I should probably try to sit down and figure out what to buy in Russia again. It has had a collapse, as you know, but I suspect if you look at things like Russian ETF's, they are down at previous lows, but not making new lows. And a lot of that is because of the ruble.
To Russia's credit, Russia has not been sitting around supporting the ruble in any big way.
My view of markets is you let them clean themselves out, let the system find a clearing price. To my astonishment, the Russians are being more capitalist than the Western capitalists. They are letting the currency find its own bottom. That will change soon. It will find its own bottom, and then Russia will be a good place to invest.
