February 2, 2018.

Quote of the day:

"Spain of my loves, how much I hate you. That simple phrase responds to the feeling I have when I think of this beautiful country, beautiful, rich, multicultural, with such a long history ... But without culture. And what is worse: very specialized in devouring their best children." Luis Eduardo Aute.

Even when one thinks of the quote of the Duke of Wellington "Spain is the only place in the world where 2 and 2 do not add up to 4", it never ceases to amaze that for centuries Spain has been known very well and today in the XXI century it is still valid the appointment of Goethe "Spain, the beautiful country of wine and songs". Original: Spanien, das schöne Land des Weins und der Gesänge. Johann Wolfgang von Goethe.

I recently read what Senator Robert Kennedy said to Manolo Santana when he won the US Open by beating Cliff Drysdale: "How can you live in Spain with the regime that exists? Being a US Open champion could live in another country. Think about what you do, that you will be a great tennis player. " It is true, it is still valid today, with the regime that exists. However, as Napoleon Bonaparte said: "Spaniards like to deny their country and its institutions, but they do not allow foreigners to do so." And what Napoleon thought: "A rabble of villagers guided by a rabble of priests." Well seen, the priests were replaced by the Spanish politicians and their angry and uneducated judges, one in each corner. Bismarck already said it "The incredible thing about Spain is that with such an inept political class, the country still exists".

Today more than ever, in the Kingdom of Spain, that of Winston Churchill "Spaniards are vengeful and hatred poisons them". A good example of this is the conflict between Catalonia and the Spanish Kingdom.

Between 2003 and 2015 it was easy for me to comment on the Kingdom of Spain, I believe all of you earned money in being short and long when you read the daily notes.

Today they ask me to give my opinion again, and I remember a quote from Ramiro de Maeztu: "It has happened to me that when English praise absorbed my personality, away from the spiritual ties that bind me to the homeland, I have left London rather than Hurry, to go to Spain No, no !; First of all, I'm Spanish! " It is true, today it is very difficult to guide them.

In full 2018 the situation of the Kingdom of Spain is summarized in the quotation of Melchor de Jovellanos (Letter of 1808): "In a word: Spain fights for its Freedom.".

The political system remains hierarchical and internally there is no democracy. The judicial system needs to be recharged, it is not necessary to remember the Rankings of quality and independence. The health and social security system is broken. The educational and university system is not very formative with new technologies and future jobs. The industrial structure is prehistoric. Keep forgetting about the construction sector. See attachment 15.

The food and tourism sectors until 2025 as set out in attachment 17 can be considered attractive with good development. The food and tourism sectors until 2025 as set out in attachment 17 can be considered attractive with good development.

As for Spanish short-term bonds, they are very exposed to what happens in Italy, remember the pending Black SWAM since 2007. See attachment 23.

I finish with Julio Cesar: "Beati Hispani quibus bibere vivere est." "Blessed are the Spaniards for whom drinking is living."

Deo Talaverano.

Chief Market Strategist DHF.

George Town. Cayman Islands.