank-and-file employees? You bet.
Bailout the CEOs and Warren Buffett? Not a chance.
Lack of Imagination
The structurally bullish will warn us against failure of nerve. The traders will warn us against hesitation. The structurally bearish will warn us about being unable to shift into a defensive shape. But what we should be worried about now is a lack of imagination.
Getting PPE to Healthcare Workers and First Responders
This is our personal effort to help identify *need*, *sources*, and *money* for personal protective equipment distributions to healthcare workers and first responders.
Tick-Tock
For the first time our federal government is treating the fight against this virus like the war that it is.
Is it pathetic and sad and a corrupt betrayal of the public trust that it took this long? Absolutely.
But now here we go. And there is no country in the world that mobilizes for war more effectively than the United States.
The Non-Linearity of Need
In a potential recession, need isn’t evenly distributed. In a pandemic, that’s even more true. The time to start helping is now.
ET In Full
The Elton/Hootie Line
In 1995 we crossed a line in music.
In 2009 we crossed that line in markets.
In 2016 we crossed that line in politics.
Music charted the way back. Let’s listen to its lesson.
The Narrative Matrix
New from ET contributor Pete Cecchini …
We talk all the time about the informational efficiency of markets. What if the real dimension we should focus on is narrative efficiency?
Don’t Test, Don’t Tell
The CDC’s Don’t Test, Don’t Tell policy came crashing down last night. So did Trump’s “buh, buh the flu” and “Yay, Containment!” narratives.
Now let’s get to work preparing for the fight to come.
Not in panic. Not in fear. But with resolve, sacrifice and righteous anger for those who would use us instrumentally for their own political ends.
Clear eyes. Full hearts. Can’t lose.
The Fall of Wuhan
Containment has failed.
And so now we must fight.
That means doing everything possible to bolster our healthcare systems BEFORE the need overwhelms the capacity.
That means calling out our leaders for their corrupt political responses to date, and forcing them through our outcry to adopt an effective virus-fighting policy for OUR benefit, not theirs.
The Industrially Necessary Doctor Tedros
To date, WHO leadership has simply been part of the Chinese narrative machine.
It’s more than a disgrace. It’s more than a humiliation of the people who do good and important work through WHO.
It’s a betrayal of the entire world.
Body Count
China is fighting nCov2019 exactly like the US fought North Vietnam … with policy driven more by narrative control than by what’s best to win the war.
That was a disastrous strategic mistake for the US then, and it’s a disastrous strategic mistake for China today.
Archive Spotlight
When Was I Radicalized? (Boeing edition)
I believe it is impossible to separate the modern management practice of self-enrichment through massive levels of stock-based comp from the modern management practice of investor placation through massive levels of stock buybacks … without regulating one or the other practice.
But I’m all ears for any ideas.
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ET Live!
ET Live! – 12.19.2019
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.