New Home 21

Reinventing the Financial System

By Marc Rubinstein | June 15, 2021 | 4 Comments

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.

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Second Chance

From the ET Forum ...

They made a deal! IATSE was able to reach an agreement with studios and networks just 24 hours before the strike would have gone into effect. Now the deal must be sent to IATSE members for approval. If the majority of IATSE members don’t vote in favor of ratification, the strike is back on. While IATSE was able to get better pay across the board and better working conditions, a lot of members feel it’s not enough.

Meanwhile. A strike did happen somewhere else. At John Deere, more than 10,000 employees walked out of 14 facilities. This is an active strike that’s been going on for over a week now. And I haven’t heard much about it. I’ve heard a lot about the IATSE negotiations from friends, trade journals, and main news coverage. And that was about a potential strike. I’m finding out about an actual strike a week after it started.

John Deere didn’t have missionaries to bring their strike to the public’s attention. IATSE had celebrities like Jane Fonda and Seth Rogen posting in favor of the negotiations. They used the full power of Hollywood to get mass attention. I know what the IATSE strike would involve. I know who would be affected, what they want, and what the ramifications would be. All this with very little effort on my part. I didn’t have to seek out much information and when I did there were dozens of media sources covering it. The John Deere workers don’t have that luxury.

Without a proper Missionary they are waiting for people to notice. And the only people who are, are people already affected by the strike. Most news outlets aren’t covering the story or aren’t giving it the same weight and attention IATSE got weeks before they entered negotiations. Without a face to put on the story, it just doesn’t get the same attention.

— Harper Hunt | October 21, 2021|

3 Strikes They’re Out

From the ET Forum ...

If you hadn’t heard about the potential IATSE strike allow me to catch you up to speed. IATSE is the much needed abbreviation for the International Alliance of Theatrical Stage Employees. They’re the thousands of people who make movies and television. All those names in the credits, that’s them.

And they’ve had enough. The crew works horrible hours with no breaks. Imagine your call time to work was 6am. But you have to wake up at 4am to get there in time and set up. Then work continues non stop until 9pm. Go home, get some sleep, and do it all again the next day. That’s not counting overtime. And the pay is not worth it.

Now the IATSE is ready to strike. They’re looking for a few things. One is better pay that accurately reflects the work done for streaming services. Technically shows produced for streaming services like Hulu and Netflix don’t count as a series and workers don’t get the higher pay that entails. So Stranger Things and The Handmaiden’s Tale are TV enough to win Emmys, but not to pay their crew.

IATSE is in the sixth day of talks with the Alliance of Motion Picture and Television Producers right now. They hope to come to a resolution, but they also have picket signs ready. And if the strike does happen, Hollywood is in trouble.

Remember how all the movies and shows from 2008 were super delayed, short, and just really bad? That’s because of the writers strike. Now imagine if it’s not just the writers. It’s the lighting tech. The cinematographer. The grip. The boom mic guy. If they go on strike Hollywood is shut down.

The IATSE expects to reach an agreement within days. But just in case, don’t hold your breath for Season 2 of Emily in Paris.

— Harper Hunt | October 12, 2021|

Coming Soon to CBS

From the ET Forum ...

The Activist is an upcoming reality show that really shouldn’t have made it past the “there are no bad ideas” stage of development. It’s the most tone deaf, disconnected concept I’ve ever seen.

The basic idea is that the show will feature six activists from around the world and follow them as they “compete in missions, media stunts, digital campaigns and community events”. Think Shark Tank meets The Apprentice. Contestants will be judged on how much social media engagement they receive, and the grand prize is an opportunity to attend the G20 Summit in Rome.

Yeah.

Contestants will be judged not by quality of their work but by the quality of their Instagram captions.

The show and its marketing campaign present this very shallow idea of supporting activism and getting them mainstream attention. But the show isn’t prepared to follow through on helping create change. The prize isn’t money or manpower. It’s a chance to beg powerful people to pretend to care.

At its core, this show is not about activism and social change. It’s about social media attention. Just look at the judges! Usher, Priyanka Chopra Jonas, and Julianne Hough have no experience in activism aside from Instagram posts and speaking at charity events. They’re not leaders of change. They’re mid-level celebrities who wouldn’t be out of place judging The Masked Singer.

The show has been justly lambasted on social media as literally everyone has a problem with the premise. It’s been called “performance activism personified” and it is. It’s encouraging participants and viewers to see activism not as something meant to enact change, but a way to get attention. It sets a standard that successful activism isn’t making change, it’s getting likes and views. It ignores the small, boring, and thankless work that is done on a grassroots level. The work we need to see more of.

