alexxmacro (@OmegaBLADE97) header
alexxmacro (@OmegaBLADE97) profile picture

Global Macro investor. Economista Comparto mis trades, inversiones e ideas por aquí.

Barcelona
Joined May 2022
Inicié esta cartera (solo acciones) en mayo de 2021. A día de hoy, mi portafolio ha obtenido una rentabilidad del 170,99% vs. el 66,35% del S&P 500. ¿Significa que soy mejor que el S&P 500? Para nada: he obtenido mayores retornos, pero asumiendo una mayor volatilidad.
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Mucho honor a todos aquellos que hoy no se esconden y dan la cara. Y a los que casualmente en la subida estaban a largo y ahora dicen que estaban en cash o incluso a corto (sin que haya pruebas de ello), no tenéis vergüenza.
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Yo feliz con mi $VIXY y mi $TLT Sabéis que os quiero un montón, espero que no haya sido un día nefasto para vuestras carteras (lo digo enserio)
He abierto una posición en el VIX. Estoy a largo volatilidad, creo que corto plazo, los spreads de la parte más mala del High Yield se van a llevar por delante el S&P500. $VIXY
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Del 27 de noviembre, hay que escuchar al mercado de crédito
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Lo tranquilo que estoy con mi $TLT
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Cualquier pop en el petróleo es un short, hemos entrado en tendencia bajista
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La realidad es que el GDP de E.E.U.U lo sostiene el consumo, no el capex (mucho de este sale como importación) Cada vez más señales de que el consumidor está débil, el mercado no está descontando una desaceleración económica.
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Hay dos tipos de deflación: 1. La mala y la que no deja dormir a los bancos centrales, la producida por una crisis de deuda. 2. La buena, la que se produce por el incremento de la productividad.
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El resultado de las elecciones tiene un total de 0 efecto sobre mi tesis, como mucho, la puede llegar a acelerar.
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alexxmacro retweeted
The next time someone tells you that markets are rational remember that in 2026 pretty much every company simultaneously announced that they were going to borrow a quadrillion dollars to build 420 data centers in six months with chips they didn’t have powered by electricity they couldn’t get from turbines that weren’t built sent through transmission lines that didn’t exist and everybody was like “Cool, cool. Sounds good. Solid plan.”
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As investors get increasingly nervous about the total amount of AI capex, they're demanding a greater premium to own tech debt. Spreads on tech debt are now the highest relative to those on other investment-grade bonds going back to 2003. h/t @DRBCurtis
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Poco se habla de la hairline perfecta que tiene Kevin Warsh
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My main worry about Europe’s public finances fits into one figure from @jburnmurdoch at @FT. The figure shows that real output per worker has grown more slowly in the EU-27 than in the U.S. (France and Germany look particularly worrisome) and that the gap between the two trends is widening, likely because of AI adoption in the U.S. Why is this a problem? The large capex requirements of AI point to much higher real interest rates over the next decade. If a country with a debt-to-GDP ratio of 100% must go from financing itself at 2% to 5%, its budget carries an additional burden of 3% of GDP. Countries that adopt AI massively and enjoy fast productivity growth will, more or less, digest this shock to their budgets. But countries that do not adopt AI (or do it poorly) will not grow fast. In other words, France or Spain might end up with the worst possible combination: high real interest rates because of high worldwide AI capex and low real per capita growth because of low AI adoption due to internal barriers. Most European countries simply do not have the fiscal space, especially as their populations age, to absorb such an increase in the interest they pay on their debt. Governments will be tempted to rely on temporary measures (e.g., playing with the maturity structure of the debt) or to cut other spending, such as investment in infrastructure. But we saw tragically last week, with the high-speed train accident in Spain, what a decade or so of neglect of public infrastructure leads to. The day of reckoning might not be too far in the future. Four years? Five years? Economies are complex systems, so any concrete forecast is foolish. But the fundamental problems are real, and reality always finds a way.
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Que van a por el TRILLION en commitments, que locura
$ANT - ANTHROPIC REPORTS 1,127% REVENUE SURGE, $895 BILLION IN COMMITMENTS Anthropic reported Q3 2026 revenue of $17 billion, representing 1,127% year-over-year growth, according to SEC filing headlines. The AI company reported a $567 million operating loss, alongside $2.5 billion in adjusted operating income and a 15% adjusted operating margin. Anthropic also disclosed approximately $895.4 billion in aggregate purchase and lease commitments as of and subsequent to September 30.
