that the so-called fixed income or in english fikstinnkom it is applicable specifically to bonds or to gangs or to treasuries as they are stuffed and there is very much but if you do not speculate with them, that is, if you do not play the game of buy cheaper, sell more expensive, if you if they actually bought it and are in your portfolio, then this is a fixed income, because you receive an a-coupon and the state is responsible to you. in order to pay the full face value of this debt security at the end of its term, because in stocks no one bears such responsibility to you, and stocks are not debts, after all, we started with the fact that a bond is a debt, and any debt is returned and in the nominal value at which it should be returned, yes well with those with the level of risk that you are ready to determine for this issuer, but in principle, you and i know that government debts are the same basic level, but that’s understandable.

i’m talking about 100% profitability only to him and up there, but in principle you should always define some kind of fixed profitability, fixed risk, so it is accepted as zero for a certain category of states, i think that for rubles, i think that the risk of the state is accepted as zero, we have recent history, when there was a default in 1998, yes and here it must be said that people often confuse, if we remember the year ninety-eight, we need to very clearly distinguish the monetary policy that was pursued. the central bank before the crisis of ninety- eight, after the crisis of ninety- eight already since 2014, when there were free circulation has been adopted, these are actually big milestones in the development of the russian market , including the central bank, which is why we can compare the default of 1998 with all the events that followed it, not quite, well, we didn’t have any events after it, not according to hamburg not according to hamburg, not even closely related topics. the crisis of '98 and

the default of '98, if anyone remembers, then the dollar cost 6 rubles, and yes, and this was very much targeted by central banks, targeted, that is the exchange rate was actually established, established, and there are various calculations, after the default the dollar immediately flew by 20 and a kopeck, then grew to thirty, in the end, but it was... it was shown that if these events had not occurred, that is, it would not was targeting the ruble exchange rate, then already at 17 rubles per dollar there was no problem with repaying the public debt, we are talking about the fact that the foundation of the stock market is still the debt market and the bond market; in terms of volume, as far as it is comparable, it is not comparable with the stock market is that one to one, one to two, two to one, there are some estimates, but in fact, the debt market significantly leads to the capital market, and in any country, in russia and in... a good

estimate, indeed this is the foundation that probably determines the movement money in shares in any other instruments, it turns out that if we have explained in sufficient detail what depends on the price, it turns out that the most interesting time to buy is when the bonds have dropped in price. that is, when someone is afraid of something, yes, like well, for example, in the 1910s i always had before my eyes the potential, looming default of greece, i will explain for our audience, accordingly, naturally, there were debt securities issued under the guarantees of this country, then greece went to the european union to pay money, then was in doubt, they will give them money and not give them, and you probably also remember that the cost of bonds, that is, government debt...

bonds are now in a very good position and they are really worth buying, i already have those who are in the cache since then , who is in the cache and optional, by the way, in cash, yes, it might be worth looking at, if you have positions in stocks, even sub-sell, reduce this position, buy bonds, because fixing a yield of 13% per annum for the long-term horizon is a very good result, but if we talk about my personal assessments, i believe that long-term inflation in russia will be approximately 8-9%. and today the state

essentially allows us to earn 4% of real profit, that is, profit minus inflation, and this is not a very common story when we can get something like that from states, so i... i think it is very interesting to buy bonds now and i also think there in my portfolios and reduce these positions in stocks to buy bonds, now is a great time to buy, in fact, the second question is yes, how much should you buy now or wait a little, bonds are not a stock market, it doesn’t change very quickly, you can start buying now and even if the price drops a little more, continue them , yes, that is, the standard principle is that you don’t need all the money at once, but gradually collect it, yes gradually build up a portfolio and bonds. they react very quickly to such changes, yes, of course, events ala twenty -second year, 2014 are a quick reaction, yes, but it is after such quick reactions that a good moment for purchases begins, all professional investors are actively using this, now is a very good time for in order to start buying

