In this Special Episode of Hidden Forces, Demetri Kofinas releases the overtime segment to Episode 123 with Grant Williams and Ben Hunt. The three discuss the power of authenticity and narrative in an era of fake news and “ponzi people,” what it’s like to build a content business, what they’ve learned doing it, and what drives them to keep going. You can support Demetri and the team at Hidden Forces by becoming a premium subscriber, which gives you access to transcripts, rundowns, and overtime segments, including this week’s special recording with Castle Island Ventures partner Nic Carter. All subscribers gain access to our overtime feed, which can be easily added to your favorite podcast application. Your support is what makes this program possible. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe & Support the Podcast at http://patreon.com/hiddenforces Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
In Episode 123 of Hidden Forces, Demetri Kofinas speaks with two guests who have each made one prior appearance on Hidden Forces: Grant Williams and Ben Hunt. Ben is the founder of the widely read Epsilon Theory, a newsletter and website that’s become popular for its insights and analysis into markets and society with a particular focus on how narrative drives our perception of the world and our place in it. Grant is the long-time publisher of a popular financial newsletter, the host of a phenomenal sports podcast, and the co-founder of Real Vision, a financial media company that offers in-depth video interviews with some of the world's most thoughtful investors. Today’s conversation is broken into two parts, the second hour of which is available to our paid subscribers. In the first part we discuss a philosophy that Demetri calls “market nihilism,” which treats the objects of speculation as though they were intrinsically worthless. We are witnessing price movements characteristic of a raging bull market without the euphoria that typically accompanies them. The rationalization that governments will "fix the mess" and that central banks will "buy the dip" channels a deeper sense of existential meaninglessness. Whether it's the decline of religion, the dismantling of the nation state, or the commodification of the self, something feels lacking. In the second hour, the three continue their discussion about markets but also delve into more personal stories from their lives and careers. Grant shares anecdotes from his experience interviewing some of the most brilliant minds in finance and Ben shares insights from his own creative process and what motivates him. All in all, this is one of the best conversations we’ve ever released. If you are interested in accessing the overtime, transcript, and/or rundown to this week’s episode, you can do that through the Hidden Forces Patreon Page. All subscribers also gain access to our overtime feed, which can be easily added to your favorite podcast application. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe & Support the Podcast at http://patreon.com/hiddenforces Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
In Episode 95 of Hidden Forces, Demetri Kofinas speaks with investor and author of Epsilon Theory, Ben Hunt, about the power of narrative and how it is used to shape and control our behavior as investors. This episode also includes a series of in-depth discussions about the long legacy of the 2008 financial crisis, identitarian narratives, three-body problems, the challenge of making accurate predictions, and ‘The Great Bitcoin Epic.' Ben Hunt’s background and career path have been anything but ordinary. He received his Ph.D. in Political Science from Harvard, co-founded multiple tech companies, and managed his own billion-dollar hedge fund. When he isn’t busy writing about market narratives or indeterminant models, you can find him tending to his horses, gathering a fresh basket of eggs, or engaging in other chores on his family farm in Connecticut. The main themes from Epsilon Theory that we focus on in this conversation include the three-body problem, as well as Ben Hunt’s writings on narrative and the power that comes from shaping how people think about the world. This leads to a variety of discussions about various market phenomena, including a unique, thoughtful, and illuminating conversation on bitcoin – its culture, the narrative of bitcoin, how that narrative emerged, how it has evolved, and how it informs the price of bitcoin. Below are time codes for this episode: 06:45 How Markets Changed After March 2009 10:33 The Story that Changed the World in the Summer of 2012 12:24 No Fundamentals for Markets Anymore 15:54 The Three-Body Problem 27:02 Past Performance is Not Indicative of Future Behavior 32:14 Turning Capital Markets into Political Utilities 34:45 Origins of Fed Communication 39:04 Forward Guidance and the Loss of Market Resilience 40:40 Informational Feedback at the Fed 43:50 Inflation vs. Deflation Narrative 46:26 The Role of Central Banks 49:11 Bear, Lehman, and the Banking Mafia 53:19 Shitcoin US Dollars 58:15 Facebook Libra and Censorship Embracing Coins 1:05:59 The New Bitcoin Narrative 1:08:01 Comparing Development Models for the Internet and Crypto 1:09:16 Culture of Bitcoin: Tech vs. Finance 1:14:13 Loss of Faith in Government Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe & Support the Podcast at http://patreon.com/hiddenforces Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
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