Posted on 12/16/2014 1:45:51 PM PST by elhombrelibre
Ouch! Russian billionaires have lost more than $50 billion this year due to the country's unfolding economic nightmare.
Western sanctions, low oil prices and the falling ruble have wiped billions off the wealth of Russia's 15 richest men, according to data from Bloomberg.
The chairman of Russian gas producer Novatek has suffered the biggest losses, seeing his portfolio shrink by an estimated $8.7 billion. That's equivalent to a loss of nearly 50%.
(Excerpt) Read more at money.cnn.com ...
They lost nothing, they still have all the assets, only the paper value of the assets when down.
Two years ago I bought an ounce of silver for $32, now it sells for around half, have I lost anything? No, I still have the full ounce of silver, all that has gone down is the paper dollar value.
That one thing we haven’t see Vlady stocks yet what he holds
“Dobri Ootra. Meena Zavoot is “Neudachnik!” Kak va Zavoot?”
DROP “is” COMRADE!
INCORRECT WORD “meena” ... “Meen-YAH”!
INCORRECT WORD “va” ... “vas”!
NOT CORRECT, IMPERIALIST!
YOUR FRIEND
GRAMMAR COMMUNIST :-)
Bolshoi Spaseebo!
First of all, Saudi Arabia is causing Russia's meltdown, not some lame "sanctions." Second: the devaluation of the ruble isn't in comparison to US dollars. It's in comparison to everything: dollars, Euros, yuan, gold; and more importantly, durable goods that Russians want to buy, Russian wages, and energy exploration and transportation equipment. Third: military terrorism? I think you're on the wrong forum. Go over to DU or MoveOn, or some other Lefty website where you belong.
They "still own the asset" and today it is worth 1/2 of what is was worth last week. You still own your silver. And it's worth $16.23. If you doubt it, go try to sell it, and get back to us.
Lost money goes in my Pay Pal account. I’m filthy rich!!!
This business will get out of control. It will get out of control and we’ll be lucky to live through it.
Putin converted his billions into dollars long time ago
These guys have only lost money on paper unless they sell their assets now. In fact, they are probably still in a good position to buy out small competitors with their remaining fortunes. The super rich can ride out downturns with their wealth and come out all the stronger. Look how much richer Warren Buffett has become since the 2008 downturn.
You’re talking about 2 different things. If an “asset” loses 50% of its value, it still exists, and you still own it. You don’t realize the loss until you try to sell it and can only get half what it was formerly worth. This is the trap the gold bugs fell into when they thought gold would always hold its value. The problem for the Russians is that they have to sell their oil for half what it was a few weeks ago, they can’t hold it and wait for the price to rise again. Since their economy is based almost completely on oil and gas exports, their economy tanks when the commodity prices tank.
Wow. Your normal writing is far worse than your tag line.
Right. Paper profits versus real money. If you don’t sell your assets for a loss, you haven’t lost anything except a potential profit you could have had. It’s worth whatever somebody will pay for it, but you have to add “at any particular time”. I don’t knowhow much cash Buffett has, but I’d bet it’s a small fraction of his assets, especially given the near-zero interest rates being paid today. I think the non-existent rates on savings are a bigger problem that economist admit, because all they think about is stocks and bonds.
The Russian’s problem is that they have to sell their oil for half what it was worth a few weeks ago, and they based their economy on oil prices staying high. They can’t hold their oil and wait for the price to go back up.
What anything is worth is exactly what you can get by selling it. Nothing more, nothing less. You might claim your house is worth $250,000 because that's what you paid for it, but if your best offer is $175,000 when you go to sell it, that's what it's worth.
“They stashed their money in US $ or Euros long ago.”
Not so much the US, but London banks rolled out the red carpet for Russian billionaires years ago, as you said. In fact, Russians, Chinese and Arabs can buy English visas and financial protection by investing X number of pounds in the English economy.
In addition, Israeli billionaires work closely with their Russian Jewish counterparts in developing energy resources.
The entire article is BS, but that’s to be expected from the 50 IQ commie apes at CNN. The premise is nothing more than dog food for the drooling RINO Trotskyites.
military terrorism? what the hell does this statement mean?
Here we go -
The number of wealthy migrants entering the UK on specialist visas designed to attract millionaire investors jumped by over three-quarters last year, led by people from China and Russia seeking to put down roots in London.
These are Tier 1 visas, available since 2008, allowing wealthy individuals to protect their families and their wealth.
http://www.ft.com/intl/cms/s/0/a0d6be06-3aff-11e2-b3f0-00144feabdc0.html#axzz3M6ij6h8Y
That was my first thought. Something is up and it won’t be good.
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