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North Korea Finds Financial Aid From Hedge Fund Billionaire, Investing on Country's Crude Oil

By January 15, 2016 at 5:07 am
Kim Jong Un poster (Photo : Kevin Lee/Getty Images Sport)

A hedge fund manager expressed his interest to bet on North Korea as he sees better opportunities to source out oil despite its nuclear actions.

Hedge fund billionaire James Passin believes that North Korea carries a substantial amount of oil after searching relentlessly in Mongolia and Somalia. In an interview with the New York Post, the Firebird Management officer said the communist country has billions of barrels of crude.

"You have a country with 25 million people - young, highly disciplined, literate - and a strong military-industrial complex," said Passin. "It's possible that the early investors will be rewarded with potential for massive appreciation."

He acknowledges the risk of investing $7 million from the $700 million company assets, given that the United States have heavy sanctions against North Korea following a claimed hydrogen bomb test.

However, he sees nothing but opportunity in his planned endeavor.

"I see opportunities when other people are afraid," the manager said, according to Economic Times.

The 44-year-old billionaire is an alumnus of St. John's College in Maryland with a psychology degree. His career in the financial world came when he learned about Thales, an ancient Greece philosopher, who was able to gain riches by monopolizing olive presses.

Earlier in his career, he wrote newsletters to recommend absurd foreign stocks. He later met Euro Pacific Capital chief Peter Schiff, who followed his advice and invested on Hurricane Hydrocarbons oil company in Kazakhstan. Schiff acquired shared at 25 cents and later sold at $55.

Then, several career developments followed including his position as a fund manager at Fire Bird.

Firebird owns about half of Mongolian-based HBOil, which joined venture with North Korea in 2013. The partnership gains the company rights to provide energy with 100 gas stations and more.

Passin said, in case his plans pursues, the business would be an advantage to ordinary people, even changing the minds of totalitarians to become "more open and less harsh."

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