Let’s try something new, shall we? I just released a podcast episode worth sharing, so here it is. I haven’t uploaded an episode directly to substack before, so let me know if the format is good and if you want to receive these. My goal is to send these substacks only when they are worth your time, so if you ever think of these as email clutter let me know and I’ll cut back accordingly.
That said, I do think this is worth your time. Ben Hunt joins for his fourth time to talk about narratives and markets. A few episode highlights:
We talk about Financial Nihilism, which you can read about here and I covered a bit here. I pointed out that the expectations for asset accumulation as compared to salaries mean that asset owners are rewarded for simply owning more so than labor is for working, so it makes sense for young people to go for broke - Ben mostly agreed but suggested that maybe that too is just a narrative.
Ben has a PhD from Harvard and was a tenured professor at NYU, so his thoughts on the decay of the American university institution holds more weight than mine. We talked about how these institutions are failing, but ultimately, Ben reminded me that we don’t see the 99.9% of university activity that is doing good work above the fray.
Ben explained how Bitcoin was co-opted by Wall Street and is now just another table game in the Wall Street Casino.
We revisited the transformation of capital markets into political utilities, discussed extensively in earlier episodes.
Hope you enjoy this episode. If you enjoy it, check out the earlier episodes from this series, I’ll post the spotify links below. These are perhaps the best podcasts I’ve produced.
You can read more from Ben at epsilontheory.com. Thank you to Jon Vokal and Hannah Boissonneault for production and editing.
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