Out of the Red: Investment and Capitalism in Russia »

John T. Connor Jr., is the founder and portfolio manager of the Third Millennium Russia Fund, a U.S., S.E.C.-registered mutual fund specializing in the equities of Russian public companies. In 2003 and 2006, he was ranked No. 1 Portfolio Manager in the U.S. by the annual Barron's Value Line survey. In 2004, the Wall Street Journal ranked him as the fifth best Overall Fund Manager in the U.S. He was Phi Beta Kappa and recieved his BA from Williams College (1963) and JD from Harvard Law School (1967).

Lawrence P. Milford currently works as the Equity Analyst for Third Millennium Russia Fund. Milford has been in the financial field for the past seven years. He recieved his BA from the University of Phoenix (2003) and his MBA from Regis University (2005).

While the transformation of the Soviet Union into modern Russia has attracted widespread attention from a political perspective, it has also garnered significant interest from a financial standpoint. That's because the new Russia possesses the potential for the most promising investment opportunities of the twenty-first century. That potential, of course, has not yet been fully realized.

Author John Connor knows what it takes to profit from the possibilities that this country has to offer. Through numerous forays into Russian finance and business—including the creation of a mutual fund specializing in the equities of Russian public companies as well as the founding of an insurance company within the country—Connor has cultivated unparalleled experience in this field. Now, in Out of the Red, he takes the time to share his hard-won knowledge with you.

Filled with in-depth insights and expert advice, this one-of-a-kind guide opens by skillfully exploring the rebirth of Russia's economy and revealing how certain events and individuals—from the crisis of 1998 to powerful politicians—influenced the present-day environment for doing business in Russia. With this essential foundation established, it quickly moves on to detail how you can make the most of investing in this emerging arena.

Divided into three comprehensive parts, Out of the Red:

• Sets the stage for you to understand Russia in terms of investment risk and reward, including the effect of recent historic developments in this market
• Offers informative overviews of a number of Russian industries, including oil and gas, metals and mining, information and communication, retail, and real estate, and focuses on the leading companies within these sectors of Russia's free market economy
• Addresses traditional misconceptions about modern-day Russia and examines what the future may hold for investors who enter this market
• And much more

Over the last fifteen years, Russia has become a larger part of the global economy—and in the years ahead, it will continue to grow in prominence. If you want to achieve success in this market, you must understand how it operates. With Out of the Red as your guide, you'll learn how to improve your investment endeavors as you become familiar with all the opportunities this country has to offer.

Pt. 1 Free Markets and Democracy Arrive in Russia

Ch. 1 Today's Russia 3

Ch. 2 Investing in Russia: Risk/Reward 31

Pt. 2 Russia as a Rising Economic Power

Ch. 3 An Overview of Business in Russia 47

Ch. 4 Metals and Mining 59

Ch. 5 Oil and Natural Gas 81

Ch. 6 Information and Communication as a Business 97

Ch. 7 The Rising Russian Consumer 109

Ch. 8 Electricity and Infrastructure 135

Ch. 9 Ukraine and Kazakhstan 149

Pt. 3 The Future of Investing in Russia

Ch. 10 Discovering the Real Russia 161

Ch. 11 What's in Store for Russia and Its Investors? 177

Notes 185

Index 201