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4. Russia, an Investment Haven?
Call it the principle of unbounded financial gloom: When markets in one corner of the world crater, there's nothing to stop others from tanking, too. Global capital markets aren't a zero-sum game.
Yet the portfolio manager of one international fund recently suggested that now may be the time for investors to put money into the Russian market. "In an increasingly uncertain investment climate around the world, Russia stands out as a relative safe haven for investors," said a statement from John Connor, manager for the $3 million Third Millennium Russia fund.
Connor explains that Russia has boosted its currency reserves and the economy is expected to grow more than 5% this year, a rare feat in the current global economy. And to be fair, Connor's fund has turned a nice profit in the Russian market: In its three years of existence, the fund racked up annualized returns of 22.1%. That ranks it in the top 4% of Europe funds, according to Morningstar.
But no matter how bad things have gotten in the U.S. and abroad, it's tough to buy the "safe haven" idea only three years after Russia defaulted amid the emerging markets crisis.
Or put another way: An investment in one consistently unstable, corrupt part of the world doesn't become any more inviting just because everything else starts to look wobbly.
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