[000:00:00;00] a republic has come and with universal literacy a developed higher education with its own science, culture, literature and art the premiere of the rivers, the ussr film the third and the south tomorrow on the first hello this is an easy money podcast, i am its host mikhail khanov today we have maxim shein as a guest hello maxim greetings strategist , investment analyst and on our

podcast. we deal with money related issues. where is it more profitable to invest, what is more profitable to do now? what to buy to sell and the most burning the most important and the most sick the question for our audience is when to go to the exchange office, when to buy dollars, or maybe sell them, or maybe euros, but i also heard that now there is yuan, and what about yuan, in general, what is it like to buy, sell and etc. and maybe even rupees and actually. the first question is what has changed in the twenty-second year. well, what awaits us on 23 and well, actually rephrases the question, when to run to the exchanger and why? well, here's a counter question. i want to ask people. what do you want from a currency? do you want it to work? she does not speculate, so that on them so that on her to buy on her, uh, it won’t work out that way, yes, the foreign exchange market is a thing, well, practically unpredictable. yes, that is, it's kind of like. it seems to me that

a self-organizing system is something like how applause begins in the theater, everything starts in discord, and then once and after some seconds. uh, everyone is clapping in unison and here is about the same, that is, he is not here, you can’t treat her. like what. here we are now saving up, as it were, thereby who will set this pace to weld somewhere. if someone wants to, uh, profit from this . hmm, please, there are some, maybe some kind of strategy to come up with, yes, that is, well, this will already be a professional approach, a professional approach. eh, this is a completely different alignment. let's just have another one. by the way, this is what i get asked a lot. e. e customer. so i need to sell the currency, when is it better to do it today or wait, i answer. uh to this question, please, uh statistics in terms of probability. and if you wait alone the next day the probability is very high that you can sell more expensive, well, there is not much there by 0.2% yes, but if you wait 5 days, this probability

will be 50/50 approximately. well, it will converge there. eh, everything, that is the conclusion. eh, that's how to be guided by this here, but it's good. here is such advice. here's to your here to wait one day. let's still, let's really say that and since we are invading the field of exchange currency trading, trying to predict the course, after all, some complicated terms we can not avoid. and so, if we have here is a chart of currency fluctuations, like this. here, let me tell you in the following way how a life hack is much more likely to fall into an up or down trend. how to guess this very peak. yes, it is called an extremum in mathematics. and that is, if you look at how the last moves there. let's say the exchange rate, then with a high degree of probability, it will continue this movement for some time, rather than what you suddenly caught and hit right now. here in this turn. well, it can be considered so, you can use mathematics. i tell a lot of my friends to eat, uh, insanely simple strategy. how to make money in the foreign exchange market?

uh, well, that is, this is a head-on approach, yes, and during the day there are four opening prices in the foreign exchange market , that is, at the rate, uh, at which trading began, maximum during the day, minimum and uh, closing , and the probability that e the maximum value will be higher than the opening of 97%, then you need to build a strategy. so yes, what do we buy in the morning. e at the opening price? yes, and we bet on how much it was not sold above to sell. we close the position at the closing price, so for the audience. we write life hacks, take papers, take pens and write down the following, if we decide. a professional approach to this, then we follow the auction exactly how it will work. that is, we follow the open for the price during the closing day, this takes time, of course. well, how can i say, the classics say, that it is important to understand that stock speculation is the same job as any other. and as soon as you stop counting like that in this you will lose your job very quickly, so to speak

, the fault of the book memoirs of a stock speculator. well, that is, you will simply lose your deposit, of course, for ordinary people, maxim, here, returning to the very beginning of our conversation. let me formulate the question no jokes here. and if we are talking specifically about the airbag, yes, that is , from the amount that we have and covers. well i love the numbers, there's six to 12 months of spending on average in your family. now, if you take six 12 months there, then an airbag at twenty the third year it is more profitable to form and it may be more correct based on forecasts. in what currency other than the ruble, if you take something other than? ruble it can only be yuan, for one simple reason, if you just buy currency, yes, then it will be on the balance. uh, take quite a large commission from her. here , uh, well, professional members with whom you will open an account, i mean, yes, so it will not be profitable. in addition , as you know, e on the currency, and on the american

