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Strategies & Market Trends : Investment in Russia and Eastern Europe
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To: Real Man who wrote (222)6/16/1998 12:32:00 PM
From: Real Man   of 1301
 
Looks like more signs of international help emerged. How concrete
they are remains to be seen. But the market rallied 4% nevertheless.
If that rally is extended, we might put a bottom. Overall situation
still looks like a pretty serious crisis - it remains to be seen
if the debt crisis will be resolved, and there is significant
risk of deepening crisis which could end either with default
on the bonds or ruble devaluation, or both. The government, however,
is pretty serious about reducing the debt burden - as serious as it
was 3 years ago on curbing inflation. Somehow this government does
NOT give me impression of a bunch of crooks - looks like a very
effective government. I may be wrong on this - please correct me.
If it succeeds (or gets some help to succeed), ....
p/e on ROS is 4 or so. p/e on non-blue chips should be even lower.
Stocks are around 2.5-4% of GDP (depends from where you take the
GDP figure). If that's not low, what is low? I would not like
to be caught short when a bounce comes (I'm long Russia). -Vi
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