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.
Salesforce and the SaaSpocalypse — When the Category King Gets Cut in Half
Ruslan Averin's Salesforce stock analysis: CRM has been halved from its peak as the 2026 'SaaSpocalypse' — AI eroding per-seat software revenue — hits the category leader hardest.
AnalysisServiceNow — A Great Business Caught in the SaaS Downdraft
Ruslan Averin's ServiceNow stock analysis: NOW has been roughly halved from its peak in the 2026 SaaSpocalypse, even as its workflow franchise arguably benefits from AI more than it loses.
AnalysisSnowflake — The Consumption Model Meets the SaaS Sell-Off
Ruslan Averin's Snowflake stock analysis: SNOW was halved from its peak in the 2026 SaaSpocalypse — ironic for a company that never sold seats, but AI-era demand fears hit it anyway.
AnalysisSpaceX — A Starship Scrub and a 20% Repricing of the Private Giant
Ruslan Averin's SpaceX analysis: tracked SpaceX exposure fell about 20% to a record low after the Starship V3 launch was scrubbed on engine problems — a reminder that even the private crown jewel reprices on hardware risk.
MarketsDiamondback — The Lowest-Cost Permian Barrel for a Hormuz Oil Spike
Ruslan Averin's Diamondback (FANG): a pure-play Permian producer with a ~$40-50 breakeven that captures a Hormuz oil spike with zero Strait transit risk.
MarketsFlex LNG — A High-Yield, Indirect Way to Play Hormuz Gas Risk
Ruslan Averin's Flex LNG (FLNG): a modern LNG-carrier owner paying a ~10% dividend that benefits as Hormuz threats to Qatari gas lift freight rates — but exposure is indirect.