I entered a small position in Gazprom, the Russian gas company, last year.
Gazprom is an indispensable supplier of piped gas to Europe, trading at a single digit PE. It (and its underlying currency) trade in accordance with crude oil prices. It was a 1% speculative position, due to the risk of forced privatisation.
This was based on a previous recommendation from Capitalist Exploits. They turned negative on it due to increasing geopolitical risk: US shareholders have been given a deadline to dispose of their Rusal stock/bonds, and Gazprom could be next.
Sold it last week. Profit around USD 600.
Tuesday, April 24, 2018
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