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The Zeitgeist – 3.18.2019

Summary:
Every morning, we run the Narrative Machine on the past 24 hours worth of financial media to find the most on-narrative (i.e. interconnected and central) stories in financial media. It’s not a list of best articles or articles we think are most interesting … often far from it. But for whatever reason these are articles that are representative of some sort of chord that has been struck in Narrative-world. Epsilon Theory’s unpopular opinion: ESG is not a thing. Whatever word you use to call ESG a thing … “sector” (like this author), “asset class”, “factor”, whatever … you’re reifying a narrative. You’re making a narrative reflection of a bull market into a thing. Doesn’t mean that thing doesn’t have investable legs. Doesn’t mean that you can’t build a niche advisory

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Every morning, we run the Narrative Machine on the past 24 hours worth of financial media to find the most on-narrative (i.e. interconnected and central) stories in financial media. It’s not a list of best articles or articles we think are most interesting … often far from it.

But for whatever reason these are articles that are representative of some sort of chord that has been struck in Narrative-world.


The Zeitgeist – 3.18.2019

Epsilon Theory’s unpopular opinion: ESG is not a thing.

Whatever word you use to call ESG a thing … “sector” (like this author), “asset class”, “factor”, whatever … you’re reifying a narrative. You’re making a narrative reflection of a bull market into a thing. Doesn’t mean that thing doesn’t have investable legs. Doesn’t mean that you can’t build a niche advisory business around it. Hell, look at EM. But there’s no there there. Sorry.

Also, a note on investment process (because I can’t help myself). The only words with informational content in this note are “I believe”. Once that’s stated, it is impossible for Buy recommendations NOT to exist. Which means that this is an investment tautology, not an investment process.


The Zeitgeist – 3.18.2019

The sizzle here is Chatham’s ownership of The National Enquirer, but otherwise it’s a story of an old-school hedge fund. And to think I still get grief from people when I say that the only source of alpha is private information. I suppose these are people who have never traded a bond.


The Zeitgeist – 3.18.2019

Unlike ESG, however, usury IS a thing. JFC.


The Zeitgeist – 3.18.2019

It’s pure inside baseball stuff, but I’m always fascinated by the teams of strange bedfellows that emerge around competing IPOs. Cue the dueling banjos from Deliverance.

It was a fun vacation for Burt Reynolds and the boys at the start of that movie.


The Zeitgeist – 3.18.2019

The caption to this article photo reads, and I swear to god I am not making this up:

If you enjoy gardening, consider working part-time at a nursery a few years before leaving your job.

What is this “retirement” thing that people keep talking about? Does it still exist? I don’t think it does.


About Ben Hunt
Ben Hunt
He is the chief investment strategist at Salient, a $14 billion asset manager based in Houston and San Francisco, and the author of Epsilon Theory, a newsletter and website that examines markets through the lenses of game theory and history. Over 100,000 professional investors and allocators read Epsilon Theory for its fresh perspective into market dynamics.

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