# ![@MacroJason Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::511177925.png) @MacroJason Jason - macro / offshore / investing

Jason - macro / offshore / investing posts on X about $hsbk, countries, kazakhstan, $kspi the most. They currently have [-----] followers and [---] posts still getting attention that total [-----] engagements in the last [--] hours.

### Engagements: [-----] [#](/creator/twitter::511177925/interactions)
![Engagements Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::511177925/c:line/m:interactions.svg)

- [--] Week [-----] +40%
- [--] Month [------] -15%
- [--] Months [---------] -96%
- [--] Year [-----------] +682%

### Mentions: [--] [#](/creator/twitter::511177925/posts_active)
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- [--] Month [--] -5.60%
- [--] Months [---] -5.30%
- [--] Year [---] -23%

### Followers: [-----] [#](/creator/twitter::511177925/followers)
![Followers Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::511177925/c:line/m:followers.svg)

- [--] Week [-----] +0.94%
- [--] Month [-----] +4.90%
- [--] Months [-----] +18%
- [--] Year [-----] +70%

### CreatorRank: [-------] [#](/creator/twitter::511177925/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::511177925/c:line/m:influencer_rank.svg)

### Social Influence

**Social category influence**
[finance](/list/finance)  98% [countries](/list/countries)  48% [stocks](/list/stocks)  22% [currencies](/list/currencies)  19% [cryptocurrencies](/list/cryptocurrencies)  12% [technology brands](/list/technology-brands)  6% [travel destinations](/list/travel-destinations)  4% [social networks](/list/social-networks)  3% [financial services](/list/financial-services)  2% [exchanges](/list/exchanges)  1%

**Social topic influence**
[$hsbk](/topic/$hsbk) #3, [countries](/topic/countries) #2428, [kazakhstan](/topic/kazakhstan) #579, [$kspi](/topic/$kspi) #15, [in the](/topic/in-the) 10%, [bank](/topic/bank) 8%, [stocks](/topic/stocks) #4457, [brazil](/topic/brazil) #2116, [uzbekistan](/topic/uzbekistan) 7%, [investment](/topic/investment) #1955

**Top accounts mentioned or mentioned by**
[@gildner](/creator/undefined) [@utankansla](/creator/undefined) [@shawzeider](/creator/undefined) [@codyshirks](/creator/undefined) [@revolut](/creator/undefined) [@reshapetech](/creator/undefined) [@nexusmutual](/creator/undefined) [@birthgauge](/creator/undefined) [@metpoliceuk](/creator/undefined) [@eftegarie](/creator/undefined) [@quantum9412](/creator/undefined) [@teaparty1234](/creator/undefined) [@luigisvampa](/creator/undefined) [@equitybrian](/creator/undefined) [@paulbonnet](/creator/undefined) [@realdonaldtrump](/creator/undefined) [@fcfinvest](/creator/undefined) [@buysellba](/creator/undefined)

**Top assets mentioned**
[Kaspi.kz Joint Stock Company (KSPI)](/topic/$kspi) [PolkaBridge (PBR)](/topic/$pbr) [BlackRock Inc (BLK)](/topic/blackrock) [Bitcoin (BTC)](/topic/bitcoin)
### Top Social Posts
Top posts by engagements in the last [--] hours

"Just paid the annual property taxes for [--] of my flats in Romania (combined market value around 270K) Total for [--] flats: - [--] LEI / [---] land tax - [---] LEI / [---] property tax 0.068% tax rate ✌ Not widely known - but real estate taxes are MUCH lower in CEE countries like Romania and Poland vs 'tax havens' like the UAE SG HK Cyprus Malta & Monaco - 0-2% stamp duty / transfer tax - 0% capital gains tax - Annual tax 0.1% or lower This will be increased in the https://t.co/ZCjrMcZ2kq Not widely known - but real estate taxes are MUCH lower in CEE countries like Romania and Poland vs 'tax havens' like"  
[X Link](https://x.com/MacroJason/status/2022311911111393553)  2026-02-13T14:08Z [----] followers, [---] engagements


"Posted about AI's threat to $FVRR and $UPWK [--] year ago. Fiverr is now down 56% and Upwork is down 20%. Sadly wasn't aware these companies were listed (yeah I know 🤡) or would have entertained a short. An example is fiverr and upwork - vast majority of freelancers are from Global South doing sub [--] IQ monkey work (not shitting on them they are good hombres just trying to make it). But when ChatGPT gets a bit better you really don't need most of fiverr and upwork anymore. https://t.co/vEFvNYKkHU An example is fiverr and upwork - vast majority of freelancers are from Global South doing sub 85"  
[X Link](https://x.com/MacroJason/status/2022456863552606707)  2026-02-13T23:44Z [----] followers, [---] engagements


"$Brent price up 12% and $PBR up 30% since above post from Jan [--]. Just read @CodyShirk's fund updates too - good instincts on #oil Most were bearish oil in the immediate aftermath of Maduro's kidnap. Cody has made some great calls on EM & value such as Brazil in Nov [----] (Brazil's index ETF $EWZ is up 40% whilst SPX is up 15% in same period). https://www.youtube.com/watchv=egLU7V0mYkE https://www.youtube.com/watchv=egLU7V0mYkE"  
[X Link](https://x.com/MacroJason/status/2022462446980448434)  2026-02-14T00:06Z [----] followers, [---] engagements


"I also had my Wise account randomly frozen and closed. You should only use Wise Revolut and even IBKR with the understanding that: - They can randomly freeze your account at any point - When they do that you will not be able to reach a real person to speak with easily - It can take months to get your funds back You get convenience low fees and great UX. You pay for it with the above. Wise is the worse. Revolut is relatively much better. IBKR is in between. Banks are just capitalists. AML fines of letting through a non compliant transaction is too high relative to what they can earn from you."  
[X Link](https://x.com/MacroJason/status/2022493674668515484)  2026-02-14T02:10Z [----] followers, [---] engagements


"You might not like this - but EUR is more of a 'digital gold' than BTC (in terms of capturing bearish US sentiment). For the big boys TINA outside EUR and Gold with sufficient liquidity and legitimacy. CHF and SGD is cool but too tiny. BTC may be digital gold one day - but right now it's a leveraged SPX (which I gladly own). Days like today make it clear that Bitcoin is not digital gold. We got bad economic news that sent gold and the Japanese yen up 2.2% and the euro up 1.5%. The NASDAQ went the other way falling 2.2%. Bitcoin tanked 3% tracking high-risk assets lower not safe havens higher."  
[X Link](https://x.com/MacroJason/status/1951421719723291081)  2025-08-01T23:16Z [----] followers, [---] engagements


"Kazakhstan's Halyk Bank $HSBK is up 37% YTD + 17% dividend yield. It's a great example of how certain EMs offer value + growth + yield. Halyk bank ($HSBK) might be the most undervalued EM bank stock: - Net income up 51% (Q3 [----] vs 2023) - Kazakhstan central bank rate is at 15% lending revenue should increase as rates go down - Tengee may be undervalued and is the most freely traded currency in CIS #USDKZT - https://t.co/5fm0JX96NJ Halyk bank ($HSBK) might be the most undervalued EM bank stock: - Net income up 51% (Q3 [----] vs 2023) - Kazakhstan central bank rate is at 15% lending revenue"  
[X Link](https://x.com/MacroJason/status/1975587402094678244)  2025-10-07T15:41Z [----] followers, [----] engagements


