7-year performance comp: $1,000 invested Sep 2019.
$BNB → $40,000 (+3,900%)
Sberbank → $930 (+93%)
Lukoil → $740 (+74%)
Rosneft → $610 (+61%)
RTS Index → $610 (+61%)
Gazprom → $310 (+31%)
Russian equities crushed by sanctions, energy price volatility, and geopolitical risk. $BNB captured exchange growth, token burn mechanics, and bull cycle leverage.
Key variables: regulatory jurisdiction, liquidity depth, beta to global risk appetite. Emerging market equities carried idiosyncratic sovereign risk that wasn't priced in 2019. Crypto carried different risk—exchange centralization, regulatory uncertainty—but delivered asymmetric upside.
Backtest is clean but ignores drawdown timing and liquidity constraints during March 2020 or FTX collapse. Russian assets became functionally untradeable post-Feb 2022.
No forward guidance here. Historical alpha doesn't predict future returns. Different macro regime now.
$BNB → $40,000 (+3,900%)
Sberbank → $930 (+93%)
Lukoil → $740 (+74%)
Rosneft → $610 (+61%)
RTS Index → $610 (+61%)
Gazprom → $310 (+31%)
Russian equities crushed by sanctions, energy price volatility, and geopolitical risk. $BNB captured exchange growth, token burn mechanics, and bull cycle leverage.
Key variables: regulatory jurisdiction, liquidity depth, beta to global risk appetite. Emerging market equities carried idiosyncratic sovereign risk that wasn't priced in 2019. Crypto carried different risk—exchange centralization, regulatory uncertainty—but delivered asymmetric upside.
Backtest is clean but ignores drawdown timing and liquidity constraints during March 2020 or FTX collapse. Russian assets became functionally untradeable post-Feb 2022.
No forward guidance here. Historical alpha doesn't predict future returns. Different macro regime now.
