José Martín

[The Kobeissi Letter @KobeissiLetter]

BREAKING: US M2 money supply jumped +$124.9 billion in August, to a record $23.34 trillion.

This marks the 28th consecutive monthly increase, totaling +$2.61 trillion.

YoY, M2 grew +5.7%, its largest YoY increase since June 2022.

This marks a sharp acceleration from +2.0% YoY growth seen in August 2024.

Meanwhile, since the 2020 pandemic, M2 money supply has surged +$7.85 trillion, equivalent to +$1.21 trillion on average per year, or +6.5% annualized growth.

US money creation is picking up speed.

[Néstor Siurana @NestorSiurana]

El panorama energético podría cambiar para Europa.

El Gasoducto Transahariano (TSGP) de 13.000 millones está avanzando mucho.

Europa recibiría 30.000 millones de m³ de gas natural a través de Nigeria, Níger y Argelia.

Marruecos, muy alerta porque es el proyecto que rivaliza con su estrategia comercial.

El gasoducto son más de 4.000 km y ya está completado al 65% aproximadamente, lo que supone más de 2.600 kilómetros de tuberías tendidas, principalmente en Argelia y Nigeria.

Quedan por construir unos 500 km en Argelia, 1.000 km en Níger y 100 km en Nigeria.

El desierto del Sáhara, el terrorismo de la mano de Boko Haram y los Tuareg, son los principales obstáculos.

Se abre la batalla contra el Gasoducto Atlántico pretendido por Marruecos que lo conecta con Nigeria. Empieza la batalla geopolítica.

[José Martín @jose___martin]

Ejercicio para Eliminar el Dolor de Cadera 'TROCANTERITIS' #pilates #eje... https://t.co/t0S7f5EVay a través de @YouTube

[Mert Metin Tekdemir @mertmetindev]

Milyarderlerin Ne Aldığını ve Ne Okuduğunu Ücretsiz Gösteren 50 Site

1.) https://t.co/ZhUILN1bYn → Ünlü yatırımcıların güncel portföyleri
2.) https://t.co/h1569lJ8Vk → Fonların çeyreklik alım satımları
3.) https://t.co/1QHfeu7If6 → ABD'li politikacıların hisse işlemleri
4.) https://t.co/kgSSMWDftH → Yöneticilerin kendi şirket hisseleri
5.) https://t.co/Xozx2k1LxX → Fon bildirimlerini okunur hale getirme
6.) https://t.co/EEqRbmZyUA → Şirketlerin resmi raporları
7.) https://t.co/ZFf9Dgfbdm → Buffett'ın 1977'den beri mektupları
8.) https://t.co/ctiJsdUJxV → Buffett toplantılarının video arşivi
9.) https://t.co/90FXbhPxdS → Howard Marks'ın yatırımcı notları
10.) https://t.co/zz1MDr8IuB → Ray Dalio'nun firmasının araştırmaları
11.) https://t.co/v1HeHWaEVu → Dalio'nun ilkeleri ücretsiz
12.) https://t.co/Q2IjfoIYHB → Jeremy Grantham'ın piyasa notları
13.) https://t.co/caKtETdPAv → Kantitatif fon araştırmaları
14.) https://t.co/S6mHnkB8SM → Damodaran'ın değerleme verileri
15.) https://t.co/lBdy39m0In → Değerleme profesörünün blogu
16.) https://t.co/fzQM5n9vjt → Morgan Housel'in para yazıları
17.) https://t.co/hnk89cWDwW → Karar vermenin zihinsel modelleri
18.) https://t.co/Tpz6XSTKil → JPMorgan'ın ücretsiz piyasa rehberi
19.) https://t.co/kahV40Yt2s → Yenilik odaklı fon araştırmaları
20.) https://t.co/g9kDE8CDU6 → Girişim sermayesi denemeleri
21.) https://t.co/iTXfy7MVeu → Değer yatırımı ders notları
22.) https://t.co/HMxqonW0J4 → Columbia'nın değer yatırımı arşivi
23.) https://t.co/FC3aO4sqOS → Fed'in ekonomik veri arşivi
24.) https://t.co/6FJpzUj6Pz → Fed kararları ve açıklamaları
25.) https://t.co/0CG0xVKRgb → Avrupa Merkez Bankası verileri
26.) https://t.co/LfG7m4Gngq → Merkez bankalarının bankası raporları
27.) https://t.co/Yi6kEniOvO → Ülkelerin ekonomik göstergeleri
28.) https://t.co/ncvoSOdTWK → Şirketlerin uzun vadeli grafikleri
29.) https://t.co/T576J29xBh → Şirket finansalları ücretsiz
30.) https://t.co/Li4FmycBIU → Şirketlerin piyasa değeri sıralaması
31.) https://t.co/vC9L4Ueg3b → Hisse tarama ve ısı haritası
32.) https://t.co/0iHwKw6igv → Portföy geri testi
33.) https://t.co/4YtgkWpsTp → Grafik ve piyasa analizi
34.) https://t.co/LO0MYji1vc → Profesyonel piyasa ekranı
35.) https://t.co/rOclEWESJE → Şirket faaliyet raporları arşivi
36.) https://t.co/XIXMyONkRr → SEC'in yatırımcı eğitim sitesi
37.) https://t.co/xNaRTjbel5 → Pasif yatırım ansiklopedisi
38.) https://t.co/MsyMnuJ131 → Finans terimleri sözlüğü
39.) https://t.co/MyMk80MEFK → Ücretsiz finans rehberleri
40.) https://t.co/nSr55dm52J → CFA araştırma yayınları
41.) https://t.co/K6HkgDBhXR → Fon ve hisse değerlendirmeleri
42.) https://t.co/pCDxBWV17P → Şirketlerin görsel analizi
43.) https://t.co/9wWQX6dVKJ → Seçilmiş yatırım tezleri arşivi
44.) https://t.co/HbKe9ZjipZ → Fonların içinde ne olduğunu görme
45.) https://t.co/RH5eswHSaA → Avrupa fon geri testleri
46.) https://t.co/scGmGpK4Br → Veriyle yatırım yazıları
47.) https://t.co/Vj6iVrOhwp → Piyasa tarihi notları
48.) https://t.co/zPBUHjw9pH → Yatırımcı psikolojisi yazıları
49.) https://t.co/E4ayZUhSbT → Ekonomiyi grafiklerle anlatma
50.) ourfiniteworld? → (bkz. not)

