Santangel's Review

Commentary

“As somebody who truly knows Russia, I can say that Russia is an un-investable country.”

Here is a recent interview with Bill Browder of Hermitage (free registration required). He provides an in-depth update on the sad, yet fascinating story of his fund’s experience in Russia. In the interview he says that Russia is un-investable:

But you no longer invest in Russia.

“Definitely not. As somebody who truly knows Russia, I can say that Russia is an un-investable country.

Basically, you have a country where the entire apparatus of the state is used to steal money. Anyone who blows the whistle on government corruption risks death. There is also no way of assessing the probabilities of whether you’ll be able to take your money out at any point, and there’s no way to assess the other non-financial dangers that would come from trying to protect your money if they do try to steal it.”