Russia Isn't Siberia For Investors Anymore

Back in January, most international investors had soured on Russia--with good reason. President Boris Yeltsin had stumbled into a dirty war. Inflation was soaring, the ruble was tanking, and Mexico was giving emerging markets everywhere a bad name. Just the time to pour money into Russia, thought Brom Keifetz, whose Caribbean-based Firebird Fund beat the market last year by snapping up Russian shares when they were cheapest--at privatization auctions. Now, Firebird is busy raising money for a second Russia fund.

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