Russian stocks from 1900-1916 kept pace with US stocks and had low correlation to them, but the 1917 revolution wiped out investors, demonstrating that historical valuation attractiveness provides no protection against regime collapse.
normativepending
Speaker
Paul PodolskyEvidence Quote
“if you looked at Russian assets in 1916 before the 1917 revolution, you'd see the same thing. If you compare US stocks to Russian stocks from the end of the Civil War until 1916, Russian stocks keep pace with US stocks and are lowly correlated to them.”
Source
Bridgewater Alum Paul Podolsky on What Russia Tells Us About the Future of the Global Order— Bridgewater AssociatesCreated: 8/12/2026, 10:29:19 PM
My Notes
Loading notes...