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Strategies & Market Trends : Investment in Russia and Eastern Europe
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To: Real Man who wrote (273)7/6/1998 11:13:00 PM
From: Rob Shilling  Read Replies (1) of 1301
 
You are correct. The Duma only passed part of the tax code. But one key part that the IMF was really looking for was passed. Who knows how much of the rest of the package is passed when they convene the special sessions on the 15th and 16th. Supposably Yeltsin may use a "presedential decree" to enact anything the Duma won't (it may just me a threat, but is is very interesting).
I agree, Russia is worth more than a few internet stocks. I like ROS too. I know oil prices are low, but look at the US and big international oil companies, with oil so low, they are all down only 15 or 20%. LUKOY is down mainly because it is in the MTS index in my opinion. It is more liquid so when the Russian market is down, so is LUKOY. ROS acts the same way. VIP doesn't necessarily always move with the Russian market, one reason being is it is not in the index (it is also a good company which helps too).
Anyway, I am with you. If you look for value, Russian stocks have it. Nobody seems to see it right now. July seems to be the month for the answer to most questions. The biggest of these questions are: will the IMF give Russia the $10-15 billion loan and will the government get more tax revenue this month.
It really sounds like ruble devaluation will not happen at all costs (as you point out).
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