Wrapped up first quarter 2026 with 91.23% YTD returns on my equities portfolio. Current holdings (not much changes since start of year): Oil & Gas: $PBR, $VAR, $ARX.TO xitter.cf/MacroJason/status/2029… Coal: $TGA.L, $YAL.AX xitter.cf/MacroJason/status/2031… Kazakhstan banking & fintech: $HSBK and $KSPI xitter.cf/MacroJason/status/2028… Shipping (RoRo): $HAUTO, $WAWI xitter.cf/MacroJason/status/2018… Chinese shipping ports: 1199.HK, 144.HK, 6198.HK xitter.cf/MacroJason/status/2038… Got rid of small positions in $CIG and $NVO.

An example of how flexibility in Eastern Europe speeds things up. In most countries, you are only given access to your apartment once you have paid the full amount to the developer. In Romania, you can (informally) start furnishing your flat before handover, whilst the developer finishes off their part (flats in Romania are delievered in turnkey condition minus furniture). This is down to: - People prioritising common sense over stringent rules - Non litigious culture - Reasonably high trust society (construction workers have keys to your flat and in theory can steal your stuff)

Hotels in a Bucharest reminding Israeli tourists that the towels and bathrobes were not promised to them 3000 years ago

These veterans fought so Serbia can stay Christian & safe. @DjokerNole you have a beautiful country full of amazing warriors. Glad to be here to support @avucic

This is the most important map for anyone who wants to leave wealth to their kids: Inheritance tax might be the most unfair tax on Earth. In some countries, over half of your wealth goes to the tax department, instead of your family. Top rates go up to: > Spain🇪🇸 87.6% (wtf) > France🇫🇷 60% > Germany🇩🇪 50% > UK🇬🇧 40% > USA🇺🇸 40% > Netherlands🇳🇱 40% Most people spend their whole life building something for their family. A house, a business, or just some savings. But when they pass away, the government steps in & wants their share. The usual argument is that it's unfair for kids to get money they didn't work for. But did the government work for it to claim that much? And it's not just affecting rich people by the way. In the Netherlands, your kids pay inheritance tax on everything above 25.000€. During our lifetime, we already pay: > Tax on everything we earn > Tax on everything we spend > Tax on everything we invest > Tax on everything we own And upon our death, they still want to tax whatever is left. But the worst part is this: The tax is often due within a short period of time. Let's look at an example: If you leave your child a 2.000.000€ family home in France, they now owe the government approx. 617.000€. And that's the lower rate for your own kids. Leave it to a partner you're not married to & it's 60%. Due within 6 months. Now. In some cases, there's not even enough liquid cash to pay the tax, so the heirs are forced to sell the house, just to pay the bill. Insane. In Cyprus🇨🇾, where I live, there is no inheritance tax. Meaning, while I build my wealth at the lowest legal tax rate possible, I will pass everything to my children, completely tax-free. Of course, Cyprus isn't the only option. As you can see on the map, a lot of the world is green. But if you want your kids to inherit more than a tax bill, you definitely shouldn't live in a red country.

Brazil ranks very close to Romania in quality of governance. So why is Brazil 2x poorer than Romania? Romania's median IQ is 10 points higher than Brazil. Romania also has (per capita): - 4x more software engineers - 17x more chess grandmasters - 65x more international math olympiad winners Brazil (and LatAm's) fundamental problem isn't 'bad institutions' or 'socialism' - its low median IQ. You can substitute Brazil with any LatAm country and Romania with any Eastern European country and see the same.

Me when people ignore median IQ and say that Brazil’s fate will change depending on who wins the election

Former Serbian President Aleksandar Vucic has told Russian journalist Ksenia Sobchak that a world war may be approaching as European countries dramatically increase military spending. “If you can’t see how Europe is rearming, then you’re simply pretending not to see it. And why is Europe rearming? What for?” He invoked Chekhov’s famous principle “if a gun is hanging on the wall in the first act, it will go off in the third.” “Look at how much the Scandinavian countries are investing, Sweden and all the others, they’re getting stronger and stronger, more and more powerful.” Asked whether he believed a world war would break out, Vučić replied “it will be a miracle if it doesn’t. I would be the happiest man alive if I were wrong. But I fear I’m not.”

🇦🇷 💴 Cash, cash and more cash. How real estate sales/purchases are done in Buenos Aires From this morning. Another done deal by @BuySellBA Guess the amount of cash in the stack. Whoever comes closest at the end of the survey gets $50 USD in X Money sent to them. If there is a tie then we will spin a wheel for the winner. If you share the post you get a double entry. (You must like the post to be entered so we can see who entered).