Jesús Gutiérrez @JessusGu

Efectivamente, los bonos de 10 años en USD de México están cotizando como si fueran BB+ (a pesar de que son BBB-), es decir, como si hubiesen pérdido el grado de inversión. El caso de Pemex es aún más visible. Pemex es BB+, y está cotizando como si fuera B+ o B. Eso es usando los CDS de 10 años, es decir, el riesgo país a 10 años. Si se hace el cálculo a 5 años, México sigue cotizando como si fuera BBB-. En ese sentido, tenemos una "curva híbrida" en términos de riesgo país, con el nodo de 5 años cotizando de acuerdo a su calificación crediticia, y el de 10 años cotizando un nivel abajo.

Steve Jobs literally gave a 10-minute masterclass on building a company (better than $100K MBA): On being the keeper of the vision: "There needs to be someone who is the keeper and reiterator of the vision. Because there's a ton of work to do. When you have to walk a thousand miles and you take the first step, it looks like a long way. It really helps if there's someone there saying, 'We're one step closer. The goal definitely exists, it's not just a mirage.'" On starting with the customer: "You've got to start with the customer experience and work backwards to the technology. You can't start with the technology and try to figure out where you're going to sell it. I've made this mistake probably more than anybody else in this room and I got the scar tissue to prove it." On hiring: "We wanted people that were insanely great at what they did. The neatest thing that happens when you get a core group of ten great people is that it becomes self-policing as to who they let into that group. So I consider the most important job of someone like myself is recruiting." On why most founders fail: "Sometimes people come to me and say, 'I want to start a company.' I say, 'Why?' 'I want to make lots of money.' Forget it, that's not a good enough reason. The ones that succeed are people that just have an idea they want to express out into the world. And oftentimes they have to start a company because nobody else will listen to them." On leading by example: "You permeate the message by example. When something's not quite good enough, do you stop and make it better or do you just ship it? Everybody watches to see how senior management makes those decisions. You can say anything you want, but everybody watches very carefully when you're in a difficult situation what decisions you make, what values you have." On focus: "We try to focus and do very few things well. And focusing is hard because focusing doesn't mean saying yes. It means saying no." On long-term planning: "My headlights aren't that good. We tend to look three or four years ahead, that's about as far as we can see. You can be going down a path saying, 'In five years I want to be here,' but then something new happens, and you say, 'Forget that, I want to be over there.' Most five-year planning changes too quickly." On finding your path: "You've got to find what you love. Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven't found it yet, keep looking, don't settle."

Mexico is a puzzle. Exports to the US are better than ever, but the country is back to the same kind of growth stagnation that defined the 5 years pre-COVID. Reason is weak private consumption, so the benefits from trade aren't reaching enough people... robinjbrooks.substack.com/p/mexicos-grow…

Accurate

Auren Hoffman @auren

10 months ago

Tech has the fewest assholes per capita. Politics has the most

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📢 #ALIDE55 💼🌱 | El @el_BID, representado por Anderson Caputo, puso en agenda el papel clave del capital privado y de las alianzas público-privadas para viabilizar proyectos energéticos ante los desafíos fiscales en la región. 🤝💡

Se piensa que eXportar es bueno e iMportar malo. Pero C + I + G + X - M = Y → Y - (C + I + G) = X - M Si el PIB no alcanza, falta ahorro y se necesita financiamiento externo: eso implica más M que X. No son tarifas, sino más ahorro lo que equilibra la balanza. #Economia

Como ya es costumbre, 10 libros para el 2025. 1. Lo nuevo de @BrankoMilan es una compilación de sus artículos

Congrats to the @Dodgers and MVP Freddie Freeman for winning the World Series!

Los Angeles Dodgers @Dodgers

2 years ago

THE LOS ANGELES DODGERS ARE THE 2024 WORLD SERIES CHAMPIONS! 🏆

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#Press | The FiCS Lab Incubator is here! 📢 The FiCS Lab Incubator invites you to submit proposals for innovative financial mechanisms tailored for public development banks #PDBs. tential. ➡️ Learn more: t.ly/YaXbJ @FinanceInCommon @the_IDB

Why does Mexico not grow? Mexico's average annualized quarterly growth rate since 2018 is 0.9%, far below the 2.1% of the US. Mexico's number is flattered by the massive public investment push of recent years. Without that, growth would have been flat. Something is very wrong...

