Last year saw Russia accumulating assets at unprecedented levels, yet converting those holdings into actual profits proved far more challenging than anticipated. The mismatch between acquisition volume and successful monetization reveals deeper market constraints—liquidity bottlenecks, price sensitivity during large liquidations, and timing pressures all conspired to compress margins. When massive asset blocks hit the market simultaneously, buyers demand deeper discounts, and the window for optimal exit pricing narrows fast. This classic pattern mirrors what institutional players often face: owning assets and profiting from them are two entirely different games.