| RED NOTICE BY BILL BROWDER Reviewed by Mack
I recently finished reading Red Notice, an autobiographical account of Bill Browder’s career as a hedge fund manager in Russia. For a book about finance, Red Notice reads more like a thriller than a biography, and it is definitely worth a read for anyone interested in finance, politics, or Eastern Europe.
Browder founded Hermitage Capital in Russia in the 1990s, as state-owned assets were being privatized for the first time. Foreign investors had to contend with incompetence, corruption, and theft on the part of wealthy Russian oligarchs seeking to divide Russian assets amongst themselves.
With those risks came opportunities for huge returns; Hermitage Capital was the highest-performing emerging markets fund in the world from 1996 to 2001. They used foreign media to expose corruption in many Russian companies, and made influential enemies along the way. The employees of Hermitage Capital eventually had to flee the country after coming into conflict with some of the most powerful people in Russia.
Following Browder’s dealings in a Wild West-like financial environment is the most entertaining part of the book. At its best points, Red Notice is as gripping as any spy thriller. But as engaging as Red Notice is, Browder occasionally spoils it with his own self-congratulatory tone. His story is a good one, and he knows it.
Red Notice is exciting, over the top, and eye-opening. As long as you dwell on his insightful account of financial, political, and activist interaction with the regime in Russia – and skim through the lists of celebrities brought to tears by his speeches – Red Notice is well worth your time.
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