dollars there is, e, in recent years, significant inflation. and here she will be, shamelessly corrode uh, a deposit of 6% per year of something. sorry semi-professional question. yes, you think that inflation in the united states in the united states was defeated by the actions of the fed , that is, this decline that we observed, let me remind you that back in the fall, at the very beginning of inflation, it was more than nine percent. and now we are taking the states to europe there, while there are 10 there, as it has remained. and now, in fact, by monetary actions alone, that is, actions are just regulators and rates, but they raised the rate. now inflation is six and a half index consumer prices, and this downward movement is already stable, or inflation will slow down here . here is your opinion. what quality will inflation slow down and stay here? well, at these levels for about a year or so, in general, according to history, if you look at it, the american central bank has always had to raise the refinanced

interest rates in the country in order to defeat inflation above five percent. uh, above the inflation rate. now they didn’t do it, they didn’t do it now and in the markets and you think they think that it’s all over, but the experience, uh, any uh crises, there are features of the seventies. e, it shows that inflation first rises and then decreases, it seems that everyone is happy, but then it comes again. and what is inflation in china and inflation in china. i do not remember what, well, interest. i think there are three four there is small, yes, yes, while small. actually, that is, they wrote down that in the twenty-third year an airbag. we fore in yuan, where we store ah. well, of course, it’s better to mark up in some papers not just keep in yuan, but place it in some kind of assets, well, in general bury the currency. but in principle, well, it doesn’t matter, it’s unprofitable. it is always direct in rmb is not an option. these are always direct losses of money, and because of banal inflation

, papers are good - these are, and there are, uh, papers of russian companies, bonds in yuan. yes, they give, the yield is somewhere from three to three percent of repayment. and how for how long, that is, how long is a year two three five, if we take tools and our savings goal, otherwise we take only savings products, that is, those where we know in advance. how many earn bonds deposits, maybe some structured products with a guarantee of structural protection, however. they are there. here, uh, and everything up to one year, but only posting. in savings products here are respectively five, the longer the term. yes, the more we invest in investment products, for example, shares, for example, we can buy them, they are available in rmb airbag, so we are shares, which chinese ones do we buy or not necessarily? well of course chinese companies

are chinese companies obviously yes and how about them find out which companies are good? what are the bad ones to ask? well, either you need the best way. yes. uh, this is to study these companies by yourself, but then again, this is already we come here as a professional thing. yes, and so you need to go, of course, to professional stock market participants who know and have analytics. well, that is, there are drilling rigs, yes, on which at least something is possible. yes, at least something can be done further already to choose. as in medicine, i will only advise well with currency. well , let's say we figured it out, at least on this year. what to store an airbag in, and how to try to take off to save? the fact that we have savings there, we will consider that we have put some kind of point, what do we have with the ruble, what happened to the ruble in the twenty- second year? yes, these fluctuations, how dangerous they are for the exchange rate of the national currency, because we all remember that we had the exchange rate there in february. until february, it was 60 there, then it rose to 70-70 with kopecks of

the dollar against the ruble, then it was crazy numbers of the order, there are 120 and even 150 desperate heads in certain jars. they changed nights for weekends. i remember very well this week, then the rate went down to 120 for a while. stayed around 110 then started to decline. these fluctuations all decreased by half. yes, we observed the first figure five was our exchange rate and 56 these fluctuations, and the next question is how they are how dangerous they are for the country and what predicted values ​​​​of the ruble exchange rate e we expect as an investment strategy in 23 . let's just say that the most unpleasant thing for the economy is not some kind of exchange rate. some of his level there 120 or 50 or there i don't know 75 for the economy. the most dangerous thing is very strong fluctuations, unpredictable so -called volatility. yes. uh, volatility, it gets in the way a lot because businesses have to mortgage it. e

in e their business models and is being laid. naturally, this is such a spread, and we all know very well that the prices of imported goods have jumped. uh, according to the course. that's when he went to 120, uh, when he went to 60 of course, no imported goods doubled hmm, uh, in our country, a who benefits , whoever is not in the church, they say, yes, here is a low rate just to figure it out and our audience to understand who is good when the courses are 120 and who is good when the courses are 60 we have 120 good exporters. who are those who are the oilmen, those who are the products? they are sold abroad, of course , abroad, yes, they receive in foreign currency, and here, uh, they are exchanged, respectively, for their costs of wages for production in rubles. well, they grow a little, of course, yes, they remain in rubles. and, of course, this is good for the russian budget, because, uh, forming a significant part of its income is formed just from

