New Delhi, Sept. 24 -- Through one of the strangest twists in economic history, Stephen Miran, chief economic advisor to US President Donald Trump and newly appointed member of the Federal Reserve's board of governors, has seen his career resurrected in almost mythical fashion ever since the failure of the investment firm he co-founded in 2022.

That company, Amberwave Partners, launched an ETF that "never attracted more than $1.7 million in assets" (a trifling sum in the world of US money management), according to The Wall Street Journal. Amberwave morphed into a hedge fund but didn't gain traction and shut in late 2023.

Scarcely a year later, Trump's victory in the US election amounted to a rebirth for Miran. Apart from being among the...