For everyone who has forgotten the risks associated with throwing billions of new capital into BRICs, the following new video highlighting the plight of Russian investment manager Hermitage Capital should promptly remind just why authoritarian, investor unfriendly countries may merit a second thought as a place to park your LPs' hard earned money.
Additionally, after a protracted fight with the Russian government, today an arrest warrant was issued against co-founder William Browder under the pretext of the ever prevalent and Russian favorite allegation of "tax fraud." Recall this is precisely the reason why Yukos founder Mikhail Khodorkovsky is currently serving jail time. Hermitage has prepared the following video explaining the series of fascinating events that have led to the current fallout and today's arrest warrant. And for a more extensive overview of Hermitage's travails under Putin and now Medvedev, these two profiles by the Economist and the NYT are an entertaining read.