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Mailbag: Life in Trumpland

Posted on March 6, 2017

The best part about this job, other than being recognized in random bars by 50-year old financial advisors who are always good to buy me a drink (hey, you take your celebrity where you can), is the correspondence with readers. I began writing Epsilon Theory 3+ years ago from a pretty dark place, and it’s […]

You Can Either Surf, or You Can Fight

Posted on January 14, 2016

Kilgore: Smell that? You smell that? Lance: What? Kilgore: Napalm, son.  Nothing else in the world smells like that. – Apocalypse Now (1979) Hello, hello, hello, how low? [x3] – Nirvana, Smells Like Teen Spirit (1991) Outside the bus the smell of sulfur hit Bond with sickening force.  It was a horrible smell, from somewhere down in the stomach of […]

The China Narrative That Really Matters

Posted on January 7, 2016

I’m a China bull, let’s get that out of the way first. But like anything connected with the global industrial and commodity complex today, from Emerging Markets to MLPs to oil prices, it doesn’t matter what the Truth with a capital T might be regarding the real world economic or business fundamentals. The story is […]

When the Story Breaks

Posted on August 25, 2015

The Three Types of Fear: The Gross-out: the sight of a severed head tumbling down a flight of stairs. It’s when the lights go out and something green and slimy splatters against your arm. The Horror: the unnatural, spiders the size of bears, the dead waking up and walking around. It’s when the lights go […]

Actually Maybe Not So Excellent

Posted on August 11, 2015

Everything under heaven is in chaos; the situation is excellent. ― Mao Zedong (1893 – 1976) A quick email on China’s currency devaluation last night. The news itself is big enough, but it’s the Narrative that’s developing around the devaluation that has my risk antennae quivering like crazy. What do I mean? I mean that […]

Going Gray

Posted on October 1, 2014

Everything under the sun is in chaos. The situation is excellent. – Mao Zedong (1893 – 1976) Forget it, Jake. It’s Chinatown. – Chinatown (1974) Language is conceived in sin and science is its redemption. – W.V.O. Quine (1908 – 2000) I am, as I am; whether hideous, or handsome, depends upon who is made […]