Some will say that the recovery of the Spanish economy is a fact, and that to say the opposite is to be prophetic, unpatriotic or worse. Moreover, the markets momentarily endorse the solvency of the Spanish economy. Yes, those same schizophrenic, inefficient and bipolar markets that good investors know how to take advantage of in the long term. And the fact is that the Mátrix in which we live is pricing assets such as Spanish debt at the prices of when Cayenne Porsches and Audis flooded Spanish cities, in the days when there was plenty of work and credit, and a shortage of workers. The news is nothing less than that the Spanish 10-year bond is trading at a paltry 3.39%, breaking records from 2006! (more…)