LatAm FX is a bloodbath since Mexico's election. It makes sense for Mexican Peso to weaken, since it was substantially overvalued in the run-up to the election. But it makes no sense to me why there is contagion to the Colombian Peso or Brazilian Real. No overvaluation there...

Mexico was everyone's favorite carry trade for the past two years, propelled by high interest rates and an overblown narrative of friend-shoring. The 10% drop in Mexico's Peso over the past week is a reminder how risky carry trades are. The most popular carry trade now: Turkey.

#DeInterés | El @BCIE_Org emite Bono Social por MXN5,000 millones en México para impulsar el desarrollo de proyectos sociales en la región. ➡️ Lea más: t.ly/B3WF-

#4taReuniónEconomistasJefes | Ayer iniciamos la 4ta Reunión de Economistas Jefe de Instituciones Financieras de Desarrollo de ALC en Lima, Perú 🇵🇪, organizado por #ALIDE, con apoyo de @el_BID y @AFD_es Groupe Conoce más del inicio del evento ▶ bit.ly/430LYTZ

Take them.😀 Why are people still willing to pay tens of thousands in tuition when they can get these for free... This will change, and, with it, the business model of higher ed.

Shruti @heyshrutimishra

3 years ago

MIT University just released free online courses. No payment required. Here are 10 courses you don't want to miss in 2024:

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Most economically stable countries: 1. Switzerland 🇨🇭 2. UAE 🇦🇪 3. Canada 🇨🇦 4. Germany 🇩🇪 5. Japan 🇯🇵 6. Sweden 🇸🇪 7. Australia 🇦🇺 8. Netherlands 🇳🇱 9. Norway 🇳🇴 10. Denmark 🇩🇰 11. Saudi Arabia 🇸🇦 12. China 🇨🇳 13. UK 🇬🇧 14. Austria 🇦🇹 15. Finland 🇫🇮 . 17. United States 🇺🇲 18. Singapore 🇸🇬 21. South Korea 🇰🇷 22. Qatar 🇶🇦 23. France 🇫🇷 26. Spain 🇪🇸 27. Italy 🇮🇹 28. Portugal 🇵🇹 29. Israel 🇮🇱 30. Russia 🇷🇺 38. Slovenia 🇸🇮 41. Türkiye 🇹🇷 42. India 🇮🇳 48. South Africa 🇿🇦 49. Egypt 🇪🇬 55. Brazil 🇧🇷 56. Indonesia 🇮🇩 60. Iran 🇮🇷 61. Philippines 🇵🇭 62. Argentina 🇦🇷 64. Mexico 🇲🇽 71. Algeria 🇩🇿 72. Colombia 🇨🇴 74. Kazakhstan 🇰🇿 79. Ghana 🇬🇭 80. Bangladesh 🇧🇩 81. Lebanon 🇱🇧 83. Kenya 🇰🇪 85. Ecuador 🇪🇨 87. Ukraine 🇺🇦 According to U.S. News and World Report

Immigration is looming larger in the campaign, partly because it's becoming harder for Republicans to run against Biden on the economy. But there's a strong case that immigration has been a key part of Biden's economic success 1/

#CapacitaciónALIDE 👩‍💼👨‍💼💻 | Descubre cómo proteger tu empresa de amenazas cibernéticas con nuestro curso Gestión Integral de Ciberseguridad y Ciberresiliencia. 🔗 Más información: bit.ly/3SdO0fS

#Congreso 👩‍💼👨‍💼💻 | ¡Participa en el Congreso Internacional sobre Transformación Digital y Oportunidades Tecnológicas para la Banca de Desarrollo y PYMES! 🌐🚀 Organizado por #ALIDE, @Cofide_Peru y @el_BID. 📢 Más información: bit.ly/3SGmubc

#SeminarioALIDE 👩‍💼👨‍💼💻 | ¡Conoce a los expositores del congreso internacional: "Transformación Digital y Oportunidades de la Tecnología para la Banca de Desarrollo y PYMES"! 👉 organizado en colaboración con @Cofide_Peru y @el_BID. ▶ Más información: bit.ly/3SGmubc