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Self Assured Destruction

Epsilon Theory PDF Download (paid subscription required): Self Assured Destruction In the 1960s, our Cold War strategy evolved into Mutual Assured Destruction, a dangerous but stable relationship with the Soviet Union. In 2020, our Covid-19 War strategy devolved into Self Assured Destruction, a dangerous and utterly unstable relationship with the SARS-CoV-2 virus. As the story goes, a few weeks after JFK was inaugurated in January 1961, his new Secretary of...

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The PPP Narrative for Asset Managers

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 Hertz Story Isn’t What You Think

To receive a free full-text email of The Zeitgeist whenever we publish to the website, please sign up here. You’ll get two or three of these emails every week, and your email will not be shared with anyone. Ever. Carl Icahn, sharing a laugh U.S. car rental company Hertz Global Holdings (HTZ.N) said on Tuesday it has paid about $16.2 million in retention bonuses to a range of key executives at the director level and above, days after the company filed for bankruptcy...

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A New Gilded Age

Source: Library of CongressHistory never repeats itself, but the Kaleidoscopic combinations of the pictured present often seem to be constructed out of the broken fragments of antique legends.The Gilded Age: A Tale of To-Day, by Mark Twain (1874) Winston Churchill has probably since eclipsed him in this regard, but for decades Mark Twain was the person to whom you attributed a quotation if you didn’t know who said it. That whole bit he did about history rhyming but not...

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Children of Men

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 End of the Beginning

“Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.” Winston Churchill I have not written much since the coronavirus outbreak blew up. Not because I’m not thinking about things. But I simply haven’t had much to say. I have no unique perspective to add regarding epidemiology or public health policy. Sometimes the best thing to do is simply hang back and reflect. This post contains some thoughts on where we’ve been, and...

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No Free Lunches

Alesso, Heroes (We Could Be), 2014 The Heroes Act. Is it a bill or lyrics from a song by Alesso? [Ed. note: I always knew Pete was hipper than me, but embarrassed to say I had never heard of a non-Bowie musical reference to heroes. So you can imagine my relief when I read that this Alesso guy added David Bowie and Brian Eno to the songwriting credits for Heroes (We Could Be) in 2015, telling the Daily Star, “I just didn’t want to get sued. They aren’t similar, but we...

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A Truth That’s Told With Bad Intent

Epsilon Theory PDF Download (paid subscription required): A Truth That’s Told With Bad Intent A truth that’s told with bad intentBeats all the lies you can invent.William Blake (1757 – 1827) That’s Isaac Newton in William Blake’s painting, one of the major villains in Blake’s philosophy. Why? Because Newton was a modeler, a proponent of Science with a capital S, the most repressive force in the modern age. I think Blake was absolutely right. Our narratives of...

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Hateful Memes and Election Season

To receive a free full-text email of The Zeitgeist whenever we publish to the website, please sign up here. You’ll get two or three of these emails every week, and your email will not be shared with anyone. Ever. As the core COVID-19 narrative shifts from the mixture of human and economic tolls that dominated news over the past few weeks to the coverage of lockdown relaxation across the United States, we are starting to observe other topics and language creeping back into the...

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Everything You Always Wanted to Know About CDS … But Were Afraid to Ask

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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