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Русский военный корабль
иди нахуй
Warsaw pact “1st strategic echelon” forces,
mid-late 1980s
1. Warsaw pact troops were
100 km from the Frankfurt
stock exchange building
2. Was BRD a failed economy
with no M&A deals and
deep valuation discounts
to US peers? No – it was
one of the richest and
most dynamic economies
in the world
-4.31%
3.81%
-0.92%
-7.78%
-8.00%
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
2/23/2022 2/24/2022 2/25/2022 2/28/2022 3/1/2022 3/2/2022
DAX S&P500 FTSE100 OMXBBGI
Nothing to see here, move along (Baltic
stocks green +2-5% at pixel time)
Anecdotal observations from this week in
Baltic deals market
• Some scattered kneejerk panic in deals, but opportunism is the
prevailing mood – bargain time?
• Assets never ever to be sold suddenly tentatively available?
• Lending banks steady, some concerns about consumer discretionary
sector, but (I suspect) due to macro, not security concerns. Overall,
business as usual, focus on cybersecurity and supporting Ukraine
• Some weird situations in property markets (suddenly quotes of up to
9% yield, but no transactions)
Key takeaways
• All focus on Ukrainian victory. Разом до перемоги!
• Dear collective West, we f***ing told you so. Yours truly, Baltic states
• IMHO Baltic actual security situation now better than last Wednesday
night:
• Russia turns out EXACTLY like we always said it actually is. Doh.
• Germany suddenly a nation of grownups (vielen dank, Olaf)
• Total (ex-Hungary) NATO unity, extra boots on the ground
• Each day personnel of the (supposed) cream of Russian forces and modern weaponry
is turned into mincemeat and scrap metal in Ukraine
• HOWEVER - Baltic perceived security situation is worse – this may create
opportunities as perceptions converge with reality…
• …but this gap must disappear faster – government should focus here with
economic StratCom, for all our sakes

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Baltics are safe, a Ruskij Korabl - nx

  • 2. Warsaw pact “1st strategic echelon” forces, mid-late 1980s
  • 3. 1. Warsaw pact troops were 100 km from the Frankfurt stock exchange building 2. Was BRD a failed economy with no M&A deals and deep valuation discounts to US peers? No – it was one of the richest and most dynamic economies in the world
  • 4. -4.31% 3.81% -0.92% -7.78% -8.00% -6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 2/23/2022 2/24/2022 2/25/2022 2/28/2022 3/1/2022 3/2/2022 DAX S&P500 FTSE100 OMXBBGI Nothing to see here, move along (Baltic stocks green +2-5% at pixel time)
  • 5. Anecdotal observations from this week in Baltic deals market • Some scattered kneejerk panic in deals, but opportunism is the prevailing mood – bargain time? • Assets never ever to be sold suddenly tentatively available? • Lending banks steady, some concerns about consumer discretionary sector, but (I suspect) due to macro, not security concerns. Overall, business as usual, focus on cybersecurity and supporting Ukraine • Some weird situations in property markets (suddenly quotes of up to 9% yield, but no transactions)
  • 6. Key takeaways • All focus on Ukrainian victory. Разом до перемоги! • Dear collective West, we f***ing told you so. Yours truly, Baltic states • IMHO Baltic actual security situation now better than last Wednesday night: • Russia turns out EXACTLY like we always said it actually is. Doh. • Germany suddenly a nation of grownups (vielen dank, Olaf) • Total (ex-Hungary) NATO unity, extra boots on the ground • Each day personnel of the (supposed) cream of Russian forces and modern weaponry is turned into mincemeat and scrap metal in Ukraine • HOWEVER - Baltic perceived security situation is worse – this may create opportunities as perceptions converge with reality… • …but this gap must disappear faster – government should focus here with economic StratCom, for all our sakes