Miyama Capital | Memos
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One Jobs Report, Two Rate Stories
June payrolls came in cold, but the signal that matters sits at both ends of the curve
Jul 4
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Miyama Capital | Memos
June 2026
MOU Holds, Attacks Don’t: Hormuz Enters Command Ambiguity
Iran’s president still wants a deal, but who can actually make the IRGC stand down?
Jun 30
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Miyama Capital | Memos
Proxy Always Falls Short of the Thing Itself
The habitat of market seams: existence is predictable, location is not
Jun 29
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Miyama Capital | Memos
Institution or Narrative: The Unrealized-Gains Tax Panic
No country runs a recurring mark-to-market tax on residents’ holdings. The closest case is already being unwound.
Jun 28
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Miyama Capital | Memos
The Missing Dot: Warsh and the Retreat of Forward Guidance
Miyama Capital — Investment Memo Framework timestamped June 18, 2026 · English edition updated June 25, 2026
Jun 25
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Miyama Capital | Memos
May 2026
The 48-Hour Window
Why the Beijing summit may be the closing venue
May 13
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Miyama Capital | Memos
Taiwan’s Forced Expansion: A Small-Open-Economy Case Study in Financial Repression
Why CPI stability and currency dilution can both be true at once, and what that means for an allocator’s balance sheet.
May 6
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Miyama Capital | Memos
Yen Mean Reversion: A Cross-Asset Repricing, Not an FX Trade
REER at 52.3, a 50-year extreme. Timestamped thesis, falsification conditions, and a vehicle most allocators miss.
May 4
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Miyama Capital | Memos
April 2026
From 3.67% to TACO: The Hormuz Crisis in Cross-Asset Transmission
Three presidents, six weeks of war, and why Trump’s blockade is actually a convoy. A macro allocator’s real-time framework with timestamped predictions.
Apr 14
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Miyama Capital | Memos
The Darkroom Effect: A Five-Step Countdown to IRGC Collapse
Why destroying Iran's grid is a trap, not punishment, and what the next 48 hours mean for allocators
Apr 7
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Miyama Capital | Memos
April 6 Is Showdown Day
Here’s What the Market Isn’t Pricing In
Apr 4
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Miyama Capital | Memos
Infrastructure Is the Negotiating Table, and There’s Only One Exit
Five paths, one door. Why Iran’s only security guarantor is the country bombing it.
Apr 3
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Miyama Capital | Memos
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