Russia

“China and Russia, we can't do it because we believe in the rule of law. So we're not going to invest in those areas in a big way.”

“We don't invest in Russia, I can't imagine we ever would”

“Russia, we've made quite a bit of money in some of the more tech based companies that would trade it. 20 times revenue in the U S that are trading at five times earnings in Russia, growing in return on equity of 60% plus growing at 30, 40% right through COVID …”

“I don't like point estimates. I think that gives you a false sense of security that you know what's going to happen in Russia in year eight or China in year 12.”

“Russia, 80% of the index are oil and gas and natural resources broadly.”

“The vast majority of the world's Known reserves of titanium are in Russia.”

“So I think that those two forces are really going to be probably the most important thing to me, more important than climate change, more important than a lot of the things that have captured the current zeitgeist.”

“And then you're going to start talking about embargoes of commodities, both self-imposed by Russia and perhaps imposed by the West. And then you're talking about inflationary impacts of this conflict being something akin to the 1973 Yom Kippur War, which is de…”

“Russia has built up a massive current account surplus, biggest since 2006. Their FX reserves are five hundred fifty billion. They've rebuilt them since 2014.”

“The first scenario, just to be clear, is I think what the market is pricing right now, with market action being where it is.”

“This idea that they're going to impose some sort of regime change, that's like straight out of a fantasy book that somebody read to Putin when he falls asleep. It makes no sense.”

“I think it's far fetched that Russia stops exporting oil or that the rest of the world embargoes it, but palladium, they produce 47% of global supply.”

“Given the response of the Western allies and NATO to Ukraine and to Russia, perhaps that has maybe changed the calculus a bit as it relates to what's going on in Taiwan.”

“And I would say that the sanctions that Russia has been hit by, the struggle that their army has had, if anything, it really highlights to Xi Jinping that the risks are really pretty big. It'd be a hell of a dice to roll to go ahead with this. So in that respe…”

“If you buy your energy in your own currency, it's a Huge comparative advantage. So China should actually be fine out of all of this.”

“I think if Europe hadn't followed such a boneheaded energy policy, perhaps Russia wouldn't have invaded Ukraine.”

“You could ignore Russia because their economy is smaller than the size of Texas. But China is somewhere between 15 to 25% of global GDP, depending on how you count and what numbers you believe.”

“I really think that we're in a process of moving to a massive cold war of the West against China and Russia. I think that's terrible for returns and asset prices, and it's really bad, obviously, for Chinese assets.”

“Just a small amount of investment in those stocks, and some people can retire on it because you're going to make 50 times your money on any regime change in a very quick period of time, so.”

“The only country to ever go bust on its local currency bonds is Russia. In 98 or 99, they basically decided to stiff foreigners because that's how they are.”

“Right now you have the world's largest commodity exporter, namely Russia. That has been kicked out of the US dollar system for its behavior. And therefore, most of Russia's commodity trades is shifting from US dollar to renminbi.”

“Russia does not do much direct ethereal-weight mining. They're maybe five percent global supply or so. But Kazakhstan, fully independent neighboring country, former satellite, is 40%.”

“We have an aviation fund that invests, and we own four planes. Those planes, at the time of the Ukraine war, were taking passengers from Turkey to Moscow. When sanctions came down, Moscow grounded those planes, and we found, all of a sudden, Four of our assets…”

“We're not going to invest in China. We're not going to invest in the Far East. Not going to go to Latin America. Certainly not Russia. We will only invest in places where the rule of law is recognized.”