What Does It Take to Invest in Russia? ( w/ Harvey Sawikin )

Real Vision: Finance & Investing

Real Vision

Business News, News, Investing, Business

4.1 • 1.1K Ratings

🗓️ 27 December 2020

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

Harvey Sawikin, co-founder and lead portfolio manager at Firebird Management, a fund dedicated to investing in frontier and emerging market equities in Eastern Europe, joins Real Vision editor/reporter Haley Draznin for a conversation about the development of emerging markets over the past several decades and the sector outlook. Firebird started out as the first Russian portfolio equity fund and has since expanded to include other countries in the region such as Kazakhstan, Georgia, and Romania. Sawikin shares why his investment strategy differs in more mature and developed markets, how a typical investor in emerging markets has evolved, portfolio repositioning amid the Covid-19 pandemic, and the value of travel in investing. . Key learnings: Emerging markets are often a blind spot for investors—finding them requires assessing liquidity risk and geopolitical climate. Dollar strength and weakness is the macro factor that has the biggest impact on emerging markets. The disinflationary environment has led Firebird to reposition its portfolio towards more growth stocks in the Eastern European region and less towards cyclicals. Recorded on December 18, 2020. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:28.1	Te's and sees apply. Harvey Seawechen joins us today. He is the co-founder and lead portfolio manager at Firebird Management, which manages funds dedicated to investing in frontier and emerging equities.
0:54.0	It was the first Russian portfolio equity fund
0:57.0	and has since expanded to include other countries in that region.
1:01.0	Think Kazakhstan and Georgia, where he has found stocks trading at
1:05.0	massive discounts to intrinsic value. Emerging markets are often a blind
1:10.1	spot for investors. Finding them requires risk, geopolitical understanding, discipline, travel, and
1:18.0	throw in some good luck and timing as well. It's a specialized skill and we can learn a lot from Harvies more than two decades of evaluating emerging and frontier market countries.
1:29.0	Welcome, Harvey.
1:30.0	Thank you.
1:31.0	So let's start with your background.
1:32.0	What drew you to investing and in particular investing in Russia and Eastern Europe?
1:37.5	Well, I used to be an M&A lawyer and I had I worked for five years at it. It was a very high-powered firm in New York and I was sort of burned out of that and I left take some time off and I started to I wanted to invest my savings to live off while I took some time off and one of the partners there who was a Warren Buffett fan said well if you want to invest in stocks, you got to read this book and he gave me
2:06.2	Benjamin Graham's intelligent investor.
2:09.6	So I read that and I said, hey, this seems pretty easy.
	...

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