Timur Tourlov at the age of 15 risked inheritance and invested it in securities. Today at the age of 27, he is the leader of his own investment company Freedom Finance (Reliable money shares). About how the first investments of the future financier begins, as he came to creating his own business and its new projects Timur Tourlov told in an interview .
- Timur Ruslanovich, why exactly the stock market has become your choice?
As a child, I really wanted to be rich and always interested in where you can make well earn. When I was 10 years old, a very fashionable profession was programming. My uncle was a system administrator and earned well. Then I seriously thought to go along his footsteps, because people who were engaged in such work really received decent money.
But when I turned 15 years old, my life changed cool. I met a comrade, who in one of the investment companies brokerage was opened. Prior to that, he sold his garage and decided where to invest money: buy a new car or action. As a result, I purchased securities and began to trade them. Once he showed me his computer: there were different graphs on the monitor, with which my buddy watched the auction and told how he earns. All this looked so magically, that I also opened a brokerage account.
- Where did you get the money?
About six months I persuaded my parents give me money. As a result, I was allocated about $ 800 - it was the money that my grandfather was visited. I put them on a brokerage account and began to trade at the Moscow Interbank Currency Exchange. At that time it was the main playground in Russia. I was preparing for the investment for a long time, I read different books and analyzed, chose the papers in my own kind of mysterious criteria.
My first purchase was the preferred shares of Dalenergo. To be objective, even then it was a notable paper, it consisted very little transactions. I bought them on $ 800 and waited. But every other day, the two situation did not change, and then the paper fell on a couple of kopecks. When I bought it, the value of the shares was 5.06 kopecks, that is, very cheap. I purchased a pretty good pack for my money. Perhaps this has played a role.
While the paper of my friend grew and fell, nothing happened to me. It was hurt and it seemed that life passes by. Then I thought that in order to earn, we need to sell and buy all the time. Later, I realized that it was not always the case. In general, I waited a year and a half, but during this time my shares fell about 2 kopecks and I decided to sell them. In a couple of days I sold all the papers and acquired popular RAO UES shares, YUKOS, and so on. The most interesting thing is that in four months my first shares of Dalenergo went up five times. It was very disappointing. If I did not sell them , That would earn about 4 thousand dollars. Thus, the first experience did not bring financial results.
- And nevertheless you have not retreated. Since then, have you decided to actively trade in the stock market?
Yes. When I was 16, I settled in an investment company. It was founded by an American, former emigrant from the USSR. He opened his company in Moscow for trade in the US market. The team was gaining young intended people without work experience. He was ready to teach, the main thing is that people want to work and were distortive. Apparently, I somehow corresponded to its requirements. He liked the shine in my eyes and, despite my age, he risked. I worked there for two years. At the time of leaving this company, my personal trading is nothing over. I managed to visit all corporate Russian scandals. When Yukos fell, I bought YUKOS, and it was bankrupt. So I probably also have some compensation from the Russian government too.
- Not very successful trading ...
I actually lost quite a lot. My initial stage of throwing in the market, when I began to use also borrowed funds for trading, probably, I went around 60-70% of my capital. Much lost money and as a result of bankruptcy of Yukos. Paper fell 100%, and I had it a lot. And, in general, for the exception of some other stories, my trading in many things was far from ideal.
More systemic trade began to learn already in the investment company. We were engaged in specific arbitration: carried out almost risk-free operations, playing according to a specific Rules of the Stock Exchange. For example, small applications up to 100 shares had a certain priority to large applications and allowed to get a quick execution. That is, they bought small volumes and tried to reduce the moment when there is a good demand to resell them to large players.
Now you are the owner and the head of a large company, what character qualities helped you achieve this? What qualities still need to work?
In my opinion, of course, there are some personal qualities that we develop and improve. Most often, the leader becomes a person with a certain warehouse of character and abilities to manage. It does not necessarily be the smartest and professional in the team. This is normal. Some people can consider mathematical models very well, develop some projects and I will never repeat their work. But I was improved quite a long time.
When I came to this company, I had experience in some relatively large structures. That is, leadership grew in me from below. There were some unique knowledge I possessed and could share, could teach people to make certain things right. I often listened to me, realizing that I know a little more than they. Although today many of my employees have become good professionals in certain areas.
Also, a lot depends on how much a person can be a diplomat and listen to and understand from his ability to build relationships with people. I have always been proud of my ability to listen, understand many members of my team. Many managers want to find a team that will always be obeyed in every way, that is, potentially weaker people from a leadership point of view of people than he himself.
But it seems to me that a great art is not to find people weaker than yourself and go on a light path, but in order to try to build relationships with people are not more stupid to you, ready to argue and trying to change you. I just tried to find independent people and create them the conditions for work. We have a number of managers who do projects on their own. I give them the opportunity to make decisions yourself. We hire people not to indicate what to do, but, on the contrary, to listen.
- You live and work between two cities. What do Almaty and Moscow are different?
In Almaty, people are more open and friendly compared to Moscow. Here somehow easier doors open. But the question is what will happen for them will reach the right person or not. Since I myself was born in Moscow and lived there most of my life, I have the right to say that in Moscow there are some of the most commemorative people, and here people are more friendly. From the point of view of potential customers in Kazakhstan there are a lot of interesting and rich people. The market is not yet saturated, it is more low-competitive. We grow here quickly and work quite comfortable.
