One Less Vulnerability
Yes, this is a note about oil prices. But more importantly it's a note about all the changes in correlation and transmission to FX that have happened …
Author: Brent Donnelly
Hagakure: The Secret Wisdom of the Samurai
This is the Way.
Not just for the samurai but for the trader.
Fostering Reality in an Unreal World
ET contributor Brent Donnelly captures the spirit and the content of our Epsilon Connect conference better than anything we could have done ourselves.…
Trading is a lot like Poker
With the passing of Doyle Brunson, it's a good day to compare poker to trading.
Dedollarization is Not a Thing
People like to throw around the phrase “gradually, then suddenly” as a witty rejoinder to suggest a dedollarization of the world is a nonlinear pr…
Why the Yankees Sucked in August
"The laws of probability, so true in general, so fallacious in particular."
That was Edward Gibbon in 1774. This is ET contributor Brent Donnelly say…
Before You Fly The Nest: Advice for kids heading to college
ET contributor Brent Donnelly went out and asked some people he respects what advice they would give kids heading off to college. Here's what he found…
How to Succeed as a Sell Side Trader
ET contributor Brent Donnelly has some advice that's ostensibly for sell-side traders, but is actually for everyone in markets. And everyone who isn't…
The Most Important Trading Decision
Trading is hard. Your odds of success are heavily influenced by the seat you choose. Retail trader or bank trader or PM, here are metrics to evaluate …
Money Can Buy Happiness (in variable and diminishing quantities)
What does your money/happiness curve look like? Is it curved or linear? Does it flatline somewhere? If so, where?
There's the game of trading and the…
Winner’s Tilt
The most damaging stories and narratives are not those that others tell us, but those that we tell ourselves.
Quitters
in the spirit of the question we are always asking ourselves at Epsilon Theory - WHY AM I READING THIS NOW? - Brent asks a slightly different question…
That Funny Feeling
The AI censors at YouTube banned a video by ET contributor Brent Donnelly for all the wrong reasons.
Meanwhile, the AI censors at Twitter won't ban a…
Unanchored
ET contributor Brent Donnelly starts up where he left off, with a new launch of AM/FX and a new riff on the classic ET note, "Snip!".
In the immortal…
Notes from Camp Kotok 2021
ET contributor Brent Donnelly with an end-of-summer compilation of the top--of-mind topics at Camp Kotok!
Day-One Advice for New Hedge Fund Portfolio Managers
Over the last 6 months, there's been a mass influx of new hedge fund PMs, many from bank trading seats leaving for greener (?) pastures. I've been in …
I’m Trying To Understand Hedonic Adjustments
A Honda Accord cost $12,000 in 1990 and it costs $25,000 now.
A Mustang was $9,000 and now it’s $27,000.
The BLS has new car prices close to unc…
Bitcoin Market Profile
ET contributor Brent Donnelly gives a crash course in Market Profile analysis and applies it to Bitcoin since the Coinbase IPO.
A Conversation with Howard Marks
ET contributor Brent Donnelly talks with Howard Marks about why traditional value investing is likely permanently impaired as a strategy and why Growt…
Off Wall Street and Off-Off Wall Street
Everything you always wanted to know about r/Wallstreetbets and Gamestop*
*but were afraid to ask