The Zeitgeist – 4.10.2019


Every morning, we run the Narrative Machine on the past 24 hours worth of financial media to find the most on-narrative (i.e. interconnected and central) stories in financial media. It’s not a list of best articles or articles we think are most interesting … often far from it.

But for whatever reason these are articles that are representative of some sort of chord that has been struck in Narrative-world.

April 10, 2019 Narrative Map – US Equities

In Puerto Rico, Building a Disaster-Proof Business Is Part of Recovery [New York Times]

Wait … an article about Puerto Rico that’s not about tax shelters or bond defaults or crappy local government or Trump idiocy or crypto bros? … an article that’s about entrepreneurship and the sort of small businesses that are the life blood of a vibrant local economy? What the hell, New York Times?

Also, thank you.

Forget real estate – ‘art flipping’ is the latest way rich millennials are building wealth, and it’s an investment baby boomers largely ignored [Business Insider]

The most interesting part of this utterly non-interesting filler article, the type of article that makes me yearn for a “contributor” story where I can at least belittle the author, is the use of the word “millennial”.

I counted 24.

The separate hyperlink to “rich millennials” as opposed to just plain old “millennials” gives it away. These are invitations for rage engagement, where readers who just can’t wait to mock “rich millennials” go for a quickie.

It’s all part of the Game of You.

PagerDuty seeks $1.69 billion valuation in its upcoming IPO and raises its price range, even as Lyft falters on the public markets [Business Insider]

Another gem from BI today … these mythical “concerns” that Lyft might just “bring the whole market down” is a classic example of how financial media intentionally builds a wall of worry in order to create a “problem” that can be “solved”.

Walmart is doubling down on robot janitors. Here’s why [CNN]

The actual article here is pretty boring … all about how Walmart is rolling out 900 giant robots to mop the floors at facilities … so I thought I’d use this space to celebrate Mr. Handy from Fallout, a boon companion if there ever was one.

My strong sense is that Rusty plays a cooperative game of Fallout 4. You know … building workshops, protecting the good folk of settlements throughout the Commonwealth, joining the Minutemen … that kind of stuff.

Not me. Some men just want to watch the world burn.

The Deadbeat Billionaire: The Inside Story Of How West Virginia Gov. Jim Justice Ducks Taxes And Slow-Pays His Bills [Forbes]

As Above, So Below

That’s the tag line for the Epsilon Theory note that’s a manifesto for my life as a citizen – Things Fall Apart (Part 3) – Politics. Here’s the money quote.

“As Above, So Below” means that our social lives are organized as a fractal, that when there is disorder in the heavens or the seats of worldly power, so is there disorder in our communities, our families, and our personal lives. It means that when Pharaoh hardens his heart, whether he lives in a marble palace on the Nile or a white house on the Potomac, so do OUR hearts harden, as well.

It means that the widening gyre, which we can see represented most clearly on a national scale and in national elections, is no less potent and no less present in our everyday lives. It means that Things Fall Apart in ways both large and small. Always and in all ways.

How does Trump break us?

By emboldening human Grendels like freakin’ Jim Justice to crawl out from their Oligarch caves.

They’re everywhere now, at every level of social organization. They walk among us openly and celebratedly. As if they own the place.

Which they will if we let them.

Beowulf’s secret? A strong right arm is a good start, but it’s clear eyes and a full heart for the win.

And one more thing …

This is a great article by Chris Helman (@chrishelman), and it frankly makes me even angrier at Forbes for publishing their “contributor” and “brand partner” drivel so hard, because it detracts from the truly original work that professionals like Chris create for Forbes. Thanks for writing with clear eyes and a full heart, Chris!


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When can we expect the Epsilon Theory mock draft? Will it be a dualing mock draft like Mel and Todd? Will there be trades? The people want it, and dammit, they deserve it!

Rusty Guinn

Ben is such a Bama homer, he’d be sending in the cards for draft-ineligible true sophomores by the end of the 1st round!


As would half the NFL GMs.

Sean Garman
Sean Garman

The art article is interesting because it is a perfect example of “what” is happening but not “why”. Wealthy millennials are buying art (in my view) because they have observed their already-wealth parents purchasing pieces of art, which then appreciate in value, and they believe it will continue to appreciate.

This is not necessarily “smart” investing, but rather people acting out the “greater fool” theory. Children who have been exposed to the art world have a better view on the emerging artists and can purchase average works from average artists (if I can assume the future contours of the art world) and can easily flip it to the new rich who have not been exposed to the art world. This works until no one buys.


The Daily Zeitgeist

Kitchen Sink It

By Rusty Guinn | February 20, 2020 | 6 Comments

12+ To receive a free full-text email of The Zeitgeist whenever we publish to the website, please sign up here. You’ll get two or three of these emails every week, and your email will not be shared with anyone. Ever. I have been under withering (if modestly deserved) friendly fire recently for posing a riddle and sitting on …

Read moreKitchen Sink It

Love in the Time of COVID-19

By Ben Hunt | February 17, 2020 | 6 Comments

Within a few months, the reality of COVID-19 will overtake the propaganda of the CCP and their toadies at the World Health Organization, as real-world companies begin making real-world economic decisions to maintain their enterprises in the face of a real-world threat.

Those decisions will be led by sports franchises.

Read more


By Rusty Guinn | February 12, 2020 | 18 Comments

Our social institutions require of us many songs. One of those songs is about the roots of poverty in immorality. If we’re going to stop singing their songs, this may be a good place to start.

Read more

The Promised Land!

By Ben Hunt | February 5, 2020 | 9 Comments

Every once in a while, narrative-world gives you a gift that just keeps on giving. So it is with outgoing CEO Ginni Rometty’s regime of despair at IBM.

Today my focus is on the IBM-sponsored hagiography that is springing up like slime molds on the underside of rotting swamp cabbages.

Read more

Once You Buy a Prize, It’s Yours to Keep!

By Ben Hunt | January 31, 2020 | 4 Comments

Outgoing IBM CEO Ginni Rometty has filed 167 SEC Form 4s detailing her stock transactions in the company.

So I downloaded and compiled all of them to see how much money she has sucked out of IBM, just like I did for outgoing Boeing CEO Dennis Muilenburg.

Read more

You Had One Job

By Ben Hunt | January 26, 2020 | 19 Comments

Forget about impeachment and its partisan Kabuki theater. It’s a joke.

If there’s some rich dude who bought his way onto that Wuhan evacuation flight, and you know there is … if this Administration is forsaking its ONE JOB to protect American citizens, and you know they are …

THAT’S what brings down this government.

Read more


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