"High level leaders meeting between US and EU with Kazakhstan and Uzbekistan - virtually [--] before the Ukraine war started. The multipolar world gives smart neutral countries the opportunity to elevate their geopolitical importance and economic standing. $HSBK $KSPI"  
[X Link](https://x.com/MacroJason/status/1982509725066617049)  2025-10-26T18:08Z [----] followers, [---] engagements


"One of the biggest long tail risks of $HSBK is that 70% of the bank is owned by former President Nazarbayev's daughter and son in law. Study the power dynamics at play behind the Jan [----] riots"  
[X Link](https://x.com/MacroJason/status/1982579351330881715)  2025-10-26T22:45Z [----] followers, [----] engagements


"Bought today's $HSBK dip - which was caused by the majority shareholder plans to sell some shares. Official reason is to improve secondary market liquidity. Halyk bank Q3 [----] earnings summary (from an experienced EM bank equity analyst I work with) 👇 https://twitter.com/i/web/status/1991231879413191163 https://twitter.com/i/web/status/1991231879413191163"  
[X Link](https://x.com/MacroJason/status/1991231879413191163)  2025-11-19T19:47Z [----] followers, [----] engagements


"How $HSBK gives you exposure to #Uzbekistan too I know some like $TBCG for Uzbek exposure but I simply don't like the Georgian exposure / geopolitical risk"  
[X Link](https://x.com/MacroJason/status/1992627538359631900)  2025-11-23T16:13Z [----] followers, [---] engagements


"Halyk bank +20% since last month's dip and made ATH $HSBK Bought today's $HSBK dip - which was caused by the majority shareholder plans to sell some shares. Official reason is to improve secondary market liquidity. Halyk bank Q3 [----] earnings summary (from an experienced EM bank equity analyst I work with) 👇 https://t.co/sctt6N4INE Bought today's $HSBK dip - which was caused by the majority shareholder plans to sell some shares. Official reason is to improve secondary market liquidity. Halyk bank Q3 [----] earnings summary (from an experienced EM bank equity analyst I work with) 👇"  
[X Link](https://x.com/MacroJason/status/2000724465244668160)  2025-12-16T00:27Z [----] followers, [---] engagements


"Called Brazil [--] year at near the top✌ Around 34% total return since April [----] (roughly 1/3 split between: interest yield compression and #USDBRL currency appreciation). Brazil government bonds are quite hard to buy (though tax free) but Blackrock launched $BLTN ETF recently. Weighted yield of 13.28% YTM and effective duration [----] years (personally passed on it as I want a long duration bet). Am expecting Brazil [--] years to go down further. But Kazakh & Russian [--] year more attractive right now. If I had to invest in #LatAm - [--] year Brazilian bonds would be the first thing I'd explore."  
[X Link](https://x.com/MacroJason/status/2010094163681775916)  2026-01-10T20:59Z [----] followers, [---] engagements


"$KSPI's DAU is around 75% with P/E below [--] $CPNG - [--] P/E $MELI- [--] P/E https://t.co/6r4qtDHCED https://t.co/6r4qtDHCED"  
[X Link](https://x.com/MacroJason/status/2014840938451833107)  2026-01-23T23:21Z [----] followers, [----] engagements


"US market RED days like today are a good chance to reflect on how correlated you want to be to the US / growth stocks / crypto at this stage of the cycle (business cycle but also the 'bigger cycle' Dalio talks about) Here's all the stocks I own. General theme: - Less leveraged companies sectors and countries - Lower correlation to US and 'growth' theme without giving up on potential upside - Average P/E of [--] and double digit dividends Not much net impact from today's US market dump and very strong outperformance vs US growth stocks YTD. $HSBK $KSPI $PBR $CIC $TGA $WAWI $HAUTO Happy Thursday."  
[X Link](https://x.com/MacroJason/status/2016931946887004321)  2026-01-29T17:50Z [----] followers, [----] engagements


"What's unique about #Uzbekistan's fertility rate isn't just that it's high - but that it's the ONLY country with a [--] TFR that is not low IQ reasonably well educated and actually 'functional'. When you combine that with natural resources (which isn't looted like in Africa) + excellent geopolitics (friendly with all sides) + reasonably small country that's easier to run = v interesting future. Currently getting exposure mainly through local corp bonds (29% YTM last year + 6% appreciation vs USD) but actively looking for ways to boost returns further. Tashkent real estate is slightly overvalued"  
[X Link](https://x.com/MacroJason/status/2016946749630263673)  2026-01-29T18:49Z [----] followers, [---] engagements


"Been sceptical on Uzbekistan equities to ride local growth - as historically it has not done well. But in [----] - their index started the year with 64.79% YTD returns Two (fairly blue chip local) banking stocks was up around 150% in a week - trading was suspended. Interesting stuff happening maybe this year it's different. https://www.ceicdata.com/en/indicator/uzbekistan/equity-market-index https://www.ceicdata.com/en/indicator/uzbekistan/equity-market-index https://www.ceicdata.com/en/indicator/uzbekistan/equity-market-index https://www.ceicdata.com/en/indicator/uzbekistan/equity-market-index"  
[X Link](https://x.com/MacroJason/status/2018328022974079210)  2026-02-02T14:17Z [----] followers, [---] engagements


"Bought two Norwegian shipping stocks: Hoegh Autoliners $HAUTO and Wallenius Wilhelmsen $WAWI They are leading RoRo shipping companies that directly benefit from Chinese EV exports to Europe / rest of world. Deep value: - Trailing P/E of [--] - 20% dividend yield - Very low debt Growth: [--]. I believe Chinese EV exports to Europe / ROW will grow. US allies are pivoting to China and that involves opening up their markets to EVs. Yet Chinese EV companies are not that investable IMO. Thus I prefer to go for a proxy. [--]. I see European capital repatriation away from the US continuing. Norway is one of"  
[X Link](https://x.com/MacroJason/status/2018341194623840663)  2026-02-02T15:10Z [----] followers, [----] engagements


"Dollar smile theory in action $IEMG"  
[X Link](https://x.com/MacroJason/status/2018436679661433079)  2026-02-02T21:29Z [----] followers, [---] engagements


"When foreign funds passively buy $IEMG (iShares Core MSCI Emerging Markets ETF) - large & mid caps in these countries benefit the most E.g. Petrobras ( $PBR ) makes up 10% of MSCI Brazil is and 0.5% of IEMG"  
[X Link](https://x.com/MacroJason/status/2018438048971690170)  2026-02-02T21:35Z [----] followers, [---] engagements


"Another one of those days: - US tech and crypto down - EM energy and shipping up Much more of such days ahead if the rotation from growth to value has indeed started. Above white line = my portfolio. $PBR $TGA.L $WAWI $HAUTO"  
[X Link](https://x.com/MacroJason/status/2018752642709668319)  2026-02-03T18:25Z [----] followers, [--] engagements


