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


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..


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
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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 6 months)
Chief Risk Officer
November 2013 - Present (6 years 6 months)
Epsilon Theory
2013 - Present (7 years 4 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