Ben Hunt Co-Founder and partner at Second Foundation Partners & Author at Epsilon Theory explains how pricing power has evolved in the financial services industry and explains how narratives are formed. This is the first part of a breathtaking conversation between Ben and Phil about how the financial markets are being turned into government utilities right before our eyes. This part of the discussion includes:

• Ben's experience in academia
• Why Phil and Ben were each destined to end up in entrepreneurship
• Being right versus making money for clients
• Anatomy of a short seller
• Being early versus being wrong
• The market not rewarding deep work and the disconnect from intrinsic value
• The transformation of capital markets
• Pricing power: client ownership
• Pricing power: intellectual property
• Pricing power: government collaboration
• The narrative machine