When the conflict with Iran began, I warned that the impact on the markets would probably be a matter of days. And, with the information we had then, it was a reasonable assessment: both investors and analysts (like me) expected a short conflict. The reality, however, is quite different.

It's here again. Like every year, Black Friday has arrived, and with it, the deals that can drive people to irrational impulses. Did you know that shopping generates a feeling of reward for the mind? It's all about chemistry: dopamine and the feeling of putting yourself at the center of attention take center stage. This effect is amplified during this time of year.

This week, the self-employed were the center of political and economic debate. The reason? A proposal by the Spanish government to increase their Social Security (SS) contributions over the next six years. This time, they've achieved a rare feat: getting the entire opposition to agree against them. The truth is, the internet has been filled with fallacies, so we're shedding some light.

Today we continue with asset management. Let's imagine we need liquidity to cover a major expense, but we don't have the necessary money. However, we do have an existing investment portfolio: stocks, bonds, and mutual funds. One option in this case would be to pledge the stocks, that is, leave them as collateral to obtain financing.

According to the INE (National Institute of Statistics and Census), housing prices grew by 12.7% in the last year. Far from being a surprise, it is the result of a lack of supply, the demand for which continues to grow. In 2023, the State granted licenses to build 107,934 new homes. In the second quarter of 2025 alone, the population grew by 119,811 people. If we extrapolate this annually, population growth multiplies the new housing supply by five. Here we must add the demand from the existing population, second or subsequent homes, non-residents, etc.

Recently, Idescat published that tourist spending visiting our country has fallen by 6% compared to the previous year. And the truth is, we shouldn't be surprised: geopolitics is the reason. You can always tell me that the number of tourists is increasing, yes, but not all tourists are the same.

Be very careful with credit cards that we never pay off. They're called revolving These loans are characterized by allowing small, fixed monthly payments or a percentage of the total. The big problem is that no matter how many installments we pay, it seems the debt doesn't decrease, or even increases. Why?

This week I saw an ad on social media that said, "Invest with us and you'll get a guaranteed 35% annual return." I couldn't help but clutch my head. A word of advice: if you ever see an investment that's too attractive, be wary. As a basis for any investment, the higher the risk, the higher the return.

The Euribor is approaching 2%. Who would have thought it in January! The economic turmoil and Trump's policies predicted a spike in inflation, interest rates, and consequently, the Euribor, which would have made mortgages even more expensive. However, the twists in the script have resulted in the Euribor reaching its lowest level in the last three years.