If you’re like me, you’ve been put off from digging deeper into DeFi by the terrible signal-to-noise ratio of anything crypto-related on the interwebs. That’s why I found this DeFi primer (using Maker DAO as a specific example) by ET contributor and banking analyst Marc Rubinstein to be so fantastic.
Recent major media stories that feel to us like they’re part of a larger narrative campaign.
Recent major media stories that feel to us like they’re part of a larger narrative campaign.
Recent major media stories that feel to us like they’re part of a larger narrative campaign.
Modeling Common Knowledge by analyzing Missionary statements and their reverberations works. Except when it doesn’t.
What do you get when you give a Raccoon billions of dollars AND invisibility from regulators? Collusion and insider trading.
Most of us are under the impression that a protracted conflict within China will increase national unity. Not this time.
Recent Notes
Speak Now
We no longer have real discussions about critical civic issues in part because we’ve stopped calling things by their proper name. Our lack of nuance causes those conversations to degrade into predictable, exhausting patterns. Let’s figure this out before it’s too late.
The Zeitgeist | 1.31.2019
A big day for the Green New Deal, tax policy old and new, a solution for morale problems at Palantir and a solution for god only knows at Davos.
Uttin’ On the Itz!
Watching Jay Powell’s press conference today, it hit me – THIS HAS ALL HAPPENED BEFORE.
Back in September, 2013 to be precise, when Ben Bernanke told us that QE was not going to roll off as expected, that “data dependent” meant “market dependent”, and the Fed was a prisoner of the White House and Wall Street.
You are here. Again.
The Zeitgeist | 1.30.2019
Today’s Zeitgeist has a bit of private markets, Boeing and Apple, conspiracies and tax avoidance.
Kobayashi Maru
When facing a no-win scenario, sometimes the only rational choice is for our advisers and managers to change the conditions of the test. That doesn’t mean we have to buy what they’re selling.
The Zeitgeist | 1.29.2019
Food and retailing are top of mind (and…bullish?), trade continues to dominate content and commentary, and a hero rides in to protect the Lu Ann Platter.
The Road to Tannu Tuva, Pt. 2
The next stops in our discovery of the process of discovery? A town of 1,282 people and the mind of a German physicist named Arnold Sommerfeld.
You and Me (But Mostly Me)
Like it or not, the 2020 election season has begun. But I’ve got good news for you: someone has The Answer for the political center, and he’d very much like to discuss it with you.
In the News | Week of 1.28.2019
Tech, telecom, pharma and defense report. Plus some…er…highlights, from Davos.
The Zeitgeist | 1.28.2019
Oil falls, gas bounces, banks are buoyed. It’s apparently a weird gravity metaphor grab-bag on a Monday Zeitgeist.
Pricing Power (Pt. 1)
When an inflation regime shifts, the only question that really matters for your investments and your business model is this: do you have pricing power?
Pt. 1 of a three-fer Brief series … why the worst place to be in any services industry is on the product side.
The Zeitgeist | 1.25.2019
Billionaire penthouses, vertical integration in cannabis, non-musical music power, and a shifting tone in tech.
Mailbag!
Time to resurrect an old Epsilon Theory feature and make it a regular thing. Because the ET pack has a voice that’s worth hearing.
The Zeitgeist | 1.24.2019
An American mutual fund gatekeeper does PR for China, DNC gunning for Wall Street, multiple missionaries live from the pulpit in Davos.
The Zeitgeist | 1.23.2019
Talking ourselves into a recession, trusting our employers, and a fine example of government shutdown Fiat News.
The Zeitgeist | 1.22.2019
Welcome back, folks. Today, it’s all about cloud and blockchain, but no cannabis. Also: tech earnings, Trump can’t make a deal, and corporate debt.
In the Trenches: As Good As It Gets
A generation of investors has Paul Volcker to thank for almost 40-years of slowly falling rates. He handed countless baby-boomers a free 100 points of investing IQ, for which most never thanked him. It was as good as it gets.
Schrödinger’s Staredown
The gyre widens again, and if we are not careful, it will force us into positions that require us to deny the basic humanity of our fellow citizens. Reject it.
In the News | Week of 1.21.2019
Another big earnings week across banks, insurance, energy services, staples, transports and other industrials.
What Gang Aft Agley
We asset owners and allocators (rightfully) obsess about alignment, but too often that obsession becomes an outward one, motivated by our rights and entitlements instead of our ultimate best interest.