Today, Dan welcomes first-time Investor Hour guest Steve Gorelik to the show. A 15-plus-year veteran of Firebird Management, Steve currently manages the Firebird U.S. Value Fund. And as a native Belarusian, there's no one better suited to manage Firebird's Eastern Europe and Russia funds as well.

The big question Dan asks Steve is how he has been handling the funds amid the Russia-Ukraine war. Steve shares his thoughts on Russia's investment prospects and the ruble's volatility. And he explains that, surprisingly, many Eastern European companies present very robust investment opportunities – as long as the countries' macroeconomics look good.

When it comes to doing the legwork on researching a prospective addition to your portfolio, Steve emphasizes that you shouldn't just look at how a company makes money... Seeing how a company spends its money is critically important, too. He also delves into the prospect he sees in a particular type of financial company. And finally, according to Steve, every investor should aim to hone this invaluable trait, especially in today's tumultuous market...

The number of people who are able to hold through a year like 2022... and then be afraid to get back into the market when things are bottomed out... it's the capacity to suffer. It's the capacity to take a loss and not be afraid of what's happening. It's the capacity of being able to do the hard thing and get rewarded for it because other people won't. And that's going to be a competitive advantage both in investing... and in life.

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