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Peter Halloran Benedicte Gravrand, Opalesque Geneva:
According to Peter Halloran, founder of Pharos Financial Group, western investors have been missing out on massive opportunities
that have taken place in their own backyard in the past twenty years. Russia
being the backyard (as opposed to far-away China), and a backyard that has
been misunderstood.
Investors have been focusing on corporate governance abuses, he told
Opalesque during a recent video interview in New York. But they have been
overlooking the huge transformation that "involved seeing GDP go from a low
of $180 billion through $1.5 trillion, and 0% of GDP in the private sector to
now 65%."
"There have been a few corporate governance abuses," he said, "and every
single one of them has been high profile." They may be interesting, he
argues, but they do not paint the whole picture, which is about an economy
metamorphosing from a command and control system to a market economy, and
which has the biggest consumer market in Europe.
Manageable risk
No need to worry with Pharos though. His job, he says, is to keep his
investors away from those abuses: "If you can avoid those rare abuses, the
rest of the companies are doing incredibly well." One of the big risks in
the market is clearly in corporate governance, he adds, and it is a
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