export income, and here it is always advantageous to convert them into rubles at the exchange rate. as weak as possible in terms of the ruble. and who is interested in course 50? if only there was someone who made money on it. who said, thank god what is chic, well, first of all, these are the so-called importers. this is who, and in principle, i would say that for the population , for those who travel abroad, of course, for them it is, but big pluses anyway for everyday life, but in the foreseeable period they buy foreign currency, of course, they have strong national currency rates. it is very profitable, because they spend less money, now they return to the state , but let's not get away from the main question, what's with the exchange rate? yes, but as he says, well, what can i say? well, what can i say , people want to know, i want to know, i want to know, it means what will happen, what will happen to the ruble. well, let 's take february there. yes, there until the summer and until the end of the year. what are your predictions

you set the values ​​​​at the exchange rate of the ruble against the dollar, now we will not go deeper. i always look at what is called what the money is bet on. why do deals? here, uh, according to the so-called calculations, which will be in a year in six months in the currency. there, respectively, they all imply that the dollar exchange rate will increase e over this period per year by about e, eight nine percent. that is, if now we have a rate of 70, then 10-76, yes, 76, finally, yes. and it’s good, that is, in february we don’t expect any special movements in march. it's always it is very difficult to predict, because if everything only depended on the volume of trades, so to speak, were determined yes only by importers and exporters and those volumes, yes, which they sell and buy, some foreign exchange earnings, and others. yes, of course, who else is fine, but

there are also, uh, other interests of dara before , to a greater extent, these were, for example, speculators. uh, the so-called arbitrageurs. uh, i ask arbitration - these are those who see instant price discrepancies, and for the same product in different sites there, well earlier there, for example, the price of a share of sberbank in moscow and london, and if you see it there , it’s usually robots algorithms. they see some discrepancy somewhere cheaper and more expensive. they sell right away. where it is more expensive, they buy where it is cheaper, because in the near future these prices will equalize, that is, in this way the market regulates itself. yes, and since we're already here. here in this area. i would like to ask a question. how do you now built currency trading, how much in it at all? are you there now, it seems the central bank is also under sanctions, it turns out that it cannot trade currency on the moscow exchange. uh, the new budget rule implies in more detail that in the case

when the budgeted revenues from oil and gas, oil and gas sales are in dollars or rubles, they are yes in rubles, of course, and the price is fixed accordingly. yes, but for oil. uh, s uh, the price of the section is the so -called. yes, if uh, respectively , income, uh less, and then the ministry of finance, uh, sells, and the currency on the market, if there is more income, yes it has accumulated, uh yes more, accordingly then buys. so it turns out that it's not exactly a balancing factor, but it's a very influential one. perhaps now, many people have heard that something is happening now within the framework of the budget rule with the yuan, what exactly? well, this is it. uh, that is , he sells yuan, or whatever, uh, he sells and buys depending on how the budget situation develops , you know, i have such a feeling . well, yes, professionally by congestion

that they sell, as if the dollar is the euro, that is, for some reason, the yuan , which is being sold, is growing for some reason, there was a situation a couple of days ago, and at the same time the dollar is the euro, which well, no one does anything with them, they are growing, because they are connected through the so-called roscos. this is one, and secondly, the volume is still the same, and although it has greatly decreased by 10 times in terms of the us dollar, it is still about sixty billion rubles a day. here it is not, yuan, now the first 69 and there are personal movements or there is also an invisible hand of someone, from experience i can say that a hand is felt. that's because that occurs, or a very strong movement. without , as it were, any news warnings and other factors, the market literally freezes, that is , there is some kind of elephant in the china shop, which breaks everything there. do not allow the dishes to stand quietly on the floor. yes, and not only his

direct movement, uh, body movements cause significant changes in china shops, but his intention, uh, to make these movements already lead to the fact that the dishes start hmm let's write it down. uh for our dear viewers and listeners, that this is called verbal or verbal intervention, when only the words of those on whom it depends , whether the currency intervention will or will not be enough to budge the currency, but here, i will give an example of one of the greatest masters of verbal intervention is the head of the central bank of japan, kuroda , who manages to move the currency from 150 yen per dollar to 130 yen back and forth and, of course, causes rapture, er, without actually raising the rate. yes because it will kill immediately the japanese economy, but we will not go deep, we manage to move the course. this is called verbal verbal or verbal

intervention. let me sum up this set of questions well, what course do you see for the country now. here is how the balance between importers and exporters, including for the state. yes, 75 is a rate, uh, which, well, about the average rate that we have observed over the past 7 years, which means that everyone is used to it. uh, business has adjusted to this , the economy has adapted to this, and consumers have adjusted to this too. lie voice of spring in the updated composition on friday

