ET Podcast #10 – In Praise of Bitcoin

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The Epsilon Theory podcast is free for everyone to access. You can grab the mp3 file below, or you can subscribe at:


Bitcoin has been subverted by the neutering machine of Wall Street and the regulatory panopticon of the US Treasury Dept.

What remains is a constructed narrative that exists in service to Wall Street and Washington rather than in resistance.

We don’t have to tell a story of price. We don’t have to tell a story of apocalypse. We don’t have to scold or “educate”.

We can tell an Old Story of autonomy of mind and generosity of spirit within a new context of Bitcoin and crypto.

Bitcoin! TM definitely belongs to Caesar. It’s part of his game. But Bitcoin doesn’t have to be. It can be part of our game. Still. Again. And that will change everything.



In Praise of Bitcoin

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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ET Podcast #9 – Make, Protect, Teach

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The Epsilon Theory podcast is free for everyone to access. You can grab the mp3 file below, or you can subscribe at:


How do we change the world?

Not by corporations and political parties acting on us from the top-down, but by citizens acting for themselves from the bottom-up.

Not as an alienated flock, but as a cooperative pack.

Not with abstractions and transactions, but with making, protecting and teaching.

Let’s gooooooo!



Here’s the classic ET note referenced in the podcast, linked here and taken out from behind the paywall.

The Long Now, pt. 2 – Make, Protect, Teach

My advice? Abandon the political party as your vehicle for political participation.

My alternative? Find your Pack.

My platform? Make – Protect – Teach.


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ET Podcast #8 – Leverage and Its Discontents

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The Epsilon Theory podcast is free for everyone to access. You can grab the mp3 file below, or you can subscribe at:

Spotify: https://open.spotify.com/show/3ZXOnreiGGiUtuGHzbin6d

Apple: https://podcasts.apple.com/us/podcast/epsilon-theory-podcast/id1107682538



Three blow-ups in three months: Archegos, Greensill, and Melvin Capital.

What do they have in common?

Insane leverage employed to maximize private gain, provided by lenders that can socialize losses.



We reference three archived ET notes in the podcast, linked here and taken out from behind the paywall.

The Grammar of Risk

Leverage / Illiquidity /Concentration

In a normal market you can handle two. In a bad market you can’t.

By Our Own Petard

We will never – can never – be aligned with our agents.

Sorry.

Oh hell, Martha, go ahead and burn yourself if you want to.

We all need some burns. But they have to be OUR burns


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If you’d like to learn more about our subscription options, including unlimited access to more than 1,000 published notes, private content not available on the public-facing website, and engagement with an active community of truth-seeking investors and citizens, please go here.


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ET Podcast #7 – Inflation Investing

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The Epsilon Theory podcast is free for everyone to access. You can grab the mp3 file below, or you can subscribe at:

Spotify: https://open.spotify.com/show/3ZXOnreiGGiUtuGHzbin6d

Apple: https://podcasts.apple.com/us/podcast/epsilon-theory-podcast/id1107682538



We’re going to Pack-source a slate of investment strategies for an inflationary world.

Here are five tentpoles to organize and support that effort, five sets of questions we must answer.

What should we think about …

1) US Treasuries?

2) US Housing Market?

3) Narrative of Central Bank Omnipotence?

4) Fiscal Policies and Inflation Expectations?

5) Real Assets and Abstracted Securities?



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If you’d like to learn more about our subscription options, including unlimited access to more than 1,000 published notes, private content not available on the public-facing website, and engagement with an active community of truth-seeking investors and citizens, please go here.


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ET Podcast #6 – The Business of Wall Street

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The Epsilon Theory podcast is free for everyone to access. You can grab the mp3 file below, or you can subscribe at:

Spotify: https://open.spotify.com/show/3ZXOnreiGGiUtuGHzbin6d

Apple: https://podcasts.apple.com/us/podcast/epsilon-theory-podcast/id1107682538



Very little of investing today is buying and selling shares of common stock in individual companies. Instead, we buy and sell what Wall Street calls “products” – mutual funds, ETFs, options, REITs, SPACs, etc.

Dave Nadig, who literally wrote the book on ETFs, helps us understand the history and future of the business of Wall Street.



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If you’d like to learn more about our subscription options, including unlimited access to more than 1,000 published notes, private content not available on the public-facing website, and engagement with an active community of truth-seeking investors and citizens, please go here.


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ET Podcast #5 – Gnostic Nationalism

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The Epsilon Theory podcast is free for everyone to access. You can grab the mp3 file below, or you can subscribe at:

Spotify: https://open.spotify.com/show/3ZXOnreiGGiUtuGHzbin6d

Apple: https://podcasts.apple.com/us/podcast/epsilon-theory-podcast/id1107682538



Every political movement has a political philosophy, and for Trumpism and MAGA it’s the Dominion theology of the charismatic/Pentecostal church.

