We're Hiring!

Second Foundation Partners is looking to hire for three new positions!

Please check out Careers at Epsilon Theory for more details, and please distribute the link to anyone you think might be interested!

New Home Top 5

The Four Horsemen of the Great Ravine, Part 1

By Ben Hunt | 17 Comments

Every so often, things fall apart.

In the words of those who lived it, here are the vibes and the semantic signatures of the twentieth century’s most devastating social collapses.

From the meaning in their words, wisdom for our future emerges.

Why Am I Reading This Now? 01.13.24

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



Why Am I Reading This Now? 01.06.24

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



Why Am I Reading This Now? 12.30.24

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



Why Am I Reading This Now? 12.23.24

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



Why Am I Reading This Now? 12.16.24

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



This is an exclusive subscriber-only preview of the first six chapters of Rusty Guinn’s upcoming book Outsourcing Consciousness: How Social Networks are Making Us Lose Our Minds. The book explores how evolution, polarization, and technology are slowly transforming humanity into a hive mind - and what we can and can't do about it.

The Long Now is everything we pull into the present from our future selves and our children. We are told that the economic stimulus and the political fear of the Long Now are costless, when in fact they cost us … everything.
Tick-tock.

Men of God in the City of Man is a nine part series about a Narrative virus that infected the charismatic and Pentecostal churches in the United States. It isn't a story about Christian Nationalism. It isn't a story about January 6th. It isn't a story about why people voted for Trump. It is a story about a story. It is a story about the language that created a self-sustaining movement defined by its unwavering belief in a fundamentally corrupt electoral system.

Amid the Widening Gyre of politics and the black hole of financial markets, the only anchor is us, together, walking with Clear Eyes and Full Hearts. Experience Ben's original 4-part series.

Recent Notes

No Country for Old Men

By Ben Hunt | June 12, 2020

We all know someone who is in urgent-but-not-emergency need of some medical procedure that can’t be scheduled while Covid-19 is storming the hospital ramparts.

I’m one of them.

Misfortune vs. Carelessness

By Ben Hunt | June 9, 2020

What’s happening with the Bureau of Labor Statistics with recent employment data reports is an intentional, political carelessness that supports status quo cartoons of control.

It’s not a Democrat thing and it’s not a Republican thing.

It’s a power thing.

Never Forget

By Ben Hunt | June 4, 2020

Since June 4th 1989, the Chinese government has tried to erase any record of the Tiananmen Square massacre from history.

Can a Tiananmen Square massacre happen in the United States? I doubt it.

Can a Tiananmen Square rewriting of history happen in the United States? Absolutely. It already is.

No Accident

By Rusty Guinn | June 3, 2020

Our bi-modal political environment doesn’t just impact our politics. It shapes our social and cultural narratives and channels our responses to every event.

Yet Americans are large. They contain multitudes. And they can reject the political archetypes into which narratives seek to channel them. If this is to be our finest hour, then they must.

Office Hours – 6.2.2020

By Rusty Guinn | June 2, 2020

In this Office Hours, Ben and Rusty discuss all things pandemic recovery, markets and the narratives of protests surrounding the death of George Floyd.

Self Assured Destruction

By Ben Hunt | May 30, 2020

Our leaders have botched the Covid-19 war, and we are defenseless against a now endemic disease.

15,000 to 20,000 Americans officially sick. 500 to 1,000 Americans officially dead.

Every day.

The free world does not easily survive a globally endemic Covid-19.

The Hertz Story Isn’t What You Think

By Ben Hunt | May 27, 2020

The Hertz bankruptcy is not a story of financialization by an entrenched, self-dealing management team.

It’s a story of financialization by an entrenched, self-dealing minority ownership.

A New Gilded Age

By Rusty Guinn | May 24, 2020

A Gilded Age isn’t an age of prosperity. It is an age of the narrative of prosperity, and narratives of prosperity are always top-down political narratives.

There is but one way to tear down top-down political narratives: action.

A Truth That’s Told With Bad Intent

By Ben Hunt | May 14, 2020

A truth that’s told with bad intent
Beats all the lies you can invent.
– William Blake

Our narratives of COVID-19 are all lies.

They are lies of a particular sort, political narratives that have a nugget of truth within them, but are told with bad intent. They are told this way because it works. Because the nugget of truth hides a deeper, unpleasant truth. And a Big Lie.

Hateful Memes and Election Season

By Rusty Guinn | May 13, 2020

There’s light at the end of the pandemic tunnel, and there’s light at the end of the pandemic narrative tunnel. No, on second thought I think that’s an oncoming train called “election season.”

American Idol

By Ben Hunt | May 6, 2020

Take away a great performer’s live audience, and you take away their source of narrative power.

That’s true for American Idol. That’s true for Warren Buffett.

It’s also true for Donald Trump.

Too Connected to Fail

By Rusty Guinn | May 4, 2020

We have written that one of the major social changes occurring at present is the transformation of capital markets into public utilities.

The COVID-19 pandemic and policy response have accelerated that transformation. It is now the water in which we swim.

Office Hours – 4.28.2020

By Rusty Guinn | April 28, 2020

Join us this afternoon for the Pandemic Edition of Office Hours! As usual, we start promptly, so if you don’t have video within a short…

That Old Canard

By Rusty Guinn | April 27, 2020

We are now in the Flooz.com phase of the “how is COVID-19 going to change the world forever” process. Be careful out there.

Bear Stearns and the Narratives of Systemic Risk

By Ben Hunt | April 23, 2020

The systemic risk question you need to ask yourself today is the same question you needed to ask in 2008.

What is the micro-level truth of the potential real-world shock, and does that micro-level truth threaten the Common Knowledge surrounding a levered business model and securitized asset class of enormous size?

Through No Fault of Their Own

By Ben Hunt | April 20, 2020

I, for one, am delighted to learn of the “Through No Fault of Their Own” exemption to stock market risk.

One day, and soon, there will be a reckoning. Time to choose a side.

One for the Road

By Rusty Guinn | April 18, 2020

There was no greater sin between 2009 and 2020 than enduring a ‘constant drag on returns’. This is the Meme of Yay, Efficiency!, and it permeates every layer of our economy and markets.

Inception

By Ben Hunt | April 14, 2020

We’re going to change the world, you know … you and me. We’re going to create points of failure for the system of sociopathic oligarchy AT SCALE.

First the People

By Rusty Guinn | April 14, 2020

This is not a chronicle of errors and mistakes made during COVID-19.

This is the story about the inevitable, simultaneous failure of each of the institutions designed to operate in our interest.

It is the story of how we respond to fragility with resilience.

Our Finest Hour

By Ben Hunt | April 2, 2020

There is no country in the world that mobilizes for war more effectively than the United States. And I know you won’t believe me, but I tell you it is true:

This will be #OurFinestHour.