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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

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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.
Central Banks: A Cycle Of Addiction
Two of the world’s major central banks – namely the Bank of Japan (BOJ) and the European Central Bank (ECB) – have created what is akin to a cycle of addiction to negative interest rates.
The Return Of The Rotation Missionaries
We think a rotation trade is being promoted by market missionaries, which is not exactly the same thing as the rotation actually happening, and neither of which is necessarily the same thing as trading on that observation being a good idea.
Yeah, It’s Still Water
Financialization is profit margin growth without labor productivity growth.
The Emerging Market Zeitgeist Is Broken
It’s not just the Argentina narrative that’s broken. It’s not just the IMF narrative that’s broken. It’s the entire EM Zeitgeist that’s broken.
The Right Price Of Money
The spike in demand for overnight and short-term financing is a direct result of real economic actors trying to figure out what it means when interest rates are a symbolic communication to markets rather than a real world clearing price of money..
I’ve Got A Secret
Index funds and any other passive investment vehicles are really important, excellent things for investors. I get that. I am not railing against their existence. But you cannot separate the Always. Be. Buying. impulse from index vehicles.
Riding The Bitcoin Cyclone
The rollercoaster nature of Bitcoin is a feature, not a bug.
Amazon's Pirate Bay
The New York Times has accused Amazon of becoming a literal "Pirate's Bay," as it has become proliferated with counterfeit books for sale on it's platform. Yet the company makes millions off the sale of these knockoffs.
That Time I Bought Blockbuster Debt
The worst investment I ever made in my hedge fund – and by worst investment I mean by an order of magnitude – was buying Blockbuster junior debt.
After All, We Are Not Communists
The market is the biggest puzzle there ever was. That’s why I can’t stay away.
The Epsilon Strategy
Marc Benioff gets it. Jim Cramer gets it. They have figured out the game. Why can’t we?
Fiat World
We live in a world of Fiat Currencies, where central banks add a zero or two or three to reserve balances as part of some sort of magical spell to spur inflation or control inflation or create growth or whatever they’re trying to do.
They’re Not Even Pretending Anymore
In 1971, Richard Nixon had a problem. The US economy was pretty strong and the Fed wanted to tighten. But Nixon had an election to win in 18 months, and he needed loose monetary policy to do that.
Pricing Power
There are three forms of pricing power that often go unnoticed, but are very powerful as the great economic pendulum swings from deflation, falling rates and a wealth creation zeitgeist to inflation, rising rates and a wealth distribution zeitgeist.
In The Trenches: As Good As It Gets
The stability caused by a decade of central bank financial suppression has led to the unintended consequence of creating a more fragile global financial system… one more vulnerable to shocks.
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