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.
Anthropic Just Overtook OpenAI: $965B vs $862B — What the Flip Means for AI Investors
Anthropic's Series H values it at $965 billion, above OpenAI's $862 billion, on $47B run-rate revenue. Ruslan Averin on what the leadership flip says about where AI value is settling.
MarketsWall Street Is Quietly Rewriting Fed Supervision — And Wants It Locked In Writing
Banks already won softer exams, curtailed MRAs and a 30% supervision headcount cut. Now they want written guarantees the rollback survives the next administration. Ruslan Averin on what it means for bank stocks.
MarketsEmployers Are Quietly Dropping GLP-1 Coverage for 2027 — The $149 Pill Changed the Math
Cigna cut weight-loss drug coverage for its own staff; up to 10% of employers plan to drop GLP-1s in 2027 even as $149/month oral versions launch. Ruslan Averin on what it means for LLY and NVO.
Real EstateHELOC Rates Just Bounced Off Their 2026 Lows — Home Equity Loans Jumped 50bp in a Month
HELOCs sit at 7.25% and fixed home equity loans at 7.86% — up 6bp and 50bp from May lows, with prime at 6.75%. Ruslan Averin on tapping home equity without refinancing a cheap first mortgage.
CapitalMoney Markets Still Pay Up to 4.01% — While Inflation Runs 4.2%. Read That Twice
Top money market accounts yield 4.01% APY while CPI prints 4.2% — cash at the best rate in the country is still losing purchasing power. Ruslan Averin on what cash is for in 2026.
MarketsEvery Oil Shock Since 1970 Ended the Same Way for Stocks — Paulsen's Warning for 2026
Jim Paulsen studied 10 major oil spikes since 1970: every peak was followed by equity turmoil. With oil elevated and stocks at records, Ruslan Averin weighs the historical pattern against the 2026 tape.