Lesson Learned Looking Back

The year is close to an end and both main street and Wall Street are quiet.  The holiday time tranquility is a good time to reflect on the past year.  Heading into 2016, my highest conviction investment ideas were the Russian stock market, silver, and oil.   Though the year's not quite over, it looks … Continue reading Lesson Learned Looking Back

Anything and Everything for Russia

Today S&P announced it cut the credit rating on Russian sovereign debt to junk status.  The Russian equity market slid about 8% on that news, but the damage wasn't as bad as some may have thought. That's because the downgrade was widely expected, and of course, the Russian market is already down more than 60% … Continue reading Anything and Everything for Russia

More Than Camaradarie

Those who follow BCM know that I've been watching Russian equities for some time.  In the past, I've joked that Russia has more to offer than just stiff vodka and camaraderie -- but it's true.   For example, Russia has vast deposits of natural resources including coal, timber, minerals, and natural gas.  A little-appreciated fact … Continue reading More Than Camaradarie

Russia Looks Rich & Cheap

In the previous post, I made the long-term case for commodities. In this post, we'll consider an indirect way to get exposure to them. It's common knowledge that emerging market economies tend to be correlated with commodity prices. That's because emerging markets are often dependent on the export of natural resources, making them "banana republics," … Continue reading Russia Looks Rich & Cheap