If it weren't for a moral consideration and a very long tail risk of an involuntary shareholder meet up at a prisoner camp as the West's decision-making is further compromised by emotion, there are company that everyone should be lining up to buy.

The book value of many of these resource and agriculture companies is very far from zero. Even with the West's self-destructive energy policies and "let them eat inflation" approach to monetary policy, the continued long-term operation of these companies should be of interest to anyone that likes avoiding mass scale social unrest.

I really wonder if 2 years from now when there's famine and and people are huddling at a community warming centre in the dead of winter because private heating is a luxury good, people will buy the "it was Putin's fault" and "it's worth it for the environment".

For those who don't remember or weren't alive, Long-Term Capital Management was the whale hedge fund of the day and had on staff at least one Nobel laureate, Robert Merton.

They essentially bought into the "let's buy at a discount" plan, too. They were leveraged on a lot of Russian debt. Russia decided to simply default and not pay anything. No restructuring. And LCTM's resulting crash and burn is now a financial history lesson.