Patrick Schotanus calls himself a pracademic, someone who works in both academia and investing. I asked him about his Market Mind Hypothesis and what John Boyd’s interdisciplinary path has to do with financial markets.
Boyd the economist
I open with Boyd’s undergraduate degree in economics and the reading that took him from energy-maneuverability theory to his sketch of the OODA loop. Patrick is on a similar journey through cognitive science and finance.
The market as a mind
Patrick treats economic agents as conscious human beings, far from emotionless robots. He draws on Karl Friston, George Soros and the extended mind theory. Narratives, a theme in the work of Robert Shiller and Deirdre McCloskey, move prices and shape events.
Why it matters
Economics decides where capital goes, so the stakes are high. Patrick points to the mental health toll when policymakers treat the economy as a machine they can switch off and on.
For me, markets show orientation at scale. Prices carry what many minds perceive and expect.
This episode is not investment advice.
What story is the market telling you right now, and whose story is it?
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Written by Ponch Rivera with AI assistance in production. The full conversation is in the player below.