The Bias of the Russian Stock Market

The Russian stock market has been crashing, it's not only the Russian ruble, which is sold off nearly 40%, 35% something like that. The biggest stock I think is polymetal and then there's Gazprom, by the way, just saying Gazprom does not use Swift. What explains this huge crash from $24 a few weeks ago to now $6.16 now? Jacob: Well, the sort of efficient market hypothesis would say anything that stocks, it's stocks sells off, it's because the future earnings discounted to the present based on interest rates has decreased.