The Zeitgeist – 5.2.2019

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.


May 2, 2019 Narrative Map – US Equities

Source: Quid, Epsilon Theory

Facebook’s privacy push puts Messenger in the spotlight – but pitfalls abound [Fast Company]

Messaging apps are by nature places for more private interactions than open social networks. But will users trust Facebook to facilitate those experiences? And will Wall Street let it?

No and no. #SavedYouAClick


VEON Reports Good Q1 2019 Results [Press Release]

Best. Press. Release. Headline. Ever.


Building Unlisted Infrastructure Into Your Portfolio – Overcoming 4 Key Obstacles [Seeking Alpha]

Obstacles to investing in unlisted infrastructure

We see four categories of challenges that investors face throughout the lifecycle of creating and managing a private infrastructure allocation:

Constructing a diversified portfolio

Maintaining exposure

Handling the ongoing operational burden

Investing with discipline and flexibility


Each of these obstacles introduces execution risk and requires specialized capabilities to get right. Some investors have sufficient resources and skills in-house, but for those who don’t, leaning on the private-markets capabilities of an experienced third party may make sense. A skilled third party can streamline these challenges to establishing and maintaining a fully invested, diversified portfolio that is managed in real-time.

I wonder if Russell Investments is a skilled third party that can streamline these challenges for me?

Serious question, and I know that ET has a lot of readers at the asset management firms that place this sort of “content” … does this idiocy work? Ever? Does it generate a single new client or a dime in new revenue?

I’ve come to believe that hiring a team of “content specialists” and publishing claptrap like this is an intentional inefficiency. It signifies that you are such an important and well-established asset manager that you can afford to waste money publishing material that NO ONE reads or cares about.

Content placement is like the elaborate plumage of the male frigate bird. It is SO wasteful and extravagant that – in an economically perverse way – it demonstrates your evolutionary fitness.

I honestly think that’s the reason this stuff exists.


Apple eyes $1 trillion valuation as strong services, revenue forecast fuel comeback [Fox Business]


Top Apple analyst: The surge in services is not enough because 75% of Apple’s business likely to decline [CNBC]

Ditto for why the sell-side still cares about II ratings and “who’s the ax?” and all that stuff that hasn’t mattered for 20 years.

It’s plumage.


The Deadly African Virus That’s Killing China’s Pigs [Washington Post]

A deadly swine disease is spreading across eastern Asia, infecting thousands of pigs and threatening the world’s largest hog industry. Since emerging in China in August, African swine fever has been detected in neighboring Mongolia and Vietnam, increasing the chances of transmission to other countries. The first outbreak in Cambodia was reported in early April in backyard pigs, about 10 kilometers (6 miles) from the Vietnam border.

Related image

That’s through November 2018.

And this is not just a China and Vietnam thing. Here’s an August 2018 map of outbreaks in Central Europe. It’s worse now.

Related image

This is the way the world ends
This is the way the world ends
This is the way the world ends
Not with a bang but a whimper.


Start the discussion at the Epsilon Theory Forum

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…

The Zeitgeist – April 19, 2021

By Ben Hunt | April 19, 2021 | 6 Comments

Here’s what we’re reading and working on this week at Epsilon Theory.

Hot and Cold

By Rusty Guinn | March 23, 2021 | 26 Comments

Most of us are under the impression that a protracted conflict within China will increase national unity. Not this time.

A Change in the Water

By Ben Hunt | March 3, 2021 | 3 Comments

Increasingly, the common knowledge of our investment world – what everyone knows that everyone knows – is that inflation is a problem and you should be focused on it.

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.