FLRU - Russia: The Cheapest Market In The World (But You Have To Get Past Some Pretty Dicey Stuff To Buy It)

It's dirt cheap. It's pretty much uncorrelated to anything else. But it has unique risks. At one point in the not too distant past it almost blew up the international financial system.

I'm talking about Russia, of course.

Russia came in for a couple of paragraphs in my recent article about how cheap emerging market value is, and I mentioned that I might do a short article on it. It turns out that nothing about Russia is small. I remember standing in a Moscow office while doing a research project for a book and looking