- How do you usually prefer to relax?
We love to ride the islands with children. True, in itself, active holidays with children are quite problematic. Rather, we need a relatively small island to be where to attach children and relax to relax. We try to rest several times a year and take advantage of some calm in our business.
In principle, it is pleased with this development of new technologies, when no longer needs to sit at the computer to be in touch - enough telephone. Every day I respond to several dozen calls and hundreds of letters, regardless of whether I am now in Almaty or in Moscow or on the islands, I do not disappear from the radar and I can fulfill my duties.
- What rules do you adhere to business?
In our business, much depends on reputation and decency. Strict performance of their obligations. We must be able to take responsibility and risk. We cannot look into the future and do not know what will lead to success, but what will not lead. But to build something great, you need to do something useful, scaling. Responsibility should also be big. This is probably the main things.
I managed to collect a good team, which gave me a credibility loan. Ultimately, we were aggressive in our development. I always knew how to make quick decisions. Even big. I wanted to achieve everything. Our first startup was for a very long time. It was in early 2009. I have always been stubborn enough. When we went to the market for the first time, we also did nothing. But we were upper. Tried to surrender, execute all their obligations. Because, as Richard Branson said, "Your reputation is one of your capital."
I understand that in my world the word is very expensive. There are people who will give a few million under honestly. And there are those who are not a penny for a few guarantors. Therefore, my rule is a pure reputation.
Apple schedule is beautiful, IPO Hilton - betting on the first day of trading, electronic cigarettes - New Investratrend
Visiting the site General Director of the Investment Company "Freed Finance" Timur Tourlov
A. Vernikov: Timur, tell me where did you start, what was your way to trading?
I basically had a dream since childhood - I wanted to earn money. I had a not very rich family, and I thought what path would you choose that he brought me some maximum from the point of view of financial results from my efforts. I rushed quite a long time, then I accidentally encountered the fact that one of my older friends got acquainted with one person who had already invested on the stock exchange, bought Shares RAO EU (2001 - even for the Russian market, there was still a relatively early time) .
I persuaded the parents to give the first money to try. The first amount I received on my broker account is about $ 800.
The first transaction, which I was invented for a very long time and extorted for a very long time, was the purchase of actions of Dalenergo (privileged). I bought it, looked at her for a couple of weeks, then I realized that it was just very boring, I losing time, life goes ... I still have a comrades that if you go to the second echelon, you have to wait to see you ready for 2-3 years. I realized that 2-3 years is not my option at all.
A. Vernikov: How old were you, did you say?
It was 14-15 years.
A. Vernikov: A good name for an interview "I began to trade at the age of 14" ...
site: Since Frida Finance is positioning itself as a company that specializes in the US market ... What was he this year? What was characteristic of the American market?
The year was kind of look like last year. Although it had many different stages and individual chips. The monetary policy is still quite actively influenced, developed markets grew, the American economy was still actively sucking capital from around the world. The index was very calm. And I think that there was not a single month when the purchase of PUT options had the meaning at any almost stages, with the exception of scalping quite short.
It was a year of meaningless insurance. Many investment banks said that in fact we are in such a strange time when the circumstances are folded in such a way that they are almost meaningless to insure the fall. S & P500 futures insurance cost - record low. It has never been so low. Weekly option can be purchased cheaper than 20% per week, for a month it will be 10% per annum, for a year - this is generally annual 6% will be. And no one is afraid of anything - stubbornly and smoothly goes upstairs.
website: Regarding what "stubborn and smoothly". New Year's rally will be?
Even at some external negative, America reacts superly oily and it smoothes it, forgives almost everything and everyone. Yesterday, Europe rolled 2.5 - 2.6%, Japan poured, America thought for a long time, it makes sense at least 0.5% chefed, and at the end I decided that some kind of symbolic fall would be enough ( yesterday - 12/03/2013 - approx. ed.).
The same technological promotions. Yesterday showed itself very well. The main trend of the year of the whole was just innovation. There was a soupeless story with Tesla Motors, the return of interest in the solar energy, to the empire of the same Elon Mask - Solar City shot.
site: Recently, a serious demand for IPO has been fixed. And Freeda Finance took part in the IPO Twitter. How was it for you exactly from the position of the broker? How did customers react? Maybe they had doubts?
IPO is one of the most unique products we do. Because few of whom it turns out to get this piece for customers. For the first time in my business, I encountered that we cannot sell the product, because we do not have enough quotas for this, and we begin to choose customers.
Brokerage business lives the fact that we are constantly running for customers and persuade them, we teach them, we go for concessions here, give additional preferences, we go to the legs behind everyone. Especially in Russia in the situation that is now, when there is no interest in the market. We really hunt each client, there is no investment company nowhere nowhere.
