Another great call from a Moscow legend.
There is a clique of professional Russian Russia-haters whom, while generally ignored in the West, get a lot of play in foreign media- they are always delighted to take any chance to show support for Russia’s enemies – from the Washington neocons to the Fascist brigades in Kiev.
Slava Rabinovich, a failed hedge-fund manager (see below) is one of the most notorious among them, as well as being something of a Facebook sensation.
Slava has forecast doom and gloom for Russia continuously since the arrest of Khodorkovsky, way back in 2003. Russian GDP has doubled since that time? It doesn’t matter, says Slava – just you wait!
We were concerned to see the following story in the Kiev Post last March – predicting famine in Russia by May, and referring to Slava as a “renowned financier” (renowned for what? See below…) as well as a “member of the Russian opposition” (which opposition they didn’t say?) published in the Kiev Post, a notoriously Russophobic publication:
Slava Rabinovich: severe food shortage to hit Russia in May-June
A renowned Russia financier and opposition member, Slava Rabinovich, gave an exclusive interview to ZIK March 28, describing the present economic situation in Russia and Ukraine.
Well, here at Russia Insider we were very worried, but before rushing out to stock up on potatoes and buckwheat to tide us through the coming famine, we thought we have better find out whether Mr Rabinovich was a reliable source. What was his track record?
Well…according to Bloomberg – it was spectacularly awful – but he was not in the least discouraged, and is now offering his service to Russian émigrés who apparently hope to lose all their money!:
Diamond Age Sets Up Europe Office for Russians Exiting Country
By Anton Doroshev (Bloomberg)
Moscow-based asset manager Diamond Age Capital Advisors Ltd. plans set up office in Europe for wealthy Russians, who have lost hope for economic prospects at home.
CEO Slava Rabinovich:
“Great number” of well-off people in Russia have lost hope of an economic turnaround."
“Money is flowing out of the country."
"The economy is flying full speed into a cement wall and will crash very soon”
Says his co. manages $100m in assets .
NOTE: Diamond Age Russia Fund returned -65% in 2014,
4th consecutive year of negative returns, according to Bloomberg .
NOTE: Diamond Age Atlas Fund returned -72% in 2014, according to Bloomberg.
The funny thing is - the last time Bloomberg did a story – just a couple of months ago – he claimed to be managing $240-250million, surely he couldn't have lost 60% of it in two months…
... or maybe he just has a lively imagination.