June 5, 2025 – Nicosia, Cyprus – Ruslan Patlavsky, Founder and Chief Investment Officer of Blackbeard Asset Management, was a featured speaker at the CFA Society Cyprus Annual Forecasting Event, one of the country’s most prominent financial gatherings. Held at the Hilton Nicosia, the event convened leading finance professionals to explore macroeconomic developments and their investment implications across asset classes.

In a session titled “Navigating Complexity: EM Credit in a Fractured World”, Patlavsky addressed the investment consequences of rising geopolitical instability, the fragmentation of global alliances, and the implications of renewed U.S. isolationism. He examined how shifting reserve dynamics, de-dollarization efforts, and regulatory fragmentation are altering the credit investing landscape.

Drawing from historical case studies and Blackbeard’s investment framework, Patlavsky emphasized that volatility is not merely cyclical noise but a structural feature that creates mispricing, particularly in legally complex markets.

“We don’t view geopolitics as a background risk – we see it as the mechanism that shapes pricing anomalies and legal recovery outcomes,” said Ruslan Patlavsky. “As global alignments fracture and capital flows become more politicized, allocators must rethink how they define ‘risk-off’ and where true value resides.”

He further underscored the growing disconnect between traditional credit ratings and the enforceability of claims, stressing that downside modelling, recovery pathways, and process dynamics matter more than ever.

“In today’s market, a bond’s rating tells you less about risk than the structure of its covenants or the jurisdiction of its insolvency regime,” Patlavsky noted. “Our edge lies in unpacking that complexity.”

The session was supported by a proprietary presentation that included a macro-geopolitical overview, legal asymmetry mapping, and actionable case studies across sovereign and corporate distress.

Download Presentation https://blackbeard.eu/wp-content/uploads/2025/08/250604-Blackbeard-Geopolitics-CFA-Presentation.pdf

“We thank CFA Society Cyprus for the opportunity to contribute to such a thoughtful forum,” Patlavsky concluded. “At a time when volatility is being repriced and old frameworks are breaking down, forums like these are essential to navigate what comes next.”

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