Friday , October 22 2021
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When Narrative Takes Flight

We have been writing about the Widening Gyre for years more than five years now. In 2016, we wrote about the transition we observed within our national politics from a coordination game to a competition game. In more familiar terms, we argued that our politics were rapidly careening toward the bad equilibrium of a Prisoners’ Dilemma, where everyone knows that everyone knows the only way to survive is to defect against the other participant(s). To rat them out, in the terms of the...

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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...

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No Time to Die: China Banks Edition

Marc Rubinstein has over 25 years experience as an analyst and investor in the financials sector which he distills into a weekly newsletter, Net Interest, which I think is a really great read! Between 2006 and 2016 he was senior analyst and portfolio manager on the Lansdowne Global Financials Fund, a fundamental long/short equity fund focused exclusively on the global financials sector. Prior to that, Marc was an Institutional Investor ranked analyst on the sell-side, most recently at...

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How Lucky You Are To Be Alive Right Now

ET friend and contributor David Salem is back! Here with his Constitution Day address at Middlebury College, David makes the rich tradition of academic speeches richer still, with nods to the Founders and Vitalik Buterin alike. You can contact David at [email protected] and on Twitter at @dsaleminvestor. As with all of our guest contributors, David’s post may not represent the views of Epsilon Theory or Second Foundation Partners, and should not be construed as advice to...

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Big Change in the Narrative Weather

DISCLOSURES This commentary is being provided to you as general information only and should not be taken as investment advice. The opinions expressed in these materials represent the personal views of the author(s). It is not investment research or a research recommendation, as it does not constitute substantive research or analysis. Any action that you take as a result of information contained in this document is ultimately your responsibility. Epsilon Theory will not accept liability...

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The Uncontained Spark

President Snow: Seneca… why do you think we have a winner? Seneca Crane: [frowns] What do you mean? President Snow: I mean, why do we have a winner? I mean, if we just wanted to intimidate the districts, why not round up twenty-four of them at random and execute them all at once? Be a lot faster. [Seneca just stares, confused] President Snow: Hope. Seneca Crane: Hope? President Snow: Hope. It is the only thing stronger than fear. A little hope is effective. A...

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The Unbearable Lightness of Corporate Margins

DISCLOSURES This commentary is being provided to you as general information only and should not be taken as investment advice. The opinions expressed in these materials represent the personal views of the author(s). It is not investment research or a research recommendation, as it does not constitute substantive research or analysis. Any action that you take as a result of information contained in this document is ultimately your responsibility. Epsilon Theory will not accept liability...

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Zeroism and the Allocator Status Quo

Matthew “Eddy” Edwards is, in his own words, “a former allocator, 2x emerging manager, news junkie, and Twitter doomscroller”, and Rusty and I are delighted to post his thoughtful note here on Epsilon Theory! You can reach Eddy at [email protected] or on Twitter @eddyfication. As with all of our guest contributors, Eddy’s post may not represent the views of Epsilon Theory or Second Foundation Partners, and should not be construed as advice to purchase or sell any security. Milton...

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Why Take A Chance?

DISCLOSURES This commentary is being provided to you as general information only and should not be taken as investment advice. The opinions expressed in these materials represent the personal views of the author(s). It is not investment research or a research recommendation, as it does not constitute substantive research or analysis. Any action that you take as a result of information contained in this document is ultimately your responsibility. Epsilon Theory will not accept liability...

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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...

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