Zenginler bilgiyi saklamıyor. Sadece nerede durduğunu kimse söylemiyor.

Kaydedin, lazım olur.
Yatırım tavsiyesi değildir.

[Financial Times @FT]

China has spent a record sum importing more than 1,000 tonnes of gold this year as the central bank and local investors pour cash into bullion amid rising geopolitical tensions abroad and poor returns on local assets. https://t.co/Q6PF6CVd8z

[Bloomberg @business]

Spanish Prime Minister Pedro Sánchez’s wife will stand trial for influence peddling and bribery https://t.co/sS6JCsYwrM

[elEconomista.es @elEconomistaes]

Deutsche Bank cree que el mercado se equivoca y anticipa una cascada de subidas de tipos en Europa y EEUU: "Subestima la magnitud del endurecimiento que viene" https://t.co/n6LOCrbgsN

[José Martín @jose___martin]

https://t.co/NrsSKZVTd5

[Jordi Llátzer @JordiLlatzer]

Mirad.
Ya tenemos los datos de población de la Unión Europea a 1 de enero de 2026 y son ESPECTACULARES.
Explican muchas cosas de España.
La UE creció en 705k habitantes.
2/3 del crecimiento poblacional de la UE se deben a España que aumentó en 461k.
Esta es la base del crecimiento económico español y del aumento de precios del inmobiliario.
Alemania perdió población.
Italia perdió población.
Grecia perdió población.
Polonia perdió población.
España dispara sus habitantes.
Es la gasolina de nuestro sistema.

[Michael A. Arouet @MichaelAArouet]

Nominal public debt has exploded since 2000: US +380%, Japan +430%, China +650%. Debt-to-GDP is already ugly: Japan 200%+, US heading toward 125–140%, France heading well above 120%, China crossing 100%. Global government debt is $111 trillion and growing every day. Interest spending is becoming a huge issue for these countries.

The path is unsustainable. Aging, slower productivity, and higher real rates make the math even worse.

There are only a few ways out:

1. Grow faster than interest spending and fiscal deficit. The cleanest option, but hard in aging, high-regulation, high-tax societies.