"$60k residency by bank deposit in Azerbaijan. Baku is more developed than you might assume. 7-14% capital gains tax rate. Azerbaijani fixed income is interesting: 10% yields on [--] year bank deposit and they've successfully kept a peg with the USD for last [--] years. Oil revenue helps. I've covered Azerbaijani fixed income in my CEE / CIS model fixed income portfolio and also offer a fully remote Azerbaijani account opening service. https://x.com/MacroJason/status/1898753796324388895s=20 30+ countries offer residency in exchange for local bank deposits. But most currently have NEGATIVE real"  
[X Link](https://x.com/MacroJason/status/2019123919261987101)  2026-02-04T19:00Z [----] followers, [---] engagements


"There was barely any bad macro news in the last [--] hours - yet nearly $5 trillion was wiped out. A time to reflect on your own portfolio and consider owning assets in markets less correlated with the developed world and where leverage is much lower"  
[X Link](https://x.com/MacroJason/status/2019495139580764479)  2026-02-05T19:35Z [----] followers, [---] engagements


"The Honorable Madame Lagarde at ECB contributed more to my portfolio (EUR correlated real estate) than Mr Satoshi over the last months. You might not like this - but EUR is more of a 'digital gold' than BTC (in terms of capturing bearish US sentiment). For the big boys TINA outside EUR and Gold with sufficient liquidity and legitimacy. CHF and SGD is cool but too tiny. BTC may be digital gold one day - but https://t.co/aGfXdcgjvl You might not like this - but EUR is more of a 'digital gold' than BTC (in terms of capturing bearish US sentiment). For the big boys TINA outside EUR and Gold with"  
[X Link](https://x.com/MacroJason/status/2019514192408334685)  2026-02-05T20:51Z [----] followers, [---] engagements


"Michael Saylor [--] hours ago. The main hopium for $BTC in the near term seems to be some sort of Trump stimulus (e.g. tariff dividend or surprise BTC reserve announcement) before [----] mid term elections which is effectively Trump's last election"  
[X Link](https://x.com/MacroJason/status/2019907033135215061)  2026-02-06T22:52Z [----] followers, [---] engagements


"@gildner Whats your theory on this Wouldve guessed that with more sizeable positions insurance succession plans and reg requirements that family offices operating at $1bn have to deal with they are less prone to owning meaningful amount of gold and crypto off balance sheet"  
[X Link](https://x.com/MacroJason/status/2020278283582205963)  2026-02-07T23:27Z [----] followers, [--] engagements


"Macron flexing about France investing 35M () on science and AI. Thats a Series A round in the US. Meanwhile France has given close to 10B to Zelensky to prolong an unnecessary war. In France we believe in science. That is why on May [--] I issued a clear and open call to the world: for science choose France. I am very proud to see that this call has resonated so strongly. https://t.co/Vnkz9mCG0h In France we believe in science. That is why on May [--] I issued a clear and open call to the world: for science choose France. I am very proud to see that this call has resonated so strongly."  
[X Link](https://x.com/MacroJason/status/2020284775936745492)  2026-02-07T23:53Z [----] followers, [---] engagements


"How your country performs in the Winter Olympics almost directly correlates with it's median IQ Something for the warm weather propagandists on nomadic twitter to consider"  
[X Link](https://x.com/MacroJason/status/2020603257803198503)  2026-02-08T20:58Z [----] followers, [---] engagements


"It wasnt just LatAm - the 2000s bull run was truly incredible for all emerging markets including CEE and CIS - equities real estate and currencies. The dollar was so weak that it was cheaper for Eastern Europeans to buy Nikes in the US and flip them locally. I agree with OP that theres a good chance were in the early 2000s RE: EM cycle. Last one was driven by peak globalisation and this one driven by diversify from US. LatAm's bull market is still in its early inning. From Morgan Stanley Research. https://t.co/3SRLNoaznR LatAm's bull market is still in its early inning. From Morgan Stanley"  
[X Link](https://x.com/MacroJason/status/2020623022730653848)  2026-02-08T22:17Z [----] followers, [---] engagements


"@ReshapeTech Wonder if @NexusMutual or any of those DeFi insurance apps paid out 🤔 Btw could you see something like this happening to aave or they are magnitudes more solid"  
[X Link](https://x.com/MacroJason/status/2020719622186533278)  2026-02-09T04:41Z [----] followers, [--] engagements


"Missed out Central Asia and especially #Uzbekistan where birthrates increased by 14% (2020 vs 2023) These are generally economically productive countries (6-7% GDP growth per year) fairly well governed and median IQ in the 85-90 range - unlike virtually all other countries with high fertility rates [--] countries saw fertility rise in [----]. Kosovo +0.09. Mauritius +0.18. Nordics recovering across the board. South Korea known for demographic collapse ticked up from [----] to [----]. Numbers of optimism from priceless source @BirthGauge 🧵 https://t.co/HlTU6hYr39 [--] countries saw fertility rise in"  
[X Link](https://x.com/MacroJason/status/2020883794278961531)  2026-02-09T15:33Z [----] followers, [---] engagements


"All non EUR zone CEE countries (Hungary Romania Czechia Poland) spend below their means when it comes to this car age proxy. Compare that to Slovenia (SL) Croatia (HR) and Slovakia (SK) - all EUR zone CEE countries and all spending above their means - enabled by artificially cheap interest rates. Higher interest rates encourage savings and investing - whilst discouraging consumer debt. Another reason not to surrender monetary sovereignty to the ECB. https://twitter.com/i/web/status/2020899811663233233 https://twitter.com/i/web/status/2020899811663233233"  
[X Link](https://x.com/MacroJason/status/2020899811663233233)  2026-02-09T16:37Z [----] followers, [---] engagements


"Almost as if there's a dead simple pattern you can follow HODL HODL HODL Sell (and buy back if you want) HODL HODL HODL Sell (and buy back if you want) https://x.com/MacroJason/status/1822760368206446741s=20 2014: idiot 2015: idiot 2016: idiot 2017: you got lucky 2018: idiot 2019: idiot 2020: idiot 2021: you got lucky 2022: idiot 2023: idiot 2024: idiot 2025: you got lucky 2026: idiot https://x.com/MacroJason/status/1822760368206446741s=20 2014: idiot 2015: idiot 2016: idiot 2017: you got lucky 2018: idiot 2019: idiot 2020: idiot 2021: you got lucky 2022: idiot 2023: idiot 2024: idiot 2025:"  
[X Link](https://x.com/MacroJason/status/2020999961543082284)  2026-02-09T23:15Z [----] followers, [---] engagements


"Euro adoption not only makes things more unaffordable for the end consumer - it also hurts domestic production as it makes their currency less competitive. Applies to EUR pegged local currencies often used in the Balkans too e.g. Serbia. Good on Czechia Poland and Hungary for being the only CEE EU countries that have their own real currencies allowed to appreciate and depreciate based on market forces. Bulgaria adopta el euro y los productos pasan a valer mas que en Alemania https://t.co/NvbWhhtjK5 https://t.co/9x73KGpslx Bulgaria adopta el euro y los productos pasan a valer mas que en"  
[X Link](https://x.com/MacroJason/status/2021330425776570370)  2026-02-10T21:08Z [----] followers, [---] engagements


