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Guest John Kleinheinz, author of The Siberia Job, discusses his experience investing in Russia in the 90s, including the impact of corruption and mafia connections. He reflects on Russia's past and expresses pessimism about its future, particularly in light of President Putin's actions in Ukraine.
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Quick takeaways
- Voucher privatization in Russia in the 90s created a lucrative investment opportunity as stocks were undervalued and the market transitioned to a free market system.
- Despite initial successes, corruption and lack of rule of law hindered the progress of Western-style free markets in Russia.
Deep dives
Early Investors in Russia during Voucher Privatization
The podcast guest, John Klein Heights, reveals that he was one of the early investors in Russia during the voucher privatization in 1994. The program, developed by the EBRD and IMF, aimed to privatize all Russian industries within a year. Stocks traded well below their intrinsic value, creating a fascinating investment opportunity for Klein Heights and other investors.
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highlights
Listen to the best highlights from the podcasts you love and dive into the full episode