Direct Investments and Macroeconomic

The programme “Investments: Trends and Meanings” on Mediametrics Radio, 22 July 2026.

Guest: Vladimir Bragin, Director of Financial Markets and Macroeconomics Analysis at Alfa Capital

Topic: Direct Investments and Macroeconomic Stability.

During the broadcast, we discussed issues related to the current macroeconomic situation and direct investments.

Big money is made in conditions of panic, chaos, and macroeconomic instability. The winner is the one who is the first to understand and leverage technological trends. Where are private equity funds investing at the moment?

The key rate has remained at such a high level for a long time that it acts as a barrier for many investment projects. Where can one find financing given such a tight monetary policy of the Bank of Russia?

Fighting inflation has become an idée fixe — is it possible to finance investments in the economy through money emission? How is this emission carried out, and why does this practice work for some countries or economies but not for others?

How do private equity funds structure project financing under the current conditions? Closed‑end mutual funds (ZPIFF), investment partnerships, SPVs. Are there cases of debt financing?

Has the Moscow Exchange stock index fallen below the 2,000 mark? The average payback period for stocks in the index is 3.5 years (P/E). Is this the right time for strategic purchases, or should one avoid “catching a falling knife”? To what extent does the state of the stock market reflect the country’s macroeconomic situation?

Will the AI project bubble burst, and when?

What decision will the Bank of Russia make regarding the key rate on 24 July?

What is more important at the moment: economic growth or fighting inflation?

An investment strategy is always individual, but in any case, a systematic approach and patience are essential to weather the stormy conditions in the financial markets. Direct investments can be a solution for a long‑term strategy.