Hedgeye Podcasts The Best of Hedgeye: Bent Hunt → A Day Of Reckoning Coming?
Nov 25, 2025
Ben Hunt, co-founder of Epsilon Theory and former hedge fund manager, dives into the shifting landscape of capital markets, arguing they now serve political utility more than economic productivity. He shares insights on the fragility of current financial systems, anticipating stagflation as his base case driven by expansive fiscal policies. Hunt emphasizes the importance of community engagement for lasting change and explores the power of narratives in shaping market movements. He also discusses the precarious status of the U.S. dollar and the need for humility in geopolitical actions.
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Markets Have Become A Political Utility
- Capital markets have been transformed from a transmission belt for private capital into a political utility.
- This shift props up asset prices and disconnects markets from real productive investment.
Act Locally To Reclaim Institutions
- Change must come from bottom-up civic participation, not solely legal challenges.
- Engage locally, build neighbor-to-neighbor actions, and teach alternatives to the current system.
When Alpha Stopped Working After 2009
- Ben ran a long/short hedge fund with strong returns through 2008 but flatlined after 2009.
- He returned capital to clients when his alpha process stopped working in the changed market environment.
