as a matter of fact, there was money there, there was money there, but again, why does he ask why in seventy-two you played only in moscow, and where? and you have sports palaces, in fact moscow, leningrad, kiev, but do you have hotels in all of them to bring them, i don’t know, to chelyabinsk, yekaterinburg, sverdlovsk, but do you have hotels, and where will you accommodate 3,000 canadian tourists ? , do you have planes, that is, flights in the required number to transfer all this, and if you have so many police special services officers to all... problems that were not so easily solved in the soviet union in the seventies, still do not forget that moscow, in many ways, is modern moscow, hotel complexes, roads, airports, this is already a product in many ways of preparation for olympics 80, in the year seventy-two, sorry, foreign coaches, when they came to study in the ussr in the year seventy-three, including fred shiro, the winner of the stanley cup, they were accommodated in some departmental hotel,

like a waterman, a riverman, i don’t remember, there somewhere in the izmailov area, you know, i never i didn’t think about how many fans came then to the matches in the soviet union in that super series and how many of ours there were about 300 of them, about 300 came in ’72, something is known about them, what was forgotten here , because well, the eighties are clear, that’s all there are already the olympics, it’s all written down there, but almost no one has ever written about canadian fans at the matches of the soviet union canadian national team, no, why, well, it’s like a classic... a book about hockey published in our soviet union in the seventies - candriden, hockey at the highest level, what's her name translated, he describes in great detail the life, the customs of canadian fans, what were they doing here, they were walking around red square, marching, shouting chants, buying some kind of hats with badges somewhere, that’s what he was given, so to speak in voentorg, well, arba didn’t exist yet, but in the modern sense, yes. they drank, since

the currency bars were still there for them, mostly, well, tourists at the tver hotel, which doesn’t exist, that is, i don’t know yet, maybe 300 event tourists obviously wouldn’t fit in, yes, but somehow they were generally stationed around moscow, they were organizing a showdown, and our fans were in canada, but as for me, here’s how, well , someone could come to montreal or only embassy representatives could come to the game , all of them, well, some , well, listen, even in the eighty-first year , a small delegation of sort of tourists came to the canada cup, yes, in which, oh, god bless the memory, well, there was definitely a bull film director, an actor-director, yes, but there was some kind of there were 7-10 people there, there were some, there were directors, oh, one of the singers, now i don’t remember who wasn’t kobzon, but there was one strange woman in the whole delegation, who was either a leader in production, or a weaver, or someone, and roland bykov scolded her in his diaries , that's for the discrepancy. companies,

that’s all, strictly speaking, no, but how? we didn’t have tourism as such? the eightieth year, a miracle on ice for the us team, the victory of the soviet union team in the olympics. and what can be called a miracle on ice for the soviet union national team? was there such a thing in our history? of course, well, look, it’s 1954, the first soviet team comes to the first world cup and beats the canadians in the decisive match 7:2, when no one around believes in it. uh-huh, to the point where they say that on the coaching staff, well, in the delegation among the leadership of the delegation, there were proposals not to resist in the match with the canadians, we will lose anyway, it’s useless, let’s save our strength for, because if we lose to canada, we have a replay with the swedes, then a decisive match, an additional match, who will become the european champion, and there was a proposal, some believe that it was tarasov, let’s not resist, let’s spoil them, and we go out and win 7:2. well, of course, this is an absolute miracle on ice,

and the year fifty-six, the first olympic games, when the canadians send a much stronger team than in fifty -four, and we win 2:0 and become olympic champions on the first run, and just 73 in 72 second year in montreal, isn’t this a miracle, an absolute miracle, enough miracles, i wanted to ask you about how why the era of chernyshov and tarasov ended directly. well, now it’s difficult to explain some of these things that were understandable in the soviet union, for example, there is such a thing as the olympic cycle, that is, a four-year period, yes , in the sixty-eighth year we are olympic champions in grenoble, the hockey team, the seventy-second year the olympic cycle ends, yes, usually, what is the olympic cycle, this is a new training plan, this is renewal, rejuvenation, renewal of the national team, like in the eighties, pritihonov after the defeat of lake placed, yes a new generation of players is actually beginning to form there...

