Independent Investment Analysis
RFC Capital Research
Capital & Markets
Analysis · Strategy · Perspective

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.

Commodity supercycle test: copper's mine squeeze, oil's war premium, lithium's glutSenate, not the House: the real midterm risk after a 572-point Dow dropAmazon Q3 2026 Preview: The AWS Bar, a $220 Billion Capex Bill and an Anthropic MarkKyiv's Autonomy Premium: Generators Buy Occupancy, Not a Higher Rent ChequeKyiv New Builds: 44.2 Months of Supply Against Just 180 September SalesHryvnia Under Pressure: Where Forecasters See the Dollar by End-2026 and End-2027Seoul's 7.57% Rout: Two Trading Halts and the Unwinding of the Memory TradeASML's Q3 2026 Print: Guidance Replaces Bookings as the Only Real SignalUkraine Fuel Prices: Diesel at UAH 98.68 Overtakes A-95 as Costs Jump 76% in a YearUkraine's 10% Inflation Erases the Deposit Margin Before the NBU's 29 October CallGameStop at $26.56: Half Portfolio, Half Retailer, One October DeadlineWells Fargo Q3 2026: Why $12.8 Billion of Net Interest Income Decides the StockVOO vs VTI in 2026: Why Fund Domicile Matters More Than the Index ChoiceThe Yen Fell Anyway: BoJ at 1.25% and the Spread That Still Sets the PriceUkraine's 16% Key Rate: Savings Become the Hryvnia's Main Line of DefenceTreasuries at 5.04%: The Risk-Free Rate Has Caught Up With the S&P 500Duration, Not Coupon: Why a 5.25% 30-Year Treasury Is a Trade, Not a HoldingKyiv Secondary Market 2026: Eight Steps of a Purchase and the Money That Leaks OutKyiv 2026: Where $70,000 Actually Earns More — Apartments, Pre-Sale, Retail or BondsKyiv New-Build Exit Tax: Why the 43.5% Margin Line Decides Assignment or ResaleOnlyFans Was Valued at $3.15 Billion — Half of What Was Discussed a Year EarlierCertara Fell 23.7% — Software Sold Into a Sector That Is CuttingUber Grew Bookings 24% and the Stock Fell 5.3%Debt at 122% of GDP: When the Ratio Tells You Less Than You ThinkAlphabet (GOOGL) Falls 6% on a Capex Raise: When Good News Gets SoldServiceNow — A Great Business Caught in the SaaS DowndraftNordic American Tankers — The Retail Suezmax Bet on Hormuz RatesH2O America (formerly SJW) — A Dividend King Hiding Behind a New TickerUkraine's Central Bank Held at 15% — Why the Hold Matters More Than a Cut Would Have — The Other Side of the TradePalantir (PLTR) Failed at the 200-Day Line — When a 144 P/E Meets a Bad Chart