Friday , July 19 2019
Home / Epsilon Theory / The Zeitgeist – 3.20.2019

The Zeitgeist – 3.20.2019

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. Jay Powell is our generation’s Arthur Burns. The only difference is that Nixon did all of his bullying in private, and Burns wouldn’t dream of saying out loud what Powell shouts at every press conference. They’re not even pretending anymore. If only we could make Congress more like the Fed, with a professional mandarin class exercising “constrained

Topics:
Ben Hunt considers the following as important:

This could be interesting, too:

Ben Hunt writes We’re Gonna Need a Bigger Boat

Ben Hunt writes When Did You Stop Beating Your Wife?

Ben Hunt writes The Upside Down

Rusty Guinn writes Raking it in

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 – 3.20.2019

Jay Powell is our generation’s Arthur Burns.

The only difference is that Nixon did all of his bullying in private, and Burns wouldn’t dream of saying out loud what Powell shouts at every press conference.

They’re not even pretending anymore.


The Zeitgeist – 3.20.2019

If only we could make Congress more like the Fed, with a professional mandarin class exercising “constrained discretion”, whatever the hell that means.

Originally posted at the Niskanen Center, which is … disappointing. Classic example of admiring the problem, which is what institutionalized libertarianism has been institutionalized around (and is why I have zero interest in associating with institutionalized libertarianism).


The Zeitgeist – 3.20.2019

So I’m not going to rip this Seeking Alpha guy like I would noted raccoon and Boeing fanboy Kevin O’Leary, who just epitomizes everything that is laughable about financial media today. But I will say this, and hopefully these words wind their way to this guy’s “Dividend Growth Club”:

The absence of short interest in a name you like is NOT a good sign. On the contrary, it is a giant red flag that you have bought into a constructed and highly managed Narrative.

The Zeitgeist – 3.20.2019

The Zeitgeist – 3.20.2019

Dah-dah-dah-dah-dah-dah-dah-dah-dum … or however you’re supposed to represent the Deliverance dueling banjos in Act I. Squealing like a pig comes in Act II.


I’m seeing more and more of these partner relationship stories with back-office service providers like Certent and Carta and the like. Client acquisition costs … the struggle is real.


The Zeitgeist – 3.20.2019

Nah.

The post-hoc rationalization of lottery winners is a staple of sports writing, of course, and SI and ESPN are good places to practice your critical reading skills. And practice you should. Because this sort of inanity is even more prevalent in market writing.


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.

Leave a Reply

Your email address will not be published. Required fields are marked *