thanks to this, the troika of makars, larionovs, krutovs, and so on appears. in the seventy-second year , the olympic cycle ended, in a sense , the employment contract of the coaches ended, when we became olympic champions in sappor. at this moment there is still no clarity, whether there will be matches with the canadians, when, who will represent canada, that is, no one really talks about it yet, there are still some sluggish negotiations that will either be there or either there won’t be any sides, or everything will fall through, so again, as always , there are a million versions, we only know for sure that they wrote the resignation letter themselves, then interpretations begin in moderation... of malice or something else - in relation to either chernoshev or taras, in fact they left on their own, perhaps they, listen, well, people by this moment had spent such a huge life in hockey, they had won

absolutely everything in amateur hockey, firstly, they, of course they could just be tired, they could just want a little rest, there was a very difficult world championship ahead in prague, which was not easy for us, in 1972. and take a break, and then maybe, but you see, this then maybe didn’t happen, because although we lost prague, in prague, but in prague a contract was signed for the match with canada, and bobrov was already purposefully prepared so that he became the head

coach within a year, within 2 years, again in the soviet way, within the framework of the soviet planned decision-making of bobrov, he already had majors ready to be included in his staff in advance boris sanovich. puchkov, coach of the leningrad ska, when they say tarasov chernyshov wanted to make an attempt to return, well, it was already too late, but there are also more evil versions, for example, people who still worked in that hockey in the seventy-second year told me that there was such a tradition at tarasov chernashev, after another victory , come to the sports committee to see the minister of sports pavlov, the famous legendary pavlov, sighing and saying, well, we’re tired. this is how it is, this usually ends with some kind of persuasion, you understand, yes, in fact, the stakes were not very high, i mean financial, yes, it still ended with persuasion and, as it were, an extension there, in this case, well, we were tired, well, why

is the name of chernyshov forgotten in our minds, we are all time we talk about tarasov, tarasovachalnik of hockey, we all remember egorov, chernyshov - you definitely mention it in conjunction, everyone knows very well, well, those who follow hockey deeply, who arkady ivanovich is, how influential he was in that team, he in general, he was a senior coach, in general, yes, in general he is a four-time olympic champion, by the way, by the way, yes, this is generally a unique story, yes, that is , 56, 64, 68, 72, yes, and at the same time look, the image of rnoshow is almost forgotten, why did this happen , why tarasov remains like a real hockey icon, well, listen, tarasov really was incredible. an incredibly gifted person, in a hockey sense, in a coaching sense, a fantastic enthusiast, incredible ability to work, and at the same time the person also had such talent, absolutely in fact, he is not only ozerov , but tarasov could also be considered a people's artist of the soviet union,

because he adored the camera, adored the spotlight, the press, publicity in general, he knew how to work for the camera, the camera loved him, he loved the camera, because again, the journalists who worked at the central... he let the journalists into the locker room, wow, that is, after the match he let the correspondents of the light in, yeah, you understand, yes, that is , the person understood, and so on, so on, to say, such a natural absolutely talented, and of course well, thanks to these qualities of his,

he came to the fore in the media, yeah, and chernyshov in this sense was just a different person, he was more closed, more like this, unlike tarasov, he... while he was active coach, he didn’t write books, he appeared in the press, but in general he was quite official, he was less friendly with the press, he appeared less on tv, in fact there were a lot of nuances, like... which influence all this, for example, chernyshov had sore back, well, already in the second half sixties, he could not work on the ice, so he was more of a fence in the shade, and tarasov worked on the ice, again, both in the spotlights and in the chamber, of course, the person who is on the ice, yes, this is a gradual shift in side of tarassov, it began to happen in the sixties, and was already established with the help of our canadian friends, partners, who in the seventies, since they did not really understand what and how was happening here, they called it like this... they called it the father of the soviet hockey, officially, now when we talk about a hockey player, we