"As the two wealthiest Slavic countries Czechia and Poland was best able to attract Ukrainians and Belarusians even before the war. Also starting to attract Kazakhs and similar FSU migrants (linguistic similarity) - which are still more compatible than Indians for example. The Balkans may be in a tricky situation re: labour shortage. They have to turn to the third world. Serbia being outside of the EU and embracing multi polarity may possibly benefit from Chinese robotics / automation. The Croatian government has published a worker rights document. The brochures are available in multiple"  
[X Link](https://x.com/MacroJason/status/2021355457219035359)  2026-02-10T22:47Z [----] followers, [---] engagements


"Avoid dividend traps and focus on total return. Doesnt matter if it comes from appreciation and / or dividends. $HSBK up 150% in the last [--] years and delivered double digit dividends every year. Just tried explaining to someone when a stock pays a 6% dividend that means the stock drops 6% a year and they make nothing. Didnt go so well. Just tried explaining to someone when a stock pays a 6% dividend that means the stock drops 6% a year and they make nothing. Didnt go so well"  
[X Link](https://x.com/MacroJason/status/2021474873353306432)  2026-02-11T06:42Z [----] followers, [---] engagements


"'I (co) own Brazil's largest oil company some mines in Africa and two banks in Kazakhstan' $PBR $TGA $KSPI $HSBK https://t.co/yE9QHXtTok https://t.co/yE9QHXtTok"  
[X Link](https://x.com/MacroJason/status/2016911890253836289)  2026-01-29T16:30Z [----] followers, [---] engagements


"Several Kazakh companies have ADR and GDRs - guessing esp with GDRs in LSE (e.g. HSBK) should be quite easy for US retail to access About $KSPI I personally don't like the Turkey exposure and would rather they focused just on Kazakhstan (or Central Asia at most). https://x.com/MacroJason/status/1991231883297059067s=20 https://x.com/MacroJason/status/1991231883297059067s=20"  
[X Link](https://x.com/MacroJason/status/2017035607705354502)  2026-01-30T00:42Z [----] followers, [---] engagements


"Timeframe too short to properly judge but this was achieved with: - Average P/E of [--] - Long only zero US and hype stocks exposure - Concentrated and passive portfolio. Less than [--] trades during this period and held around [--] positions most of the time. - Limited drawdowns $HSBK $PBR and $RBI were the biggest winners YTD +25% 3M +52% (Account was mostly cash until later part of the year)"  
[X Link](https://x.com/MacroJason/status/2017590855414972599)  2026-01-31T13:28Z [----] followers, [----] engagements


"Bought a bit more $KSPI today at $76. Earnings on Feb [--] and suspected to resume dividends in [----]. My Q3 earnings summary: https://x.com/MacroJason/status/1991231883297059067s=20 https://x.com/MacroJason/status/1991231883297059067s=20"  
[X Link](https://x.com/MacroJason/status/2018375530870182303)  2026-02-02T17:26Z [----] followers, [---] engagements


"Another benefit of owning boring boomer stuff like oil coal electricity and shipping is that AI won't be replacing them anytime soon. You get value dividends AND the upside of AI & data centre boom (together with Global South population increase) as it pushes electricity demand up massively. $PBR in particular benefits from the Brazil data centre boom. For #coal can check $TGA.L $YAL and #coaltwitter. https://twitter.com/i/web/status/2019825657862340726 https://twitter.com/i/web/status/2019825657862340726"  
[X Link](https://x.com/MacroJason/status/2019825657862340726)  2026-02-06T17:28Z [----] followers, [---] engagements


"Chinas economy took off when the state just left it more to the free market. Chinas soft power took off when the state just stopped trying too hard - Confucius Institutes One Belt One Road Huwei expansion - very expensive stuff and arguably counter productive. Just sit back and let TikTok do its job. Chinamaxxing is TikToks latest senseless trend as young people romanticize living in a Communist society https://t.co/LcVPkCZsrR https://t.co/7yyGdShcSk Chinamaxxing is TikToks latest senseless trend as young people romanticize living in a Communist society https://t.co/LcVPkCZsrR"  
[X Link](https://x.com/MacroJason/status/2019997911099085171)  2026-02-07T04:53Z [----] followers, [---] engagements


"JP Morgan's [----] global family office report: [---] global single family office surveyed with an average wealth $1.6 billion. Some stuff that stood out to me: - Geopolitics ranked as top risk but 72% have no gold exposure and 89% have no crypto exposure - 74% allocate 10% of portfolio to US large caps and 33% allocate 30% to US large caps - 53% have ZERO emerging markets exposure - 41% own ZERO European / UK exposure - Private equity makes up 9.8% of their portfolio and private debt makes up 2.4% - Across EMEA only 22% evaluate portfolios in USD V interesting read:"  
[X Link](https://x.com/MacroJason/status/2020237307089944877)  2026-02-07T20:44Z [----] followers, [---] engagements


"In under [--] months - Kazakh [--] year bonds fell from 17% to 15.4% and KZT strengthened by 4.4%. Total return in USD: 21% (since Nov 19) / 135% annualized. Beat $KSPI (flat) but underperformed $HSBK (+28%) in same period. Will likely enter long duration Kazakh government bonds too currently trading at 17% YTM. Plan to collect coupon for 1-2 years and sell when inflation eases / yield normalizes. Kazakhstan has held investment grade rating since early 2000s - not many frontier markets have https://t.co/BuJkMTILsX Will likely enter long duration Kazakh government bonds too currently trading at 17%"  
[X Link](https://x.com/MacroJason/status/2020890472529428726)  2026-02-09T16:00Z [----] followers, [---] engagements


"Being a multi asset class investor allows you to keep being early and is just more fun - 2018: buying CEE real estate back when people still considered Budapest and Warsaw unsafe / edgy - 2019-2021: BTC DCA and DeFi deep in the ponzi trenches farming baos sushi pancakes and goose eggs for 1000% APR - 2022-23: Eastern European bonds and real estate (Ukraine war discounts) - 2024-25: Went further east Kazakh and Uzbek stuff (proximity to Russia discounts) - 2026: boring boomer stuff thats up 30% YTD (EM oil coal shipping) Theres always a bull market / opportunities somewhere I miss [----] man it"  
[X Link](https://x.com/MacroJason/status/2021670835703156884)  2026-02-11T19:41Z [----] followers, [---] engagements


"Interesting last names from Team USA Canada and Latvia You can ban Russia from the Olympics but you cant ban Russians A winter Olympics without Russia is like having a Halloween party without costumes A winter Olympics without Russia is like having a Halloween party without costumes"  
[X Link](https://x.com/MacroJason/status/2021685113092821494)  2026-02-11T20:37Z [----] followers, [----] engagements


"Might rotate to SPX if it hits 11x 🐸 S&P [---] forward PE and the subsequent [--] year return: https://t.co/7FRv6Fg4Ei S&P [---] forward PE and the subsequent [--] year return: https://t.co/7FRv6Fg4Ei"  
[X Link](https://x.com/anyuser/status/2021801647828029796)  2026-02-12T04:20Z [----] followers, [--] engagements