bonds for your investment portfolio, that is , the government debt of the russian federation, you can do it slowly, it’s not like everything is lost there and they’ll stop by lunchtime sell. and let's say you decide to buy bonds for 500,000, let's say, yes, that is , you will do the following: buy them right now, when you have decided that you are starting to buy, buy them right now for 200,000 if they fall in price, well you buy cheaper, let’s say for another 100,000, and just like that, you buy the remaining three times in lots, if they rise in price, great, that’s good, you don’t tolerate drawdown, you know how some people regret it, oh, i didn’t buy it for everything, yes there , well, you can’t guess here, but no... and i’ll note, that now our central bank rate is 16%, and please note, our dear viewers and listeners, that when banks give you 16%,

they don’t give you for 5 years or 10 or even a year, because everything they are waiting for the central banks to lower the rate in september, as you said, well , in the second half of the year and... they give it only for six months, then interest rates are lower, and you can buy bonds now, not only are they cheaper than face value, that is, how much now, let's say, from 100%, what is now, so we say when at the bottom, how much is 95, from 80 to 95 depending on how, that is , in fact, you can earn almost 10-15% there. only on the fact that if you buy a bond and are not going to speculate on it, you just bought it, yes alexey, put it in your portfolio, everything, that is, the state owes you, it will pay, well, if something doesn’t happen, yes, we accept this zero risk that nothing will happen to our state, it will pay off its obligations,

plus it will also pay you a coupon every year, like mood, class, mood, oh, mariupol is like a seagull with a broken wing,

sort of, ukrainians live by other people's myths, ukrainian propaganda copied the tradition of another country, but copying the recipes of someone else's success is a sure way to failure. premiere, ordinary fascism 2, on monday, on

the first. you can find all episodes of the podcast "easy money" on... the website of the first channel 1tv.ru. what about corporate debts? corporate debt is an interesting thing, but still, it seems to me, it is less useful for private investors. on the one hand , corporate.

well, it’s not the top, it’s not blue chips, but there’s quite a decent second echelon there, there are the largest banks and corporations, sometimes even state corporations and 15-17 per annum, but there is a risk that in some, i don’t know at what in an unfavorable development of events, the corporation will announce, maybe a partial default or a technical default, but that’s what it is, by the way, that’s when we come across terms like what a technical default is, a technical default is essentially a procedure. when the company does not pay the due coupon in a timely manner, a technical default begins,

that is, 30 days are given for the company to fulfill its obligation under this coupon, if it does not fulfill this obligation within 30 days, then a real default occurs, why, because the bondholders can already present these bonds for redemption, well , in this case the whole procedure comes into play, you can’t just say that everyone who owes everyone is forgiven, yes, that is, in this case the appropriate procedures begin, i for ours. here are investors in corporate debt, i explain the relevant procedures followed valuation of the company's property, its sale is in progress, god forbid, yes, moreover, in fact, no one goes into default right away either, because usually companies try to restructure, but when we hear, investors have agreed to restructure, that is, the company usually gathers the largest investors, bondholders of this company, and offers some options, for example, replacing these bonds with new ones in such conditions, explaining why this happened. often investors agree, well , simply because a bird in the hand is better than pie in the sky, but the

obligations that were and should have been fulfilled were not fulfilled, but everyone still wants to get the money, they agree to the terms of restructuring, as the great wise russian and russian people say, with minced sheep, even if it’s sher glass, yes, that’s absolutely true , that’s because if the bankruptcy procedure begins, then there will be a lot of subtleties and nuances, in what order the money will be first there, well, there is a order of payments for bankruptcy. let's not dig deep, but the point is that bonds are not the first stage, yes, it is still unknown how much will be left after all these stages of payment for us investors, that is, for those who are going, well, well, i’ll say it, to chase these additional two percent per annum, there is not a government debt to buy at 13.5, but buy corporate papers there with a yield of 15-16%, they must figure out what queue they stand in as... investors, if suddenly something happens, but in principle, alexey, i understand correctly that small investors,

private ones, it makes sense to trust those the very pool of large investors who, in any case, fighting for their own rights, they are actually fighting for the rights of everyone and minority shareholders, that is, for everyone who owns this class of bonds, and there were examples in recent history, in the 2000s, in ten years of such defaults, and not technical ones, when there was a delay in the payment of the coupon, not... for a month, or even for six months, god bless him, this is precisely the refusal to fulfill their obligations by large corporations, i even took part in one myself, when i bought energy bonds company, then i was asked to replace the bonds that had gone into default with other bonds, but another interesting thing is that if we have already touched on the topic of corporate debt, i would say there is another important aspect that an investor should take into account, this is liquidity, corporate liquidity is the same liquidity, if you suddenly need it , you... are going to hold it until maturity, and because there are ten-year and twenty-year securities, about 5 years, but if you

