Bill Browder: Poke out my eye

There’s a famous Russian proverb. One day, a poor villager happens upon a magic talking fish that is ready to grant him a single wish. Overjoyed, the villager weighs his options: “Maybe a castle? Or even better—a thousand bars of gold? Why not a ship to sail the world?”

As the villager is about to make his decision, the fish interrupts him to say that there is one important caveat: whatever the villager gets, his neighbor will receive two of the same.

Without skipping a beat, the villager says, “In that case, please poke one of my eyes out.

– Bill Browder

Today's Oracle Bio:

William "Bill" Browder is an American financier who moved to Russia and launched the Hermitage Fund in 1996. Choosing finance was an act of rebellion against his family of committed Communists.

Hermitage became the best-performing emerging-markets fund in the world, generated returns of 1,500% for investors, and had $4.5 billion of assets under management.

Browder became the largest foreign investor in Russia. But, in 2005, he was declared “a threat to national security” for exposing corruption in state-owned companies. Browder's Russian lawyer, Sergei Magnitsky, was arrested, imprisoned without trial, and tortured until he died in prison on November 16, 2009.

Since then, Mr. Browder's campaigning has led governments around the world to pass "Magnitsky Acts" that impose targeted visa bans and asset freezes on human rights abusers and highly corrupt officials.

Browder's net worth today is estimated to be $150 million.

Book Highlight:

Browder shared this proverb in his book, Red Notice: A True Story of High Finance, Murder, and One Man's Fight for Justice. The memior is a gripping read and full of fascinating insights for investors. The tale is sad but ultimately triumphal.

Learn more about this book. (Affiliate link)

Thought of the Day:

I love this proverb because last year I found the allure of outperforming the market index overshadowing my fundamental financial goals (i.e., retirement security). Even though valuations looked high to me, I still found it difficult to move my boats to a safer harbor. After all, Microsoft, Amazon, Berkshire, and Meta had given my net worth a happy boost since 2020.

In the end, the clock won. I’m close enough to retirement to fear a last-minute portfolio rout. This bird wants to know that there is a big egg in his nest. So I ultimately found the courage to put some money into lower-risk assets like bonds, real estate, and certificates of deposit.

And you? What would you ask of the magic fish?

Disclaimer: This newsletter is for informational purposes only and does not constitute financial advice. Please consult a qualified financial advisor before making any investment decisions.

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