Here ( IPO - approx. ed.) We see the inverse situation. Even focusing on our customer base, on those incoming contacts that we have. First, people are beginning to just go from the street to us from the streets on recommendations from existing customers, and we reconfigure the book. We really have a fairly unique relationship with the organizers that allow us to knock down certain quotas. We are doing this through our relationship with one of the American hedge funds - this is not direct relationship with banks underwriters. That is, we are trying to smash the paper from a priority buyer, who really have chances to get them at all. Because even if you bring $ 10 million to Goldman Sachs, you will say "I want to participate in IPO Hilton," you will give these shares only if you do not need anyone else. And if the book is reconnected by at least 2 times, the chances that they will get you - very low. You must have a good relationship with the broker, the broker should want to thank you for something ... Whether you tolerate it for 5 years to no avail, or for something else ... In order to give you all these ideas.
Quota of $ 10 million, which we collect for customers, we collect it very easily and very quickly. Even in our existing offices, we first encountered situations when customers come, and we say "Sorry, we know you not enough for a long time, first start working with standard products with us, and maybe you can enable access to this Service "...
site: And IPO Hilton is already disassembled?
We are very close to say that it is already disassembled. It had a smaller rift than twitter. But not much smaller stir. That is, most customers who earned on Twitter wants here. And this is a certain horn of abundance, in which everyone sees the possibility of free money for quick and easy results.
site: Maybe it simply did not have such a result, because everyone writes in Twitter, and not everyone can stop in Hilton ... In any case, what kind of Hilton forecast will you have?
Of course, a calmer IPO should be. Significantly more relaxed. The industry on the rise, the investment boom itself is present. The results on the average return this year are better than the most years before.
site: Just most interests the dynamics regarding Hilton's competitors. Marriot, Hyatt ... stock growth rates will be the same or sharper?
First day. Only the first day. Further everything will be very similar. They are a worthy member of their industry, they will behave like a branch with amendments to their debt and other indicators. But the most important question is the first day of trading. This is what interests all customers who are now going to this IPO. Bet on the first day of trading.
Of course, Blackstone ( the company is the owner of the Hilton hotel network - approx. ed.) I bought the company quite expensive, they need to sell it all. This is their supercell. In contrast to the same Zuckerberg, who sold Facebook, they want to sell everything. They don't have a direct profile investment. They are financial investors: they bought, bought, raised, sold. Now Hilton is rated cheaper than the price for which they bought it ... even by those multipliers that are. Moreover, in principle, the price of the assessment on the IPO now does not mean that its superdesshevo is sold in relation to the analogues. But the investor itself, who bought these shares, he does not sell anything now. There are sold quasi-comic shares of Hilton himself, the additional issue is sold, all the money will go to the company in essence, they will not get to the Blackstone itself, which needs to be turned. If they are now very expensive selling these 2 billion ( the preliminary amount of attracting funds during IPO - approx. ed.), it is still 10% of the company's value. These are the money that is now needed to pay back with creditors to restructure debt. This is the first stage, they must then be sold further. If they are now very expensive selling these 10%, they will not be able to sell the remaining 90%. It is more profitable for them to sell a little more cheaper, and the rest is more expensive when the normal liquid market has everything.
site: Another cool story of the outgoing year is a TESLA car. In his journal "Financier", you gave a very accurate growth forecast. Based on what did you do this forecast?
A. Vernikov: And in general, how do you make forecasts?
The entire ideology of the company Freeda Finance is now far away in active trading, and among our customers are not so many active traders. We have guys who generate very large volumes. But they, as a rule, know themselves what they do, we are not more than a service provider for them.
Our ideology is still in more relaxing investment. We are talking about the strategy "buy and hold" to a greater extent than about the strategy "Here we have S & P500, and we will try, buying and selling it, playing up and down, earn the maximum amount of money for you."
I respect the statistics, I do not consider myself the most ingenious person on earth and man who can guess absolutely all the trends that occur in the market. We understand that Warren Buffett earned 30% per annum and became the richest man on Earth, and the task of surpassing it is at least superzadach, and the reliability of this earnings will be very doubtful. And we will not feed the illusions - Warren Buffet is not the person who used the moving average to make most of their investments. It is always a certain coincidence of a common approach, a good conjuncture and a good understanding of those corporate processes and those companies in which he invested. He insider does not care. If not in the bad sense of the word, then in good. He understood the essence of their business from the inside. He was never a classic minority shareholder who buys shares because they have a good trend on the stock exchange.
A. Vernikov: S & P500 made 28% of growth this year. And the Russian index did -2% this year. And now many say that the money will flow more fairly. For example, some of the money from the American market will go to the Brazilian market ... How do you feel about this?
When I communicate with my comrades, including the management funds, with bankers, they certainly have no appetite to developing markets explicitly, none of them goes now and is not looking for interesting ideas. Oddly enough, the same Goldman Sachs looks in Russia in Russia, trying to look for rental some projects. And they look at our securities in the sense that "Well, probably you have something interesting, but it is better to buy real estate at all, and in general we just have cheap money, let's find some reliable project and finance it" .
They are still looking somewhere strange. Yes, there is a breakdown. He is big enough. There are many internal imbalances. But of course it is better to go to all these stories when we see their confirmation. Now even at the end of December, not only Russia in connection with its systemic problems and banking panic looks strange, but Brazil also falls in general now.
