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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Madharry who wrote (20229)	12/9/2004 11:53:39 PM
From: Spekulatius	Read Replies (1) \| Respond to of 78621

re Russian equities: I don't have much interest in russian equities. The VIP saga just confirms my view that Russia is re-nationalizing the country via exorbitant taxes. According to hearsay from the TASS, Putin want's to increase the taxes 9at least for resource related earnings) from 50% to 80%. If true, this would reduce the after tax NPV of resources by my more than 60%. Put apparently, Putin does not limit itself to resource related earnings only, as the Vimpel example shows. So I'd say, subtract 60% from the peak MTMS valuation, which is about 3600 points and then things start to get interesting.