Ben Hunt
Co-Founder and CIO
Ben Hunt is the creator of Epsilon Theory and inspiration behind Second Foundation Partners, which he co-founded with Rusty Guinn in June 2018.
Epsilon Theory, Second Foundation’s principal publishing brand, is a newsletter and website that examines markets through the lenses of game theory and history. Over 100,000 professional investors and allocators across 180 countries read Epsilon Theory for its fresh perspective and novel insights into market dynamics. As Chief Investment Officer, Ben bears primary responsibility for determining the Company’s investment views and positioning of model portfolios. He is also the primary author of materials distributed through Epsilon Theory.
Ben taught political science for 10 years: at New York University from 1991 until 1997 and (with tenure) at Southern Methodist University from 1997 until 2000. He also wrote two academic books: Getting to War (Univ. of Michigan Press, 1997) and Policy and Party Competition (Routledge, 1992), which he co-authored with Michael Laver. Ben is the founder of two technology companies and the co-founder of SmartEquip, Inc., a software company for the construction equipment industry that provides intelligent schematics and parts diagrams to facilitate e-commerce in spare parts.
He began his investment career in 2003, first in venture capital and subsequently on two long/short equity hedge funds. He worked at Iridian Asset Management from 2006 until 2011 and TIG Advisors from 2012 until 2013. He joined Rusty at Salient in 2013, where he combined his background as a portfolio manager, risk manager, and entrepreneur with academic experience in game theory and econometrics to work with Salient’s own portfolio managers and its financial advisor clients to improve client outcomes.
Ben is a graduate of Vanderbilt University (1986) and earned his Ph.D. in Government from Harvard University in 1991. He lives in the wilds of Redding, CT on Little River Farm, where he personifies the dilettante farmer that has been a stock comedic character since Cicero's day. Luckily his wife, Jennifer, and four daughters, Harper, Hannah, Haven and Halle, are always there to save the day. Ben's hobbies include comic books, Alabama football, beekeeping, and humoring Rusty in trivia "competitions".
Articles by Ben:
As a recovering short seller, I have the same reaction to the activist news on Bed Bath and Beyond as I do to video of Lawrence Taylor breaking Joe Theisman’s leg … I just can’t watch. Gotta turn away.
Come to think of it, this is kinda my reaction to all financial and political news these days.
Yield curve alert! We have a BLARING SIREN that is FLASHING …
They’re coming to get you, Barbara!
We can be better investors. Not by playing the cards we’re dealt any harder. But by playing the other players at the table a lot smarter.
It’s a new technology applied to an old investment strategy. It’s a new way to think about money flows and investor behaviors.
“It’s a trap!” This and other evergreen memes of Fiat News, yours for the plucking in today’s Zeitgeist.
It’s not impossible for market volatility to spike massively through some deflationary shock to the financial system like a global recession or a China-driven credit crisis or an Italy-driven euro crisis. What’s impossible is TO GET PAID for taking out an insurance policy against volatility spikes from these deflationary shocks.
Jay Powell channels Arthur Burns, a Fed model for congressional budget debates, and a smorgasbord of Boeing bagholder quotes. All in a day’s work for the Zeitgeist!
The Lyft IPO prospectus is out today, so we’re sure to hear plenty of dueling banjos in financial media over the next few weeks and months. It was a fun vacation for Burt Reynolds and the boys at the start of that movie.
Also, more on ESG and other myths in today’s Zeitgeist.
“Oh, little Jimmy is going to 20-Years-Ago-This-Was-A-Second-Rate-University? I hear really good things about that school. Congratulations!”
“Thanks! We’re all very pleased. Everyone except my bank account, that is. Hahaha!”
It’s true, everyone is VERY pleased by the current system. Prestige university credentialing is a steam valve … \whispers\ just like elections.
Uncle Wilbur’s MNPI trades on his personal account may get a pass, but that darn census will be the ruin of him.
Also, announcing VaxDirectClub … the safe and cost-effective way to administer your kids’ immunizations from the convenience of your own home!
TFW a Chinese “social video and online dating specialist” called Momo just isn’t momentum-y enough for you, but the Raccoon tandem of Fox Business and Motley Fool is there to help you out with “even better buys”.
Plus the Stanford shadow economy for profs, the War against Big Everything, and all the Fiat News that’s fit to read.
Where are we in March, 2019? We’re seeing a resurgence in the Narrative and policies associated with a good old fashioned beggar-thy-neighbor currency competition.
Also, here’s our summary of where we think we are in each of the five evergreen macro issues of markets – inflation, central banks, trade and tariffs, US fiscal policy, and the credit cycle.