We did a small portfolio investment and for a number of our customers went to Brazil - a bad result shows anyway. And the fact that we see now - the market is still not ready, and the money is still not ready to go there.
You're right. From some side yes - it becomes a great opportunity. On the debt of my service, we have a strong unit in Kazakhstan, there is a subsidiary there ... there is also a stock market, it is less than Russian. There are also such interesting things that are visible to the Americans with us.
There, for example, there is, relatively speaking, 3 banks. 2 bank of the 1st Circle, 1 Bank 2nd Circle. There is a "Halyk Bank", there is a "cater-bank". "Halyk-Bank" is in principle the successor to Sberbank of the USSR. "Caase" is one of the largest private banks now after the crisis, too, with state participation. There is a bank "CenterCredit", before the crisis, they managed most of him to sell the large Korean bank.
Shalak-Bank shares are quoted near one capital. Shares of "Case-Bank" are quoted somewhere 0.6 capital. Shares of "CenterCredit" are quoted 0.35 capital. Despite the quality of regulatory quality, Kazakhstan is significantly more forcing banks than the central bank forces our banks. They have a rather gloomy picture on most banks and from the point of view of ratings, and from the point of view of reporting. But it is significantly more honest than the picture that our banks show ... and rating agencies, and the auditor, and the regulator. The rules of the game are really different. Many banks with the worst rating in reality are healthier than Russian banks ... oddly enough.
There is such a situation: "Kaisk" and "Halyk" are very similar and in their profits, and in the structure of ownership, and by relations with the state. Just one of his shares sold his pension fund to his own, and now it is necessary for their price in the balance sheet of the Pension Fund to be decent. And they quote themselves around capital. Free Float is still quite small, and it does not matter to them. They are cheaper to redeem these stocks from Minoritarians than to allow the list of assets of the Fund to which they several hundred million dollars sold their shares.
The "Caase" does not have such a task, so it quotes its shares by 40% cheaper. There are many banks: one zero six and zero thirty five - they are very undervalued even with the capital that they have, many reserves ... adequately. And last year, the same centerCredit cost another 0.45 equity, and this year he has an objective growth of all indicators against the background of credit expansion and, in principle, a good situation in the economy. The profit has shown, increase the correction, increased the shares, the shares fell, why cheaper? Because there are no investors on minority packages, there is no inflow of capital, minority the poor sit and do not know who to sell them. They merge their market meters constantly, which 100 thousand dollars buy them on the day, the fact that they are obliged to do on the law, and so day after day. Market meters also go below lower-below, because they also do not need these stocks, and the situation is obtained when, maybe, the asset is good, but he doesn't need so much that he continues to be cheaper.
site: You hint at our market, right? What in 2014 it will be lower and not needed to anyone, and in 2015 it is not needed to anyone?
I'm talking about the risk of what this story in Kazakhstan has been going on for six years, it is significantly more pronounced than in Russia. In Russia we fell, we returned, we somehow jump after that. We also do not go anywhere, but there is some kind of life here. And there they fell and there they have become so everyone is not needed that they still lie on this floor. And the situation is improving, and macroeconomics improves, but so far there is no tributary of capital, nothing more expensive. Now to start buying cheaper in the hope that the market is sooner or later, this imbalance will correct, this is a strategy, in general, sane, but you can also get stuck with these good assets that do not harde it, because the inflow of money not.
A.Ternikov: Dmitry asked you about banks, will we have two more "master bank"?
Since we have the structure of the structure far from non-independent from the Central Bank, I think that he is ready to understand how much money they are ready to spend on payments to depositors of banks and how many banks can afford to bury under this all sauce. Of course, I was very frightened, as everyone scared the Nabiullina's statement about the fact that the "master bank" is not alone, it is probably already a certain winged phrase for everyone. Absolutely terrible words from the mouth of a high-ranking official, the heads of the Central Bank, which, in fact, regulates everything, and it inevitably provokes all the rumors, all black lists, and never to disapperate. Does the current leadership of the Central Bank understands the depth of the problem in the banking system, which they can dig now there, if they begin to refuse how competent and understanding people will now and remain in the regulator leadership ... this is a kind of systemic risk, because everything is in their hands . The constant tributaries of deposits that continue in the banking system, it may some years to maintain the same trend in the economy and the current stagnation, and at a constant inflow, no financial organization falls. The question is that the systemic risks in the banking system are accumulated so much that no QAP, the National Welfare Fund is not enough for all this to absorb easily. But it needs to be done, and the actions of the regulator, I hope they will be really very selective and they will try to make a very gently all of this process. Nobody believed in the master bank for a long time, I also did not believe that they would accept such a decision to relate to him, he was far from the biggest bank of all. And all this was explained not so much real financial problems as the fact that they could not agree. I hope so that the regulator will be more sane ... I am afraid that they will simply be unable to control the whole situation thoroughly. And arrange a "storm in a glass", the situation when Boch itself does not happen - this is not the protection of the interests of your own depositors. I hope that they will be more systemic measures to increase assets and still will be more preferable to review licenses. Although, I repeat, this is the task that in front of the Russian Central Bank is worth it, it is very difficult. I will not take any recommendations here to give them, it is a difficult task that can generally stand in front of a professional and it requires a very professional team in order to do everything. They may not be painless for the economy. Let it be as it is? As part of the recession, which is, when a small drop in energy prices is equal to the fall of the budget expenditures, it can cause systemic risks and so. To begin now, they cut them up before the ASV go bankrupt, everything will be bad too, there, in general, there is no good situation now. That is, bankers will, apparently, is bad almost in any case. And as the Central Bank to solve all the problems ... I hope that they have enough professionalism for this, and I know that there are many very smart people who really understand the problem.
website: and forecast for the fact that you are closer - America, Europe, Russia ... Two-three sectors, on one company from each sector, right on specific examples, why will these companies grow?
