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 Forbes.com “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!


Comments

  1. 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!

  2. Avatar for faust faust says:

    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.

  3. 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!

  4. As would half the NFL GMs.

Continue the discussion at the Epsilon Theory Forum

Participants

Avatar for bhunt Avatar for rguinn Avatar for jason-olson Avatar for faust

The Daily Zeitgeist

ET Zeitgeist: Raccoons Never Sleep

By Ben Hunt | May 28, 2021 | 5 Comments

Lemonade (LMND) isn’t just an insurance company. No, no … they’re an AI Company! ™.

Plus Chamath is up to his old tricks.

I hate raccoons.

Inflation as Ad Campaign

By Ben Hunt | May 24, 2021 | 0 Comments

An ET Pack member sent me this. Anyone else come across ads that directly call out inflation expectations? Would love to collect more screenshots like…

Many People Are Saying … Bitcoin is Art

By Ben Hunt | May 24, 2021 | 0 Comments

The Bitcoin Is Art thesis that I put out back in 2015 (The Effete Rebellion of Bitcoin) and recently put forward again (In Praise of…

A Different Game

By Rusty Guinn | January 21, 2021 | 5 Comments

The light research poured into sentiment analysis misses one rather important fact: that’s the game we used to play. Today’s Fiat News is a different game altogether.

“Suicide Bomber” vs suicide bomber

By Ben Hunt | December 29, 2020 | 19 Comments

On Christmas Day, Nashville was attacked by a suicide bomber terrorist. But not by a “Suicide Bomber”. Not by a “Terrorist”.

Why not? Because his terrorist goals didn’t fit neatly into a useful political narrative like “Antifa!” or “Proud Boys!”

Here’s what this looks like in the Narrative Machine.

Russian Nesting Deals

By Rusty Guinn | December 3, 2020 | 4 Comments

Sometimes complicated is complicated because it has to be. But this nesting doll of a SPAC deal with Dyal (Neuberger Berman) IS weird and worthy of more than usual scrutiny, especially if you are an LP in one of these funds.

DISCLOSURES
This commentary is being provided to you as general information only and should not be taken as investment advice. The opinions expressed in these materials represent the personal views of the author(s). It is not investment research or a research recommendation, as it does not constitute substantive research or analysis. Any action that you take as a result of information contained in this document is ultimately your responsibility. Epsilon Theory will not accept liability for any loss or damage, including without limitation to any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Consult your investment advisor before making any investment decisions. It must be noted, that no one can accurately predict the future of the market with certainty or guarantee future investment performance. Past performance is not a guarantee of future results.

Statements in this communication are forward-looking statements. The forward-looking statements and other views expressed herein are as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and there is no guarantee that any predictions will come to pass. The views expressed herein are subject to change at any time, due to numerous market and other factors. Epsilon Theory disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein. This information is neither an offer to sell nor a solicitation of any offer to buy any securities. This commentary has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Epsilon Theory recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.