Russian capital markets: Full of value or close to collapse?

In the past few months the Russian capital markets have been hit by a rush of selling as spooked investors head for the exit, sending valuations into free fall. Guy Norton reports from Moscow on what lies in store.

Marx to market solutions

NEVER LET IT be said that investors in Russia are short of a memorable turn of phrase when it comes to describing one of the most eventful markets. “The last few months have been like a Marxist’s wet dream – the rich have been absolutely decimated,” says James Fenkner, managing director and founder of Red Star Asset Management. He adds: “The more money you had at the start of this crisis, the less you have now.”

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