It’s official and it’s shameful: US multinationals will be exempt from the global minimum tax 🧵

We also found that some traditional US media employ business divisions' editors that are either really ignorant or biased: it'd be a critical strategic mistake for the "majors" to not invest in VEN, and new gen modular extraction plants can be built in as little as 12 months.

It turns out that all political economics researchers that have warned about the risk that the U.S. would transition to an exploitative neocolonialist trade framework (who have been mostly dismissed by the public) for the past 10 years were right: US oil majors are favored buyers

P.S. Pardon the typo in the visualization's title: our estimate suggests that the BLS headline inflation rate is overstated by 60bps, not 50.

Turns out we were right: the transition to a new "not-QE QE" monetary policy regime appears to have indeed been a consequence of pressure by the current US administration rather than of an independent decision taken by Fed officials. youtu.be/KckGHaBLSn4?si…

It's only being observed as an infrequent (real) market-specific phenomenon though: for the US the official (inflation-adjusted) YoY growth rate of aggregate nonfarm labor productivity is +1.9%, below the 30-year mean of +2.1% (WITHOUT accounting for inflation understatement).

We've been doing a lot of thinking about (and analyzing) the structural phenomena impacting China's economy and equities. We'll write a thread about it in the coming days. Markets are now calling "BS" on the (still) consensus view that the Chinese econ is undergoing involution.

Here come the geopolitical consequences to the economic (protectionism) and kinetic (Venezuela) warfare that the Trump admin has pushed for: the two nations whose economies are being most impacted by these events (as explained by our thread below) are becoming an "odd couple".

We added a new long Rio Tinto Limited position. The stock is listed on the ASX (Australian Stock Exchange) under the ticker RIO. The position's size amounts to 5% of our total unlevered and unmarked portfolio AUM.