This week we welcome Steve Gorelik back to the podcast. Steve is Head of Research and a Portfolio Manager at Firebird Value Fund, a fund that specialises in investing in Russia and Eastern Europe. Back in September of 2022 Steve was our guest on an Eastern European special episode. As we reach the anniversary of Russia’s invasion of Ukraine, Steve has returned to the Value Perspective podcast as part of a two part series that continues with next week’s episode featuring well known historian Simon Sebag-Montifiore. Steve has returned to talk about Firebird’s decision to start investing in Russia in the very early 90s, just a few years after the fall of the USSR, which included buying companies for cents in the dollar; why Firebird transitioned from the Benjamin Graham school of Value to Warren Buffet’s; lessons learned looking back from the invasion of Russia into Ukraine; the impact previous crises in the region had on decision making processes and probabilities when faced by the invasion; the fact that there is nothing new under the sun and this is not the first time or last time that a market gets closed; and finally, how to transfer applications of investing in emerging markets to developed markets. Enjoy!

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