We don’t need more beautiful people talking about how they use metal straws to save the sea turtles. We need more people who are willing to do the work. This show isn’t doing anything to help anyone and I, for one, will not be watching.

— Harper Hunt | September 16, 2021|

The Widened Gyre

From the ET Forum …

Yesterday, the 20th anniversary of 9/11, I read and heard several mainstream references to “the Widening Gyre”. It makes sense that yesterday would spur that sort of Narrative connection, as the juxtaposition of the political images and texts from then and now is breathtaking. It’s amazing (and obvious), how polarized we’ve become over the past two decades.

But at this point – where the Widening Gyre is not happening but has already occurred – I think what we’re seeing is the Widened Gyre, where everything is autotuned to the poles of the gyre, including references to the Widening Gyre itself!

Case in point, on Twitter I am now routinely criticized for “contributing” to the Widening Gyre if I don’t engage in perfunctory political whataboutism on any topic that has a political dimension … which is to say ALL topics.

What is the Widened Gyre?

Yesterday, the most recent former president of the United States gave a paid speech to Moonies and then made a paid appearance at a sham boxing match where 58-year-old Evander Holyfield was knocked out in 90 seconds.

On 9/11.

And it will change no one’s politically polarized views. Not his supporters. Not his detractors. No one.

The Widened Gyre is a VERY stable equilibrium.

— Ben Hunt | September 12, 2021|

Oh, a Rhinoceros

A video made the rounds on various social media platforms last night and this morning. By now you have probably seen it. A young man presents his case for a mask policy to the school board in Rutherford County, Tennessee. He recalls the death of his grandmother by COVID and begins to express fear that this could happen to other people he cares about.

And that’s where most cuts of the video end. You see, the young man’s speech was interrupted by the shouting and snickering of adults behind him. Adults holding ‘Let our kids smile’ signs.

Source: Rutherford County (TN) Board of Education

Elsewhere on the internet, there is a very similar – and very different – trend emerging. It is a simple Meme. You find someone who dies of COVID or asks for prayer or good thoughts after having downplayed the virus, the vaccine or masks only weeks or days before. Then you juxtapose their statements for internet points. If you’re in a particularly virulent version of this community, maybe you even post something vile on their family’s announcement of the person’s passing on Facebook. This is NOT cherry-picking. There are entire social media sub-communities and hashtags devoted to these memes.

We have written several times about the imagery of Ionesco’s landmark play Rhinoceros. I’m abridging rather thoroughly here, but the main conceit of the play is that the humans gradually change into rhinoceroses. But the shock of the story isn’t the devastation the beasts cause, rampaging about town. The shock is that, at some point, we are no longer shocked. We see the family, friend, neighbor or colleague we once knew and and say simply, “Oh, a rhinoceros.”

Many of us today will shrug and say, “Oh, a rhinocerous” to adults laughing and jeering at a child discussing his grandmother’s death. The Real Issue, you see, is that the child made a statement about the role of masks with inadequate information to justify his claim, and that might unduly influence local policy.

Many of us today will shrug and say, “Oh, a rhinoceros” to those who barge in on a family grieving the loss of someone they shared their entire lives and dreams with. The Real Issue, you see, is the good we can do by making an example of how wrong they were about COVID.

Maybe it’s time to remind ourselves that it isn’t normal for humans to transform into rhinoceroses.

Maybe it’s time to wrap up a little bit less of our individual and collective identity in Being Right About COVID.

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Why Am I Reading This Now? 07.15.24

Recent major media stories that feel to us like they’re part of a larger narrativ‌e campaign.



Why Am I Reading This Now? 07.08.24

Recent major media stories that feel to us like they’re part of a larger narrativ‌e campaign.



Recent Notes

The Intentional Investor #9: Ryan Krueger

By Harper Hunt | July 23, 2024

In this episode of the Intentional Investor, Matt Zeigler speaks with Ryan Krueger, founder of Freedom Day Solutions. Ryan shares his journey from working at a baseball card shop as a child to becoming a successful financial professional. He discusses his philosophy on investing, which focuses on transparency, partnership with clients, and a unique approach to retirement planning called “Freedom Day.” Ryan emphasizes the importance of trust, ethical practices, and long-term commitment in his business. He also touches on personal values, such as the influence of his family, his desire to make a positive impact, and his goal of continuing to work and grow rather than retire. Throughout the interview, Ryan’s passion for helping others achieve financial freedom and peace of mind is evident, as is his dedication to building lasting relationships with his clients and team.