"Peak uncertainty = macro investing opportunities The world is more uncertain right now than during 9/11 the Iraq war and Covid. Combined. https://t.co/5JP8lAFbYJ The world is more uncertain right now than during 9/11 the Iraq war and Covid. Combined. https://t.co/5JP8lAFbYJ"  
[X Link](https://x.com/MacroJason/status/2021803659684638918)  2026-02-12T04:28Z [----] followers, [---] engagements


"Hard assets are cool again - also offers investors some inherent inflation protection Hard assets long overlooked by many investors cannot be disrupted by IA. https://t.co/6bF8M6a5AQ Hard assets long overlooked by many investors cannot be disrupted by IA. https://t.co/6bF8M6a5AQ"  
[X Link](https://x.com/MacroJason/status/2021804756763615543)  2026-02-12T04:33Z [----] followers, [--] engagements


"42% plan to increase emerging market equities exposure. Only 2% plan to decrease $EEM How Billionaires Plan to Invest in [----] 💰 https://t.co/B3me4gRVRy https://t.co/9bv02Hh4Q3 How Billionaires Plan to Invest in [----] 💰 https://t.co/B3me4gRVRy https://t.co/9bv02Hh4Q3"  
[X Link](https://x.com/MacroJason/status/2021806473454538954)  2026-02-12T04:40Z [----] followers, [---] engagements


"SBF rugged $10B and ended up in jail. He could have had a very nice cash cow going for years if not decades - had he been more patient and less (short term) greedy. FTX shares would've been worth $30b. https://t.co/UQ40LiziHv FTX shares would've been worth $30b. https://t.co/UQ40LiziHv"  
[X Link](https://x.com/MacroJason/status/2022068503940149740)  2026-02-12T22:01Z [----] followers, [---] engagements


"Mainstream narrative on Twitter got all this wrong throughout 2024-25: ❌ 'Long Argentina and short 'socialist' Brazil' Result: Brazilian currency equities & fixed income ended up outperforming significantly ❌ 'Short the Europoors' Result: EUR +20% vs USD and EU equity indexes outperformed the US by over 2x ❌ 'Ruble will collapse' Result: Ruble up 43% + 20% risk free rate last year What I told you: ✅ Milei is overhyped. Long 'socialist' Brazil over 'libertarian' Argentina. (2024) (2025) ✅ Euro is undervalued (2025) ✅ Ruble weakness is grossly exaggerated (2024) (2025)"  
[X Link](https://x.com/MacroJason/status/2022077982798754208)  2026-02-12T22:38Z [----] followers, [---] engagements


"Asked a friend who's a senior FX trader at a certain bulge bracket firm why investment bank's currency forecasts are as accurate as a coin flip - despite being written by objectively smart and highly educated people. He pointed out the main objective isn't to be accurate - but to reinforce clients' existing sentiment and emotions in order to get them to buy products and trade. E.g. if clients heading into [----] were bearish EUR - you don't try to convince them otherwise you make money by reinforcing their feelings and selling them products that fit their bias. I think 'mainstream twitter' and"  
[X Link](https://x.com/MacroJason/status/2022077985298252215)  2026-02-12T22:38Z [----] followers, [---] engagements


"More signs of soft power working on Gen Z #chinamaxxing World's best cities according to Gen Z [----]. [--]. Bangkok [--]. Melbourne [--]. Cape Town [--]. New York City [--]. Copenhagen [--]. Barcelona [--]. Edinburgh [--]. Mexico City [--]. London [--]. Shanghai [--]. Sydney [--]. Beijing [--]. Paris [--]. Tokyo [--]. Berlin World's best cities according to Gen Z [----]. [--]. Bangkok [--]. Melbourne [--]. Cape Town [--]. New York City [--]. Copenhagen [--]. Barcelona [--]. Edinburgh [--]. Mexico City [--]. London [--]. Shanghai [--]. Sydney [--]. Beijing [--]. Paris [--]. Tokyo [--]. Berlin"  
[X Link](https://x.com/MacroJason/status/2022288432660091113)  2026-02-13T12:35Z [----] followers, [--] engagements


"None of this would have happened if the Yookay didnt lead NATOs bombing of Serbian Christian (in favor of Kosovo Muslims who they then took in as high crime migrants) Three men visiting Croatia from Britain have been charged with gang-raping a Croatian woman in the city of Split. Ami Arifi [--] Gezhim Xhafa [--] and Sohqib Shakibi [--] allegedly raped the 28-year-old local woman over a two hour period in their hotel room on the morning https://t.co/9EySsSoRfB Three men visiting Croatia from Britain have been charged with gang-raping a Croatian woman in the city of Split. Ami Arifi [--] Gezhim Xhafa"  
[X Link](https://x.com/MacroJason/status/2022296113798107553)  2026-02-13T13:05Z [----] followers, [---] engagements


"I feel bad for Germans and Scandis - to have boomers who are still boasting about being demographically replaced. The only thing moving West is Africa and India. Organic population shrinkage (which can be compensated by robotics) demographic replacement (very hard to undo). Europe is moving west - most countries that used to be communist have shrunk since [----] while all countries that werent communist have grown. https://t.co/Y3D33yOMsl https://t.co/dhRkQNewdI Europe is moving west - most countries that used to be communist have shrunk since [----] while all countries that werent communist have"  
[X Link](https://x.com/MacroJason/status/2022299207080579353)  2026-02-13T13:17Z [----] followers, [---] engagements


"Despite the low tax rate the city is building new parks and public swimming pools in the immediate vicinity of my flats which will contribute to its appreciation. Streets are clean and safe. Paid council taxes in London over 10x higher - I got this in front of my flat and the @metpoliceuk did not show up the only time I called them 🤡 https://twitter.com/i/web/status/2022318126252143073 https://twitter.com/i/web/status/2022318126252143073"  
[X Link](https://x.com/MacroJason/status/2022318126252143073)  2026-02-13T14:33Z [----] followers, [---] engagements


"Nation state nationalism : 'our culture is the best and we will build a wall to keep others out in order to preserve it' Civilizational state nationalism : 'our culture is the best and we will expand it beyond our boarders' Nation state model allows for more individual freedom enabled by a more homogeneous society. Civilizational state model requires more illiberalism / monarchism. If you let others in - then you need stricter rules and enforcement. (Somewhat like the UAE) The Doors That Do Not Open Poland is not a neutral space. It is a civilizational home shaped by history Christianity"  
[X Link](https://x.com/MacroJason/status/2022385251004101102)  2026-02-13T18:59Z [----] followers, [---] engagements


"The 'Russian world' civilizational state is still more or less intact Around 70% of Central Asia speaks Russian after [---] years of Soviet & Russia rule. Only 15% of Indians speak English after [---] years of colonial rule"  
[X Link](https://x.com/MacroJason/status/2022385253214753145)  2026-02-13T18:59Z [----] followers, [---] engagements


"Uzbek flag (bottom left) spotted at Russia's most high budget and well choreographed annual patriotic event https://youtu.be/-IbMIQ8bLLksi=4UPhtU7UDVkt5oBF&t=37 https://youtu.be/-IbMIQ8bLLksi=4UPhtU7UDVkt5oBF&t=37"  
[X Link](https://x.com/MacroJason/status/2022385257153204240)  2026-02-13T18:59Z [----] followers, [---] engagements


