402 488%, estimated total, a habitant RF could earn, having exchanged privatization check for share of “Gasprom” in 1994. Now this shareholding costs almost $70 thousand, that is equal to eight “Volga” instead of two, promised by the then head of State Committee of Property Anatoliy Chubays. Having exchanged a cheque for the Russian stock corporation Integrated power grid,

it was possible to earn 5160%.
on July, 15, 1992 the president of Russia Boris Eltsyn signed a decree “About consummation of the system of privatization cheques of the Russian Federation”, according to which every citizen of Russia (151 million in 1992) could get in the c ashdesks of S

av ings B ank a privatization cheque, or voucher, at a face value of few thousand of rubles.

Actually cheque auctions started in 1994. According to plan every company was to expose to the voucher exchange not less than 29% of own shares, and 51% had to be distributed among company management and employees, o ther ones

the state reserved.
To the anniversary of beginning of privatization experts estimated a profit, which would be got by investors who exchanged voucher for shares of state enterprises. As it has turned out, for the habitants of Moscow would be an optimum alternative to deposit voucher in the Russian s tock corporation Integrated power grid share.

In this case earnings yield would be 5160%. However, in absolute expression earnings yield is not so impressive: in 1992 for one voucher at the cost of about $17 it was possible to purchase four actions of the Russian stock corporation Integrated power grid, now this shareholding costs $894. That wouldn’t be enough to buy the promised by Anatoliy Chubays two Volgas (cars of Russian production) for those who purchased their voucher for 50 shares of Gasprom, now this shareholding costs $563, however, it means the earnings yield of 3312%.

The most lucky were the habitants of the the Mariy El Republic republic. In 1992 in this region one cheque was exchanged for 5900 shares of Gasprom, now this shareholding costs $68 440 (402 488% of the earnings yield ). At the present cost of GAZ-31105 from $8,3 thousand now for these money it is possible to buy eight cars “Volga”.

The calculated earnings yield looks impressively, but not all citizens could get it.

For example, only the employees of monopoly could take part in most auctions of Gasprom, as it is told by one of the participants of market, who was buying the shareholdings of large companies at the beginning of 1990th.

Besides that, it was possible to sell voucher to other person or deposit in cheque investment funds (CIF). According to the results of privatization only 12% of population deposited vouchers in shares of some enterprises, 29% sold them, 21% deposited in CIF shares, about 10% presented vouchers to close relatives.

“In spite of lack of development of stock market, at that time it was reasonable to deposit in shares, because the sums given to the citizens were insignificant.

Other financial instruments to our days were not saved”, – an economist explains.

Besides shares, investors could earn quite some money on the real estate.

In 1992 habitation in Moscow was sold for $200-300 for a square meter, now it’s almost $4 thousand, that means growth for 1600%. “But this growth is conditional, because dealerships with the real estate had single character in 1992″.

It is impossible to say that those citizens who exchanged cheques for money were mistaken.

There were periods in history of stock market of Russia, when an investor could earn much more, than on the growth of equity prices the Russian stock corporation Integrated power grid. For example, having purchased the shares of stock in October, 1998, it was possible to get the earnings yield of 794% to the present moment. Alike earnings yield was provided by the investments to shares actions at that time.