The Lam Lens

Why Isn’t the Yen Rising?

Japan has finally exited decades of deflation, inflation is back, and the Bank of Japan has begun raising interest rates. So why hasn’t the yen strengthened? In this episode, we unpack the forces keeping Japan’s currency weak—from the yen carry trade and interest rate differentials to energy imports, government debt, and the limits of monetary tightening.

Why the World’s Reserve Currency, The Dollar, Is Under Pressure

In this episode, we explore why the U.S. dollar has weakened despite strong performance in U.S. stocks and a relatively resilient economy. We break down the key forces behind the shift—including changing investor sentiment, Federal Reserve rate cuts, and growing concerns around fiscal and monetary policy—and what it could mean for global markets.

The Paradox of Weak Confidence and Resilient Spending

In this episode, we explore why consumer spending can remain relatively steady even when confidence appears deeply weak. We also look at how growing wealth concentration is shaping demand—and why that makes the economy look resilient in some areas while more fragile in others.

What the Employment Rate and Labor Participation Rate Really Tell Us

In this episode, we break down the difference between the unemployment rate and the labor force participation rate—and why that distinction matters more than many headlines suggest. We explain how the labor market can look stable on the surface while underlying participation trends point to a more mixed picture.

Risk, Return, and the AI Era

Understanding risk and return is key to long term investing. From historical market cycles to today's technology driven environment, we break down how volatility, innovation, and market concentration shape returns - and what it means to stay invested through different cycles.