HeyJaredThe Amphora Report
Alternative investment newsletter informed by economic history and personal, anecdotal experiences from a 30+year international financial career.
- Indexed issues, last 90 days
- 12
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- Sep 29, 2026
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- Jul 21, 2026
Latest issues
Rollover costs rising (opens the original)
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Ever since the US and Japan jointly intervened to support the yen at the end of July, macro eyes have been trained on the land of the rising sun. And for good reason: as the world’s greatest savers and net holders of foreign assets, the behaviour of Japanese savers can have a big influence on financial markets the world over.I wrote about this joint FX intervention shortly after it took place here. As I suggested was likely in that article, there has been some additional intervention since, alth
Something wicked this way comes... (opens the original)
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Artificial Intelligence (AI) has been all the rage over the past few years, with the stocks of industry leaders strongly outperforming the broader market. Indeed, the hype around AI has been historic and the multiples investors have placed on the leading companies imply massive profit growth expectations.But recently, they’ve stumbled quite badly, due in part to some industry leaders expressing concerns about the future and the danger that AI might pose to the public. That’s quite the reversal f
Inflation: you ain’t seen nuthin’ yet (opens the original)
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Last week was rather eventful. The yen continued to strengthen, strangling the fabled “carry trade” supportive of financial assets generally. (I’ve written about the importance of the yen and Japanese interest rates on multiple occasions, most recently here.)Artificial Intelligence (AI) hype took a hit, oddly from some industry leaders, who expressed the view that the technology is moving too fast and presents a danger to the public.Since when do emerging billionaires worry themselves about enda
“The Fed doth protest too much, methinks” (opens the original)
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As I write, the Japanese yen continues to strengthen versus the dollar. This may be due to the Bank of Japan (BoJ) continuing to intervene in the foreign exchange market, perhaps with further assistance from the US Treasury, as in weeks prior.<img alt="" class="sizi
Are we entering the endgame? (opens the original)
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US economic policies increasingly resemble those associated with wartime. Market interventions are mounting in foreign exchange and Treasury bonds. The use of economic sanctions, already widespread, is becoming even more extreme.All of the above only buy time, perhaps to help the US economy through the upcoming midterm elections. But they come at a potentially tremendous cost.History is clear on this point: market manipulations frequently escalate and eventually end in crises larger than those t
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