"40% of 16-30 year olds in Denmark France and Italy think climate change should be a top priority. Very bearish for those countries to have such brainwashed youth. As usual CEE & Baltics youth are least brainwashed"  
[X Link](https://x.com/MacroJason/status/2022496817452323137)  2026-02-14T02:23Z [----] followers, [---] engagements


"If remigration actually happens at scale - can that be bullish Yookay and EU airline stocks 🤔 Some European airlines stocks seem quite cheap and provide 'remigration upside': Airfrance-KLM $AF.PA - P/E of [---] Lufthansa $LHA.DE - P/E OF [---] and 3.3% div yield Easyjet $EZJ - P/E of [---] and 2.5% div yield British Airways (part of $IAG) - P/E of [---] and 2.2% div yield They would also benefit from 'far right' governments de-regulating / eliminating ESG related taxes carbon credit schemes etc. Mostly a fun idea many barriers to above thesis as governments will likely use chartered flights. Im"  
[X Link](https://x.com/MacroJason/status/2022735645916205531)  2026-02-14T18:12Z [----] followers, [---] engagements


"@eftegarie Interesting that $HSBK is holding up so much better against the KZT drop vs $KSPI"  
[X Link](https://x.com/MacroJason/status/1951329405759819945)  2025-08-01T17:09Z [----] followers, [----] engagements


"@quantum9412 @TeaParty_1234 @LuigisVampa If you're a fund looking to get exposure to Kazakhstan - you don't have much options outside of $HSBK and $KSPI. There's growing macro narrative / interest for Central Asia - but not for Turkey"  
[X Link](https://x.com/MacroJason/status/1951647645539127573)  2025-08-02T14:13Z [----] followers, [---] engagements


"Interesting to see if Halyk makes more acquisitions in Uzbekistan and surrounding countries 👀 $HSBK $KSPI https://timesca.com/halyk-bank-buys-49-stake-in-uzbekistans-click-in-landmark-fintech-deal/ https://timesca.com/halyk-bank-buys-49-stake-in-uzbekistans-click-in-landmark-fintech-deal/"  
[X Link](https://x.com/MacroJason/status/1955640006971638008)  2025-08-13T14:38Z [----] followers, [----] engagements


"AFAIK for $HSBK: 1) wealth management / investment arm makes up small share of rev 2) vast majority of rev is from SMEs and businesses - and especially interest income / spread given current high rates. RE: $KSPI I believe they have less KZT exposure vs HSBK Their sellers largely sell imported goods and adjust prices according to depreciation. E.g. KSPI seller would simply increase KZT price of iPhones when KZT depreciates against USD. Thus KSPI collects the same take revenue in USD terms. Can be wrong just my rough thoughts. https://twitter.com/i/web/status/1965486276536340567"  
[X Link](https://x.com/MacroJason/status/1965486276536340567)  2025-09-09T18:43Z [----] followers, [---] engagements


"Raiffeisen $RBI up 7.4% today"  
[X Link](https://x.com/MacroJason/status/1974204901510054153)  2025-10-03T20:08Z [----] followers, [---] engagements


"@EquityBrian @paulbonnet $HSBK faces those two risks too yet has done much better"  
[X Link](https://x.com/MacroJason/status/1975360689004027928)  2025-10-07T00:41Z [----] followers, [---] engagements


"The ticker is $RBI https://x.com/MacroJason/status/1964303377552101418 I just got off the phone with President @realDonaldTrump. Preparations for the USA-Russia peace summit are underway. Hungary is the island of PEACE https://x.com/MacroJason/status/1964303377552101418 I just got off the phone with President @realDonaldTrump. Preparations for the USA-Russia peace summit are underway. Hungary is the island of PEACE"  
[X Link](https://x.com/MacroJason/status/1978909899116384738)  2025-10-16T19:44Z [----] followers, [---] engagements


"When a hot headed customer is in an argument with a store clerk - they tend to then treat the second store clerk relatively nicely as they subconsciously understand that the second clerk represents their only way out. Geopolitically we are witnessing this with neutral countries. Even hot headed Western politicians understand that if they are in conflict with Russia and China - they need to treat countries like Kazakhstan and Uzbekistan relatively well. Let's see if the Kazakhs and Uzbeks can make the best out of this"  
[X Link](https://x.com/MacroJason/status/1982509722822385915)  2025-10-26T18:08Z [----] followers, [---] engagements


"IMO regardless of ALMEX's intention - the sale is a long term positive and leads to a healthier / more balanced cap table. https://x.com/MacroJason/status/1982579351330881715s=20 https://x.com/MacroJason/status/1982579351330881715s=20"  
[X Link](https://x.com/MacroJason/status/1992626311668350990)  2025-11-23T16:08Z [----] followers, [---] engagements


"On X we mainly see growth / tech investors. But Ive seen: Value guys with South African coal miners who did a 5x in a year An Anglo boomer who temporarily moved to Russia after the war to do some ADR / GDR de-peg arb Frontier investors who made 146% in a week on an Uzbek bank (so much that the exchange suspended trading) Private investors focused on shipping stocks who 2xed plus 20-40% div / year Many ways to skin a cat - find what you enjoy + good at 🤝 There has been exactly zero reward for being prudent or contrarian The same stuff works every single day. The only thing I got wrong over"  
[X Link](https://x.com/MacroJason/status/2016417143491809457)  2026-01-28T07:44Z [----] followers, [---] engagements


"Spent a good few winters in CEE and this was the coldest one. Reverse global warming. -14C is less scary than it looks due to extreme dryness. Can still get 10k daily steps done with more ease than super hot & humid places (e.g. summer in South East Asia). Makes you think of the hundreds of thousands of guys freezing in the trenches just a bit further East many there against their own will. https://twitter.com/i/web/status/2017735623663358306 https://twitter.com/i/web/status/2017735623663358306"  
[X Link](https://x.com/MacroJason/status/2017735623663358306)  2026-01-31T23:03Z [----] followers, [---] engagements


"2025 real GDP growth rates (IMF): #Uzbekistan at 6.8% #Kazakhstan at 5.9% Impressive considering the majority of other countries with a similar GDP growth rate are much poorer (starting from much lower base) Risks: a large part of this growth was driven by state spending which is now resulting in tax increases (Kazakhstan) and contributes to persistant inflation (esp Kazakhstan). In Uzbekistan it is driven largely by foreign inflows - thus global recession may make the music stop (sharp decline in GDP growth currency depreciation). https://twitter.com/i/web/status/2017985574594806160"  
[X Link](https://x.com/MacroJason/status/2017985574594806160)  2026-02-01T15:37Z [----] followers, [--] engagements


"To put things in perspective - the market cap of the Norwegian stock market is $0.4T. Doesn't take much repatriation to move these markets and expand multiples. MSCI Norway $ENOR ETF is at below [--] P/E with 3% dividends. Already up 10% YTD"  
[X Link](https://x.com/MacroJason/status/2018442848811774103)  2026-02-02T21:54Z [----] followers, [---] engagements