In fact, in America, it seems to me that very interesting from conglomerates, from large companies the same Apple, which in terms of its financial health, from the point of view of all fundamental analysis, which can be done, it looks now very attractive for purchase Also, from a technical point of view. Look at his schedule - it is really beautiful! I don't like to look at very long charts, it seems to me that when you look at the ten-year graphics and say that he has ten years ago, it was resistance, well, this is already a very big heresy. The task of technical analysis, in my understanding, it is to answer the question whether there is a living interest there whether it is possible to lure sellers and buyers. So it seems to me that now he is there.
A. Vernikov: So, Apple now already have ... Do you have money on Apple?
site: I work on this (A. Ternikov). Technologies - Apple, but the production sector? (T.Turlov)
It must be said that in a very bad condition there is a mining industry and money from there and leaving the last few years, despite the high prices for gold, when the gold began to decline, quite somehow sad. Oil, rather, it will be very neutral to look, and although oil companies first began to give a claim to growth, to return the interest of investors, they are not the strongest players.
There is a very interesting idea, quite marginal, in fact, she is pretty small ... When we were in America (we were part of our comrades), we faced the two managers of hedge funds that began to talk about American tobacco companies. This is such a sect that died for quite a long time, the last 5-6 years in principle looked pretty lousy. Because there are all actively fighting with smoking, sales are objectively falling there, objectively companies are quite cheap, and they have very low, and now they predict the further drop in revenue, and everything else. They say that there is a certain strength and idea in the sales of electronic cigarettes, it begins to change the market conditions, and maybe it will be one of the ideas that will be won. Because the technical tendency has already started changing, they first became interested in someone interesting, the bottom drew and began to rise. But, I repeat, probably, it is not for the biggest investment, still, after all, everyone looks at ...
site: ... technology ...
From the technology ... Well, I think that the next year will not be the year of Vennikov, they have already poured a lot of money, and it seems to me that in this month we have already really seen some rethinking from investors. Tesla has been corrected very well. There is no big tributary anywhere, Twitter after the IPO will rake rather downward than up. Facebook grew to Twitter and also raging. Solar energy is all decently recently dropping.
site: That is, you do not put on the solar energy?
I do not put on the solar energy next year, it seems to me that you have to look at the largest, and from the largest I would have allocated an Apple in a separate story, because Google will be much more expensive than Apple.
site: Good! You said: Apple, electronic cigarettes ... And you can still something third, your taste?
Now money collects banks well. Banks until 2017 will continue to remain in a fairly winning position. They are sitting, first, on bags with money, they know how to take this money very cheap. Now long-term rates began to grow, which means that they will be placed a little more expensive than they were placed before. Oddly enough, it seems to me that it makes sense now to look at banks. We have a project with bank of america ....
This is the idea of \u200b\u200bmy deputy Dmitry Panchenko, and, of course, I am to him this magazine. He managed to collect all this in this way that it came out. When we opened our retailers, we began to think about how to increase our fame, our remembrance. And it occurred to us that the global things we say to customers, they are in general, most people are interesting. But the product is complicated enough and a person must be told about how it all works, what ideas are, how it all works, that is, people are interested to read this magazine, because they want to know trends and ideas. And we are going to prevent our products in the form, an interesting consumer. This magazine is quite well disassembled at exhibitions. Will he be a mixture of media holding ...
In January of this year, our company "Freeda Finance" first ranked first in the reninking activity of the Kazakhstan Stock Exchange KASE and now stably preserves this position behind him. And the month earlier we became the largest retail operator of the state project of Kazakhstan "People's IPO", opening more than 23,000 bills of individuals. Today we are a significant player of the local market, although four years ago we did not have even a small office in Almaty. It turns out that sometimes in an unfamiliar business market you can build faster and more efficiently than at home - in Russia.
Intelligence fight
For the first time, I arrived in Kazakhstan in May 2011 - the acquaintances said that one of the local banks want to sell an investment company, and I decided to combine a pleasant with helpful: to see the country and at the same time spend several meetings, learn the offer.
It was not possible to agree on the deal then: we simply did not have so much money as the seller wanted to get. But I spent several months in Kazakhstan, met with different market participants, managed to get used to Alma-Ata and came to the conclusion that you can do what in Moscow is very expensive. In Alma-Ata, there were very few competitors, few investment proposals and the concentration of capital is very high. On billboards - completely advertising expensive hours, on the roads - quite a Moscow car diversity. It seemed to me that there may be many of our customers here, and I decided to plunge into the history of the creation of a large brokerage business in Kazakhstan.
