Ben Hunt of Epsilon Theory on Turning Layups into Losses, UK Pension Problems, Building Community & Much More (EP.225)

My good friend Ben Hunt is here for the fourth time on Panic with Friends. He’s my go-to macro guy, and one of the smartest people to talk about the market with. And if I were going to do a show with any two people, like the All In podcast, it’d be Ben and Jim O’Shaughnessy for sure. 

Ben has been dead on with so many topics, and we’ve got a ton of topics to talk about in this episode. I wanted to talk about the FED, inflation, and what would turn him bullish. I wanted to get some pointers on the global macro and the SPAC market, to include thoughts on Fat Nixon. I wanted to talk about Robinhood and Citadel, and I want him to chime in on Apple having a monopoly.

I also wanted to get Ben’s thoughts about monetary policy as it relates to the UK pension debacle. I think you're going to get a lot out of our conversation. Enjoy!

Guest - Ben Hunt, Co-Founder and Partner at Second Foundation Partners, Author and Co-Founder at Epsilon Theory 

howardlindzon.com, epsilontheory.com 

Twitter: @howardlindzon, @epsilontheory, @knutjensen 

linkedin.com/in/bhunt 

#fintech #invest #investment #venturecapital #stockmarket #finance 

Show Notes:

Introduction (00:40)

Welcome Ben (06:40)

The best thing about getting older (10:17)

Turning a layup into a loss (12:40)

Lessons from Goodfellas (14:28)

Who’s in the PIPE? (18:49)

Finance raccoons (20:11)

UK pension crisis (22:53)

Interest rates repriced globally (23:33)

Pension funds can’t make margin calls (29:59)

FED creates liquidity crises (31:43)

Overexposed to 15 years of low rates (34:35)

What the blockchain brings (35:16)

Loosening the yoke of Amazon, Apple, Google (35:44)

Pension fund return projections (36:55)

Ferocious bull rally? (40:54)

Will the FED pivot? (43:58)

Inflation wasn’t transitory (46:11)

Taking real world risks (50:36)

Taking on the overlords (57:18)

Wrapping up (1:02:12)

Closing thoughts (1:05:58)