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serves, go to vtb and everything will work out. this is an easy money podcast, and i am its host mikhail khanov, and today we are talking with maxim sheyny , a financial analyst, an investment expert, about foreign exchange transactions. and not only raises the topic of de-dalorization. is it possible in principle, we say. here comes the topic setting a single currency for the brix countries, how likely is it, well, the possibility that trade relations between these countries may lead to the fact that the role of the dollar as the main reserve currency in the world will decrease, well, firstly, it is already decreasing. this is not the first year, and secondly, the dollar will leave the role of a global currency, especially a reserve one, and i think that currency zones will be formed. and in this sense, probably, russia does not make sense, uh , to create some kind of single currency from outside brix we have different economies, different currency

zones. in principle, we are, uh, kind of friendly countries, but still we are competitors among ourselves, competitors for uh, the transition to the next technological order, the so-called yes, for markets for consumers, and so on. yes, we will interact and trade with each other. but i think that our currencies will remain different, and it seems to me that this is correct, because investments. well, in order to do uh, the ruble must become a truly investment currency. yes, so that here there is not in dollars currency. that is, we have enough must become must become, of course, and for this there is. e, in principle, all the possibilities. i think they just need to be tightened up as they say. yes it is better for everyone to work and it is necessary for everyone to develop. uh, uh technology, that would require some kind of credit monetary policy. i think a change in budgetary policy and this is

quite real, but now how russia is getting rid of the rest of the world. yes, that is, where globalization is and how everyone sees it , they look at russia and actually. what do they do look at chinese central banks. uh, friend other countries. yes, the banks bought 500 tons of gold, if my memory serves me right. it was the third quarter of last year. here is the growth of gold there from 1.600 there with kopecks to 1900. this is the central bank of the world. yes, the share of gold in the reserves of central banks. started to grow. that's perennial and gradually. yes, this is a gradual process so quickly it does not make enough gold falls in the world of gold production. everyone hit, the price should just gallop if everyone leaves dollar into gold, and gold is not enough , most likely, we are fastened, and blocking, most likely, it will be so in the seventies

there were two periods when gold grew very much in price. in my opinion, once by 15 times and the second time by 5 times in the seventies and at the beginning of the two thousandths, and each time this was accompanied by a very strong decrease in gold production in the world. and now we see that from 2019. it falls quite significantly the first bell, plus inflation, production, yes, plus inflation. well, okay. what are the numbers on the horizon for 5 years, you see in gold. well, i think it's two, maybe even three times the imitation of the horizontal line. yes? the question was only written down so that it would not interfere with the forces behind this gold market. well, they are worth everything that they bought gold and did not buy dollars. i think american. the finns and the fed will be very upset, the federal reserve system, if they see a flow from investments in well, the same, for example, treasuries, yes us bonds or currency, just a friend

is rude to take the dollar into gold. i think uh the actions of the american regulator will be immediately redirected in every possible way to prevent this from happening. well, i think if the americans, and i think, how would they understand. yes, what are they, uh, the central role in the world is a little uh, yes. but i think they understand it. and if you look at who actually are the main holders of the american long, yes, then, if there 30 years ago, it was mostly foreigners who were involved in the most foreign legal entities of the central banks, and there are some government funds, now it is the us residents of the federal reserve system hmm in person and so on. they are the main foreigners who have been quietly selling this for 7 years now. let's figure china yes. i remember the figures, approximately more than a trillion, in my opinion, they had 1.300 central bank bonds on their balance sheet, and according to the estimate it was now, in my opinion, they

have less than a trillion, well, 1.300 trillion 300 is now less than a trillion. that is, this decrease is 20% more. yes, there are 20 more than 30. yes? yes actually. what else besides gold? that's where else the central banks of the world in such volumes of hundreds of billions of dollars can find yourself. well, it's a good hiding place. yes, there is some other asset, that, besides gold, that it is not bitcoin, well , there are no other options, and including, by the way, the situation with russia when our international reserves were blocked. she gave. actually accelerated, only this process. everyone understood that, in principle, their reserves, which they hold in foreign us government securities, can be blocked in such a situation. nobody wants to get hit. the only thing you can't do here. eh? no body movements here maybe suddenly take there or let's sell a trillion. that's for a banal reason you just need to find buyers, and there are very few

sellers buyers. these are litters by you domestic american players. yes yes absolutely right. first of all, maybe america will come to the same situation in which japan is now, yes, in theory , japan is a bankrupt country, but uh, since yes, uh, all the 99% structure is kept for a long time, then, in general , as nothing would happen, sellers. no, yes, there are no sellers. well, how would everything be there with uh, some near zero profitability there and the service is long in practice. well, this is actually, returning to that, examples. why can't the central banks of japan raise the rate because the debt of two and a half gdp per annum, exceeds this pyramid. just like the house of cards is good, but, let's say, we talked about the topic, what's besides gold globally, right? no, some tools, how to deal with this. here i am, for example, in my childhood i was very excited by this question and your answer to it was interesting. but what about the injustice that exists?

