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November 21, 2014

Russian Stocks Revisted

A couple months back, we were on the hunt for an entry point into Russian stocks. The story focused on single-digit price-to-earnings ratios sported by Russian equities in conjunction with a positive price divergence relative to news. Well, the divergence has disappeared.

The Russian stock market sets a weekly cycle low every 2-3 quarters, so a low is due. However, with its cycles still failing, I would not yet want to chase this market with the expectation of a new bull market. We likely need to see another panic before this decline terminates.


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