"One of the reasons Thailand is struggling to grow is that both their government and households took out way too much debt in the past decades. Always good to check the household debt to GDP of countries you're looking to invest in. Hard for locals to grow their economy via investment and consumption if they have tons of debt to repay. CEE & CIS region has some of the lowest household debt due to high mortgage-free home ownership rates and high interest rates (Thai central bank rate is at 1.25% vs 6.50% in Romania & Hungary). Thailand is totally past its peak Thailand is totally past its peak"  
[X Link](https://x.com/MacroJason/status/2019127714901356924)  2026-02-04T19:15Z [----] followers, [---] engagements


"A key covid era lesson is that people overvalue *perceived safety and credentials* over *thinking through the fundamentals independently*. The 'safe and big' Blackrock private debt fund is down 60% in the last [--] years. Meanwhile various Uzbekistan corps have been paying out coupon every month since [----] at near 30% YTM. Many backed by actual hard collateral (gold cars machinery real estate). 'But is the Uzbek som safe' Well USD loss over 5% against UZS in the last [--] months so you tell me ;) https://www.flagventures.com/blog/xycf30h0l1-uzbekistan-corporate-bonds-29-ytm-and-in"  
[X Link](https://x.com/MacroJason/status/2019469489033589157)  2026-02-05T17:53Z [----] followers, [---] engagements


"@fcfinvest Yes it's interesting how few saw this bullish EUR potential coming. I think it was how I found your account in 2025"  
[X Link](https://x.com/MacroJason/status/2019519209303339040)  2026-02-05T21:11Z [----] followers, [--] engagements


"Doge jones up Kai ken up Shibu up and Ninja up I think there's a word for that. US rates up US dollar up US equities up and Gold up I think there's a word for that. US rates up US dollar up US equities up and Gold up I think there's a word for that"  
[X Link](https://x.com/MacroJason/status/1859761505299988696)  2024-11-22T00:51Z [----] followers, [---] engagements


"Halyk bank ($HSBK) might be the most undervalued EM bank stock: - Net income up 51% (Q3 [----] vs 2023) - Kazakhstan central bank rate is at 15% lending revenue should increase as rates go down - Tengee may be undervalued and is the most freely traded currency in CIS #USDKZT - No capital controls not subject to sanctions - Halyk is privately owned (some other banks on my comp below like Poland and Russia are state owned) Kazakhstan is a good proxy for Western investors who want to bet on Russia but can't due to sanctions and geopolitical risk. DM me if you want to remotely open a Kazakh or"  
[X Link](https://x.com/MacroJason/status/1878625299421704578)  2025-01-13T02:09Z [----] followers, [----] engagements


"@utankansla Yes could have been more exact :) - ADR / GDR holders had a 99.9% drawdown and are effectively at zero right now - If held in RU brokerage account: 44% drawdown with significant recovery by [----] and many stocks paying double digit dividends meanwhile"  
[X Link](https://x.com/MacroJason/status/1879644103778119888)  2025-01-15T21:37Z [----] followers, [---] engagements


"If you're a Western investor wanting to bet on the Russian Ruble - Kazakh Tenge may be your best proxy. No sanctions no capital controls and investor friendly. Easy to open a brokerage account remotely. [--] year Kazakh government bonds pay 14% and short duration local corporate bonds pay 20%. $HSBK which is the bellwether stock (tracking the overall Kazakh economy) +40% YoY (in USD terms) plus 14% dividend. #USDKZT #USDRUB Studying Uzbekistani Som vs Kazakhstani Tenge. Deciding whether to ape into some 28% p.a. bonds. Both currencies depreciated by an average of 7% p.a. vs USD in the last 5"  
[X Link](https://x.com/MacroJason/status/1882567931785056724)  2025-01-23T23:15Z [----] followers, [----] engagements


"@utankansla Still v low risk of ADR / GDR issues with $KSPI and $HSBK but the EU is keeping a close eye on #Kazakhstan"  
[X Link](https://x.com/MacroJason/status/1886561719247335430)  2025-02-03T23:45Z [----] followers, [---] engagements


"Quick maths: - Entry at #EURUSD [----] on the [--] year bond at 6.25% - Assume #EURUSD recovery to [----] by end Year [--] - Exit at 5% YTM - Total return in USD: 34% (11% ARR) As good as it gets for Eurozone sovereign debt IMO"  
[X Link](https://x.com/MacroJason/status/1887770590959837464)  2025-02-07T07:49Z [----] followers, [---] engagements


"If the Kazakhstan Tengee recovers to early [----] level (quite possible if there's strong news on Ukraine peace talks) - $HSBK will bounce +13% in USD terms without any revenue growth. $HSBK owned by foreign investors is a GDR priced in USD - but the underlying asset you own are Halyk bank shares in the Kazakhstan Stock Exchange (KASE) priced in Tengee. If you're a Western investor wanting to bet on the Russian Ruble - Kazakh Tenge may be your best proxy. No sanctions no capital controls and investor friendly. Easy to open a brokerage account remotely. [--] year Kazakh government bonds pay 14% and"  
[X Link](https://x.com/MacroJason/status/1887776143106830648)  2025-02-07T08:11Z [----] followers, [----] engagements


"1 month check in: $EURUSD already recovered to [----] (+4.5%). CEE and CIS currencies are also up nicely vs USD: Hungarian Forint +6.4% Polish Zloty +5.4% Czech Koruna +5.1% Romanian Leu +4.3% Kazakh Tenge +2.8% If you're a USD denominated investor - having part of your wealth parked in non USD assets helps insulate it from increasing #DXY volatility. And many of these EMs offer superior returns too. Be non ideological - you can be negative the EU whilst understanding $EURUSD near parity is a good buy zone. https://twitter.com/i/web/status/1897343578092851487"  
[X Link](https://x.com/MacroJason/status/1897343578092851487)  2025-03-05T17:48Z [----] followers, [---] engagements


"Halyk Bank Q4 [----] earnings out. $HSBK +13% YTD (and expected div yield 10%) is decent against the current macro backdrop"  
[X Link](https://x.com/MacroJason/status/1905249121385971868)  2025-03-27T13:22Z [----] followers, [---] engagements


"Why EM central banks should not keep their currency strong through artificial intervention: - Romanian Leu (RON) in blue Polish Zloty (PLN) in purple. #EURRON #EURPLN - Blue line is suspiciously smooth because the Romanian central bank regularly intervenes whereas the Polish central bank does not and lets its currency trade based on free market forces. - Artificial RON strength punishes Romanian exporters and makes the economy dependent on imports. Result: salaries in Bucharest are 30% lower than in Warsaw but restaurant prices are 30% higher and milk prices are 50% higher. - When Poland"  
[X Link](https://x.com/MacroJason/status/1919929645329203427)  2025-05-07T01:37Z [----] followers, [----] engagements


"Kazakhstan is in many ways ahead of Argentina: - Higher GDP per capita PPP. A functional free floating currency. 300% lower debt levels than Argentina. - Superior foreign policy. One of the few countries friendly with the US EU Russia and China. - Kazakhstan has low taxes for local (10% on income) and 0% tax programs avaliable for expats. You can legally pay low taxes vs Argentina still has a global wealth tax. - A based President who speaks [--] languages and isn't a zionist. Also one of the least woke countries: 7% support for gay marriage vs 70% support in Argentina. @BuySellBA What a solid"  
[X Link](https://x.com/MacroJason/status/1933298587368099869)  2025-06-12T23:01Z [----] followers, [----] engagements