2. Run primary surpluses. Spend less than you tax, politically the hardest.

3. Inflate it away. Keep rates below inflation and force savers to hold the bonds. It destroys both wealth and the currency.

4. Default or restructure. Very costly for everyone, destroys trust.

5. Pretend and extend. The current path. Works until it doesn’t, then the adjustment is even more painful.

There is no painless option, but delay only shifts a larger bill onto the young. How will we get out of this mess?

[José Martín @jose___martin]

https://t.co/3EeHTfraR3

[brenz. @brenzhills]

joder, en GitHub hay una cantidad absurda de proyectos gratis.

muchos ya hacen lo mismo que la suscripción que estás pagando cada mes:

1. TradingAgents
un equipo de agentes de IA que analiza acciones y decide operaciones
https://t.co/FGGtY22vCB

2. LibreChat
una sola interfaz para ChatGPT, Claude, Gemini y el modelo que quieras
https://t.co/H8YdL3oIvz

3. HyperFrames (HeyGen)
el motor de generación de vídeo de HeyGen, open source
https://t.co/BJdXtiX7VN

4. GenOffice
Docs, Sheets y Slides con IA dentro, gratis y open source
https://t.co/Kc0ZZzsQTz

5. MoneyPrinterTurbo
escribes un tema y te saca el vídeo corto terminado, con voz y subtítulos
https://t.co/sfFAAaojs3

6. opencodex
usa cualquier modelo dentro de Claude Code o Codex
https://t.co/FQiGcBMIA6

7. VoxCPM
clonación de voz con IA que corre en tu ordenador
https://t.co/blyXSYV1sG

8. OpenHands
un agente de programación open source que ya compite con los de pago
https://t.co/1tdRMWn3Ej

9. agent-skills
la biblioteca de skills para Claude Code de Addy Osmani
https://t.co/sytuy7grPU

10. OpenBot
compañeros de trabajo con IA, cada uno con su propio ordenador. el Grok Bot open source
https://t.co/5wX1iWJ50e

y no son juguetes: más de medio millón de personas lo usan ya.

guárdatelo, te servirá.

[Global Markets Investor @GlobalMktObserv]

🤯Carry traders are moving away from the Japanese Yen:

Carry trades funded with the Swiss franc and Swedish krona are generating significantly stronger returns than Yen-funded trades.

NOK/CHF has delivered +15% year-to-date, while AUD/CHF has returned +14%.

By comparison, Yen-funded trades have been much weaker, with AUD/JPY returning +8% YTD and NOK/JPY +9%, while USD/JPY is roughly FLAT.

The gap has widened sharply since July as selling Yen to buy the Australian Dollar generated a -1.3% loss, versus a +9% profit in the first half of the year, while the same trade funded in Francs returned +14% over that stretch.

This comes as 2 joint US-Japan interventions this year signal Tokyo now wants a stronger Yen, while Switzerland is set to hold rates near zero through 2027 and seems comfortable letting the Franc soften instead.

The Yen is losing its appeal as a funding currency.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: China acquired +35 tonnes of gold in July via the London OTC market, its 3rd-largest monthly purchase since mid-2025, according to Goldman Sachs estimates.

This is 75% more than the official +20 tonnes reported by China's central bank for July.

This also follows estimated purchases of +48 and +40 tonnes through the OTC market in May and June, respectively.

This brings the total for these 3 months up to +123 tonnes.

By comparison, China’s central bank has officially increased its gold reserves by +80 tonnes in the first 8 months of the year.

China’s gold accumulation is far larger than its official figures reveal.

[elhacker.NET @elhackernet]

Windows 11 puede dañar la BIOS de portátiles HP, Lenovo y Dell

La actualización KB5121003 de Windows 11 puede estar corrompiendo la BIOS de portátiles HP, Lenovo y Dell , provocando fallos de instalación y arranque
https://t.co/sk93sihfc9

[AJ Signal @aj_geo_analysis]

𝗧𝗵𝗲 𝗦𝗮𝘂𝗱𝗶 𝗬𝗲𝗺𝗲𝗻𝗶 𝗪𝗮𝗿 𝗜𝘀 𝗡𝗼𝘁 𝗡𝗲𝘄. 𝗜𝘁 𝗜𝘀 𝗮 𝗡𝗶𝗻𝗲𝘁𝘆 𝗬𝗲𝗮𝗿 𝗢𝗹𝗱 𝗗𝗶𝘀𝗽𝘂𝘁𝗲 𝗢𝘃𝗲𝗿 𝗕𝗼𝗿𝗱𝗲𝗿𝘀 𝗧𝗵𝗮𝘁 𝗪𝗲𝗿𝗲 𝗗𝗿𝗮𝘄𝗻 𝗯𝘆 𝗪𝗮𝗿.

