Richardson GMP

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.




Dwight Jefferson, CIMA®
Senior Vice President
Portfolio Manager
Tel.: 604.640.0555 • Email

Tyler Steele, CFA
Senior Vice President
Portfolio Manager
Tel.: 604.640.0554 • Email

Paul Rietkerk, CIM, FMA
Associate Portfolio Manager
Tel.: 604.640.0562 • Email

Neil Kumar
Associate Investment Advisor
Tel.: 604.640.0406 • Email

Wendy Lloyd
Tel.: 604.640.0556 • Email

Jessica Dewey
Tel.: 604.640.0405 • Email

Brenda Geib, BA
Tel.: 604.640.0559 • Email

Richardson GMP Limited
500 – 550 Burrard Street
Vancouver, BC V6C 2B5

Toll Free: 1.866.640.0400
Fax: 604.640.0300

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The opinions expressed in this report are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Richardson GMP Limited or its affiliates. Assumptions, opinions and estimates constitute the author's judgment as of the date of this material and are subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Past performance is not indicative of future results. The comments contained herein are general in nature and are not intended to be, nor should be construed to be, legal or tax advice to any particular individual. Accordingly, individuals should consult their own legal or tax advisors for advice with respect to the tax consequences to them, having regard to their own particular circumstances. Insurance services are offered through Richardson GMP Insurance Services Limited in BC, AB, SK, MB, NWT, ON, QC, NS and PEI. Additional administrative support and policy management are provided by PPI Partners. Richardson GMP Limited is a member of Canadian Investor Protection Fund. Richardson is a trade-mark of James Richardson & Sons Limited. GMP is a registered trade-mark of GMP Securities L.P. Both used under license by Richardson GMP Limited.