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.

Do you know Dr. Preston Cherry? He’s the founder and president of Concurrent, author of “Wealth in the Key of Life,” and someone who brings the psychology behind every financial decision into sharp focus.
If not, allow me to introduce you. He’s a master at helping people understand the emotional and psychological drivers behind their money choices, combining behavioral finance with practical wealth-building strategies. I wanted to connect with him because he embodies something I value deeply: the courage to look in the mirror and do the honest self-work that leads to real transformation.
Our conversation is LIVE now on the Just Press Record YouTube channel (and this Cultish Creative Playlist). Listen and you’ll hear him break down the psychology of fear, rejection, and why most people need permission when they should be giving themselves courage.
Read more at cultishcreative.com
Everyone has an ego that needs feeding. That’s not controversial – that’s human nature. What’s controversial is admitting we should learn to work with it instead of pretending it doesn’t exist.
I sort of want to blame Ryan Holiday for telling us that ego is an enemy. I mostly want to blame Megadeth for putting that idea in his head.* I know the truth is more nuanced, and I think about this stuff a lot.
Ego comes from the Latin “I” – effectively meaning, your core sense of self. Freud made it weird from there. But the sense of self and identity refers to a basic self-awareness, not any form of arrogance.
Here’s a universal truth, i.e. it’s true whether you bombed 7th grade Latin or successfully avoided it: Everyone has an ego that needs feeding, a sense of self-awareness that requires finding, and an arrogance-line worth learning to exist above.
When Dr. Preston Cherry casually tossed out this Martin Luther King Jr. quote on Just Press Record, it pushed that idea into my mind, big time.
Dr. King said… everybody has an ego… It’s how you feed that ego, you know, how do you use that ego to do, to do life’s works for the greater good?
Preston Cherry, Just Press Record on Cultish Creative YouTube
Read more at cultishcreative.com
Every day you live a little, and every day you die a little.
Art happens in the balance of this science.
The moment came as he watched one $20 payment at a time show up via direct payments in PayPal, for an instrumental album (French Blends) that he otherwise couldn’t put out on a label, but he very much could self release on Bandcamp.
Even on Tuesdays – when, almost nothing feels artful, if I’m being honest.
It’s what you do with the excess in either direction, aka the net-living versus the net-dying – as only Bukowski could put it,
Art is a day by day game of living and dying and if you live a little more than you die you are going to continue to create some pretty fair stuff, but if you die a little more than you live, you know the answer.
Charles Bukowski, Letter to Ann Bauman, June 20th, 1962 (via Screams from the Balcony: Selected Letters 1960-1970, edited by Seamus Cooney)
Read more at cultishcreative.com
After 25 years in the music industry, making beats for some of hip-hop’s biggest names, Alchemist was burning out. Maybe even burned out. But then he discovered a formula from – of all places – Nine Inch Nails’ Trent Reznor that changed everything for him.
After all those years of chasing bigger features, bigger budgets, bigger everythings. After being inspired by Jim Jones verses for “crazy money.” After four different versions of the same song that went four ways to nowhere. Trent Reznor breaks through to him on a video.
The moment came as he watched one $20 payment at a time show up via direct payments in PayPal, for an instrumental album (French Blends) that he otherwise couldn’t put out on a label, but he very much could self release on Bandcamp.
Up that point, he had always been a record industry guy. He had only done distribution the old way, because he was succeeding that way, but at the prompting of some friends he tried something new and – it blew his mind. Instead of writing, recording, sending it off and then waiting forever to maybe get paid, this was immediate. One day you’re finished, the next day it’s in the fans’ hands, and the money is in your bank account.
I want my mind blown too. Don’t you?
Read more at cultishcreative.com
In 1996, Philly scenesters The Roots, put out a video for “What They Do,” to help promote their less live-band feeling third (official) record, Illadelph Halflife. The sheer contradictions in 1996 are hard to remember, let alone explain if you weren’t living it, but the song – it’s like being early on a market-timing call or something.
They wanted to declare, “Hey, we do it differently and that’s cooler than you realize” with a parody type video. Given how different the group was, it wasn’t a punch down in any way, I thought it was a great joke whenever I first saw it too, but – the rest of the world didn’t quite see it that way.
You should probably watch the video before we get too far into this. You have to see it because of the sarcastic subtitles especially, calling out every mid-90s rap video cliché, by putting “Rented for the day” over mansion shots, “It’s really ginger ale” over champagne pours, etc. Like I said before, to suburban punk rock me, this was AWESOME.
However, as The Roots would soon find out, sometimes, when you draw a line in the sand, it can create a situation for something else to blow up in your face.
Read more at cultishcreative.com

Do you know Dr. Preston Cherry? He’s the founder and president of Concurrent, author of “Wealth in the Key of Life,” and someone who brings the psychology behind every financial decision into sharp focus.
