New rule for investors: Don’t listen to stock tips from White House flacks. As Steven Dennis of Roll Call writes, then White House press secretary Jay Carney said at the March 18 daily dog and pony show, when asked about the effects of sanctions on Russia:
“I wouldn’t, if I were you, invest in Russian equities right now — unless you’re going short.”
This was typical White House blustering. We’re coming at ‘em with sanctions and they’re going to hurt. Just you watch.
Seems, however, that:
… despite incremental sanctions and new reports of Russian incursions into Ukraine, the Russian stock market is … up substantially since CQ Roll Call asked the question.
About six percent, actually.