Neither the rise of Donald Trump nor the attack on our Capitol can be understood without an examination of this faith and its constructed political narratives.

There is a schism in the American evangelical church, and its dynamics will shape the future of this country.

Believe it or not.



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If you’d like to learn more about our subscription options, including unlimited access to more than 1,000 published notes, private content not available on the public-facing website, and engagement with an active community of truth-seeking investors and citizens, please go here.


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ET Podcast #4 – Hunger Games

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The Epsilon Theory podcast is free for everyone to access. You can grab the mp3 file below, or you can subscribe at:

Spotify: https://open.spotify.com/show/3ZXOnreiGGiUtuGHzbin6d

Apple: https://podcasts.apple.com/us/podcast/epsilon-theory-podcast/id1107682538



What’s happening with Reddit and Gamestop and Robinhood is a revolution, but not the revolution you think.

This isn’t a “democratization” of Wall Street. You were played. Again.

It’s a revolution in Common Knowledge. And that changes everything. Again.



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If you’d like to learn more about our subscription options, including unlimited access to more than 1,000 published notes, private content not available on the public-facing website, and engagement with an active community of truth-seeking investors and citizens, please go here.


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ET Podcast #3 – The Ireland Event

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The Epsilon Theory podcast is free for everyone to access. You can grab the mp3 file below, or you can subscribe at:

Spotify: https://open.spotify.com/show/3ZXOnreiGGiUtuGHzbin6d

Apple: https://podcasts.apple.com/us/podcast/epsilon-theory-podcast/id1107682538



In episode #3 of the Epsilon Theory podcast, Rusty and I discuss the dramatic spike in Covid cases in Ireland over the last two weeks of December, and the risk of seeing a similar “Ireland Event” here in the US.

Unfortunately, once it becomes apparent that an Ireland event is occurring, it’s too late to stop it.

The time to act is NOW, not with indiscriminate lockdowns, but with strong restrictions on international and domestic air travel to contain the UK-variant virus while we accelerate vaccine delivery.



If you’d like to sign up for a free email to let you know what we’ve published in the prior week, please go here. We have about 100,000 email recipients, and your contact information will never be shared with anyone.

If you’d like to learn more about our subscription options, including unlimited access to more than 1,000 published notes, private content not available on the public-facing website, and engagement with an active community of truth-seeking investors and citizens, please go here.


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ET Podcast #2 – Personal Finance

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I’ve appeared on 100+ podcasts and webcasts for other people, so for 2021 we’re going to join the fun! Our podcast is free for everyone to access, and you can grab the mp3 file below, or you can subscribe at:

Spotify: https://open.spotify.com/show/3ZXOnreiGGiUtuGHzbin6d

Apple: https://podcasts.apple.com/us/podcast/epsilon-theory-podcast/id1107682538



In episode #2 of the Epsilon Theory podcast, Rusty and I have a conversation with Brian Portnoy, author of The Geometry of Wealth, about the role of money in shaping a life of meaning.

How do we give better advice about money to others … and to ourselves?



If you’d like to sign up for a free email to let you know what we’ve published in the prior week, please go here. We have about 100,000 email recipients, and your contact information will never be shared with anyone.

If you’d like to learn more about our subscription options, including unlimited access to more than 1,000 published notes, private content not available on the public-facing website, and engagement with an active community of truth-seeking investors and citizens, please go here.


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ET Podcast #1 – Is That All There Is?

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The Epsilon Theory podcast is free for everyone to access. You can grab the mp3 file below, or you can subscribe at:

Spotify: https://open.spotify.com/show/3ZXOnreiGGiUtuGHzbin6d

Apple: https://podcasts.apple.com/us/podcast/epsilon-theory-podcast/id1107682538



In this kick-off Epsilon Theory webcast, I’m joined by renowned cryptocurrency miner and trader @notsofast for a wide-ranging conversation on Bitcoin and crypto.

To put it in crypto and Epsilon Theory lingo, we talk about talk about DeFi, the “Saylorization” of Bitcoin, and brainstorm about how to keep the animal control officers focused on the huckster raccoons rather than us too-clever-by-half coyotes.

To put it more simply, we’re talking about this:

Can Bitcoin preserve its revolutionary potential after a Wall Street bear hug?

I’m highly skeptical, but @notsofast has some ideas on how to make this work. The end result of this conversation is a challenge and a research project for both of us … and for you!



Post Script: We’ll be posting some of @notsofast‘s notes on DeFi and altcoins on the ET Forum for review and discussion.


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