we’re talking about his salary, he’s a millionaire whose life has already been successful, who can provide not only for himself, his family, but probably his grandchildren, too , if he’s a top player, in those days stars are what kind of people, they’re incredibly wealthy citizens, well , in those forties, sixties, when the era of soviet hockey began, well... probably, they still can’t be called incredibly wealthy, but it’s clear that they are professional football and hockey players in the soviet union, that in the thirties, well in general any years, but he lives better than the average there, much better than the average working person in the country, i forgot again, what movie did he star in about yashno about the archers, wait, in what movie is yashno’s father or , but no, in the film yashny says something like - you should do something normal, yes, that you are going to football, you better go to the machine there, there is a normal profession,

you know, this is a completely made-up story, because he is a football player for dynamo moscow of course, he gets more than a novice worker at a factory, why yashina the father calls, plus foreign work, plus some bonuses, and so on and so forth , the circle runs into the circle, the next important factor is the opportunity to somehow buy this money for something. yes , that is, without overpayment, that is, to gain access to certain benefits, such as a hat, a refrigerator, a sheepskin coat, a car, or the classic scheme, but during the season it is issued to a team, say, two volgas, you buy it at the state price, well, roughly 10,000 rubles, yeah, you resell it right away, well, depending on region of a particular year, there it could be 14, 15, 16,000, that is , 6,000 sticks to you right away in one day, well, roughly, i ’m telling you the scheme now, after 2 years there, if everything is fine with you, when robert dmitrievich

cherenkov is the coach crystal moved from saratov to moscow in 1977, becoming the head coach of moscow spartak, he told me this personally, i said i was shocked that spartak hockey players live worse than crystal, that is, this is material support, the salary is lower. well maybe the trade union team, yes , of course, there was a foreign team, which in saratov was still a rare case, spartak still traveled abroad or in the collection, especially there sometimes two or three times a year, yes, that’s it, but he says, i the first thing i started doing was for the guys to have a special pass to a special section of the gum, so that the guys could buy a normal sheepskin coat, dress up, again there are living conditions, what do the wives need, who needs a refrigerator, who decides what the issue is, because in in saratov, all this was decided at once, because how to lure a player, salary rate. it’s official throughout the country , the same, well, with the exception of the army, yes, it’s standard, how can you entice something, so you

’re saying, we’ll solve the issue with the army, yes , yes, we’ll get you into college, you’ll study, an apartment, living conditions, if you are a family member, and so on and so forth, that is, of course, nothing changes, but so what, who were the best friends of the hockey players, with the exception of the cosmonauts vladimir vysotsky, the market director , the store director, always the best friend, what soviet hockey player, that i don’t know georgian. football player, our podcast is called hockey football, why is there hockey football in our country, hockey football, and for you personally? listen, since childhood i am a person who played well in the summer, well, childishly , and amateurishly, played football in the summer , hockey in the winter, and on the same grounds, and at the same time i also read the weekly, which was called football-hockey, and for there is no difference for me with... for me, that for me it has always been such a seasonal thing, yes, here it is football, football smoothly turns into hockey,

hockey goes into football and not yang, a common whole, a single whole, thank you very much, thank you, thank you, hello, this is a podcast. easy money, i 'm its host mikhail khanov, today our guest is maxim orlovsky, hello, maxim, hello, financial expert, market expert, stock market expert, investor, private, institutional. now the general director of one of the largest investment houses in the russian federation. and today we will talk about what year 23 was like for investments, which drew our attention to what you could earn, and most importantly, what the twenty-fourth year will be like on the stock markets, what you can and should earn on in the twenty-fourth year. and

the first question is very simple. the twenty-third year was good and bad for traders and speculators. you can characterize it as a whole, the year was very good, there were rare asset classes that did not give any good returns, but these were, first of all, ruble bonds, after the central bank almost doubled the key rate, of course - the market, though did not respond to in my opinion, properly, but still it was one of the worst investments, and these are investments protected by government obligations, that is, we buy government debt, we buy... and de facto the state owes us how much we could earn on bonds as a percentage, well, let’s say at the beginning of 23, we believed that the rate would rise or somehow predicted it, how much interest income could be earned, in this case you earn only on short bonds, that is, then the rate was 7.5, this is the level of profitability, if your bonds

