Ben Hunt (@epsilontheory) earned a PhD in Government from Harvard in 1991. He was a research academic for a decade before founding two technology companies. He then worked in investment management for a decade, before starting a content community at www.epsilontheory.com in 2013. Epsilon Theory quickly found a large audience of over 100,000 email subscribers. For the past several years, Epsilon Theory has been a vibrant, paywalled content community.

We discuss three primary topics in this podcast. In the first 50 minutes, we discuss Ben's recent long piece on Fed policy, "NGMI". Ben makes it clear that his stance on risk assets has mostly changed from one of bullishness to one of bearishness, based on his view that there has been a sustained change in the Fed narrative. We then move on to discuss Ben's long piece on cryptocurrency, "The MacGuffin, Part 1". We end with fifteen minutes on the current state of the paid content space (Ben surprised me by being bearish on Substack and the micropayments model).