Ukraine Reading List
Here’s an updated Ukraine reading list sharing interesting content I found informative.
These are mostly about the events themselves and not the investment implications, although a couple touch on those. Our team at Heritage shared a note recently with clients focusing on the market reaction, direct impact to our portfolios, and our plans to buy stocks if there’s further weakness. You can see a version of this on our Heritage blog.
My two investment cents: market volatility is part of stock market investing. Mistakes happen when you overreact to volatility. Stocks are not ticker symbols on TV. They represent ownership of businesses. I don’t think anyone is getting ready to sell their business for 10% less than it was worth a month ago because Russia invaded Ukraine. You shouldn’t give your stocks away here at a discount either. Protecting Your Portfolio From a Bear Market and Investment Mistakes to Avoid touch on these points in greater detail.
Putin’s invasion of Ukraine, explained
Putin declared a “special military operation” in Ukraine. Now, Europe is witnessing its first major war in decades.
The New Yorker takes their customary deep dive.
Plain English Podcast
What Vladimir Putin Wants—and How Russia’s War in Ukraine Could Reshape the World
Derek explains why three years—1989, 2008, and 2014—are the key to understanding why Putin is willing to take a massive risk in invading Ukraine. Then, Derek asks five expert guests to walk him through the most important second-order implications of a long major conflict.
Why a No-Fly Zone Over Ukraine Could Be—Literally—the Worst Idea Ever
The author and foreign policy critic Robert Wright joins the podcast to debate the pros and cons of a no-fly zone
Schwab’s Quick Take: Russia Invades Ukraine
Market update with links to other pieces on the conflict.
The Pendulum in International Affairs
Howard Marks’s latest memo connects two seemingly unrelated trends – Europe’s energy dependence and U.S. offshoring – to explain why the pendulum of companies’ and countries’ behavior may be swinging away from globalization and toward onshoring. This shift will likely create risk for investors but also opportunities.
Podcast version here.
BlackRock sees Russia’s invasion of Ukraine as the start of protracted tensions between Russia and the West and discusses the investment implications.
Why is Russia invading Ukraine and what does Putin want?
It is now clear that Russia is seeking to overthrow Ukraine’s democratically elected government.
The Coming Ukrainian Insurgency
Russia’s Invasion Could Unleash Forces the Kremlin Can’t Control
Council on Foreign Relations Global Conflict Tracker
Updates on the conflict. Also worth checking out its dedicated Ukraine page.
Ukraine Reading List Books
Once Upon a Time in Russia: The Rise of the Oligarchs—A True Story of Ambition, Wealth, Betrayal, and Murder by Ben Mezrich
The New York Times bestselling author of Bringing Down the House and The Accidental Billionaires tells his most incredible story yet: A true drama of obscene wealth, crime, rivalry, and betrayal from deep inside the world of billionaire Russian oligarchs that Booklist called “one more example of just how talented a storyteller [Mezrich] is.”
The Man Without a Face: The Unlikely Rise of Vladimir Putin by Masha Gessen
National Book Award winner Masha Gessen’s biography of a ruthless man’s ascent to near-absolute power.
Red Notice: A True Story of High Finance, Murder, and One Man’s Fight for Justice by Bill Browder
“[Red Notice] does for investing in Russia and the former Soviet Union what Liar’s Poker did for our understanding of Salomon Brothers, Wall Street, and the mortgage-backed securities business in the 1980s. Browder’s business saga meshes well with the story of corruption and murder in Vladimir Putin’s Russia, making Red Notice an early candidate for any list of the year’s best books” (Fortune).