"Kazakh Tenge normally tracks Russian Ruble. But whilst Ruble strengthened 10% vs USD on the [--] year - Tenge depreciated by 13%. My favourite Tenge assets: - 16% on [--] year investment grade government bonds and 20% YTM on local corporate) - $HSBK and $KSPI Tenge is also the only currency in CIS with a free float regime. I.e. the Central Bank does very little intervention allowing you to buy in to the currency at 'real' free market rates. Uzbek Som strengthened 1% against USD (5 year trend is around 5% depreciation annually). Uzbek Som bond holders ate well - up to 29% YTM on local corporate"  
[X Link](https://x.com/MacroJason/status/1936461320922001501)  2025-06-21T16:28Z [----] followers, [----] engagements


"6 month check in on my model CEE & CIS fixed income portfolio. 6.4% yield in local currency plus appreciation against USD: Euro +8.5% Romanian leu +6.3% Uzbek som +4% Azerbaijan manat 0% (flat) Kazakh tenge -7.6% Annualized return in USD: +24.6% (no financial advice / ChatGPT maths) Learn more about high yield fixed income here: https://www.flagventures.com/fixedincome#/tab/1175368436-2 Idea for a high yield CEE & CIS fixed income portfolio: - 13% blended yield - 0% tax locally - Can be liquidated easily to buy dips - Uncorrelated risk to US / Western high yield products Can help set"  
[X Link](https://x.com/MacroJason/status/1966157463062995365)  2025-09-11T15:10Z [----] followers, [---] engagements


"Uzbek and Kazakh corporate bonds at mid 20% YTM sounds too good to be true. But Polish corporate bonds would have yielded similarly into the early 2000s"  
[X Link](https://x.com/MacroJason/status/1980790475553653114)  2025-10-22T00:17Z [----] followers, [---] engagements


"CEE & CIS currency performance vs USD since 2000: - Czech Koruna +20% - Polish Zloty flat - Romanian Leu -48% - Hungarian Forint -62% - Russian Ruble -260% - Kazakh Tengee -272% Amazing stuff by Czechs and Poles"  
[X Link](https://x.com/MacroJason/status/1980790478422560917)  2025-10-22T00:17Z [----] followers, [---] engagements


"Impressive stuff $HSBK $KSPI $USDKZT Borat is still the first thing many Brits think of when they hear Kazakhstan. But based on current growth rates - Kazakhstan would overtake the UK in GDP per capita PPP terms in [--] decades. https://t.co/wfF8ZY11Me Borat is still the first thing many Brits think of when they hear Kazakhstan. But based on current growth rates - Kazakhstan would overtake the UK in GDP per capita PPP terms in [--] decades. https://t.co/wfF8ZY11Me"  
[X Link](https://x.com/MacroJason/status/1986599343453835703)  2025-11-07T00:59Z [----] followers, [----] engagements


"🔴 $HSBK majority shareholders approved selling 7.6% of outstanding shares at $23 per share to institutional investors. Official reason is to improve liquidity. Though if you want to be critical you can question why sell to institutions in this case. Full: https://kase.kz/files/emitters/HSBK/hsbk_relizs_211125_1_en.pdf Bought today's $HSBK dip - which was caused by the majority shareholder plans to sell some shares. Official reason is to improve secondary market liquidity. Halyk bank Q3 [----] earnings summary (from an experienced EM bank equity analyst I work with) 👇 https://t.co/sctt6N4INE"  
[X Link](https://x.com/MacroJason/status/1992624717858021733)  2025-11-23T16:02Z [----] followers, [---] engagements


"Crooked dollar smile theory dollar milkshake theory 'Since [----] there has been a bear market in international diversification with US stocks outperforming the rest of the world by close to 300%.2 The dollars crooked smile might reverse this trend and reshape the flow of international investment capital.' https://www.wellington.com/en-us/institutional/insights/the-dollar-smile-theory https://www.wellington.com/en-us/institutional/insights/the-dollar-smile-theory"  
[X Link](https://x.com/MacroJason/status/2007464987984572527)  2026-01-03T14:52Z [----] followers, [---] engagements


"An example is fiverr and upwork - vast majority of freelancers are from Global South doing sub [--] IQ monkey work (not shitting on them they are good hombres just trying to make it). But when ChatGPT gets a bit better you really don't need most of fiverr and upwork anymore. Tough situation"  
[X Link](https://x.com/anyuser/status/1878604634006102426)  2025-01-13T00:47Z [----] followers, [---] engagements


"If I had to invest in #LatAm - [--] year Brazilian bonds would be the first thing I'd explore. Higher real yields than Russian [--] year bonds. Out of all LatAm countries - #Brazil has the max diversified export partner mix and is the most sovereign. $USDBRL $USDRUB Brazil is the most sovereign country in LatAm. If you're looking at LatAm as a diversification option (assets or citizenship) - good thing to keep in mind. 1) 90% of Mexico's exports depend on the US and its allies. Brazil's trading partners are well diversified. https://t.co/LM4moDfWaj Brazil is the most sovereign country in LatAm."  
[X Link](https://x.com/anyuser/status/1910573060945588369)  2025-04-11T05:58Z [----] followers, [----] engagements


"Not widely known - but real estate taxes are MUCH lower in CEE countries like Romania and Poland vs 'tax havens' like the UAE SG HK Cyprus Malta & Monaco - 0-2% stamp duty / transfer tax - 0% capital gains tax - Annual tax 0.1% or lower This will be increased in the coming years. But so are taxes everywhere. And at least it is from a v low starting point"  
[X Link](https://x.com/anyuser/status/1973464706447704088)  2025-10-01T19:07Z [----] followers, [---] engagements


"My long Brazil short Argentina call aged well If I had to invest in #LatAm - [--] year Brazilian bonds would be the first thing I'd explore. Higher real yields than Russian [--] year bonds. Out of all LatAm countries - #Brazil has the max diversified export partner mix and is the most sovereign. $USDBRL $USDRUB https://t.co/k3RqiloV0d If I had to invest in #LatAm - [--] year Brazilian bonds would be the first thing I'd explore. Higher real yields than Russian [--] year bonds. Out of all LatAm countries - #Brazil has the max diversified export partner mix and is the most sovereign. $USDBRL $USDRUB"  
[X Link](https://x.com/anyuser/status/1990181420367761697)  2025-11-16T22:13Z [----] followers, [---] engagements


"I'm a huge LatAm sceptic but just made my first LatAm investment. Entered $PBR.A (Petrobras) yesterday at $11.56. Doing an 'invest then investigate' on this one - still much to learn about the stock and sector. But why I like it: [--]. Narrative that oil price will dump due to Venezuela is overhyped for many reasons. [--]. Lula is not as scary as investors make him out to be. In fact geopolitically I find him a smarter operator than any LatAm leader including Milei. But if a more pro US / business candidate wins in the [----] Presidential elections combined with rate cuts in Brazil Petrobras may"  
[X Link](https://x.com/MacroJason/status/2009383901677146216)  2026-01-08T21:57Z [----] followers, [----] engagements

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