Alden Global Capital Wins On Ruble Short; Value investors Lose

Even before oil prices started tanking, Russia was a risky place to invest. Corruption and political risk have been problems for a while, and tension with Ukraine gave investors good reason to leave earlier in the year. The hedge funds that stayed behind have mostly gotten slammed in recent weeks, but Alden Global Capital has become one of the few winners as its short position against the ruble has paid off, reports Kelly Bit for Bloomberg. The fund has been short the ruble for the last month and a half, during which time the ruble has lost about a third…