Chief Investment Strategist
Contributor's Links: Salient Epsilon Theory

Ben Hunt is the chief investment strategist at Salient 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 across 180 countries read Epsilon Theory for its fresh ... more


Misfortune Vs. Carelessness
Back in 2013, I wrote about how unemployment data was chronically misreported during Barack Obama’s first term, with an outrageous bias towards making the employment news flow in the United States look much better in narrative than it was in fact.
The Hertz Story Isn’t What You Think
The Hertz bankruptcy is not a story of entrenched, self-dealing management. Nope, if anything management is getting bad here, and the $16 million in retention bonuses – spread over 340 employees – is on the way, way low end for what I’d expect.
A Truth That’s Told With Bad Intent
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.
EC Bear Stearns And The Narratives Of Systemic Risk
In May 2007, Bear Stearns – one of the crown jewels of Wall Street – traded at nearly $160 per share. The S&P 500 peaked in October 2007. Five months later, in March 2008, Bear Stearns was taken out in the street and shot in the head by regulators.
Through No Fault Of Their Own
Meanwhile, back at the ranch, the Big 4 airlines will be accessing tens of billions of dollars in cash grants and easy 10-year loans, all explicitly designed to support entrenched management and equity shareholders.
Do The Right Thing On The Airline Bailouts
I’m angry that,when we have people dying left and right in this country, I have to write a note about the airline industry and how to structure the bail-out of United, Delta, American and Southwest. And Boeing.


ADRU BLDRS Europe 100 ADR Index Fund
CYB WisdomTree Dreyfus Chinese Yuan Fund
DBEU Deutsche X-trackers MSCI Europe Hdgd Eq
DBEZ Deutsche X-trackers MSCI EMU Hedged Eq
DBUK Deutsche X-trackers UK Hedged Equity ETF
DEZU iShares Adaptive Ccy Hdgd MSCI Euroz ETF
DIA SPDR Dow Jones Industrial Average
DXPS WisdomTree UK Hedged ETF
EEA The European Equity Fund Inc.
EPV UltraShort MSCI Europe ProShares
EURL Direxion Daily FTSE Europe Bull 3x Shares ETF
EWU iShares MSCI United Kingdom Index Fund
EZU iShares MSCI EMU Index Fund
FEP First Trust Europe AlphaDEX ETF
FEU SPDR DJ Stoxx 50
FEUZ First Trust Eurozone AlphaDex ETF
FEZ SPDR DJ Euro Stoxx 50
FIEE UBS AG FI Enhanced Europe 50 ETN
FKU FstTr ET AlDx2 Shs First Trust United Kingdom AlphaDEX Fund
FXB CurrencyShares British Pound Sterling Trust
GBBEF iPath GBP/USD Exchange Rate ETN
HEDJ WisdomTree Europe Hedged Equity ETF
HEWU iShares Currency Hedged UK ETF
HEZU iShares Currency Hedged MSCI EMU ETF
HFXE IQ 50 Percent Hedged FTSE Europe ETF
HGEU ProShares Hedged FTSE Europe
IEV iShares Europe
IWM iShares Russell 2000 Index Fund
QQQ PowerShares QQQ Trust Series 1
RFEU First Trust RiverFront Dynamic Eurp ETF
RINF ProShares Inflation Expectations ETF
UDN PowerShares DB US Dollar Index Bearish Fund
UPV ProShares Trust
USDU WisdomTree Bloomberg USD Bullish ETF Fund
UUP PowerShares DB US Dollar Index Bullish Fund
Load More



Latest Posts
Coronavirus: Don’t Test, Don’t Tell
I received a Twitter DM that included screenshots of an email that went out to staff at the UC Davis Medical Center. After checking for authenticity, I posted the screenshots in a tweet of my own. And that’s when it blew up...
An Experiment
There is a chart I’ve been thinking about a lot lately, and I want to tell you about it.
Normalize This
I feel like the Billy Crystal character in Analyze This all the time. T
Mailbag: By Our Own Petard
Sometimes we get enough good responses to a note from pack-members that we think it’s worth publishing them on their own.
Narrative Means Never Having To Say You’re Sorry
If we want to see more clearly through narrative abstractions, well, we can’t eliminate our sensitivity to those stubborn memes, but there are more lessons here for us as citizens and investors.
The ANDs Of Asylum
Increasingly rare are pieces which demonstrate high connectivity in narrative structure not because of their adherence to a particular common narrative, but because they connect otherwise disparate language with their own familiar language.
Fellow Contrarians Unite!
My views are different from those of the (relatively) tiny universe of investors I talk to. My views are different from the straw man of “consensus” I built.
Going Gray
For whatever reason these are articles that are representative of some sort of chord that has been struck in Narrative-world.

Work Experience

Chief Investment Strategist
October 2016 - Present (3 years 10 months)
Chief Risk Officer
November 2013 - Present (6 years 10 months)
Epsilon Theory
2013 - Present (7 years 8 months)
Portfolio Manager
TIG Procella Fund
March 2012 - May 2013 (1 year 3 months)
Co-Portfolio Manager
Iridian Asset Management
January 2006 - December 2011 (6 years)


Harvard University
Ph.D., Political Science and Government
1986 / 1991
Vanderbilt University
B.A. Political Science and Government/Computer Science
1982 / 1986