countries that mine gold, that is, in fact, they produce the equivalent of world wealth. and as far as it can be allowed there, well, let's say, there the states of the european union they are in the top 5 there mining countries in terms of gold or no, it’s unlikely that we have five south africa e in the united states of course there is e russia these are the main ones, but these companies many who have gold mining projects in different countries. that is, an american company can have projects there, uh, in africa. there, and so on. that is, there is no such thing as some kind of injustice. here alone digs digs out bogatyr fold. yes, that is, it is all balanced. this is business. yes , there is a production cost. it now averages 1,100 dollars per ounce in the world, respectively

. so we have sorted out the topic. what to store in the twenty-third year airbag. this is yuan, preferably not cash, but investments, except for rubles. yes, except for rubles, yes, yes, the amendment is very important, because on in fact, i repeat that in russia there is a wonderful tool, if we are talking about the fact that you are not a professional and if you are interested in fixed. the yield, then, is federal loan bonds fixed, that is, guaranteed for all times and peoples. yes, because the bond rate during the year. maybe this market instrument, the price for it can fall or rise, but by the time of redemption, if you have an iou of the state, there is a million rubles and a coupon, say, 10%, yes, this is 100,000, then, when the time comes to repay, if you honestly stayed until the end of the term that is written on this debt obligation, and the repayment is there on the first of january 2025, then you will receive your million from the state, because we do not expect any defaults and you will receive a coupon of

10 % for each year that you held is a great tool for those who do not consider themselves a professional in the market, respectively, if this is a second currency, then this is the yuan short invested in the same debt from a bank chinese china, yes, or russian companies, yes, or russian companies that are in the region, that do not go far abroad. yes, this is the easy money podcast, and i am its host mikhail khanov and today my guest is maxim shein financial analyst investment investment expert for those who have decided that he is an investor and that he decided to devote part of his life. well, there or all my life all my working time is an investment. let's talk about this part, that is investment. how to become an investor? yes, that's what is called from scratch, what to pay attention to? that is, we ah say that i want to, i'm in a worker. let them teach me. i went to investors. let him teach me, uh, where does

the investor's journey begin? where to begin? where is the best place to invest? what amounts which markets to watch? well, that's what is called such a small, brief educational program. how does putin start as an investor of professionals. the first thing is to open an account and try to spend a broker broker yourself in small amounts. why brokers? why can't i do it myself? banned on the exchange, but because no the license is licensed and it really is. uh, as if there are a lot of things on the internet, you know, there are ratings of brokers and this is what it really is, uh, uh, the regulator. yes , the central bank, it is very, uh, closely monitoring various standards. that is, this activity is very heavily regulated. let the first thing to do. the main thing is that no matter how everyone here thinks what it is. you know, like a bazaar, who wants to, he actually came under control. seriously, it's seriously written down here that you can't trade yourself. on exchange. to do this, you need a company with a license, that is, a broker. open something lessoner

opened. in small amounts you said, try yes make sales transactions. well, just to understand what it is like to feel, how do you expose maxim, that is , it changes 10.050 100, what amounts for the market , this is what is called trying, it is better to start with small ones. eh, well, let's just say that a loss does not cause some kind of negative mood and a desire to quit it all. here immediately can be, so some just fine. i have thousands rubles does not cause a negative structure. well , it’s just that i can’t buy anything for a thousand of it on the russian market, or i can, that is , what amount is there about there were own risks, with what to come with? yes? that is, there, i think, 10,000 rubles. it is quite enough to test the system, as it were, to see, in principle, what kind of market it is. eh, what do they eat it with? uh, how the quotes change watch it get used to it, because uh, many people who first start uh, buy

stocks invest and clean elated success. uh, the first profits are a real stress for them, then when the quotes go down it would seem that recently i had a plus 20% profit, and now it’s only 10. this will disappoint them very much, and then the quotes can go even lower, that is, this is necessary be mentally prepared. and this can be done only by experience, the most important thing here. uh, you really need some kind of strategy , some kind of plan, like everywhere else, as you will, if anything, you want, yes, in fact, it consists of, uh, three things. yes, you need to understand this first. by what principle will you buy or sell those securities, yes, when these moments come, do you need to do it or not, when they ask me now what to do, there with shares, there are surgutneftegaz and gold to sell or buy? i always know how i answer aha and when you bought them, did you yourself write down in the system? when do you sell them? no? look at your table, because if

