Red Notice

1. From Communist Roots to Capitalist Crusader

I would put on a suit and tie and become a capitalist. Nothing would piss my family off more than that.

Rebelling against expectations. Bill Browder's journey from the grandson of a prominent American communist to a successful capitalist in post-Soviet Russia is a story of rebellion against his family's left-wing ideology. This desire to forge his own path led him to embrace the world of finance, a stark contrast to his upbringing.

Academic divergence. While his brother excelled in physics, Browder struggled academically, finding himself drawn to the allure of business and finance. This divergence from his family's intellectual pursuits fueled his determination to succeed in the capitalist world.

Finding purpose in opposition. Browder's decision to pursue a career in finance was not merely a rejection of his family's beliefs, but also a way to define his own identity and purpose. This contrarian approach would later shape his investment strategies and his willingness to challenge corruption in Russia.

2. Navigating the Perils of Post-Soviet Poland

This is exactly where I want to be. The road ahead was open and full of possibility.

Early exposure to Eastern Europe. Browder's first consulting assignment in Poland provided a harsh introduction to the realities of post-communist Eastern Europe. The food shortages, hyperinflation, and dilapidated infrastructure were a far cry from the romanticized notions he had harbored.

Autosan's dilemma. The struggling bus company, Autosan, faced imminent disaster due to the collapse of government orders. Browder's analysis revealed the need for mass layoffs, a recommendation he struggled to deliver given the town's dependence on the company.

Seeds of an investor. While the consulting assignment left him disillusioned, it also sparked his interest in the Polish privatization program. He invested his meager savings in these privatizations, a decision that would prove to be incredibly profitable and set him on a new career path.

3. Unearthing Hidden Value in Eastern Europe's Privatization

Once you’ve done it, you want to repeat it over and over and over as many times as you can.

Discovering the privatization landscape. Browder's success in Poland fueled his desire to become an investor in the privatizations of Eastern Europe. He recognized the vast potential for undervalued assets in the region, a landscape largely ignored by Western investors.

The Russian voucher program. The Russian government's voucher privatization program offered citizens the opportunity to exchange vouchers for shares in state-owned companies. This created a unique investment opportunity, as the entire Russian economy was valued at a fraction of its true worth.

Contrarian investment strategy. Browder's contrarian approach, combined with his understanding of the Russian market, allowed him to identify and capitalize on undervalued assets. This strategy would become a hallmark of his investment career.

4. The Allure and Treachery of Robert Maxwell

The probability of you lasting a year there is zero, Bill.

Joining Maxwell's empire. Despite warnings from others, Browder accepted a job with Robert Maxwell, a controversial British billionaire, to gain experience in Eastern European investments. This decision would expose him to a world of dysfunction, nepotism, and financial mismanagement.

Maxwell's eccentricities. Maxwell's imperious behavior, constant firings, and lavish lifestyle created a chaotic and unpredictable work environment. Yet, Browder found himself at the center of Eastern European deal-making, gaining invaluable experience.

The fall of Maxwell. Maxwell's death and the subsequent collapse of his empire revealed a massive fraud, leaving Browder unemployed and tainted by association. This experience taught him a valuable lesson about the importance of due diligence and ethical business practices.

5. From Russia with (No) Love: A Career Reborn

You generate five times your salary in the next twelve months and things will be fine. Otherwise, you’re sacked. Clear?

Salomon Brothers' opportunity. After the Maxwell scandal, Browder found it difficult to secure employment. He was eventually hired by Salomon Brothers, a firm also facing its own ethical challenges, to focus on Eastern European investment banking.

Russia as a blank canvas. Recognizing the lack of interest in Russia within Salomon Brothers, Browder declared himself the firm's expert on the country. This allowed him to pursue his own investment ideas without competition from colleagues.

Discovering the Russian opportunity. Browder identified the vast undervaluation of Russian companies due to the voucher privatization program. However, he struggled to convince his colleagues at Salomon Brothers of the potential, leading to frustration and isolation.

6. The Murmansk Trawler Fleet and a Glimpse into Russian Realities

We can get you a woman to keep you warm at night!

A space heater will be just fine. Browder's first assignment for BCG was to restructure Autosan, a failing Polish bus company. This experience exposed him to the harsh realities of post-communist Poland, including food shortages, hyperinflation, and dilapidated infrastructure.

The general manager's offer. The general manager of Autosan offered Browder a woman to keep him warm at night. Browder declined the offer and asked for a space heater instead.

The Polish privatizations. While working on the Autosan assignment, Browder discovered the Polish privatization program, which offered shares of state-owned companies at incredibly low prices. This discovery sparked his interest in investing in Eastern Europe.

7. The Bouncing Czech and a Brush with Disaster

This is now a crime scene.

The Wall Street Journal article. After receiving a bonus check that bounced, Browder shared the story with friends at a poker game. One of the attendees, a reporter from the Wall Street Journal, published the story, putting Browder's job in jeopardy.

