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


Monetary Policy Is Non-Linear
Monetary policy is not just non-linear in its relationship to inflation. Monetary policy is also non-linear in its impact on society.
The Most Important Sector In The Universe
The total value of the Chinese property sector stands at $60 trillion – twice the size of the US residential market and bigger even than the entire US bond market. The Chinese property market is probably the largest asset class globally.
Hollow Men, Hollow Markets, Hollow World
Through monetary and fiscal policies that have pulled forward future growth and productivity into the present, leaders have stolen wealth and prosperity from our children and our children’s children.
They’re Not Sending Their Best
Regardless of the cause, higher gasoline prices are effectively a regressive tax on the American consumer, which means that it’s bad for our economic growth and bad for a wide swath of households.
What Is Robinhood?
Last June, I wrote a piece in Net Interest called The Stock Market as Entertainment. It explored the explosion in retail trading activity and suggested that one cause for renewed interest in the stock market was the cancellation of sport.
I’m So Tired Of The Transitory Inflation “Debate”
For the past six months or so, the Federal Reserve and US Treasury have made a concerted and highly intentional effort to shake their collective finger at us and tell us how to think about inflation.


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 Ultra FTSE Europe
USDU WisdomTree Bloomberg USD Bullish ETF Fund
UUP PowerShares DB US Dollar Index Bullish Fund
Load More



Latest Posts
How It Started. How It’s Going.
Politics and the NBA have a lot more in common than you might think...
The Welding Shut Of The American Mind
Ruth Bader Ginsburg and Antonin Scalia weren’t just friends. They were good friends. Two intellectual giants and enormous egos who came to vastly different conclusions on almost every political and legal flashpoint of the past 100 years.
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.

Work Experience

Chief Investment Strategist
October 2016 - Present (6 years 2 months)
Chief Risk Officer
November 2013 - Present (9 years 1 month)
Epsilon Theory
2013 - Present (9 years 11 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