, taking into account revaluation, or the bond fund in which you invested at the end of the year, you earned in... 10% is very good, this is very good, many funds that invest in bonds show returns around zero or negative, and de facto now, but we’ll come back to this later, this yield is inferior to bank returns on deposits, definitely unequivocally, good, but let’s put this topic aside a little, what else can we talk about it was possible to make money in the twenty-third year, this is what you could basically lose on, you made money on other things, the twenty-third year was definitely the year of shares, so the shares rose. the broad index grew quite strongly there, almost 40%, and if we are talking about individual names of our largest companies, then this is almost a two-fold increase, but the blue chips are all in the black, and it’s great that gold is also so beloved by our people , at least according to rumors at least, home-grown asset investors, the end of the year is very good

for gold, who knows, you and me we understand perfectly well that if the price rises, it means someone is buying. gold buys it primarily to the world on world markets. maxim, who is buying gold now? the main demand for gold comes from central banks, from some funds, and a new trend, households in india and china are joining this game, buying coins, buying bars, this is a new trend, but in general we must understand that gold is still this is such a thing.

it is called a protective asset, because when some disasters happen, the same the most movements during the covid period, which is called the period, yes, when the stocks, you remember how they reacted and what a decline there was in all indices, including dollar exchange rates, and how gold fell then, that is, gold fell like an ordinary piece of paper along with everyone else, and we also remember situation, i was struck by this memory by your phrase about households in india and china, you remember very well. probably 2009, when gold was at about the same peaks of 1900-1950, when just all the analytical publications wrote that it was a new the stage of the revival of gold, and that now china is buying both real gold and india, there will be two and two and a half and three, and we remember very well that gold then fell to the level of 1.300, that is, it lost what 30% of its

price, the defensive asset lost 30%, and 8 long years. gold was there, what is called -30, now this situation could repeat itself, or now we are looking only at the positive, no, everything is possible, everything is possible, and so gold is losing its status as some kind of international unit of account, yes, today instability, seizure of reserves , the impossibility of, say, russia, iran, and a number of other countries, to maintain distrust in soft currencies, may revive payments, including in gold, as such a unit between these countries, as a means of accumulating savings. you wouldn’t recommend it, i don’t use this thing, but in our reality, look, now we have revaluation that is not taxed, yes, this is also becoming a good tool, what will happen? we'll see further, with the passing of the generation that perceived gold definitely as money, and paper money or non-cash money only as a derivative

of it, probably the value of this asset will also go away, let’s see, here’s an example, you have the ratio of gold and silver, once in the united states this was fixed 1 :15, now it’s 1:80, and after all, during this movement, many people broke their necks, they were waiting for the restoration of these magical divine and ratio coefficients, but it never happened, well, here you know, i can say that you are the first analyst who this is how i feel about gold, this very precisely coincides with my attitude towards this asset, despite the fact that, as many say, you know how, if it comes, if everything goes bad, and the apocalypse and so on, i say, well, remember the movie mad max , the price there is usually for ammunition, weapons and gasoline, but you won’t be able to with gold. run around the post-apocalyptic world and try to sell it. okay, what else is bitcoin? i don’t invest in the crypto industry,

so for me this is a bit of an otherworldly asset. what is the reason for your disbelief? this lack of faith in this institution as a means of accumulation, as a means of obtaining money, or possible risks outweigh profitability, what why? if we talk about markets, about algorithmic trading, here... it is important that there is liquidity, there is an instrument, and in general, in principle, it does not matter what instrument it is, right? if we look at this a little from the point of view, probably of law, then money is the thing that the state accepts for paying its taxes, it is the thing in which we measure the value of certain objects, as for bitcoin, then no one does not accept it, yes, its emission is limited, but what can be done with it? if tomorrow the largest economies accept it on an equal basis with their currencies, this will probably greatly increase its value and prestige in

some ways, by and large, the difference between bitcoin and the ruble or the dollar in non-cash terms, that’s all, these are just some notes, right, the only question is, the state says that i accept this as legal tender, your taxes, prices in my state are expressed in... for the sake of fairness, there are countries including including japan, yes, i’m not talking about venezuela and with them now, but there are large countries that accept bitcoins as payment for goods, there i think that now you can buy an apartment and cars, but you can’t say yet there is a mechanism for exchanging for ordinary money, it all works, as soon as you have everything, everything will be in these units, maybe, maybe, but for me this is not a completely clear thing, you will not be ready for this risk. non-cash money is the same digital asset, shares have been around for a long time

