No Flight Plan

摘要

Russia still offers great returns, but you need sharp elbows, say the scrappy managers at Prosperity Capital in Moscow. Investors know that russia has an insidious way of creating heady hope followed by letdown, and 2004 didn't do much to change their opinions. Between January and April of last year the main exchange, the Russian Trading System, climbed 30%, but has since fallen almost all the way back. It all seems to track the general disappointment with Vladimir Putin's moves in the Yukos affair—the Kremlin seized the private oil company's main production arm in a purported tax collection effort—and his increasing distance from liberal economic advisers. Depressing.