Russian Investment Ethics

Shaan Puri and Sam Parr discuss the ethics and practicality of investing in Russian stocks during a market downturn, with Shaan taking a principled stance against profiting from the situation despite potential opportunities.

• Ethical Investment Position:

  • Won't invest in Russian stocks despite massive discounts (50-70-80% drops)
  • Explicitly states not wanting to profit from the current situation
  • Acknowledges it's "off brand" but stands by the ethical choice

• Market Analysis:

  • Real businesses trading close to zero
  • Represents tremendous value on paper
  • Comparable to historical opportunity during communist-to-capitalist transition

• Russian Citizen Perspective:

  • Better to own stocks than hold rubles
  • Limited options due to restrictions:
    • Can't get dollars
    • Can't get crypto
    • Restricted amount of rubles that can be sold

• Potential Opportunity Assessment:

  • Could buy equivalent of major companies (like Russian Exxon) at huge discounts
  • Companies likely to survive long-term
  • Similar to historical oligarch opportunity during regime change
  • Sam acknowledges it as a "once in a lifetime opportunity" but also chooses not to invest

The speakers ultimately prioritize ethical considerations over potential profits, even while acknowledging the significant financial opportunity present in the situation.