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[@akcakmak](/creator/twitter/akcakmak)
"1H22 was already USD 400bn. Second half is usually stronger than first half so full-year GDP is likely gonna exceed the IMF estimate of USD 690bn - but what to make out of it in this kind of an environment where everything's on steroids I don't know 🤷♂"  
[X Link](https://x.com/akcakmak/status/1564907575782641664) [@akcakmak](/creator/x/akcakmak) 2022-08-31T09:26Z 18.2K followers, XX engagements


"Forward-looking P/E multiples in major developed emerging and frontier markets"  
[X Link](https://x.com/akcakmak/status/1940856746559656420) [@akcakmak](/creator/x/akcakmak) 2025-07-03T19:34Z 18.2K followers, 18.6K engagements


"As #Galatasaray fans -and like many other football fans in #Turkey- we love Nigerias superstar striker #Osimhen. But theres something else from Frontier Markets #Nigeria I follow just as passionately: its banks. After years of volatility Guaranty Trust and Zenith have surged +160% in USD () since May 2024 when the long-awaited Naira depreciation finally hit. Since then: Economic activity has picked up Inflation eased from the mid-30%s to XX% The Naira stabilized with improving liquidity Banks strengthened their capital for future growth Its not all smooth sailing yet and there are certainly"  
[X Link](https://x.com/akcakmak/status/1954909786182451514) [@akcakmak](/creator/x/akcakmak) 2025-08-11T14:16Z 18.2K followers, 2249 engagements


"A controversial but rewarding (usually short-term) investment playbook in emerging and frontier markets: major currency depreciation higher inflation strong USD market returns in the following period. This cycle has played out across the PARENTS markets #Pakistan #Argentina #Egypt #Nigeria #Turkey #SriLanka plus #Kenya which shared similar vulnerabilities between 2021-24. The pattern: - Before a big local-currency (LCL) drop inflation is under control but equities weaken in anticipation - After depreciation inflation jumps as prices adjust inflating company earnings in local terms - As the"  
[X Link](https://x.com/akcakmak/status/1967936880961622355) [@akcakmak](/creator/x/akcakmak) 2025-09-16T13:01Z 18.2K followers, 1323 engagements


"Year-to-date and 3yr rolling: Developed markets: +18% and +87% Emerging markets: +30% and +69% Frontier markets: +38% and +68% Emerging relative P/E (abs: 14x) closer to average since 2013 frontiers (10x) still close to the bottom despite strong performance. DM 20x"  
[X Link](https://x.com/akcakmak/status/1975215487606030474) [@akcakmak](/creator/x/akcakmak) 2025-10-06T15:04Z 18.2K followers, 1406 engagements


"Best markets 10M25 in USD - all about AI Frontier and Eastern Europe & EUR 1) South Korea +79% (AI infra) 3) Slovenia XX% (Rus-Ukr hopes EUR) 4) Romania XX% (Ru-Uk) 5) Nigeria XX% (great recovery) 7) Poland XX% (Ru-Uk) 8) Spain XX% (EU infra EUR) 10) Greece XX% (Ru-Uk EUR)"  
[X Link](https://x.com/akcakmak/status/1985292455298605333) [@akcakmak](/creator/x/akcakmak) 2025-11-03T10:26Z 18.2K followers, 1701 engagements


"Worst markets 10M25 in USD 1) Denmark -XX% (Novo Nordisk) 2) Argentina -XX% (Milei setback temporary) 3) Philippines -X% (sleeping beauty) 4) Turkey -X% (making investors sleep) 5) Saudi Arabia X% (budget worries on lower oil)"  
[X Link](https://x.com/akcakmak/status/1985293086335836232) [@akcakmak](/creator/x/akcakmak) 2025-11-03T10:28Z 18.2K followers, 1099 engagements


"Bloomberg piece on Turkish Lira including my comments 👇"  
[X Link](https://x.com/akcakmak/status/1979464203946647822) [@akcakmak](/creator/x/akcakmak) 2025-10-18T08:26Z 18.2K followers, 4977 engagements


"An alternative way of looking at equity market performance in #EmergingMarkets: Which markets helped local investors beat inflation #Taiwanese equities delivered XX% excess returns to locals every year last XX yrs on average #Turkish equities delivered no real returns"  
[X Link](https://x.com/akcakmak/status/1982886155554328644) [@akcakmak](/creator/x/akcakmak) 2025-10-27T19:04Z 18.2K followers, 4401 engagements


"Turkey's Oct CPI was lower than expectations taking annual inflation to XXXX% It's now almost certain that CPI will exceed the upper end of CB projections (29%) to end the year around 32-33% vs. expected XX% Disinflation trend still similar to early 2000s but much slower"  
[X Link](https://x.com/akcakmak/status/1985249529503842691) [@akcakmak](/creator/x/akcakmak) 2025-11-03T07:35Z 18.2K followers, 3297 engagements


"Chipmaker #TSMC's market cap is now equivalent to an unbelievable XXX% of #Taiwan's 2025e GDP. Oil giant #Aramco is the second on the list at XXX% of its host country Saudi Arabia followed by a distant third ASML which accounts for XX% of the Netherlands' GDP"  
[X Link](https://x.com/akcakmak/status/1985301536428503325) [@akcakmak](/creator/x/akcakmak) 2025-11-03T11:02Z 18.2K followers, 2137 engagements


"(Relative) risk appetite is as good as it gets: Emerging markets' Eurobond spreads over US treasuries are lowest since 2007. Year-to-date equity market performance in USD: - US: +16% - Emerging Markets: +33% - Frontier Markets: +39%"  
[X Link](https://x.com/akcakmak/status/1985374138756661693) [@akcakmak](/creator/x/akcakmak) 2025-11-03T15:50Z 18.2K followers, 1609 engagements


"Global inflation & policy rate watch: - Almost all CBs in a rate cut cycle except for #Brazil and #Kazakhstan - Inflation is well-behaved only with a few exceptions namely #Nigeria #Turkey and #Kazakhstan - Real rates are pretty high given soft USD. #Brazil's RR is extreme"  
[X Link](https://x.com/akcakmak/status/1985414436404777282) [@akcakmak](/creator/x/akcakmak) 2025-11-03T18:31Z 18.2K followers, 1763 engagements