En Portada / On the Cover View all

Escape from the Central Bank Trap (Seeking Alpha, Hedgeye)

Watch the entire video here. The Fed, ECB and BOJ have collectively added more than $20 trillion worth of asset purchases globally since the onset…

European Stocks. More Expensive Than You Think (Seeking Alpha)

Read the entire article here. We have seen the best out of Eurozone earnings, and it was poor. Cost of capital and risk from emerging…

‘Everything’ in Argentina is 20% to 30% overvalued and a crisis is on the way (Business Insider)

Read the entire interview here. “Everything” in Argentina is 20% to 30% overvalued and the country is heading into a financial crisis, Daniel Lacalle, economist…

Central Bankers are like Pyromaniac Firefighters (Business Insider)

Read the entire interview here. Central bankers are like “pyromaniac firefighters” creating crisis after crisis, hedge fund manager and economist Daniel Lacalle told BI. The…

Argentina. Why Tax Revenues Decrease As Taxes Rise

Argentina. Why Tax Revenues Decrease As Taxes Rise

When I travel to Argentina, I often hear from politicians that the tax wedge must…

The Challenge In Commodity Investment

The Challenge In Commodity Investment

When commodities are rising due to a weak dollar, and the long-term curve is not…

Petroyuan’s Lacklustre Birth Explained

Petroyuan’s Lacklustre Birth Explained

Every time I read that the yuan is going to dethrone the dollar and that…

Nuclear Option? China Has Already Lost A Possible Trade War.

Nuclear Option? China Has Already Lost A Possible Trade War.

I have commented several times on the errors of protectionism and trade wars. There is another problem.…

Syria. Rising Geopolitical Risk, Humanitarian Crisis

Syria. Rising Geopolitical Risk, Humanitarian Crisis

In 1973, Hafez Al-Assad was the president of Syria. Between that year and 1982, the…

Energía / Energy View all

The Next Enron? The End of Cheap Debt

The end of the era of cheap money highlights the risk of “Enron-style” bankruptcies in many sectors, including renewable energy. With the…

Climate Agreement, Hypocrisy and Summits

Trump’s decision to withdraw from the Paris “climate agreement” with the aim of negotiating a better one can be debated, but the…

Video: Oil Markets Remain Oversupplied Despite OPEC cut (TV)

U.S. drillers have now added rigs for 19 straight weeks, to 722, the highest amount since April 2015. Almost all of…

Economía / Economy View all

Emerging Markets Risks Are Larger Than Expected

In this video we highlight the risk of rising imbalances in emerging markets.…

España / Spain View all

Spain’s exporters drive robust economic recovery (My comment in the Financial Times)

Please read the rest of the article here. In the early 2000s the Spanish economy was…

Conferencias / Conferences View all

Video: Escape from the Central Bank Trap presentation at the Heritage Foundation, Washington

In this video I explain the main messages of my book “Escape from the Central Bank…

Entrevistas / Interviews View all

What Next For Markets And Macro? (22/2/2018)

In this video we discuss the main news in the world economy. Earnings season Fed minutes…