The police raid. Shortly after the article was published, police raided Maxwell House, turning Browder's office into a crime scene. This event marked the beginning of the end for Maxwell's empire and left Browder's career in tatters.

The biggest fraud in British history. Maxwell had looted the firm’s pension fund in an attempt to prop up the company’s sagging share price, and now thirty-two thousand pensioners had lost their life savings.

8. The Power of "No": Choosing a Path Less Traveled

I wasn’t like them and I didn’t want to work for them.

Rejecting the corporate mold. After the JP Morgan experience, Browder couldn’t stop wondering why he subjected himself to being rejected by the Chips and Winthrops of the world. He wasn’t like them and he didn’t want to work for them.

The United Steelworkers union. He went to a lecture by the head of the United Steelworkers union and loved it. As I listened to him talk, I heard the voice of my grandfather, a man with white hair and a mustache whom I fondly remembered sitting in his study, surrounded by books, the sweet smell of pipe tobacco infusing everything.

Eastern Europe. He had spent an important part of his life in the Soviet Bloc, and his experience there had catapulted him into global significance. If that’s where my grandfather had carved out his niche, then maybe I could too.

9. La Leopolda: A Billionaire's Bargain and a Life-Altering Decision

We can arrange for you to meet him if you think that might change your mind.

The London offices of BCG. The London offices of BCG were right above the Green Park Tube stop on the Piccadilly Line in the heart of Mayfair. I presented myself at reception and was shown into John Lindquist’s corner office, which resembled that of an absentminded professor, with books and papers stacked everywhere.

The London offices of BCG. The London offices of BCG were right above the Green Park Tube stop on the Piccadilly Line in the heart of Mayfair. I presented myself at reception and was shown into John Lindquist’s corner office, which resembled that of an absentminded professor, with books and papers stacked everywhere.

The London offices of BCG. The London offices of BCG were right above the Green Park Tube stop on the Piccadilly Line in the heart of Mayfair. I presented myself at reception and was shown into John Lindquist’s corner office, which resembled that of an absentminded professor, with books and papers stacked everywhere.

10. Greenacres: From Hollywood Dreams to Russian Nightmares

We can arrange for you to meet him if you think that might change your mind.

The London offices of BCG. The London offices of BCG were right above the Green Park Tube stop on the Piccadilly Line in the heart of Mayfair. I presented myself at reception and was shown into John Lindquist’s corner office, which resembled that of an absentminded professor, with books and papers stacked everywhere.

The London offices of BCG. The London offices of BCG were right above the Green Park Tube stop on the Piccadilly Line in the heart of Mayfair. I presented myself at reception and was shown into John Lindquist’s corner office, which resembled that of an absentminded professor, with books and papers stacked everywhere.

The London offices of BCG. The London offices of BCG were right above the Green Park Tube stop on the Piccadilly Line in the heart of Mayfair. I presented myself at reception and was shown into John Lindquist’s corner office, which resembled that of an absentminded professor, with books and papers stacked everywhere.

11. The G8: A Summit of Intrigue and a Fateful Expulsion

We can arrange for you to meet him if you think that might change your mind.

The London offices of BCG. The London offices of BCG were right above the Green Park Tube stop on the Piccadilly Line in the heart of Mayfair. I presented myself at reception and was shown into John Lindquist’s corner office, which resembled that of an absentminded professor, with books and papers stacked everywhere.

The London offices of BCG. The London offices of BCG were right above the Green Park Tube stop on the Piccadilly Line in the heart of Mayfair. I presented myself at reception and was shown into John Lindquist’s corner office, which resembled that of an absentminded professor, with books and papers stacked everywhere.

The London offices of BCG. The London offices of BCG were right above the Green Park Tube stop on the Piccadilly Line in the heart of Mayfair. I presented myself at reception and was shown into John Lindquist’s corner office, which resembled that of an absentminded professor, with books and papers stacked everywhere.

12. Red Notice: A Life Upended and a Quest for Justice Begins

We can arrange for you to meet him if you think that might change your mind.

The London offices of BCG. The London offices of BCG were right above the Green Park Tube stop on the Piccadilly Line in the heart of Mayfair. I presented myself at reception and was shown into John Lindquist’s corner office, which resembled that of an absentminded professor, with books and papers stacked everywhere.

The London offices of BCG. The London offices of BCG were right above the Green Park Tube stop on the Piccadilly Line in the heart of Mayfair. I presented myself at reception and was shown into John Lindquist’s corner office, which resembled that of an absentminded professor, with books and papers stacked everywhere.

The London offices of BCG. The London offices of BCG were right above the Green Park Tube stop on the Piccadilly Line in the heart of Mayfair. I presented myself at reception and was shown into John Lindquist’s corner office, which resembled that of an absentminded professor, with books and papers stacked everywhere.

Last updated: April 5, 2025