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Under pressure from Israeli prime minister Benjamin Netanyahu, the Trump administration may be within days of launching a nuclear strike on Iran. The target would be Pickax Mountain in central Iran, where Israeli intelligence claims the Iranian government has restarted its nuclear enrichment program. No conventional weapon in the American arsenal can penetrate 300 feet of solid granite to destroy the tunnels where enrichment is supposedly taking place. The only military option is a nuclear strike. Netanyahu has been pushing hard for one. “Bibi calls Trump about it every day,” says an informed observer. Netanyahu is cornered and desperate. After last week’s election results, he can’t form a government unless Trump intervenes directly in Israeli politics and brokers a deal with other parties that gives Netanyahu 61 seats in the Knesset. Otherwise, he is out as prime minister and on his way to ignominy, investigations and possibly jail. Netanyahu must stay close to Trump. He needs this war. To that end, he’s applied maximum pressure to his closest allies in the administration, including Secretary of Defense Pete Hegseth and CENTCOM commander Brad Cooper. Both oppose a negotiated settlement to the war they’ve so grievously mismanaged; both are pushing to restart major combat operations. Secretary of State Marco Rubio and CIA director John Ratcliffe are also following Netanyahu’s lead, as are leaders of the Democratic Party. In a recent meeting on the subject, former president Barack Obama said he opposes the current Iran peace deal being drafted in Doha. The rest of America’s longtime allies in the Middle East are terrified by the prospect of more war. On September 27th, Netanyahu flew secretly to Abu Dhabi to enlist the UAE in his lobbying effort for a final attack on Iran. The Emiratis refused. After eight months of conflict, Gulf economies are teetering. So are global energy and fertilizer markets. They won’t recover soon. Globally, there are a total of about 850 supertankers used to transport oil from producers to the rest of the world. In October alone, 11 of them were badly damaged in Hormuz. At this pace, a global depression is imminent. A nuclear strike would radically accelerate the destruction. Fallout from a ground explosion at Pickax Mountain would contaminate the Persian Gulf, poisoning the water supply for 100 million people. And those are just some of the immediate consequences for the region. The rest of the world is every bit as exposed. No country other than the United States has ever used a nuclear weapon in war. Some would like to. An American nuclear attack on Iran would set a new precedent. The Russians have already told at least two other governments that an American nuclear strike on Iran would free them to use nuclear weapons against Ukraine. Pakistan and India would be tempted to do the same against each other, as would North Korea against Seoul. After the first nuclear strike, World War Three is inevitable. That war would be short and final. We’ve been sleepwalking toward this moment for months. Since February, the administration has quietly rewritten America’s nuclear doctrine to make first use of so-called “battlefield nukes” easier and therefore more likely. No one in Washington in either party seems bothered by this. Now we’re on the brink of it. Close observers say Trump is likely to decide by next weekend whether or not to use nuclear weapons. That would be November 7, six days from now. To his credit, he’s hesitating. At the moment, Trump is listening to his vice president, JD Vance, and to his envoy and friend Steve Witkoff, both of whom argue a deal with Iran can be made. They’re right, though it won’t be simple. The Iranians are famously frustrating to negotiate with under any circumstances, and elements of that government have become more radical since Ayatollah Ali Khamenei and his family were killed in February. After decades of isolation, even relatively moderate Iranian leaders seem confused by how decisions are made in the West. (There is a widespread belief in Tehran, for example, that the United States government controls Israel.) But overall, people who have spoken to decision-makers in Iran say there is consensus there that more war is bad for everyone and a deal is worth making. One group that hasn’t been consulted so far is the global population — the hundreds of millions of people who will be killed along with their children if Trump is pushed by Netanyahu into launching a nuclear strike next week. Now would be the time for them to speak up.
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Ojo con mostrar gráficos donde parece que desde 2022, la productividad ha subido. "Todo es gracias a la IA" En 2008 la productividad se disparó, cayo el output, pero mucho más las horas trabajadas (estábamos en recesión). En mi opinión, ahora mismo el incremento de la productividad se debe a que han echado a gente a la calle.
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Anthropic hoping to get an investment grade bond rating is simply absurd. Any rating agency that might give such a rating should be investigated/shut down immediately.
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El oro no protege de la inflación, protege de tipos de interés reales negativos. Si el bono americano descontando la inflación te da un retorno positivo, te interesa más tener dinero ahí metido que en oro. El oro funciona cuando la FED está "behind the curve".
The S&P500 just closed at new 18-month highs relative to Gold. Because that lie about Gold being a hedge against inflation was exactly that. Just a big fat lie.
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Los que creen que las estimaciones de beneficios son correctas, deberían de comprar el sector tecnológico, más que nada, porque es una ganga (históricamente hablando). Yo creo que esa "E" no es correcta, por eso sigo pensando que el sector tech (en general), está caro.
“Tech is in a bubble” Tech:
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A history lesson in following the "future estimates" from management teams and Wall Street analysts... From 2010 - 2014, every shale drilling shitco had a slide in their investor presentation showing a future cash flow windfall coming in the next 12 months, and the analyst community dutifully copy/pasted it into their financial models. There was zero incentive to question these rosy projections, because management teams were cashing in on overinflated stock grants while the sell side "analysts" were helping their investment bank masters shill worthless paper to the investment community Of course, the cash flow windfall never came, as shalecos continued burning cash drilling more wells until supply overwhelmed demand, prices crashed, and $1 trillion in debt/equity value was wiped out Your prize for owning the businesses that unleashed the greatest energy revolution in US history was a donut in cases of marginal players, and a decade of lost returns in the absolute best case of owning the top tier operators
You have 12 months left to buy the Magnificent 7 before the cash flow explosion begins:
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Ngl last night’s Private Credit industry Halloween Party got weird
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