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:

The Adaptive Genius of Rigged Markets

By Ben Hunt | April 20, 2014 | 0 Comments

Same as it ever was, same as it ever was, same as it ever was, same as it ever was – Talking Heads, “Once in…

Beta Earthquake

By Ben Hunt | April 13, 2014 | 0 Comments

One of the things I like to keep my eye on when I’m puzzling out what’s going on in the market are the specific company…

The King is Dead. Long Live the King.

By Ben Hunt | April 7, 2014 | 0 Comments

Le roi est mort, vive le roi! – French proclamation as coffin of old king is placed into burial vault of Saint Denis Basilica. The…

Hollow Men, Hollow Markets, Hollow World

By Ben Hunt | March 30, 2014 | 0 Comments

Apocalypse Now (1979), based on “Heart of Darkness” by Joseph Conrad Kurtz:  Did they say why, Willard, why they want to terminate my command? Willard:…

Two Shifting Narratives

By Ben Hunt | March 24, 2014 | 0 Comments

Two brief observations on incipient shifts in powerful Narratives … First, China. The pleasant charade that recent currency intervention was nothing more than an effort…

Surely You Can’t Be Serious

By Ben Hunt | March 20, 2014 | 0 Comments

The Secret of life is honesty and fair dealing. If you can fake that you’ve got it made. These are my principles, and if you…

Panopticon

By Ben Hunt | March 16, 2014 | 0 Comments

The Panopticon: a new mode of obtaining power of mind over mind, in a quantity hitherto without example. – Jeremy Bentham

But the guilty person is only one of the targets of punishment. For punishment is directed above all at others, at all the potentially guilty. – Michel Foucault

Rosebud

By Ben Hunt | March 9, 2014 | 0 Comments

Question: Mr. President, a clarification if I may. The people who were blocking the Ukrainian Army units in Crimea were wearing uniforms that strongly resembled…

Two Quick Points

By Ben Hunt | March 6, 2014 | 0 Comments

Two quick Epsilon Theory points before the jobs report tomorrow. First, remember the Goldilocks Narrative of the post-Great Recession Era…slow growth keeps the Fed in play, so…

The Power of Why, Exhibit 4,512 in a Continuing Series

By Ben Hunt | February 28, 2014 | 0 Comments

No man is an Iland, intire of it selfe; Every man is a peece of the Continent, a part of the maine; If a Clod…