need money in a year, then you must understand that, as stock traders say, the glass may be empty, yes, that is, there are no people willing to buy this debt from you, everyone is holding it all the way, but this is the main problem, because even the largest borrowers have reliable borrowers from the top 10 russian companies, there is a problem with liquidity, let's... uh, summing up our program in a practical sense, let's talk about how to start from where, that's great, people listened to us, yes, they said, listen, great topic. in general, yes, i’m struggling here with these shares, i’m worried, yes, i won’t even be there, let’s hope that nothing happens, i’ll buy there, okay, not ten-year, three-year papers, here’s the yield, these 15%, they ’re me or 14, they suit me, no i’ll be there, as they say, sweating, what to do, that’s what needs to be done physically, well , first of all, we must open a brokerage account, yeah , on the stock exchange, it’s fixed, we open a brokerage

account, yes, we put money there, go to the terminal, although now even terminals are no longer needed. tell me what they are your broker, listen, there’s a dear comrade, in general there are opportunities for a year, two, three,

without leaving the couch, i can ask further based on the fact that i listened to khanov and batcharov, they talked about some kind of government bonds there. do brokers provide such a bond selection service? i think that it’s already paid, mikhail, that is, but here you can take a simpler route, in all these applications, and large banks , you can look at ofzs, yes, lists of ofzs, and choose a paper, for example, by deadline until repayment, well, that is, when this debt is repaid, and the yield is indicated there, and the repayment yield will be indicated there, this is one graph, it demonstrates some semantic things very well, it is built on... on federal loan bonds 211 , so alexey, let’s do this, here i am, an engineer, minus a physicist by training, i ’m used to starting with a coordinate system, along the abscis axis, which is plotted along the axis, yes, the abscis or x axis, these are dates, dates, this is time , accordingly, there from the thirteenth to the twenty-third year, along the ordinate axis we have well, here is an investor who is normalized to

one, well, that is, we invested conditionally how many times our investment will grow. and you and i will buy such and such a bond for one, from one we started to look at how many times from one we started to look at how much we got, that is, this is the conventional million, i will translate further, so what is the red line? yes, let's start with the blue one, this is very interesting, the blue straight line looks like a straight line, this is the theoretical profitability of buying our bonds, this is how much we bought these bonds they could have made money on this time horizon if they had not hesitated, just bought and simply waited for the fulfillment to be repaid. taking into account the crisis of 2014, they sank and the person received coupons, but did not reinvest them back in

the bond, so we look at the red graph, this is how much a person would have earned in the end, well , that is, 1.6 times.

capital, yes, yes, yes, absolutely right, other bonds, but this is not important, the direct one is theoretical, the red one is also with reinvestment, yes coupon, here is a green line - inflation, inflation, yes, look how well we see that on the long-term horizon government bonds really either correspond to inflation, or even sometimes beat it in some intervals, so it was not in vain that i said today, that in my opinion we have 3-4% realistically. return to the inflation that i expect over the horizon of 5-10 years, that is, we are talking about the fact that today, having bought very reliable securities, you really get, i would even say that it is really zero,

not only in terms of profitability, they can use these bonds for various transactions, attracting short-term capital from the same central bank in the form of collateral and so on, so if tomorrow the state does not pay. the topic of bonds, it is for those who are really smarter and more patient in their expectations from the stock market, they are

realistic, because the returns that we have described are large enough to be simply interesting, absolutely large, they are relatively interesting because they are 3-4% higher than inflation, and i can say that a year ago in this chair was the minister of finance of the russian federation anton german, and while we were discussing the topic of current investments, we already said then that now, probably, there will still be a period of raising rates, but in principle , you can already invest in bonds not, let’s say, trying to catch the very bottom, but simply by buying a sufficiently high coupon, in principle, this topic is relevant now, as we actually found out, alexey, thank you very much. for helping us deal with smart money, namely money that is invested in debt obligations of the state and the company, thank you for coming, a very interesting

conversation, thank you, mikhail, thank you, i’m very glad. hello dear. tv viewers, you are watching the podcast lab triggers on the first channel with you its host tatyana krasnovskaya psychologist, psychotherapist sergei nasebyan, our guest today is alexandra, hello, hello, alexandra, tell me what ’s wrong with you, i buy everything, a good start, so, i buy everything, everything i can, everything i can it’s impossible, in any situation, bad, i’m going to buy new underwear, good, i’m going to buy a new bracelet, with...

