We had a brief honeymoon from history. Now capital will learn that investment returns are inseparable from governance risk, that extracting alpha from rule by law kleptocracies is like the stored risk of picking up nickels in front of a bulldozer. That's the lesson of trying to bottom fish stocks like Tencent, Alibaba, JD.com.

There's high risk alpha to be found investing in high talent low valuation Baltic tech startups, arbitraging the valuation and proximity to capital gap between Silicon Valley, where too much capital chases too few good deals and in Riga and Tallinn, where the reverse is true. But raw talent often requires lots of nurturing to cross the valley of death.

https://aeryadvisors.com/