Inside the Financial Markets: A Meeting with Alexander Kleshchev

On April 17, students of the Master’s Programme in Finance had a unique opportunity to gain insights into the real-world practice of investment from a seasoned professional. The guest speaker at our mentor’s seminar was Alexander Kleshchev — Managing Director and Board Member of LMS Investment Company, with over 25 years of experience in the financial industry.

The lecture, titled “Theory vs. Practice: How to Work with Equities and Stay Ahead of the Market”, sparked a lively discussion. Alexander spoke in detail about the methods that actually work in highly competitive markets, analysed the strengths and weaknesses of fundamental analysis, and shared personal techniques for evaluating companies — developed over decades of hands-on trading experience.

Among the key topics discussed were market efficiency, the importance of identifying rare investment scenarios, and the reasons why many analyst forecasts often miss the mark. According to the speaker, it is precisely the ability to think outside the box and spot overlooked opportunities that distinguishes a successful investor.

A separate part of the lecture was dedicated to the limitations of traditional valuation models, the behavioural side of market participants, and the use of algorithmic tools. Alexander also examined why many forecasts fail to reflect market reality and what this means for long-term investment strategy design.

We sincerely thank Alexander Kleshchev for taking the time to share his profound expertise and practical insights with our students. His candid and thought-provoking lecture offered a fresh perspective on the investment process and served as an invaluable addition to our academic curriculum. We look forward to welcoming him again for future lectures and masterclasses, and to continuing this meaningful exchange between the university and the professional investment community.