We pretty quickly opened a branch in Almaty, with you from Moscow I brought two deputies, and the rest of the staff, first of all the Sailors, we scored from local guys. It was then that I was pleasantly surprised by a fairly high level of employees, the quality of education of the guys, whom we looked then, was at all worse than the Middle Moskovsky. Rental of premises - four times lower than in Moscow, salaries at that time were two times two and a half times, so our start in Alma-Ata on costs can be fully compared with the opening of a regional office, for example, in St. Petersburg. There is actually no language barrier in Almaty, although the law also requires to produce promotional materials in two languages, which turned out to be a simple task.
During the start of the business, our sales were much weaker than Moscow, however, and it was much easier for us than in our time in Moscow. Kazakhstanis turned out to be very open and hospitable, and we were much more often discovered by closed doors. No one embarrassed that an unknown company from another country actively offered to buy American stocks.
For years, we have developed a name for yourself, and almost every new major client attracted and convinced me personally. The pace of movement was not particularly vigorous, and this, of course, oppressed. But at the same time, I once interpreted with a huge number of people, I understood the local traditions and norms of behavior, took a big house (and later I bought an apartment) and transferred to my wife with two children here, actually became a resident of this country. By the way, my third child was born already in Kazakhstan.
First fail
In 2012, we bought an "empty" company with local licenses to become a full-fledged participant in the Kazakhstan market. Immediately it took to expand the staff and seriously spend on the infrastructure. Literally after a month and a half after the acquisition, the regulator came to us - we were checked for two months and stated that the company "Neakkuly" was taken into account, there were deficiencies in the risk management system and was disturbed by another number, as it seemed to us, quite formal things. There were no fundamental disorders - neither by capital or client residues. But it was at this moment that there was a kind of stripping of the market, when the regulator responded to the license from all dubious players, and we had just lost the company just acquired.
Then we had long analyzed what was happening and understood that the regulator simply cleaned the market from incomprehensible companies, and then we were not very clear and had formal disorders. In general, the problem was not systemic - we just bought a good company not enough. I had an excitement. I brought all the staff of the Kazakh office on the picnic and said that we would definitely do business here.
Second wind
When we started in Kazakhstan, a period of transformations in the financial sector began in the country: non-state pension funds were combined into one state, market profits were restricted in access to retirement money. There was very controversial legislation on manipulation: if you bought a promotion and, God forbid it, sold it in two days, that is, every chance to get a fine for manipulation.
Very high demands on the capital of licensed brokers, practically maximal in the world, and regulation - approximately as in the banking sector, which in Russia, while, fortunately, not. As a result, only our back office consists of about twenty employees who do not bring direct revenue. But globally, these things were more accustomed to the strict self-discipline rather than turned away from the promising market ...
Recently, the nuts are gradually weakened here, and the plans for creating a financial center in Astana are generally inspired. In essence, Kazakhstan now does not have all the restrictive problems at the state level, which are in Russia. This country cooperates on parity grounds with everyone, here is comfortable for foreigners climate and, most importantly, there is no this tension in international relations that we have.
In 2013, we made the second approach - again made a deal for the purchase of a licensed brokerage company. There were very understandable and serious owners - two partners (one of which is the Korean organization), which at a certain point this company has not needed. At the same time, they supported it in very good condition, which confirmed our Due Diligence. As a result, she went to us actually for capital, immediately after the transaction was renamed the "Frida Finance", and now we develop your business in Kazakhstan on its basis.
We initially managed to get quite a lot of strong people in the team, and in recent years, another number of very strong employees have joined us: when you start to offer interesting and fresh ideas on the market, not only customers begin to stretch to you, but also employees. We participated in all events of the CSE exchange events, made all sorts of "financial tastings" for potential customers, performed in the largest universities of Alma-Ata. I once interpreted with a huge number of people and already know here very and very many. The high concentration of capital played on hand: when at least two people from the local List of Forbes-50 appear among your customers, everyone will know about you - and there are no more problems with new meetings.
Bank of America in Kazakhstan
From our very appearance in Almaty, the local CSE exchange was very open with us - they were interested in the Russian market, and they sincerely wanted to "wake up" him, to make more lively and active. We suggested a crazy idea - to bring Bank of America to CSE. Why exactly Bofa? Because this action directly correlates with the American index S & P 500, and the Issuer itself has international ratings of the level A, which can easily be included in the portfolios of institutional investors in Kazakhstan without any problems. Why is the idea of \u200b\u200b"insane"? Because at about the same time, an attempt to snuff American shares in Russia in the Russian Exchange rushed to the fact that local issuers were against.
But the Kazakh stock exchange then I really liked this idea, we passed some unrealisticly difficult path, which included even amendments to several regulatory acts, but as a result, we went to the fact that for all the rules of formal permission to list from the issuer in Kazakhstan now not required. So, the local exchanges appeared shares of one of the largest issuers in the world, and we became a marketer on this paper. Lawyers of Bank of America sent their objections and stock exchanges then, and we are no violation of the legislation in this case, therefore the continuation did not follow. Following the Listing Bofa, we already with ease brought to the local market, Russian Bonds VTB, who, too, found certain demand in Kazakhstan.
