Every week I like to spend a good few hours looking through the global stock market quantitative analysis produced by the big bank research houses.
Scanning along one such weighty tome, I found myself stumbling on one value in particular that at first I thought must be a mistake – the number was 5.9, and was the consensus 2010 estimated price earnings ratio for the aggregate Russian stock market. Yes that is 5.9 times 2010 estimates for earnings dropping to five times for 2011, meaning Russian equities are only valued at five times conservative estimates for 2011 profits compared to 10 in China, the poster boy of emerging market investors. Perhaps EM bulls such as Bryan Collings over at Hexam are right when they say we contrarian t...
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