Markets, capital, and the discipline of patient investing.
RFC Capital Research publishes the independent analysis of Ruslan Averin — an investor focused on public markets, sovereign and corporate fixed income, cross-border real estate, and capital allocation across emerging and frontier markets.
No institutional mandate, no house view to defend — a working record of how one investor thinks about risk, value, and the markets most analysts avoid.
AI Capex Stress Test: Which Big Tech Firms Still Pay for Data Centres From Cash
Big Tech AI capex hit $208.7 billion in Q3 2026. Only Microsoft covered it from cash flow; Alphabet fell 12.64% as free cash flow turned negative.
MarketsRecord $6.3 Billion Binance Hack: 95% Repaid, Bitcoin's Worst October Since 2014
Binance hack of $6.3 billion tied to North Korea's TraderTraitor; 95% of assets replaced, $3.64 billion net withdrawn, bitcoin's worst October since 2014.
MarketsCommodity supercycle test: copper's mine squeeze, oil's war premium, lithium's glut
Commodity supercycle check, November 2026: LME copper up 15.6% YTD at $14,449, Brent down 7.6% to $104.77, lithium carbonate down 21.1% this year.
MarketsDollar to Hryvnia in November 2026: What Almost $6 Billion of NBU Sales Bought in October
Dollar to hryvnia November 2026: the NBU sold almost $6 billion in October, the official rate is UAH 45.5348 for 3 November. Forecasts and savings math.
MarketsCash Is Out-Earning the S&P 500: What Higher-for-Longer Rates Mean for Investors
T-bills at 4.16% have beaten the S&P 500 since August. Fed and ECB holds, yields, valuation math and three 12-month scenarios for bills, bonds and stocks.
MarketsGold's Worst October Since 2008: What the $3,875 Close Means for Savers
Gold price November 2026: spot fell 6.8% in October to $3,875.55, then hit $3,945. How the Fed, central banks and the hryvnia shape gold in savings.