HeyJaredShort Excerpts from Global Macro Investor
Select musings from my independent research publication (Premium Institutional Service) serving the world's top capital allocators, delivered weekly.
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- Sep 24, 2026
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- Aug 20, 2026
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Everything Will Be a Token (opens the original)
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Back in May 2014 I’d just moved to the Cayman Islands, and I figured the best way to christen the place was to get twenty five GMI members to fly out to Grand Cayman for what turned out to be the first of our Round Tables. It was two days of the biggest ideas anyone in the room had. We talked about China devaluing, about the coming El Niño, and we listened to a guy who’d built a gold storage business which he described, quite proudly, as designed by a paranoid macro investor for other paranoid m
What if 1929 was our 2008? (opens the original)
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Back in January 2024, I wrote a piece for my GMI subscribers about the 1940s and 1950s.For those of you who don’t know, GMI is Global Macro Investor, the research service I’ve written for 21 years for hedge funds, family offices and serious investors. It’s where all my frameworks get built and tested before they go anywhere else, and almost all of it stays behind the paywall.This one I want everyone to read, because it’s a clear case study of something I’ve been saying for a very long time:Demog
Why The Buildout Can’t Stop (opens the original)
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Is AI a bubble? I think I’ve been asked that more in the past few years than anything else in 30 years of doing this... at dinners, on calls with fund managers, by people who recognise me from a video while we’re standing in an airport queue.I understand the worry. Everyone who was around in 2000 remembers what it felt like to be the last one holding the bag.But look at what a bubble actually is. It’s money pouring into something people believe in, and then finding out the world didn’t need it y
Why Traditional Portfolios Stopped Working (opens the original)
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You did what you were told to do, and it hasn’t worked.Some savings, a pension, a tracker fund, a house if your timing was good... Once a year a statement turns up with a bigger number on it than last year’s and you file it away, vaguely reassured. Two decades of that can go by while the number climbs and nothing about your actual life changes. You still can’t take a year off. You still can’t turn down the work you don’t want. You should be freer by now than you are. You aren’t, and you’ve proba
DeFi Wasn’t Meant For You (opens the original)
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I’ll make you a bet. Somewhere on your phone there’s a wallet you haven’t opened since 2021, still holding the dust of some long dead yield farm.If that’s you, you’re in good company. That was most people’s first experience of DeFi: five different apps, three chains, a seed phrase in a drawer somewhere...DeFi was supposed to replace the banks, that was the promise. What you got instead was a part time job with a spreadsheet, gas fees that sometimes cost more than the rewards they claimed, and a
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