csenn1

Only thing that's truly surprising about US Treasury yields is that they aren't higher. US debt issuance is near the height of the 2008 crisis (black) and - on top of that - the Fed is doing pretty aggressive QT (blue). There's some price inelastic buyers out there after all...

Brazil's massive trade surplus this year gets dismissed as an outlier event, but it isn't. There's been a gradual move towards bigger and bigger agriculture exports (orange), which power the trade surplus. This trade surplus isn't an outlier. It's a lasting transformation...

The World’s Population at 8 Billion:

LatAm is bigger than most think

Terry Smith is one of the best Quality Investors in the world achieving an annual return of 15.5% (!) since 2010. We mapped all his shareholder letters in 1 PDF for free. You can find the link here: qualitycompounding.substack.com/p/how-to-inves…

10/10 of the old model, it was always strongly resisted. This is inevitably a disruptive process, but not to resolve it will ultimately be even more disruptive. There are a limited number of paths China can follow, and they all involve serious costs. carnegieendowment.org/chinafinancial…