“The risks of sinking cash — even just $7 million or so of Firebird’s $700 million in assets — into a neo-Stalinist state with labor camps and virtually no private property are obvious. The geopolitical volatility was on full display last week, as North Korea claimed that it had tested a hydrogen bomb. And Mr. Passin is treading on murky investment territory, given the American sanctions against the country.  His investors have experienced the wild rides that come with such frontier markets. Two of his funds are being liquidated after deep losses, including on banking in Iraq, gold in Armenia and oil and gas in Kenya.  But Mr. Passin isn’t deterred. ‘I see opportunities when other people are afraid,’ he said.”

http://www.nytimes.com/2016/01/14/business/dealbook/north-korea-is-newest-frontier-for-a-daredevil-investor.html?ref=dealbook&_r=2

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