one down jacket, or they buy someone one down jacket, then i need three, i need it to be like mine, like mine masha, like katya, like her sister, and also like olga dmitrievna , some kind of conventional one, so i need everything, the problem is that i need everything, well , it’s great that your parents had such an opportunity, but what not so, well, cool, but i would probably like to buy at least a second apartment instead of the fifteenth cream. that is, to feel well, that is, you begin understand that this is unreasonable, i understand that this is unreasonable, and i feel absolutely stupid when i start buying the same identical things in a circle, that is, 15 gray

jeans, conditionally, there are three identical skirts, the point is not the fact that i simply don’t have these things, i have a basic wardrobe as such, it’s assembled, i start taking philip kirkorov’s concert clothes, which i will never wear, they will remain forever. i have a label hanging there, well, maybe i’ll try it on twice more, look at myself in the mirror i’ll go buy something new, which i ’ll never wear either, yeah, that is, i’m satisfying some of my need for a purchase, that’s all, i’m not getting any better or worse, a new thing just appears, which then doesn’t bring me any pleasure, what are you doing, i ’m doing sms now. before that i was married, i didn’t work by education, i’m a lawyer, yeah, when we were married, we also bought everything, yes, at what age did it start, you say, from childhood, i, i’ve always been like this,

yes . right down to food, cosmetics, i really love cosmetics, all kinds, things, clothes, shoes, in principle, well, it doesn’t matter very much to me, but have you ever been to any such countries or places where everything that is there

for sale, for sure. won’t be needed, well , for example, in cairo, no, i haven’t, haven’t been, yes, yeah, well, i’m just wondering what you brought from cairo, and how do you generally feel when the thing that you’ve been frantically i wanted, it becomes yours, seven-minute joy, because i have it, look, you have it even after this, but the joy of owning it, having received it, you get some kind of joy, yes, yeah, let's see what you bought? the last one today, yesterday, a bag, yesterday, today, yesterday, yesterday, yes, we were sitting at home, bought a bag or went to the store, bought a bag, and i saw it, where on the internet, yeah, so, i saw it, i realized that i i need one, i waited for it for 2 weeks, that is, it’s not just like that, i went and bought it, it was not available, i waited for it, went and bought it, yesterday you went and bought it, yes, yeah, today i’m with her, today you

came. yes, okay, tell me, this is the one the moment you saw her, what thoughts, feelings, emotions arose? i liked it, i thought that i needed it, that it would fit, that it was roomy, that i could carry a laptop in it, since all my other bags were very small, that i hadn’t bought myself a single large bag before, but i don’t know why, before that i went with little ones, but now i needed a big one, of course, that is, there was such a rationalization that everything would fit in this bag, a laptop, there are bricks and so on, but what do you think, there is laptop? now no, of course, it’s clear that no, tell me, this is rationalization, but what emotion arose when you saw it? well, i liked her, she was beautiful, it seemed to me that she would surprise me, i understand that you liked her, i like you too, but this does not mean that you and i will go home to me from here, no, you understand , and i like you, but i’ll somehow get through this, but maybe you won’t, well, i ’m not for sale yet, but let’s see,

i liked the bag, but in addition to the fact that you liked it, there’s also some kind of... that an emotion that, you know, it might look like some kind of hole that needs to be closed, this bag will definitely close this hole, it seems as if, i actually thought that it was because, well, that i have a desire, it’s wrong to say, like everyone else, to be the best, probably, that’s when i, well, that is, buy everything, everything i can, i feel. it’s as if i’m better off than i really am, maybe, maybe this is it, well, that is, it turns out that without this bag i’m somehow not the same, no better everyone, well, as if everyone has one and i need it too, well wait, obviously not everyone has a bag, not everyone, either some friend you saw there has it, i don’t know which one -an actress you saw it with, or in an advertisement for some girl you saw it with, well, yes, but the absence

