CC, Leave nothing to any drunken millers. <G>
The preferred way should be to buy Templeton Russia (TRF) or Morgan Stanley Russia (RNE). Unfortunately, both of these CEFs are selling at large premiums. Here is the way I would play it and my reasoning.
After the devaluation and before the IMF, buy a basket that includes Aim Eastern Europe (GTF)-22% discount, Central European Equity (CEE)-11% discount, Central European Value (CRF)-21% discount, Emerging Germany (FRG)-15%, and Austria Fund (OST)-22.4%. True, they are not directly invested in Russia, but these are Russia's trading partners and the biggest investment countries in Russia. There might be a lag effect, but they will prosper if Russia shows any sign of life. And it sure beats buying a Russian fund at a 50% premium.
I realize this is kind of a convoluted way to play, but it is the cheapest and safest way, IMHO.
MB |
