“Customers come to us when they want to invest, and don’t just speculate.”

Vladimir Potapov, head of VTB Capital Investments about rational stock market behavior

Vladimir Potapov, Head of VTB Capital Investments (CEO), Vice President of VTB Bank / Andrey Gordeev / Vedomosti

In the office of the head of VTB’s mediation business, Vladimir Potapov (who, by the way, prefers to work standing), there are works by Russian contemporary artists on the walls: Maria Safronova, Taisia ​​Korotkova, Anton Kuznetsov, Sergei Skutaru, etc. Potapov says art is also part of the investment portfolio, but it is still a hobby and a source of inspiration.

In his first interview with Vedomosti, he explained that the Russian stock market was given a lot of retail investors, how much money can be invested (spoiler – 5,000 rubles or $ 100) and why it is wrong to offer it to a customer. product.

– If an investor comes to the market not to speculate, but to save, he knows that savings need to be diversified. Which part of them should a Russian investor keep in foreign currency, in which ruble?

– There is no single solution here. Diversification is important. But what proportion is observed when diversifying your portfolio is an individual question. It depends on the currency you spend the most. If Americans live in dollars, they also have most of their savings in the U.S. dollar, of course. Accordingly, most of the savings in Russia can be in rubles, especially in view of the additional profitability that active rubles can bring. But if we assume that a person has not only ruble expenses, but also other currencies, then it is logical and correct to keep part of them.

– And how do you save your savings?

– Bonds, shares, real estate, pre-IPO investments, deposits. I just have a diversified set of assets and currencies that are prone to assets that could potentially outpace inflation, in the classic sense – more risky assets.

– The issue of inflation is important for investors today. Everyone advises investing in protected assets: commodities, commodity markets, gold, but some believe that the stock market is also very hot today because markets have grown in recent years (including central banks), and even more so. this layer of assets may fall at some point. In this regard, it is recommended to invest in the same cryptocurrencies. What assets do you think are currently protected from inflation?

– In theory, any asset can fall. Therefore, in addition to currency diversification, an even more important issue is asset class diversification (stocks, bonds, real estate, etc.). Currency risk often offsets higher interest rates. Different assets behave very differently, hence the rule: don’t put all your eggs in one basket. It is essential to hold the shares strategically, because if the company you invest in is competitive in 10-15 years, it will cost significantly more, the return on business capital is greater than inflation, and you become a full shareholder.

– And if we talk about proportions?

– Here you must first understand the purpose of the customer and his individual situation. For example, when a customer comes to us, before completing the portfolio with him, you need to understand at least the time invested in the money that is not needed.

If a customer comes with the intention of putting money up to one year old, this is short-term liquidity management (e.g., the bond market now offers interesting options after the Central Bank rate hike), or speculation. In the second case, it is more difficult to support the customer; typically, these clients rarely trust the opinion of professionals. In our case, a robot or a consultant does not, in principle, allow a client with an investment horizon of up to one year to choose a portfolio consisting only of shares or a significant part of them.

The share of shares in a portfolio is a very individual question. According to US statistics, their share is 60-65% and can rise to 70%. In Russian practice, the shares are 30-40% of the portfolio.

– And what’s in the rest of our investor portfolios?

– Bonds, raw materials, funds, alternative investments (real estate and private equity).

– That is, is our investor more conservative?

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