Those who know my writing, know I love maps because maps tell stories that our collective memories may have forgotten due to shifting narratives over time.

The Yemen and Saudi Arabia story is no different.

To understand the Houthi grievance against Saudi Arabia, you have to go back to 1934, because the roots run far deeper than most coverage shows these days.

This is verifiable history, not propaganda from either side.

In 1934 the new Kingdom of Saudi Arabia went to war with the Zaydi imamate of northern Yemen. It was a short war, under three months, and Saudi Arabia won due to support it got from the British.

Its forces took the provinces of Asir, Najran and Jizan, and even occupied the Yemeni port of Hodeidah.

The war ended with the Treaty of Taif, signed in June 1934. Under British and Italian pressure, and with the Yemeni imam militarily weakened, Yemen recognized Saudi control of the three provinces, paid an indemnity in gold, and Saudi Arabia withdrew from Hodeidah in return.

Here is the detail that still matters.

1. The Taif Treaty of 1934 was not a permanent, unconditional cession or surrender. It granted Saudi sovereignty over the provinces on a RENEWABLE term, with clauses guaranteeing the local population visa-free movement and the right to live and work across the border as equals.

2. In the Yemeni reading, articulated again in various Arabic and English media reports I saw, the imam back then signed only "because he was weak", and he built the Treaty so that a future, stronger Yemen could one day RECLAIM what was taken. That is the historical spine of the current claim. What does that mean for today? That means IF the war with Yemen goes the way the Ansarallah Houthis want it to go, it is likely that Saudi Arabia may lose those provinces. This makes the war for Saudi Arabia existential as well.

3. The relationship soured after Yemen's 1962 republican revolution, and Saudi Arabia has intervened in Yemeni affairs, by the Yemeni account, more or less continuously since.

4. Then came the 2015 coalition war, hundreds of thousands of airstrikes, a blockade, and a civilian death toll the @UN has put in the hundreds of thousands from bombing, famine and disease combined.

Ninety years of a contested border, an unequal treaty, and a modern war stacked on top of each other. Whatever you think of the Houthis, their fight with Riyadh did not begin in 2015. It began in 1934, and it has NEVER fully ended.

History and context matters if you want to understand current dynamics. This is what I try to cover and shed light on. They need peace. All sides.

Below image is of Muhammad al-Badr, last Imam and King of Yemen.

𝗦𝗜𝗚𝗡𝗔𝗟, 𝗡𝗢𝗧 𝗡𝗢𝗜𝗦𝗘!!

[Charlie Bilello @charliebilello]

Global Central Bank Update:
-The Fed hiked rates for the first time since 2023, 25 bps move up to 3.75-4.00%. Signaled more hikes to come before year end.

[Darío Madrid @Dario_Madrid_F]

En septiembre de 1932 las Cortes de la II República aprobaron el Estatuto de Autonom��a de Cataluña.
Es curioso como Miguel de Unamuno en noviembre de 1932 era capaz de adivinar los problemas que tenemos ahora en 2025: 
"El autonomismo cuesta caro y sirve para colocar a los amigos de los caciques regionales. Habrá más funcionarios provinciales, más funcionarios municipales; habrá un Parlamento y un Parlamentito. Es decir, existirá una enorme burocracia. En vez de una República de trabajadores vamos a hacer una República federal de funcionarios de todas clases. Dios quiera que vuestros hijos encuentren en esa nueva sociedad que se avecina las satisfacciones que yo no podría encontrar. ¡Que esa República federal de funcionarios de todas clases encuentre un ideal! No es lo que yo soñaba. ¡Qué le vamos a hacer! Presencio con tristeza que ha desaparecido toda serenidad. Yo sirvo a un sentimiento de justicia, y me aterra que con otros se cometan injusticias. No me gusta eso, no quiero llevar dentro de mí un alma de déspota."