Thousand Customers per day
Apparently, after the listing of Bank of America, we began to perceive us in Kazakhstan as people who can do something, to restrain their promises (which is appreciated everywhere) and give some innovative ideas. We began to call us as experts in various committees and listen to very carefully. The state wanted to take a step towards the stock market: a series of folk IPO was planned, and in the eyes of officials we saw a sincere desire to avoid mistakes of similar "folk" accommodation in Russia - for example, the same VTB Bank, when the stock price fell and "grandmothers" considered themselves deceived . Therefore, a two-stage system was developed: first the stocks receive a limited circle of persons - "physics" not more than $ 20,000 and the pension fund, and at a price below the "fair assessment"; And only then - banks, insurance companies and all others. We took in this case to participate and accepted very hard obligations.
KEGOK's IPO was to take place (and took place) in December 2014, and in August we had only one office in Almaty. Until October, we opened 11 offices in the largest cities of the country, made a "self-written" software for processing applications for participation in IPO and included in an advertising campaign. At the peak, we opened a thousand brokerage bills per day - and our system, together with the staff, coped with it! As a result, we discovered about 23,000 bills and became the largest retail broker of Kazakhstan. By the way, the local government did not manage to disappoint investors: to date, people who have invested money, have received about 10% of income, including dividends paid, with a stable course of the national currency. As a result, the project did not make us earn directly - we suffered great costs of opening branches, advertising and infrastructure, but they received 20,000 satisfied customers, and for our business it is very cool.
What's next?
Four years ago, I could not and assume that I would live on two countries - and even more so that the second of them would be Kazakhstan. A hike to this country did not become some kind of panacea or salvation for us - fortunately, the Russian business also goes forward. But there is an obvious moment that can make many businessmen think: in eight years of development in the competitive and rich market of Russia, you can walk to the top 10 level and will almost always remain in the role of catching up.
And in just four years, painstaking work in the developing market, you can become a leader. At the same time, you do not find yourself in a terrible competitive struggle for employees (which is completely around in Moscow), do not upload advertising budgets to the land, you get the right to participate in the development of some rules of the game and have the average efficiency of all business efforts about two and a half times higher than in Moscow.
Now I carefully look at other CIS regions and see the criteria for some of the criteria that there are interesting potential for business in some. Fill out free niches and create markets services where they are not, is a completely effective way to develop a business that we will definitely continue.
Cover photo: LoveGuli / Getty Images
Education
He graduated from the Russian State Technological University. Tsiolkovsky (Mati).
Has a qualifying certificate FSFR 1.0.
Labor activity
More than 14 years has been working in the field of international investment, the US Stock Market Expert. Specializes in the areas of portfolio assets management and the development of optional strategies with limited risk, is conducting author's seminars on topical investment ideas.
Supervised the areas of international markets in Investment companies "Uteride" and "Nettreder".
Then founded the investment company Freed Finance. To the present, it is held by the Director General and heads the company's investment committee.
Member of the Committee on the Fund Market of the Moscow Exchange since February 2018.
In June 2019, he was elected a member of the Board of Directors Naphor.
AwardsFor the creation of the investment system "Sunrise" (Far Eastern Forum, September 2016).
"For the contribution to the development of the stock market of the CIS countries."
Winner of the All-Russian Finance Prize "Reputation" (September, 2015).
For contribution to the development of the stock market in Russia ("Financial Elite of Russia", 2018).
Timur Tourlov at the age of 15 risked inheritance and invested it in securities. Today at the age of 27, he is the leader of his own investment company Freedom Finance (Reliable money shares). About how the first investments of the future financier begins, as he came to creating his own business and its new projects Timur Tourlov told in an interview .
- Timur Ruslanovich, why exactly the stock market has become your choice?
As a child, I really wanted to be rich and always interested in where you can make well earn. When I was 10 years old, a very fashionable profession was programming. My uncle was a system administrator and earned well. Then I seriously thought to go along his footsteps, because people who were engaged in such work really received decent money.
But when I turned 15 years old, my life changed cool. I met a comrade, who in one of the investment companies brokerage was opened. Prior to that, he sold his garage and decided where to invest money: buy a new car or action. As a result, I purchased securities and began to trade them. Once he showed me his computer: there were different graphs on the monitor, with which my buddy watched the auction and told how he earns. All this looked so magically, that I also opened a brokerage account.
- Where did you get the money?
About six months I persuaded my parents give me money. As a result, I was allocated about $ 800 - it was the money that my grandfather was visited. I put them on a brokerage account and began to trade at the Moscow Interbank Currency Exchange. At that time it was the main playground in Russia. I was preparing for the investment for a long time, I read different books and analyzed, chose the papers in my own kind of mysterious criteria.
My first purchase was the preferred shares of Dalenergo. To be objective, even then it was a notable paper, it consisted very little transactions. I bought them on $ 800 and waited. But every other day, the two situation did not change, and then the paper fell on a couple of kopecks. When I bought it, the value of the shares was 5.06 kopecks, that is, very cheap. I purchased a pretty good pack for my money. Perhaps this has played a role.