Human Being in the Age of AI

By Harper Hunt | July 18, 2024

The human animal is a social animal, in the truest sense of the words, more similar in our essence to ants, bees and termites than to any other creature. And like any social animal, we are pushed by our very nature towards The Hive, a meaning for our species where consciousness is outsourced, autonomy is abdicated, and discovery is denatured. In his keynote presentation at Epsilon Connect 2024, Ben Hunt shows how the technological push towards The Hive has never been stronger than here at the dawn of the Age of AI, but also how we can use those same tools of language, memory and story to reclaim our human society, our human dominion, and our human being.

Breaking News #25: The Trump Assassination Attempt and Our Plunge Into the Great Ravine

By Harper Hunt | July 17, 2024

In this episode if Breaking News, we discuss the recent assassination attempt on former President Trump and explore its implications within the context of “The Great Ravine” – our term for the current period of political strife and violence. We analyze how media, technology, and politics intersect to shape public narratives, often transforming sadness into anger directed at opponents. We examine the rationality behind this behavior in closed political systems and discuss the challenges of maintaining critical distance. We also discuss the event’s impact on the 2024 election and explore themes of nourishment and healing through an analysis of the TV show “The Bear.”

This is the Great Ravine

By Ben Hunt | July 13, 2024

Our mediated cultural transition from sadness to generalized anger to focused anger at specific people and institutions of the Other Party is an entirely intentional effort by Big Politics, Big Tech and Big Media.

This is the Great Ravine, and it’s all going to get much worse before it gets any better.

The Intentional Investor #8: Wes Gray

By Harper Hunt | July 9, 2024

in this episode, Matt Zeigler speaks with with Wes Gray, founder of Alpha Architect and ETF Architect. Wes shares his fascinating journey from growing up on a ranch to pursuing a PhD in finance at the University of Chicago, serving in the Marine Corps, and eventually building successful businesses in quantitative investing and ETF infrastructure. He discusses key moments that shaped his career, including early experiences with investing, his time in academia and the military, and how he identified opportunities in the ETF space. Wes provides insights into his entrepreneurial approach, the importance of community and collaboration in investing, and how his businesses have evolved over time. The conversation covers a wide range of topics including quantitative investing strategies, ETF structures, and Wes’s philosophy on building innovative financial businesses while maintaining a focus on family and work-life balance.

Breaking News #24: The Debate That Changed Everything | Joe Biden’s Common Knowledge Moment

By Harper Hunt | July 3, 2024

In this episode of Breaking News we look at the impact of the presidential debate and the role it played in changing the common knowledge about President Biden’s fitness for office. We explore the concept of common knowledge and illustrate how public perception shifts when everyone knows that everyone else knows something. We discuss the implications for the 2024 election, the role of media in shaping these narratives, and the potential fallout within the Democratic Party. Intertwining serious political analysis with lighter anecdotes, including a story about the Beastie Boys’ early days, we emphasize the importance of community and shared understanding in navigating these turbulent times. Join us as we break down what’s making us tick with Clear Eyes and Full Hearts.

Joe Biden and the Common Knowledge Game

By Ben Hunt | July 1, 2024

Common knowledge is what everyone knows that everyone knows.

Common knowledge is why the 2024 Biden/Harris campaign has collapsed.

All that remains is the cope.

The Intentional Investor #7: Rusty Guinn

By Harper Hunt | June 25, 2024

In this episode, Matt Zeigler talks with Epsilon Theory co-founder Rusty Guinn. Rusty shares his life journey, from growing up in rural Texas to working on Wall Street and eventually co-founding Second Foundation Partners. He discusses his experiences in finance, including roles in investment banking, private equity, and asset management. Rusty reflects on the lessons learned throughout his career, emphasizing the importance of humility, earnestness, and agency. He also talks about his decision to move to a farm in Connecticut, where he now balances his work in finance with homeschooling his children and running an apple orchard. Throughout the conversation, Rusty provides insights into the investment industry, personal growth, and the search for meaningful work and life balance.

The ETF Innovation Black Hole

By Dave Nadig | June 24, 2024

Welcome to regulatory stagnation: ETF Industry style.

Innovation is still happening inside the four walls of the established ETF ecosystem. But the structure itself?

Late-Stage.

Breaking News #23: Biden’s Losing Narrative Strategy

By Harper Hunt | June 20, 2024

In this episode of Breaking News, we examine the current state of the 2024 US presidential election and how it is playing out in the narrative world. We explore the recent Trump trial and its minimal impact on public opinion, as well as growing concerns about President Biden’s age and fitness for office. We then shift to reflections on our recent Epsilon Connect conference about being human in an age of AI, highlighting the importance of maintaining humanity and ethics in our use of technology. We also delve into the troubling state of higher education in America, particularly the exorbitant costs and increasing commercialization of college athletics.

