This US Investor Lost $3 Billion in Ukraine. Watch His Hilarious Video Explaining It
- We would surmise he gets most of his news about Ukraine from Bloomberg, the Economist and the FT
- We've sent him a free subscription to Russia Insider
- This just demonstrates again how completely out of touch the West is about the reality in Russia and Ukraine. Thanks corporate media!
Now you don’t see a story like this every day. Michael Hasenstab, one of the most successful bond fund managers in the world, whose funds outperformed 99% of peers over the past decade, has made an astoundingly stupid bet on Ukraine worth $7 billion.
He is the country’s biggest private bondholder and has seen his investment almost halved with Ukraine’s economy in freefall… and everything else that you already know, but apparently he didn’t.
Fear not for Mr Hasenstab! His two biggest funds, Templeton Global Bond Fund and Templeton Global Total Return Fund have a total of $150 billion in assets, and while some investors may have changed careers after a move like this, he will still be just fine.
Quoting one of his gems.
And lastly what attracted us was the universal consensus that it was not going to work. Now, just because the market doesn't like it, doesn't necessitate that we do like it, but we do look for situations that are out of favour when we go to the country
Pro tip: Next time go either on red or black, odds are better.
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