While the paper of my friend grew and fell, nothing happened to me. It was hurt and it seemed that life passes by. Then I thought that in order to earn, we need to sell and buy all the time. Later, I realized that it was not always the case. In general, I waited a year and a half, but during this time my shares fell about 2 kopecks and I decided to sell them. In a couple of days I sold all the papers and acquired popular RAO UES shares, YUKOS, and so on. The most interesting thing is that in four months my first shares of Dalenergo went up five times. It was very disappointing. If I did not sell them , That would earn about 4 thousand dollars. Thus, the first experience did not bring financial results.
- And nevertheless you have not retreated. Since then, have you decided to actively trade in the stock market?
Yes. When I was 16, I settled in an investment company. It was founded by an American, former emigrant from the USSR. He opened his company in Moscow for trade in the US market. The team was gaining young intended people without work experience. He was ready to teach, the main thing is that people want to work and were distortive. Apparently, I somehow corresponded to its requirements. He liked the shine in my eyes and, despite my age, he risked. I worked there for two years. At the time of leaving this company, my personal trading is nothing over. I managed to visit all corporate Russian scandals. When Yukos fell, I bought YUKOS, and it was bankrupt. So I probably also have some compensation from the Russian government too.
- Not very successful trading ...
I actually lost quite a lot. My initial stage of throwing in the market, when I began to use also borrowed funds for trading, probably, I went around 60-70% of my capital. Much lost money and as a result of bankruptcy of Yukos. Paper fell 100%, and I had it a lot. And, in general, for the exception of some other stories, my trading in many things was far from ideal.
More systemic trade began to learn already in the investment company. We were engaged in specific arbitration: carried out almost risk-free operations, playing according to a specific Rules of the Stock Exchange. For example, small applications up to 100 shares had a certain priority to large applications and allowed to get a quick execution. That is, they bought small volumes and tried to reduce the moment when there is a good demand to resell them to large players.
Now you are the owner and the head of a large company, what character qualities helped you achieve this? What qualities still need to work?
In my opinion, of course, there are some personal qualities that we develop and improve. Most often, the leader becomes a person with a certain warehouse of character and abilities to manage. It does not necessarily be the smartest and professional in the team. This is normal. Some people can consider mathematical models very well, develop some projects and I will never repeat their work. But I was improved quite a long time.
When I came to this company, I had experience in some relatively large structures. That is, leadership grew in me from below. There were some unique knowledge I possessed and could share, could teach people to make certain things right. I often listened to me, realizing that I know a little more than they. Although today many of my employees have become good professionals in certain areas.
Also, a lot depends on how much a person can be a diplomat and listen to and understand from his ability to build relationships with people. I have always been proud of my ability to listen, understand many members of my team. Many managers want to find a team that will always be obeyed in every way, that is, potentially weaker people from a leadership point of view of people than he himself.
But it seems to me that a great art is not to find people weaker than yourself and go on a light path, but in order to try to build relationships with people are not more stupid to you, ready to argue and trying to change you. I just tried to find independent people and create them the conditions for work. We have a number of managers who do projects on their own. I give them the opportunity to make decisions yourself. We hire people not to indicate what to do, but, on the contrary, to listen.
- You live and work between two cities. What do Almaty and Moscow are different?
In Almaty, people are more open and friendly compared to Moscow. Here somehow easier doors open. But the question is what will happen for them will reach the right person or not. Since I myself was born in Moscow and lived there most of my life, I have the right to say that in Moscow there are some of the most commemorative people, and here people are more friendly. From the point of view of potential customers in Kazakhstan there are a lot of interesting and rich people. The market is not yet saturated, it is more low-competitive. We grow here quickly and work quite comfortable.
- How do you usually prefer to relax?
We love to ride the islands with children. True, in itself, active holidays with children are quite problematic. Rather, we need a relatively small island to be where to attach children and relax to relax. We try to rest several times a year and take advantage of some calm in our business.
In principle, it is pleased with this development of new technologies, when no longer needs to sit at the computer to be in touch - enough telephone. Every day I respond to several dozen calls and hundreds of letters, regardless of whether I am now in Almaty or in Moscow or on the islands, I do not disappear from the radar and I can fulfill my duties.
- What rules do you adhere to business?
In our business, much depends on reputation and decency. Strict performance of their obligations. We must be able to take responsibility and risk. We cannot look into the future and do not know what will lead to success, but what will not lead. But to build something great, you need to do something useful, scaling. Responsibility should also be big. This is probably the main things.
I managed to collect a good team, which gave me a credibility loan. Ultimately, we were aggressive in our development. I always knew how to make quick decisions. Even big. I wanted to achieve everything. Our first startup was for a very long time. It was in early 2009. I have always been stubborn enough. When we went to the market for the first time, we also did nothing. But we were upper. Tried to surrender, execute all their obligations. Because, as Richard Branson said, "Your reputation is one of your capital."
I understand that in my world the word is very expensive. There are people who will give a few million under honestly. And there are those who are not a penny for a few guarantors. Therefore, my rule is a pure reputation.