The Intentional Investor #6: Daniel Crosby

By Harper Hunt | June 11, 2024

In this episode of The Intentional Investor, we sit down with Daniel Crosby, a clinical psychologist turned behavioral finance expert and author of the upcoming book “The Soul of Wealth.” We explore Daniel’s fascinating journey from punk rock bassist to leading voice in the world of investing psychology, discussing the importance of setting healthy boundaries, letting life’s phases run their course, and the art of translating complex ideas into actionable insights. Join us as we dive into the power of narrative, the process of learning and unlearning, and the gift of being present in life’s heaviest moments, all while uncovering the parallels between Daniel’s work and our own mission to help people navigate the intersection of investing and life.

The Intentional Investor #5: Perth Tolle

By Harper Hunt | May 28, 2024

In this episode of The Intentional Investor, host Matt Zeigler interviews Perth Tolle, founder of the Freedom Index and Life + Liberty Indexes. Perth shares her remarkable journey from growing up in China to launching a freedom-weighted emerging markets ETF strategy, which recently celebrated its 5th anniversary. She discusses her experiences with personal and economic freedom, the importance of objective data in the investment process, and the challenges she faced in bringing her vision to life.

Breaking News #22: Israel, Meme Stocks and the Rising Risks Across the Globe

By Harper Hunt | May 23, 2024

Risks are rising on a variety of fronts across the world. And market players are positioning themselves to profit before they are realized. In this episode of Breaking News, we take a tour of some of the major issues we face in the current challenging environment. We discuss the peculiar announcement by Ireland, Norway, and Spain recognizing the Palestinian state, the potential for total war in the Middle East, Rick Rieder’s suggestion for interest rate cuts and the return of Roaring Kitty and the GameStop saga. We also cover President Biden’s questionable housing proposal, and the lessons we can learn from Conan O’Brien’s appearance on the YouTube show Hot Ones.

When You Destroy the Tools of Creativity

By Kyla Scanlon | May 14, 2024

We are in an age of tremendous uncertainty. Trust has evaporated. But agency, the individual expression of trust, has evaporated, too. 

Before we can rebuild trust in institutions, we have to start by rebuilding agency in ourselves. 

The Intentional Investor #4: Bogumil Baranowski

By Harper Hunt | May 14, 2024

In this episode of The Intentional Investor, host Matt Zeigler is joined by Bogumil Baranowski to discuss the power of investing with a multi-generational mindset. Baranowski shares his personal journey from growing up in communist Poland to discovering the transformative potential of free market economies and property rights. We also discuss the importance of viewing wealth as a tree that can be planted, nurtured, and enjoyed by future generations and explore the value of community, education, and personal experiences in shaping one’s perspective on investing and life.

How To Win At Story: Conan’s Hot Ones Masterclass

By Matt Zeigler | May 9, 2024

Please, let’s have a laugh at Conan on Hot Ones, but let’s also think this out together:

How do you win at story?

I’ve got 10 rules to try and help. And, using plenty of examples from the show, let’s see if we can’t get just a little bit better at the stories we tell ourselves too.  

Breaking News #21: Donald Trump and the Story the Media Isn’t Telling

By Harper Hunt | May 9, 2024

In this episode of Breaking News, we explore a range of topics, from the lack of media coverage surrounding the billions of dollars funneled to Donald Trump through his social media company, to the pervasiveness of gambling and speculation in our society. We discuss the embedded wage-price inflationary environment and its potential impact on our fragile, optimized systems. Additionally, we delve into the creative process behind Kelly Clarkson’s hit song “Since U Been Gone” and how it relates to the construction of pop stars, media stories, and political narratives.

The Story that Changes The World

By Tom_Morgan | May 1, 2024

The ‘monomyth’ or Hero’s Journey isn’t just a script for movies. It’s also the script of our society and our individual lives.

If we let it.

The Intentional Investor #3: Howard Lindzon

By Harper Hunt | April 30, 2024

In this episode of The Intentional Investor, host Matt Ziegler interviews Howard Lindzon, the founder and CEO of StockTwits. Lindzon shares his journey from aspiring comedian to stockbroker, entrepreneur, and investor, highlighting the importance of mentorship, tight networks, and adaptability in the ever-changing landscape of business and technology. The conversation covers Lindzon’s early investments in companies like Robinhood and eToro, the evolution of social media platforms like Twitter and YouTube, and the lessons he’s learned from navigating bull and bear markets.

Fidelity Reminds ETF Industry It Doesn’t Have To Care

By Dave Nadig | April 25, 2024

Free is a good price. It’s how we got Fortnite, and Radio, and a terrible internet. People hate paying for things.

That’s what Fidelity was counting on when they decided to make a stink about 9 ETF issuers not signing their revenue sharing deal.

And they’ll win. They always win.