Ben Hunt

Ben Hunt

Co-Founder and CIO

 @EpsilonTheory

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:

Catch – 22

By Ben Hunt | January 12, 2015 | 0 Comments

Four times during the first six days they were assembled and briefed and then sent back. Once, they took off and were flying in formation…

The Clash of Civilizations

By Ben Hunt | December 29, 2014 | 0 Comments

Thomas Cole, “The Course of Empire: Destruction” (1836) In the emerging world of ethnic conflict and civilizational clash, Western belief in the universality of Western…

Now There’s Something You Don’t See Every Day, Chauncey

By Ben Hunt | December 16, 2014 | 0 Comments

Narrator: Well, today we find our heroes flying along smoothly… Rocket J. Squirrel: Flying along smoothly? Bullwinkle J. Moose: You’re just looking at the picture…

Narrative Uber Alles

By Ben Hunt | December 11, 2014 | 0 Comments

Yesterday the Wall Street Journal ran a front page story titled “OPEC Sees Less Demand for Its Oil in 2015”, as well as another article…

We Now Return to Our Regularly Scheduled Programming

By Ben Hunt | December 5, 2014 | 0 Comments

Hilsenrath Analysis: Friday’s Jobs Report Assures Global Central Banks Going in Two Directions ― Wall Street Journal, December 5th, 9:59a ET Earlier today I tweeted that “I…

Signs and Portents

By Ben Hunt | December 1, 2014 | 0 Comments

Young nanny: Look at me, Damien! It’s all for you.   [she jumps off a roof, hanging herself]  – “The Omen” (1976)   When one has…

The Unbearable Over-Determination of Oil

By Ben Hunt | November 24, 2014 | 0 Comments

Market outcomes are always overdetermined, which is a $10 word that means if you added up all of the likely causes and their likely percentage contribution to the outcome you would get a number way above 100%.

Nowhere is this more true than the price of oil.

Mike Tyson: Master Game Theorist

By Ben Hunt | November 6, 2014 | 0 Comments

Everyone has a plan until they get hit in the mouth. – Mike Tyson My long-term strategy turned into a 12-hour strategy. – “Survivor” contestant…

Wherefore Art Thou, Marcus Welby?

By Ben Hunt | October 30, 2014 | 0 Comments

Seek not the favor of the multitude; it is seldom got by honest and lawful means. But seek the testimony of few; and number not…

Calvin the Super Genius

By Ben Hunt | October 14, 2014 | 0 Comments

People think it must be fun to be a super genius, but they don’t realize how hard it is to put up with all the…