If not, allow me to introduce you. He’s a master at helping people understand the emotional and psychological drivers behind their money choices, combining behavioral finance with practical wealth-building strategies. I wanted to connect with him because he embodies something I value deeply: the courage to look in the mirror and do the honest self-work that leads to real transformation.
Our conversation is LIVE now on the Just Press Record YouTube channel (and this Cultish Creative Playlist). Listen and you’ll hear him break down the psychology of fear, rejection, and why most people need permission when they should be giving themselves courage.
Read more at cultishcreative.com
Everyone has an ego that needs feeding. That’s not controversial – that’s human nature. What’s controversial is admitting we should learn to work with it instead of pretending it doesn’t exist.
I sort of want to blame Ryan Holiday for telling us that ego is an enemy. I mostly want to blame Megadeth for putting that idea in his head.* I know the truth is more nuanced, and I think about this stuff a lot.
Ego comes from the Latin “I” – effectively meaning, your core sense of self. Freud made it weird from there. But the sense of self and identity refers to a basic self-awareness, not any form of arrogance.
Here’s a universal truth, i.e. it’s true whether you bombed 7th grade Latin or successfully avoided it: Everyone has an ego that needs feeding, a sense of self-awareness that requires finding, and an arrogance-line worth learning to exist above.
When Dr. Preston Cherry casually tossed out this Martin Luther King Jr. quote on Just Press Record, it pushed that idea into my mind, big time.
Dr. King said… everybody has an ego… It’s how you feed that ego, you know, how do you use that ego to do, to do life’s works for the greater good?
Preston Cherry, Just Press Record on Cultish Creative YouTube
Read more at cultishcreative.com
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
Goldilocks and the Dog That Didn’t Bark
Det. Gregory: Is there any other point to which you would wish to draw my attention? Holmes: To the curious incident of the dog in…
Oh Stewardess, I Speak Jive
Instead of a long-form note this Sunday, I thought I’d write a briefer note in advance of this Friday’s jobs report. I’ll be back next…
Yen Strengthens Below 102
There was a clear short-term narrative developed in the financial media last week creating a focal point at 102 in the Yen/USD exchange rate. The…
The Play’s the Thing
There has to be a middle ground between being a Cynic and a Fool, some way of playing the game without losing one’s soul. Recognizing that all of us human animals, including me and including you, are playing multiple multi-level games … well, that seems like a good start to me.
Flatland
To lose one parent, Mr. Worthing, may be regarded as a misfortune; to lose both looks like carelessness. – Oscar Wilde, “The Importance of Being…
American Bandstand
Well, Dick, it’s got a good beat and you can dance to it. – standard response to Dick Clark’s “how do you rate this song”…
Parasite Rex
The most effective alpha-generating strategies are, technically speaking, parasites. I say this with love and admiration.
Adaptive Investing: What’s Your Market DNA?
In 1837 on page 36 of his so-called “B” notebook, Charles Darwin wrote the words “I think” followed by the first depiction of an evolutionary tree.
The rest, as they say, is history,
The Construction of Robert Capa
I went to the Democratic Convention as a journalist, and returned as a cold-blooded revolutionary. – Hunter S. Thompson Some people will say that words…
Whatever It Takes
A few observations on what to look for in the language of the FOMC announcement tomorrow from a game theoretic perspective. Ever since Mario Draghi…
The Stuka
The Fed is now playing the Common Knowledge game openly and directly, making public statements through their media intermediaries to tell you how ALL market…
A Dogmatic Slumber
FREEDOM IS SLAVERY IGNORANCE IS STRENGTH WAR IS PEACE. – George Orwell, “1984” SECRETS ARE LIES SHARING IS CARING PRIVACY IS THEFT. – Dave Eggers, “The Circle”…
The 18th Brumaire of Janet Yellen
One of the more painful lessons in investing is that the prudent investor (or ‘value investor’ if you prefer) almost invariably must forego plenty of…
When E.F. Hutton Talks
If you like your health plan, you can keep your health plan. – Barack Obama Of course, one objective of both traditional and nontraditional policy…
The Wages of Fear
You don’t know what fear is. But you’ll see. It’s catching, it’s catching like small pox! And once you get it, it’s for life! So…
Poindexter Über Alles
Recent papers written by Fed functionaries and the attendant media attention serve as a reminder of the academic and bureaucratic capture of the Fed. More…
A Game of Sentiment
PDF Download (Paid Membership Required): http://www.epsilontheory.com/download/15830/ I know. You know I know. I know you know I know. We know Henry knows, and Henry knows…
Render Unto Caesar
There are two sides to the Epsilon Theory coin — looking at market-shaping current events through the lens of game theory and history, and looking…
What Were Once Vices Are Now Habits
The central banks of the West announced today that their temporary swap lines would be made permanent. Like QE itself, the meaning of this emergency…
The Koan of Donald Rumsfeld
There are known knowns; there are things we know we know.We also know there are known unknowns; that is to say, we know there are…