This is a MUST-read as we start out the new year. A short piece from Ben Hunt.

Ben accompanied this piece with the following note:

This week's note, "The Construction of Robert Capa", is not only a real-life example of the power of the Emperor's New Clothes and the Common Knowledge game, but is also an entry point for three Epsilon Theory topics: the easy co-opting of "objective" journalism by powerful and inherently anti-liberal forces, the countervailing structural change in media communications wrought by the Internet, and the persistent belief in markets today that individual qualities are more vital for investment success than group dynamics.

The next note, to be published Sunday, Jan. 5th, will start the Adaptive Investing arc, which will try to tie together a lot of what I've been writing about over the past six months. If you want to catch up on your Epsilon Theory reading over the holidays, please visit the new-and-improved website, which has been significantly upgraded by my IT colleagues at Salient Partners.

As always, feel free to forward these notes to anyone you think might be interested in reading them. And if you want off the distribution list just reply directly to this email to that effect.

All the best,
Ben