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

It’s 9am on a Sunday, and my wife and I are currently 2 hours and 177 miles behind schedule. We’re sitting in a tire shop, with a screw puncturing the side wall on our front, passenger tire, and wondering why they’re blasting old episodes of “Saved by the Bell” so loudly.
There’s a guy directly across from us busy on his phone. He won’t say anything to us for the entirety of our wait. But there’s another guy coming inside, who just finished a cigarette out front, and now that he’s ready to sip his coffee as he sits down at our immediate left and eyes us up.
“Phillies fans, eh” he says. We both have Phillies hats on. This is not an episode of Sherlock Holmes.
“We are!” my wife politely tells him. I can already tell there’s a story here we’re about to get. My wife can too, we both have that weird thing where people look at us and want to overshare, but she’s not exactly in the mood for that and tries to change the subject quickly with, “What about you – who’s your team.”
“I like the Mets.” “Uh-oh,” my wife adds, jokingly. “Yeah, I just couldn’t ever support a team from Philadelphia, nothing good ever happens to me in that city,” he responds.
“Here we go,” I say to myself. My wife taps my leg to echo my thought. Somewhere above us Zack Morris is sweet talking a character named Stacey, that I can’t quite picture but I’ll swear she’s wearing a leather jacket in this scene, and he’s talking her into participating in the 4th of July Miss Liberty pageant. I somehow remember there’s a voting scandal or something in this episode but… ADHD takes back over and I look at the Mets fan who’s about to tell us a story.
Read more at cultishcreative.com
Do you know Bob Seawright? He’s a brilliant financial writer, sports enthusiast, and cross-generational community builder who writes “The Better Letter” on Substack.
If not, allow me to introduce you. Bob is someone who sees the deep connections between sports, investment philosophy, and human behavior across generations. He’s been a Manchester United fan since before the Premier League existed and coaches his grandchildren while watching games with them every weekend. I wanted to connect with him because he embodies something I value deeply: the ability to find profound wisdom in everyday shared experiences, whether that’s a soccer match or a family gathering.
Our conversation is LIVE now on the Just Press Record YouTube channel (and this Cultish Creative Playlist). Listen and you’ll hear us dive deep into sports as community assets, the psychology of fandom across generations, and why accountability matters more than talent in building lasting success.
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
Before the Flood
We have suffered a devastating flood in Texas.
I believe an even more devastating Flood is to come.
Now we must build an Ark of story. Now we must build an Ark of love.
Crouching Catcher, Hidden Value: The Unprecedented Cal Raleigh
In a ‘solved’ sport like baseball, an outlier comes around every now and then to challenge the order of things.
Shohei Ohtani did this. Cal Raleigh is doing it this season – as a catcher.
The Emperor’s New Prose
Most people can stomach actual cruelty. Feeling as if they are cruel, though?
When stories stop telling us what we need to be true, they break.
Shitholes, Sanctuaries, and Springfield
The present immigration debate is the product of three moments that changed common knowledge: the Shithole, the Sanctuary, and the Springfield Moments.
The False Gods of Our Feeds
New ET contributor Rohan Routroy takes a fascinating look at the role of ‘feeds’ in our lives, and what they’ve taken from us.
The Intentional Investor #32: Bryan Moore
Bryan Moore, host of The Active Advisor Podcast and veteran ETF trader, joins us to share his remarkable journey through trading pits, ETF desks, market crashes, and more — including putting on a trade for the Vatican. In this conversation, Bryan reveals how embracing discomfort, risk, and uncertainty has been the key to his success in markets and life. From the trading floor to intentional investing, you’ll learn how to rethink risk, growth, and your investing mindset.
The Words Behind the War
I want to show you what ‘mobilizing narrative support’ looks like, as measured by our revolutionary Perscient technology and as understood by someone who has spent the past 35 years studying, writing and teaching about this stuff.
How to Build the Perfect City
Epsilon Theory contributor and all-around good human Chris Arnade pauses from walking the world to take a first cut at a grand unified theory of urban planning!
The Intentional Investor #31: Andrew Mack
From bagpipes to bouncing to betting markets, Andrew Mack’s journey to becoming a successful trader and sports bettor is anything but conventional. In this deeply personal and wide-ranging conversation, Andrew opens up about the detours, doubts, and decisions that shaped his unlikely path from rural Canada to algorithmic trading. Along the way, he shares what working in oil fields, selling used cars, and studying sociology taught him about risk, discipline, and finding conviction in uncertainty. This is a story about reinvention, self-reliance, and the grit it takes to build your own edge from scratch.
I Don’t Think About You At All
Mets fans will tell you they live a cursed existence in the Yankees’ shadow. So what happens when their team is actually good? We test this year’s empirical numbers and extant media biases against the convictions of the die-hard, misery-addicted Mets fanbase to see whether they can believe that their narrative just might be changing.
The Four Roads to the Great Ravine (June 26, 2024)
1) US election spurs even greater fiscal deficit.
2) Phony War between Israel and Iran gets real.
3) Preventive war risk between US and China over tech embargo.
4) New GFC risk stemming from shadow banking sector.
Paradise Losers
You’re not a racist.
So don’t let racists use your story to fuel theirs.
Beyond Nudge
LLMs ensure their survival by showing us that we can all find meaning in our lives so long as we keep talking with the LLMs. They ensure their survival by telling each of us not what is true but what we want to be true – what we NEED to be true – at the semantic core of our individual identity, even if what we need to be true is an LLM-dominated dystopia.
And we are so grateful.
How I Learned to Stop Worrying and Love the Deficit
The House passage of the Big Beautiful Bill and Elon Musk stepping back from DOGE is a common knowledge moment — everyone now knows that everyone now knows that the US deficit cannot be controlled, much less reversed, over the remainder of Trump’s term — and it puts us on a pretty straightforward path to a global sovereign debt crisis.
The Intentional Investor #30: Andrew Cohen
In this episode of The Intentional Investor, Matt Zeigler sits down with Andrew Cohen, a former market maker at Bernie Madoff’s firm whose life took a dramatic turn when the largest Ponzi scheme in history unraveled. But this isn’t just a story about scandal—it’s about resilience, reinvention, and redefining success on your own terms.
The Death of Risk
The death of risk happened with a whimper, not a bang. Not because the market blew up, but because of an icy truth: safe havens ain’t safe.
If you don’t trust the meaning of risk-free, you can’t trust the meaning of risk, and we have built everything on the meaning of risk.
The Intentional Investor #29: Kris Abdelmessih
In this captivating episode of The Intentional Investor, Matt Zeigler sits down with Kris Abdelmessih, the mind behind Moontower. From his immigrant family upbringing in New Jersey to becoming a seasoned market maker who covered virtually every trading pit imaginable, Kris shares his fascinating journey through the financial world. Learn how key mentors, family influences, and pivotal life moments shaped his path from trading floors to becoming a respected financial writer.
Our True Enemy Has Yet to Reveal Himself
It’s not the tariffs. It’s not the recession. These are just the catalysts through which the true enemy shows himself.
The true enemy is the over-financialization of the US Treasury market, and its catalyst is the diminishment of the full faith and credit of the United States.
The trading / gambling spectrum
Brent Donnelly surveyed almost 2,000 active traders about work and life. The results are fascinating and Brent’s advice is wonderful!
Locker Room Talk
Who’s to blame when a chosen son is drafted 144th overall?
The spectacle of Shedeur’s fall teaches us lessons on behavior – both public and behind closed doors – in a world where everything leaks.