Fran Rey
16.9K posts
- a ver Mbappé como tenemos esta rodilla
- soy Carvajal
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Fran Rey retweetledi
Fran Rey retweetledi
@AdameMedia Lo está mirando y piensa: "Ve hablando que te voy a cepillar pronto".
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🚨💣| BREAKING: Xavi Simons wants to leave Tottenham and is hoping to seal a return to Barcelona. 🇪🇸🔙
His price tag of €40 million is seen as acceptable by the Blaugrana.
[@elnacionalcat]
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@_DMS16 @VirutasF1 @madring_oficial Cuando acaben (si acaban) ponen unos calzos como en el Scalextric
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Vete acostumbrándote a ver esta curva, La Monumental del @madring_oficial Una auténtica desguazapescuezos
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Fran Rey retweetledi
Avui, 21 de març, Dia Internacional per a l'Eliminació de la Discriminació Racial, refermem el nostre compromís antiracista.
#WorldAgainstRacism
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@WhiteHouse @POTUS Distance yourself from Israel or it will destroy your legacy as president
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"We are getting very close to meeting our objectives as we consider winding down our great Military efforts in the Middle East with respect to the Terrorist Regime of Iran..." - President Donald J. Trump
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Fran Rey retweetledi
The reckless campaign against Iran will weaken America’s president. That will make him angry. Be warned: he makes a very bad loser econ.st/4lA7lEQ
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@Asanto79 O abonats que no hi han vingut, Des de la meva localitat, tant el dia del Sevilla com ahir hi va haver molts seients de la dreta de la tribuna buits, La resta del camp estava a vessar!!!
Català
5990 asientos vacíos , gracias a la magnífica gestión del precio de las entradas.
FC Barcelona@FCBarcelona_es
Hoy somos 56.662 culers en el Spotify Camp Nou 👏 ¡Muchas gracias! 💙❤️
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Trump is losing control of this war.
The White House@WhiteHouse
Statement from President Trump on South Pars Gas Field:
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After much reflection, I have decided to resign from my position as Director of the National Counterterrorism Center, effective today.
I cannot in good conscience support the ongoing war in Iran. Iran posed no imminent threat to our nation, and it is clear that we started this war due to pressure from Israel and its powerful American lobby.
It has been an honor serving under @POTUS and @DNIGabbard and leading the professionals at NCTC.
May God bless America.
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THE STRAIT OF HORMUZ JUST HANDED YOU THE TRADE OF THE DECADE
And most investors are looking in completely the wrong direction.
Brent crude closed above $103 on Friday. Up nearly 40% since the strikes began on February 28.
The Strait of Hormuz is effectively shut down. Insurance companies have canceled war risk coverage. Over 150 ships are stranded. Tanker traffic has collapsed to near zero.
The IEA just called it the largest supply disruption in the history of the global oil market. Nearly 20 million barrels per day of crude and product flows have been choked off.
The US is scrambling. The IEA coordinated the release of 400 million barrels from strategic reserves, the largest such action ever. Trump ordered emergency insurance for tankers. The Navy was told to begin escort operations.
But behind closed doors, Navy officials told tanker executives there's currently NO availability for escorts. And no guarantees there will be.
Iran holds the upper hand. And the market knows it.
But here's why this matters far beyond the oil price:
What we're witnessing is the EMification of America in real time.
The US launched strikes in the middle of nuclear negotiations. The executive branch has been attacking central bank independence. Budget deficits are running at levels historically associated with emerging market economies.
Erratic policymaking. Massive fiscal deficits. Judicial interference with monetary policy.
These are EMERGING MARKET characteristics, and yet the US equity market still carries a premium developed market valuation.
That premium is evaporating.
Emerging markets returned 33% in 2025. The S&P 500 returned 17%. Almost DOUBLE the outperformance. And 2026 is accelerating the trend.
Here's what the consensus is missing: EM macro is BETTER than developed market macro right now.
Budget deficits as a percent of GDP? Lower in EM. Debt levels? Lower. Inflation? Lower. Forecasted earnings growth? HIGHER.
EM earnings are expected to grow 21% to 29% this year versus 13% to 14% for the U.S.
Brazilian equities are trading at roughly 9 times CAPE earnings. About HALF where they traded during the last EM rally in 2018.
And the positioning is absurd:
US institutional investors have essentially not owned China since Trump 1.0. Most portfolio managers working today weren't even in the business the last time EM led, which was 2001 to 2008.
Everyone is out of position.
Now layer in commodities:
The digital eats the physical. Without copper, silicon, aluminum, and power, there IS no AI. Full stop.
And fossil fuels and renewables are rallying AT THE SAME TIME. That tells you the world has a massive power demand problem that isn't going away.
Oil above $100. Gold above $4,600. Silver above $85. Copper near all-time highs.
The commodity super-cycle is confirming itself in real time. The Iran conflict just poured gasoline on it.
Now here's the setup:
Emerging market equities, China and Latin America in particular.
Commodities across the board.
Energy, industrial metals, precious metals.
And what to avoid? Long-duration developed market sovereign debt. Overweight positions in the Mag 7, priced for a world where everything goes right and nothing disrupts the AI spending fantasy.
Leadership batons in global markets shift in multi-year cycles.
The US led from 2009 through 2024. 15 years.
Now we're in the early innings of a multi-year rotation into emerging markets and commodities.
The flows follow the performance. The performance follows the earnings. And the earnings are now better in EM than in the US.
At a fraction of the valuation. With better macro fundamentals. And almost nobody owns it.
This is the trade.
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