All posts by Daniel Lacalle

About Daniel Lacalle

Daniel Lacalle (Madrid, 1967). PhD Economist and Fund Manager. Author of bestsellers "Life In The Financial Markets" and "The Energy World Is Flat" as well as "Escape From the Central Bank Trap". Daniel Lacalle (Madrid, 1967). PhD Economist and Fund Manager. Frequent collaborator with CNBC, Bloomberg, CNN, Hedgeye, Epoch Times, Mises Institute, BBN Times, Wall Street Journal, El Español, A3 Media and 13TV. Holds the CIIA (Certified International Investment Analyst) and masters in Economic Investigation and IESE.

Commodities Weekly

Energy, Global Economy, On the cover, Sin categoría

Outperformance of WTI vs. Brent continued this week as the spread between the two benchmarks narrowed further to $15.5/bbl.

The WTI benchmark is receiving support from the start-up of the expanded Seaway pipeline, with the market factoring in this recent expansion in takeaway capacity (150 thousand b/d to 400 thousand b/d) as a precursor for a reduction of surplus crude oil inventories at Cushing over the coming weeks. It is important to note however, that in the meantime crude stocks continue to climb to new record highs.

Continue reading Commodities Weekly →

Front Row: Happy Days

Global Economy, On the cover, Sin categoría

Front Row represents the personal view of Rodrigo Rodriguez, European Head of developed cash trading for Credit Suisse.

underperformers

I know some of you might be disappointed that FR is back and that this week Back Row team will take some deserved rest, however to give credit to everyone both are always a combined effort.
Unfortunately for me I think the team made a terrific effort last week, and standard is quite high now. (All that said half of the ideas were mineJ) Continue reading Front Row: Happy Days →

Austerity sucks, but default sucks even more: Spain’s risky bet on sovereign bonds

Global Economy, On the cover, Sin categoría, Spain

This article was published in El Confidencial on January 2013.

“Governments truly believe in a better future, that’s why they have spent it already”

The reserve fund of the Social Security in Spain is already up to 90% ‘invested’ in sovereign debt and some argue that it is a good idea to concentrate the vast majority of the resources of these entities on one instrument. Prudent risk management and asset allocation rules are ignored. Continue reading Austerity sucks, but default sucks even more: Spain’s risky bet on sovereign bonds →

Against relativism, Pope Benedict has shown the way

Global Economy, On the cover, Sin categoría

This article was published on The Commentator on February 11th, 2013. Link here.

Pope Benedict XVI surprised everyone this morning announcing he would resign on February 28. “I have come to the certainty that my strengths, due to an advanced age, are no longer suited to an adequate exercise of the Petrine ministry”, he said in a statement published by The Vatican. Continue reading Against relativism, Pope Benedict has shown the way →