you play in a casino, yes, if you don’t play in a casino, then you don’t have such a question, that is , you, uh, here’s a very simple life hack, when you buy this or that paper or sell it. yes, if you're short, i always say, so you have to be clear about the person who will buy it from you. after how long did you set yourself up, at what price, and most importantly, what will happen if this price does not happen, will you take profits , loss, or so on ? , then we recorded an excellent life hack, that is, by entering the action. you must clearly understand when and for some the price you will get out of it, the second second point, uh, which you need to decide for yourself is to choose. actually. what shares? yes? that is, it is one thing when to buy when to buy, and another thing is what you need to buy , that is, in general, shares, as an asset class , are now interesting or not. that is, you need some kind of fundamental to rummage through fundamental indicators. that is, after all , this education is necessary. that is, you need to learn.

it didn't just come and no, i know the answer to this question. yes, necessary and more more than there for any, probably, other profession. this is very, very desirable. right here. uh, probably count on luck. here, maybe, as there is a very good proverb. if you don't know who you are then the stock market. this is a very expensive place to find out. this is the second moment and the third moment. uh, which is how to manage risk. yes, that is, this whole business is risky, somehow i don’t know, it is possible to limit investments there, regulate the loading of the portfolio, for example, hmm, let’s say for now. yes, and how much should be in the stock portfolio, that is, how much it should be filled with shares by 100%. at 50 to 20, maybe zero, yes, that is, it is one of the parts. it's one part of the job, right? yes, that is somehow. well, for example,

yes, as warren buffett decides. these tasks are like, that is, for him. the question is, when to buy and when to sell he decides very simply, that is, he does not look at him, because the investment horizon is eternity and , accordingly, hmm uh, this difference is plus or minus 5% when to buy and when to sell for him does not no values. that is, he simply omits it, but, on the other hand, he looks very strongly at the fundamental indicators of the company, and, accordingly, the risks. it regulates by the fact that such a word diversifies, yes, that is, they highlight. yes, they do not invest in one company, they invest in several companies. for example, those who, if you take, uh, the so-called traders who make transactions every day, it's all the same there. and what does the company do, does it make socks or software . it does not matter. uh, there uh, it's profitable, it's not profitable, it doesn't matter. yes, that is, for them the most important thing is that the price moves, it

speaks well, and now the fussy ones are tolerated. in the market, well i would say that there is such a man, a very famous mathematician jim simons from renaissance tech. i think i could argue with the raven in this part, he, who has shown a 40% return for the past 20 years. by the way, here is the last question professionals. yes, i understand that this is a very difficult question, but nevertheless. i wanted get exactly from you as it's professionals answer. what is the annual yield? well, let's say in rubles. and you can consider acceptable and saying that i'm a professional. i earn on average in the market. how much per year is 10-15-20, on average per year, what figure is considered , uh, acceptable for professionals here, you understand, but how can i say on average, but for an ottols - this is too much, but for a count de laffer. this is too little. maybe this

is changing from year to year of addiction. i'm just giving an example of last year's interest rates in russia were also 20% for federal loan bonds. you could earn a 20% fix on i'm sorry for a 5 year return of 15% per annum or there even well, under 20 in this regard for a professional who works in the stock market, and and earn an average of 15%, well that would not be very comfort here but in general it should be uh, more inflation. i think so beings at once in one and a half or two, at least, at least. yes , thank you very much for such an interesting detailed story, that is, we discussed in fact, investments for dummies and investments for those who are going to make an airbag in rubles and in foreign currency we talked about what kind of currency it was we talked about nitrogen and talked about what who considers a professional investor, how to be one, how to become one and what is oneself represents an acceptable yield there, or at least

what to focus on? yes, inflation. exceed at least twice, but to consider yourself a professional. these podcasts are easy money. i am its presenter mikhail khanov , maxim shein was our guest today investment strategist financial analytics. thank you very much maximum for your time answering questions. thank you dear fellow passengers, we welcome you back to our flight in a podcast. everyone wants to fly, the flight is going well today in the cockpit of our liner. i am a monitoring pilot of leonid yakubovich for the sake of god, i ask you to forgive me, we allow ourselves a small violation. this unspoken rule is not usually