Russia is a market that I like as a standalone. I have already one phase in as I stated nearly a month ago. Here is why... "Russia is currently trading at .6 times book value. The reason for this is quite clear, if the US and Europe pose sanctions on Russia, the companies within will be harmed economically. The question for investors is by how much will sanction effect demand and therefore how much pressure will be put on earnings. Couple this with already poor economic conditions and high inflation in the region, there is no question why market participants hate this market. This is where I see opportunity. The book value of .6 is currently 26% of the 2.2 price to book value of the S&P 500. The only times this ratio was at this level was 2008 and 2001. On a price to cash flow basis, this is the lowest level since 2001. On a price to sales basis this is the lowest level since 2001. Now this may take some time to materialize, however I think the recent the market discounting future negative economic performance has provided an attractive entry point for investors in Russia. I am looking to implement this position in two phases, one sometime this week, and next level if we see 10% lower. That’s it."