of this bag makes you what? i don’t know, it makes me without a bag, here you are without a bag, what, sasha, not fashionable, probably not stylish, that is, you seem to be lagging behind, yes, yeah, probably good, in this backwardness, what a feeling, what kind of emotions sadness, unhappiness is possible, that is , it seems to me that if i buy something, perhaps it will make me happy, of course. but now i’m more interested in this feeling of unhappiness, yeah, what it consists of, i don’t know, it’s hard for me to say about it, because i’m basically a person who has everything, i have a wonderful family, i have wonderful parents, i am the only child, that is, they loved me very much, they were waiting for me, i was always there, even if we look at my childhood photographs, here, i can show you after the program, there we are all sitting in the kindergarten

children. i’m like a child, socks with frills, which means glasses on a chain, grandma attached a bow, then grandma sewed some kind of jacket with flowers, and i’ve always been such a favorite , well, i’ve been everyone’s favorite. admiration, it seems to me that maybe i don’t have enough of this now, there is a feeling that it wasn’t the clothes that aroused admiration, and the way they dressed you up, maybe, and certainly they did, while playing with this doll with you, they were like as if they created in you this feeling that if you are the most beautifully dressed, dressed up, or dressed up, i don’t know and so on, yes, then at this moment you are in the center of this attention, and moreover, look how well you describe the photograph, you sit like children, and i’m there in little darlings and bows, yeah, tell me about your parental family, how you grew up, after all , in a little more detail, the parental family, i grew up, i don’t remember my dad well, because my dad passed away, i was in the fifth grade, at that time my parents were already divorced, well, that is, we

talked, i mom, and such a very calm person, she never vaccinated me there, well, i just, including, i’ve encountered different situations in life, i see how my friends behave towards...

yes, yes, but at the same time, when you came to your dad for the weekend, how he showed love for you , how did you feel, why, by what criteria did you evaluate it? i remember dad very poorly, because i was very little, i remember the moment when he passed away, yeah, and i even remember how they told me about it, and how painful and incomprehensible it was for me, but i remember dad in segments how he picks me up from kindergarten, how we have pizza with him let's go to the restaurant. well, that is, in this format, i don’t remember spending time together as such, can i ask why they got divorced? yes, you can, it was the nineties, such a rather difficult time, my dad worked in a hospital, worked in

gynecology in dentistry, then there were questions, well, how would everyone relax in the nineties, god forbid it was good or not, my mother was not happy with such a life. and my mother wanted security to a greater extent for both me and herself, well, considering i’m from a gangster city, yeah, from vladivostok, that’s how it is specific, my mother wanted a quiet life, you are watching the triggers podcast with you, its host tatyana krasnovskaya and sergey nasebyan, we are talking with sasha, who is our guest today, and we are talking about the problems of chapagalism, now my mother is somewhere...

in childhood i really don’t remember my mother well, because my mother worked a lot, i remember how my mother took me to school and how my mother picked me up from school, well, that is, as such time together. when i was a child, i had my own

interesting, eventful life. how did your mother live? my mother lived by work, that is, although everyone always teased me that i was a child, loved, much loved, my grandparents took care of me , i have a wonderful family, i have cousins ​​there, we all had a great time, had a great time, but i i also don’t remember my dad well, and i don’t remember my mom too well, so that’s the point, you talk about your life like that. that in essence you are talking about how all these negative experiences were leveled out by the very purchases, gifts and pampering that they showed to you, probably yes, and moreover, well, if you try to change it a little, yes, add tragedy, such drama to your story, then mom and dad divorced, yes, they could communicate normally, and mom never set you up against your father, but. .. does not mean at all that you did not suffer from this,

that they do not live together, of course, but at the same time, as if all the main holes were closed by the fact that you had everything, yes, so that you feel as if there would be nothing to complain about, but there was no feeling that you were needed, and today, out of habit, you continue to cover up all your negative feelings with purchases, but if you just look at the basis for which you buy 117 cream, as you say, is it the same? in fact, in a few seconds, there minutes, maybe before, you will see that the level of anxiety was so high that you urgently need to cover this anxiety with something, but because in such circumstances, which you describe , there is vladevostok, and the nineties, a gangster city, and there are all these difficulties and vicissitudes, they certainly caused uh, a high degree of anxiety for you as an individual, you need to cover yourself with something, and you know, it’s good that at least you don’t drink vodka. yes, good, well, apologism, but since you

