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I’m Not Predicting, I’m Observing

By Ben Hunt | March 2, 2017 | 0 Comments
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telling me over whatever Goldman Sachs and Morgan Stanley and the rest of our sell-side friends is pitching me. I’m not predicting. I’m observing. PDF Download (Paid Subscription Required): http://www.epsilontheory.com/download/16154/…

Clever Hans

By Ben Hunt | October 26, 2017 | 0 Comments
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State-directed “choice architecture” improves public policy outcomes by influencing our behavior through clever framing techniques. So if you want more organ donors, you require an opt-out choice rather than an…

Pecking Order

By Ben Hunt | November 29, 2017 | 0 Comments
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Go on, try the eggs. They’re delicious. And higher stock prices will boost consumer wealth and help increase confidence, which can also spur spending. Increased spending will lead to higher…

Good Job!

By Ben Hunt | March 1, 2018 | 0 Comments
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am doing a Good Job because my performance demonstrates convexity.” The concept of convexity is at the heart of Performance Above Replacement. Convexity? Woof … that’s a ten-dollar word if…

The Narrative Giveth and The Narrative Taketh Away

By Ben Hunt | April 10, 2018 | 0 Comments
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above. This is a prototypical “complacent” narrative network, where a substantial percentage of articles are unclustered, and the clusters that exist are distant from each other, tenuously connected, and on…

The Many Moods of Macro

By Rusty Guinn | May 9, 2018 | 0 Comments
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Macro funds, you will see this in models which — from a variety of econometric inputs — ended up with a consistent preference for higher carry currencies, especially certain emerging…

Don’t Fear the Reaper

By Ben Hunt | February 23, 2014 | 0 Comments
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the macroeconomic “machine”, which at any given point in time reflects what other people call a “regime”…some combination of inflation and growth characteristics within a context of debt cyclicality to…

The Play’s the Thing

By Ben Hunt | February 2, 2014 | 0 Comments
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XKCD.com/904/ The larger meaning of the statements made on CNBC has absolutely nothing to do with specific investment advice or news. CNBC really could not care less about the actual…

Through the Looking Glass, or … This is the Red Pill

By Ben Hunt | June 16, 2013 | 1 Comment
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is more commonly called decision-making – is not chaotic or illogical or counterproductive. On the contrary, it’s the finely honed product of millions of years of biological evolution and hundreds…

Amazon, Facebook and the Modern Trust [the ET Zeitgeist]

By Ben Hunt | May 28, 2019 | 3 Comments
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perspective of intellectual property. https://www.epsilontheory.com/pricing-power-pt-2-intellectual-property/ But also to date, Facebook has been really terrible at understanding narrative power from the perspective of government and the regulatory State. https://www.epsilontheory.com/pricing-power-pt-3-government-collaboration/ Now Amazon…

I’ve Got a Secret

By Ben Hunt | September 6, 2019 | 8 Comments
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in price), Non-Risk (cash, Cds, T-bills, etc), and Anti-Risk (go up when risk/stocks go down…shorts, carry trade currencies, etc) assets. Client memories are short, forgetting their being down 15% in…

Cursed Knowledge #13: Subverting Censorship

By Harper Hunt | September 20, 2022 | 8 Comments
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age of censorship. The Hays Code and the censorship office had more influence on the film industry than any actor, director, or producer ever could. They had full control over…

Sam Bankman-Fried and the FTX/Alameda Fraud (ET Pro edition)

By Ben Hunt | December 12, 2022 | 0 Comments
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FTX/Alameda complex. Check out The MacGuffin, Part 2: The Story Arc of SBF and FTX for the basics of this thesis. Mr. Bankman-Fried, last week Anthony Scaramucci said that as…

Every Shot Must Have a Purpose

By Demonetized | July 10, 2019 | 12 Comments
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trades to capture diversified risk premia when it is concentration which moves the needle? Some of it is certainly “commit to the shot”. “This is our diversification/concentration strategy, we’re sticking…

Guest Post – A Conservative’s Take on The Pack

By Ben Hunt | October 23, 2019 | 17 Comments
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society’s success is instead the degree of corruption versus rule of law. Kleptocratic oligarchies deteriorate, regardless of the economic and political systems they work within. Kleptocratic oligarchical capitalist democracies deteriorate….

Fostering Reality in an Unreal World

By Brent Donnelly | July 5, 2023 | 1 Comment
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tried to offer some highlights, not a conclusive recap. My first action following the conference is to commit to a complete rejection of culture wars and mainstream media. I don’t…

Imagine That.

By Ben Hunt | October 7, 2019 | 6 Comments
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local library to be the perfect place to start. https://www.epsilontheory.com/things-fall-apart-part-3-politics/ Make. Protect. Teach. It’s a reframing of our political lives, without the … you know … politics. https://www.epsilontheory.com/the-long-now-pt-2-make-protect-teach/ Imagine that….

American Hustle

By Ben Hunt | November 17, 2016 | 0 Comments
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trade pie and domestic political imperatives that accelerate that decline rather than reverse it. Competitive monetary policy is the Borg. First it swallows up currencies, because that’s what currencies are…

Essence of Decision

By Ben Hunt | September 16, 2016 | 0 Comments
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others into their orbit. It’s always really tough to predict one equilibrium over another as the outcome in a multi-equilibrium game, because the decision-making dynamic is solely driven by characteristics…

The Narrative Machine

By Ben Hunt | August 17, 2016 | 0 Comments
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“reality” (all of those economic fundamentals and if-then statements of the Economic Machine) into actual human behaviors and actual investment outcomes takes place within a larger Machine of strategic communication…