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:
There are two systems states use to control our data: The Black Mirror version in China, and the western system that is well on its way there. There is another way.
In which a fellow Slummerville old-timer writes in with a Savenor’s update: A dream job has been posted, and is now available. But who can afford a dream anymore? Oh, also I got an email from my mom. Hi, mom!
Coinbase – do they run a prop desk or don’t they run a prop desk? My answer: it’s not a prop desk. No, what they are doing is worse and less fair to clients than a prop desk.
In investing and in life, we are always quick to judge the book by its cover. We’re quicker to judge a book by who wrote it. We’re quickest to judge a book by what shelf it’s on.
In which I discuss that one time I followed Julia Child through a grocery store in the least creepy manner I could manage, and the most delicious white corn I’ve ever enjoyed.
The modern use of stock-based compensation is a confidence game, in the true sense of the word, that would be very familiar to the Music Man (but he doesn’t know the territory!).
Billionaires don’t buy media properties as vanity projects, because they care deeply about them as institutions, or for profit. They buy them because they understand the political and economic power of Fiat News.
Our liberty is our birthright, not granted to us by the State or the Oligarchs. It is not theirs to give. It cannot be taken away. But we can give it away. Don’t.
Everyone has their Lehman war stories. Everyone at least in their 30s, anyway. Here’s one of mine that was particularly formative for Epsilon Theory and our stories about stories.
Hunt’s Law – fake news drives real news out of circulation – is a perversion of Gresham’s Law about currency that applies everywhere today, even to Hunt. Especially when it comes to social media.