in the same way, in the form of some kind of records , that’s right, which are electronic, which you and i can’t see, can’t touch, or paste over anything, okay, oil, what happened to oil in the twenty-third year and what are your forecasts for the twenty-fourth? the year was quite difficult. everyone was expecting a recession in the usa, i will remind our audience that everyone was expecting a recession in the usa, and, accordingly, throughout the world, everyone expected that the economy of the largest world would not withstand such a high rate increase, but it did, even the federal government was surprised the reserve system, this is an analogue of the central bank in the united states, announced that, surprisingly, the economy turned out to be strong, it withstood the rate of 5.5%, now we are talking about the fact that... there is no recession, why then is oil falling , because the usa is not the whole world, that is , what is happening with oil, and what are your , let’s say, conclusions for the twenty-third year,

and i say again, forecasts for the twenty -fourth, well, with oil, probably so, there is a lot of oil, this is a fact, you see that a number of countries are forced to limit their production, supplies to international markets in order to support the price of oil, the technologies that have come to the united states, if we take almost 13 million barrels a day there, they are generally the largest producer and so on for a second, let's say for our audience, that... the united states of america is currently one of the three, there is such a struggle all the time, number one has already come out, you get the usual barrels, because

the saudis, saudi arabia has reduced and we same. now we are producing oil along with the bastard condensate, we count, and the americans have another 5 million on top, but this is what is happening, that is, technology does not stand still, and if there is an opportunity to earn money somewhere, it is earned, there is a lot of oil, there is a lot of oil, so supporting oil prices is two factors, the first, the most important factor is discipline within the framework of opex plus, if the cartel falls apart...

it once cost negative money, after the reboot, glut in the first a queue of storage facilities when all the tankers were floating filled, and the problem of expiration, this april expiration is the repayment of delivery contracts, when everyone was ready to pay money for this oil to be taken from them, this is what a negative price is, this is when you say along with the oil, i will pay you again , just take it, well, it did n't last long, it was literally absolutely. we have been recovering for a long time, and i hope that angola’s exit from opec plus is the only thing, well, this is a few percent, that this will not affect the existence of the cartel, otherwise everything will not be so good for us and for ruble well, we remember that saudi arabia has a budget calculated at 85, plus or minus , say, 83 is already a critical figure, a deficit-free

budget, in fact... guardianship, saudi arabia, is actually the main engine and motivator of the very discipline you are talking about say, they have a budget of 85, that’s how it will be possible or not, will the saudis be able to keep prices down through verbal interventions, yes, some actions, cuts, persuading everyone to cut, by how much do you think it will be possible to do this in the twenty-fourth year, i i don’t sit at the back table with ministers on these meetings, but... i would like to hope that common sense will prevail, i understand that the european union, consumers from the east, do not really like high oil prices, they will make political efforts to try somehow again, the us elections in november will be stolen, of course, by the united states, despite the fact that they are also

one of the biggest beneficiaries. this process - in general , such high prices may not be so profitable for the country, yes, they will try, among other things, to put pressure on russia with such so, i hope that the cartel will survive, i hope this is from the cartel’s side, we still have demand, i hope that china next year will grow a little faster than expected, that demand here will recover, the european union is not either will sag, although...

the instrument is not in your area of ​​attention, just as commodity is not included, especially now commodity is raw materials, these are instruments such as copper, nickel, gas, yes, now, unfortunately, international ties are severed, due to sanctions, we cannot adequately obtain pricing on the moscow exchange if tomorrow something will happen, you will be cut off from something, contracts tied to american ones are traded on the moscow exchange. quotes, let’s say, you just watch oil, for our economy, this is the most important indicator, this is the easy money podcast, our guest is maxim morlovsky, presenter, one of the best investment experts in russia, and today we are discussing the results of the twenty-third plans for '24, let's go back to where we started, to bonds: