S. feels guilty that he did not tell Stenfalk about the valise when he realized and now feels Shame/regret -> a need to atone. 

S. explains to the group about the valise, and Corbeau quickly “stamps to the cave entrance.” When she peers out, she whispers No and S. and Pfeifer rush to join her.

High school Eric theorizes that S. wanted get is of his rival for corbeau.  but in the later series of notes, both Jen and Eric decide that this was not S.’s intention. This theory was based off of Hubbell’s Freudian interpretations from 1977.
Hubbell was a psychotherapist; saw everything through that lens. Is generally considered a hobbyist/dilettante at best. Hubbell does not exist in real life.

Jen and Eric parallel the events on this page to Straka possibly sending the Agents to Ekstrom by accident and then how Durand would have reacted to his death. Ekstrom died in 1931 when he fell from the balcony of a Parisian hotel.

What if Straka led the Agents to Ekstrom by accident? If Straka did the anagrams, then he must;ve given them to Ekstrom @ the hotel (or not long before). Maybe he wasn’t careful enough.