NEW YORK (TheStreet) -- "Oil prices fell Thursday, hitting an eight-month low, as markets continued to react to disappointing economic news across the globe."
The line could easily have come from virtually any news clipping out this week. It's from a CNNMoney article dated June 21, 2012.
The market's got a bad short-term memory. As far as falling oil prices go, well, we've seen this all before -- and billionaire investors including Warren Buffett and George Soros have seen it before and know how to play it.
When it comes to Russia, it's about prescience, and for oil, it's about timing.
Russia Warning Signs Apparent
When it comes to investing in Russia, billionaires seem to have been treading lightly for quite some time.
Emerging-market-tech-leaning "Tiger Cubs" Chase Coleman and Steve Mandel have cashed out of Russian Internet search giant Yandex (YNDX) over the past year -- good call giving the company's nearly -- 60% year-to-date decline.
Also avoiding Russian risk is Ray Dalio of Bridgewater Associates. As per his most recent regulatory SEC filing, two of his top three public equity holdings are emerging market-focused exchange-traded funds: the Vanguard Emerging Markets ETF (VWO) and the iShares MSCI Energy Markets ETF (EEM) . With a combined 60% allocation in his portfolio, the two have the potential to make or break his fund's performance.