Colombian Pyrite

Why I Do Not Buy the New Guy

This letter reads WAY better in your browser than in your email - so do yourself a favor and click on the title above to read it that way.

This week’s letter is about my skepticism regarding Abelardo de la Espriella. But before we dive into that - let’s cover the last week’s action.

The Dollar

The DXY did follow through and breakout above the last year’s range. This smashed a lot of ex US equity (and commodities). But you can see the old floor from 2022-2024 is still in play as resistance between here and $102 and of course the Fed hawk fears may start to fade with free oil.

The Scoreboard

Korea and Taiwan getting more volatile and struggling a bit lately but still lapping the rest of the world as the next best country is not even up 20%! The US is still in the middle of the pack and we now actually have 16 countries in the red YTD after the Dollar went on a bit of a run there.

Interesting Data

Turkey - TUR 0.00%↑

About as good as Turkey’s consumer confidence has been in the last decade. With that said getting back to that pre-2018 area would be nice to see.

Finland - EFNL 0.00%↑

Not a great looking PPI chart…

Spain - EWS 0.00%↑

Same for Spain…

South Africa - EZA 0.00%↑

And South Africa…

Interesting News

Brazil - EWZ 0.00%↑

This is exactly why I have not jumped on Brazil (that and every bro owns it). Their fiscal policy makes it tough to allow their monetary policy to help their equity market. Eventually this will be epic but we have to be patient.

Indonesia - EIDO 0.00%↑

If this happens I sadly assume we lose the ETF…

Chile - ECH 0.00%↑

Worth watching

Interesting Charts