begin to understand that this is inadequate, then of course you need to look at it from the point of view of the fact of what emotions you are closing, i’ll assume, i’ll leave it like that for now, and we’ll move on , that these are precisely those same feelings of anxiety and loneliness that arise inside you, yes, perhaps that’s why all these purchases don’t bring pleasure, because this too the thing that happened in your childhood was that they bought you a lot. you had a daily routine, a schedule, knitting, sewing, a photo circle , all this, but you needed, you needed this warm contact, yes, closeness, warmth, it seemed like it wasn’t enough, do you know how to create warm close relationships , as it seems to you, you can, i can, in fact, i also have this certain fixation of mine, for me it has always been important to have a family dinner, a family trip somewhere, to the theater, to the cinema, there if i let my husband be a man of unknown

status today, he said that well, let’s lie there in the evening, i say, what are you saying, we should have a tradition, well, i always wanted this traditional thing, some family fun, some kind of me i don’t know, it’s cool to sign some gift, write some text message, he ’s going on a business trip there, i write something for him on little pieces of paper, yes, i... about contact, about the fact that we are important to each other, yes, and for me, well, that’s the kind of person i am, in principle, and my friends probably appreciate me for it, because i always try to create, well, i always said that if we are talking about gifts, but as a manifestation of love, that i perceive the word gift not as some kind of thing, but as a gift, well, that is, when you want a loved one to give, it doesn’t matter, well, we’re not talking about things now, it’s about emotions. why are you

divorcing such a beautiful girl , why is a man leaving, why is he leaving, well , what difference does it make even if you kick him out, but no, i’m not kicking him out, i left him, well , because i can’t live with such a low-emotional person, he’s ready for me there to cover some basic needs, but conditionally, well, he says to me: why are you complaining, do you have everything at home? you have, you have everything there, what else do you need, but i need it to be cool, fun, interesting, emotional, well, that is, i want something that... i want to buy something that you can’t buy, uh-huh, probably like this, uh-huh, something that is not for sale initially, uh-huh, this is happiness, flight, yes, that is, not that well, yes, there is a husband, yes, good, yes, he is there well, he goes to work, he’s great, that’s when he goes to work, or left, no matter how you

felt, it was so good, to be honest, especially the last five months, i was so happy, sometimes i didn’t even want him to come, that’s how it was, well, you were left alone that you felt at that moment, you were driving there, meeting with friends, girlfriends, not always, i spent a lot of time at home, we lived outside the city, i liked to walk, i liked to hear stumps, birdsong, i planted some hydrangeas there , he always said, i had two the beds there are unfortunate 3 by 3 squares, i think, damn, plant onions there, why are we going to buy these onions, but... i so wanted to create something and i still want to, i went to sew, i’m there now i try to take photographs, i want to see exactly the result of my efforts, my business, now you are doing it, now i am doing it, yes, yeah, and you know, i feel so happy now, despite the fact that i continue to buy, well, look, it’s strange, it

feels like it’s still as if this happiness doesn’t cover your inner pain some kind of internal hole. which closes precisely when consumed, yes, but now i did an experiment for myself, i left, went to a friend, left with two suitcases, in one tablet, in the second, that means things, so now i still reassure myself with what i’m buying necessary, because everything else, it ’s kind of there, i don’t want to return to it yet, i don’t plan to, for now, well , no, i just understand that i’m more comfortable alone, well, i’ll be alone. much better than as if nothing is pressing me, that’s what’s been pressing me lately, it seemed to me that he seemed, well, not that he didn’t seem to hear me, so he often asked the question, what are you missing, but i seemed to have enough of everything, i didn’t have enough time , attention,

i missed jokes, i missed walking together, i missed watching a movie together, i missed time together.

one of them has an airport, the other two, you can get to poromchiki, it’s like a panga on kotau, yes datau, i was on kotau, i guessed it, i was vacationing there, probably three years in a row, that means i have these two, and can you imagine the forty-degree heat, with these two suitcases, nothing can close for me anymore.