Macroeconomic analysis
Tracking of inflation, activity, the exchange rate and public accounts, with a clear reading of what they mean for each business.
Economist · Author · Strategist
Diego Mauricio Macana Roa
Austrian School economist and founder of Anubis Intelligence & Strategy. He analyzes power, institutions and markets to turn information into decisions.
- FounderAnubis Intelligence & Strategy and Círculo Huerta de Soto
- AuthorAnarcocapitalismo, with a prologue by Jesús Huerta de Soto
- 107.9Kfollowers on X · @DiegoMac227
- ColumnistLa Derecha Diario, MisesReport and other outlets
Profile
Austrian rigor applied to real decisions.
Diego Mauricio Macana Roa (Colombia, 1987) is an Austrian School economist, author, and founder of Anubis Intelligence & Strategy and the Círculo Huerta de Soto. Based in Buenos Aires since 2010, he pursued his economic training at the University of Buenos Aires and, since 2017, in the Austrian tradition as a student of Jesús Huerta de Soto.
From 2020 to 2022 he taught at the Academia Libertaria, lecturing on Austrian economics, political philosophy and the history of liberal thought to students across Latin America, and he served as a coordinator of Estudiantes por la Libertad (Students For Liberty). He writes economic and opinion columns for La Derecha Diario and MisesReport, among other outlets, and through his account @DiegoMac227 —“Escuela Austriaca de Economía”— he brings these ideas to more than one hundred thousand followers.
His own path, from militant statism to the Austrian School, runs through all of his work: for him, understanding how people on the other side think is the precondition for persuading them.
“The road to anarcho-capitalism does not begin in a library. It begins with an honest conversation. The library comes later.”
Anarcocapitalismo, chapter 11 · translated from Spanish
- Origin
- Colombia · in Buenos Aires since 2010
- Education
- Economics · University of Buenos Aires
- School
- Austrian · student of Jesús Huerta de Soto
- Fields
- Monetary theory, political philosophy, institutional analysis
Consultancy · Founder
Anubis Intelligence & Strategy
An economic and political analysis consultancy. Anubis helps companies, investors and institutions read Argentina’s current landscape —macroeconomics, regulation, power and institutions— and turn it into strategic decisions.
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Regulatory
Legal framework, rules and procedures
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Fiscal
Tax burden and public accounts
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Macro & investment
Prices, activity and business climate
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Security
Risk, conflict and stability
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Political-institutional
Actors, power and institutions
Illustrative view of the Anubis platform. Dashboard values are examples; current data is in the monitor below.
Macro monitor Argentina
Official data · BCRA, INDEC and Ministry of Economy
| Indicator | Latest | Previous | Period |
|---|
Sources: INDEC and Treasury Secretariat (Ministry of Economy). Real wages: own calculation based on the wage index and the CPI.
Source: BCRA
View data
Political and institutional risk
Stakeholder mapping, the legislative and regulatory agenda, and an assessment of its impact on sectors and jurisdictions.
Territorial intelligence
ANUBIS Score: a comparison of provinces by regulatory, fiscal, investment and security climate, with its own dashboard.
Scenarios and foresight
Baseline, upside and stress scenarios to plan investments and medium-term decisions.
Strategic advisory
Support for boards and management teams on expansion, investment and public-sector relations.
Tailored reports
Sector and provincial reports, executive briefings and investor presentations.
Insights
Analysis for decision-making
Technical reports on Argentina’s economy, public finances and institutions, built exclusively on official sources. Reports are published in Spanish, with an English summary on this page.
The BCRA’s 2025 balance sheet and the hedging of its gold position
A financial analysis of the year’s positive result and an assessment of the Office of the Auditor General’s observation on the central bank’s gold hedging operations.
- 2025 net result of the gold position, as reported by the BCRA
- +2,505USD million
- Hedging cost flagged by the Auditor General (AGN)
- 1,023USD million
- BCRA net result for fiscal year 2025
- 34.3ARS trillion
The Central Bank of Argentina (BCRA) closed 2025 with a net result of ARS 34.3 trillion and equity of ARS 51.3 trillion (+66.3%), with an unqualified opinion from the Office of the Auditor General (AGN). In an emphasis-of-matter paragraph, the AGN presented the result of the derivatives the BCRA used to hedge its gold position as a USD 1,023 million loss.
The central conclusion: that figure, arithmetically correct as the balance of the hedging instruments, does not measure the economic result of the operation, because it leaves out the appreciation of the hedged asset, USD 3,379.5 million. With both legs consolidated, the gold position posted a positive result of between USD 2,356.5 and 2,505 million.
Source: BCRA, 2025 financial statements; AGN, Res. 205/2026; own calculations
View data
Full report · in Spanish
Download the PDF
21 pages · 1.1 MB
- The unit of analysis is the hedged position. A hedge is judged by its net effect on the asset it protects, not by the instrument’s stand-alone balance.
- The AGN’s own figures confirm it. A gain of ARS 8.0 trillion from the gold price against ARS 1.47 trillion from the derivatives: a net of ARS +6.53 trillion.
- Hedging, not speculation, at a contained cost. With 100% of the position hedged, the BCRA never held a net short exposure; the cost equaled 11.9% of the position’s value at year-end.
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Technical analysis of Argentina’s economy and institutions, delivered to your inbox. Reports are published in Spanish.
Founder · Education
Círculo Huerta de Soto
Veritas per libertatem
A Spanish-language study circle on the ideas of liberty, for young people and anyone who wants rigorous training in them.
The battle of ideas is not won on social media alone: it is won by training people who can argue in depth.
Endorsed by Huerta de Soto
Learn more · in Spanish“Today we share this initiative by the economist Diego Macana: the Círculo Huerta de Soto. A space devoted to the serious and rigorous study of the ideas of liberty, the Austrian School and its dialogue with other currents of economic, philosophical and historical thought.”
Jesús Huerta de SotoProfessor of Political Economy · translated from Spanish
Writing
Books
Political philosophy, power and persuasion, written from the tradition of the Austrian School. Published in Spanish.
Prologue by Jesús Huerta de Soto
AnarcocapitalismoUna sociedad sin Estado
Anarcho-Capitalism: A Society Without the State is a systematic journey —from the School of Salamanca to Mises, Rothbard, Hoppe and Huerta de Soto— that reverses the burden of proof: it is not voluntary cooperation that must justify itself before the State, but the State that must justify its monopoly on coercion.
The book examines the origin of the State, the social contract, economic calculation and public choice; revisits the Boston anarchists, Molinari and Spencer; and sets out how security, justice, money and public goods would work without a monopoly. It also includes the author’s own account of how he stopped being a statist.
- What is the State and how was it born?
- The social contract nobody signed
- The impossibility of economic calculation
- Huerta de Soto and the Hispanic inheritance
- Private justice and polycentric law
- Free money and a financial system without the State
- Not utopia, but a direction
“One can hardly deny that this book asks the right questions. And asking the right questions is already to have traveled a good part of the intellectual road.”
Jesús Huerta de Soto, from the prologue · translated from Spanish
In progress
Maquiavelo desde abajoA manual for those who do not want to be governed
In 1513 Machiavelli wrote a manual for rulers to conquer and keep power. This book reads him from the other side —alongside La Boétie and Jouvenel— to learn to look power in the face and not obey it automatically.
“It is not a manual for conquering power: it is the opposite. It is a manual for not being conquered by it.”
In progress
El arte de convencerA persuasion manual for those who think differently
Schopenhauer taught the art of being right; this book proposes another: the art of persuading. Psychology, power and strategy to turn conversations into opportunities for influence, with a clear line between persuasion and manipulation.
“An argument won fairly can produce exactly the opposite of what its winner wanted.”
Speaking and teaching
Rigorous ideas, explained to be understood.
His lectures revolve around three themes: the Austrian School of Economics, politics and philosophy. The aim is to take the foundations of a free society —money, economic calculation, property and the limits of power— from the classroom to public debate, with the rigor of the academic tradition and the language of someone speaking to a real audience.
He has given talks and training sessions for political parties, for Estudiantes por la Libertad —an organization he once coordinated— and for AULA, among other university groups, in addition to his work as a professor at the Academia Libertaria.
Austrian School
Value, money and the business cycle: from the School of Salamanca to Mises, Hayek, Rothbard and Huerta de Soto.
Politics
Power, institutions and Argentina’s current affairs, read through political economy.
Philosophy
Property, liberty and ethics: the moral foundations of a free society.
He has spoken to
Invite him to an event
- Political parties
- Estudiantes por la Libertad
- AULA
- Academia Libertaria
- University groups
Career
Milestones
- 1987
Born in Colombia
On November 27. He spent his childhood and his first years at university in Colombia.
- 2010
Moves to Buenos Aires
Argentina becomes his home and the center of his work. At the University of Buenos Aires he steers his training toward economics.
- 2016
The turn toward the Austrian School
Reading Hayek’s The Road to Serfdom sets off the change of paradigm he recounts in his first book.
- 2017
Meeting Jesús Huerta de Soto
He begins a correspondence that will take him from distant reader to student.
- 2018
Escuela Austriaca de Economía on X
He opens @DiegoMac227, which today has more than 107,000 followers.
- 2019
Student organizing
He joins the university group AULA and later coordinates Estudiantes por la Libertad.
- 2020–22
Professor at the Academia Libertaria
Austrian economics, libertarian political philosophy and the history of liberal thought, for students from several Latin American countries.
- 2026
Anarcocapitalismo. Una sociedad sin Estado
He completes his first book, with a prologue by Jesús Huerta de Soto (Madrid, May 2026).
- 2026
Círculo Huerta de Soto
He founds a space to study the ideas of liberty for young people and anyone interested in learning them, presented by Jesús Huerta de Soto himself.
- Today
Anubis Intelligence & Strategy
He runs his economic and political analysis consultancy, writes for La Derecha Diario, MisesReport and other outlets, and is preparing Maquiavelo desde abajo and El arte de convencer.
Institutional agenda
Meetings and settings
Columns
Analysis in the media
He publishes economic and political analysis, in Spanish, in La Derecha Diario and MisesReport, among other outlets. Selected columns, titles translated:
- Monetary policyA new monetary era begins in Argentina
- Economic growthFrom the Solow model and Romer’s contribution to Javier Milei’s application
- Economic theoryMilei and Menger’s principle of imputation
- Current affairsFrom economic shamanism to order: Argentina rebuilding
Outreach
Public presence
X · verified account Escuela Austriaca de Economía 107.9K followers. Daily commentary, in Spanish, on Austrian economics and Argentina’s current affairs since 2018. Education Círculo Huerta de Soto A study space for the ideas of liberty, founded by Diego Macana Roa and presented by Professor Jesús Huerta de Soto. Teaching Lectures and training Talks on the Austrian School, politics and philosophy for university groups and political organizations.“Liberty does not preserve itself. It requires men and women willing to study it, explain it, defend it and pass it on to the next generation.”
Jesús Huerta de Soto · prologue to Anarcocapitalismo · translated from Spanish
Contact
Let’s talk.
Strategic consulting with Anubis, speaking engagements, interviews and book presentations.
