Ben Hunt is the CIO at Second Foundation Partners, a consultant for large institutional investors, and the author of Epsilon Theory, a newsletter and website that examines markets through the lenses of game theory, history and nature. Over 100,000 professional investors and allocators across 200 countries read Epsilon Theory for its fresh perspective and novel insights into market dynamics. In prior positions, Ben has managed a billion-dollar hedge fund and served as Chief Strategist for a $13 billion-dollar asset manager. He has a Ph.D. from Harvard University, was a tenured Political Science professor, and has co-founded three technology companies. Ben spends lots of time on a family owned farm, which inspires many original ideas on the parallels between human and animal behavior. Grant Williams has held senior positions at a number of investment banks and brokers in locations as diverse as London, Tokyo, New York, Hong Kong, Sydney and Singapore over his 30-year career. Grant is portfolio and strategy advisor to Vulpes Investment Management in Singapore and also one of the founders of Real Vision Television — an online, on-demand finance channel showcasing the brightest minds in finance. A regular speaker at investment conferences across the globe, Grant blends history and humor with keen financial insight to produce unique presentations which have been enthusiastically received by audiences everywhere.
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Episode 123
Grant Williams & Ben Hunt
Financial Nihilism: Price Discovery in a World Where Nothing Matters | Ben Hunt & Grant Williams
Ben Hunt is the CIO at Second Foundation Partners, a consultant for large institutional investors, and the author of Epsilon Theory, a newsletter and website that examines markets through the lenses of game theory, history and nature. Over 100,000 professional investors and allocators across 200 countries read Epsilon Theory for its fresh perspective and novel insights into market dynamics. In prior positions, Ben has managed a billion-dollar hedge fund and served as Chief Strategist for a $13 billion-dollar asset manager. He has a Ph.D. from Harvard University, was a tenured Political Science professor, and has co-founded three technology companies. Ben spends lots of time on a family owned farm, which inspires many original ideas on the parallels between human and animal behavior. Grant Williams has held senior positions at a number of investment banks and brokers in locations as diverse as London, Tokyo, New York, Hong Kong, Sydney and Singapore over his 30-year career. Grant is portfolio and strategy advisor to Vulpes Investment Management in Singapore and also one of the founders of Real Vision Television — an online, on-demand finance channel showcasing the brightest minds in finance. A regular speaker at investment conferences across the globe, Grant blends history and humor with keen financial insight to produce unique presentations which have been enthusiastically received by audiences everywhere.
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 something Demetri calls “financial nihilism,” a philosophy that 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 Supercast Page. All subscribers also gain access to our overtime feed, which can be easily added to your favorite podcast application.
Ben Hunt is the CIO at Second Foundation Partners, a consultant for large institutional investors, and the author of Epsilon Theory, a newsletter and website that examines markets through the lenses of game theory, history and nature. Over 100,000 professional investors and allocators across 200 countries read Epsilon Theory for its fresh perspective and novel insights into market dynamics. In prior positions, Ben has managed a billion-dollar hedge fund and served as Chief Strategist for a $13 billion-dollar asset manager. He has a Ph.D. from Harvard University, was a tenured Political Science professor, and has co-founded three technology companies. Ben spends lots of time on a family owned farm, which inspires many original ideas on the parallels between human and animal behavior.
Grant Williams has held senior positions at a number of investment banks and brokers in locations as diverse as London, Tokyo, New York, Hong Kong, Sydney and Singapore over his 30-year career. Grant is portfolio and strategy advisor to Vulpes Investment Management in Singapore and also one of the founders of Real Vision Television — an online, on-demand finance channel showcasing the brightest minds in finance. A regular speaker at investment conferences across the globe, Grant blends history and humor with keen financial insight to produce unique presentations which have been enthusiastically received by audiences everywhere.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
