 Good day, fellow investors. Now I mentioned in the recent video that Russia is the cheapest global market, the cheapest emerging market from a fundamental perspective. The price earnings ratio was about 7, the K-pracier was low and dividend yield is high. So let's dig a little bit deeper into what Russia offers as an investment opportunity. First look at the economics. We can see that Russian GDP growth with higher oil prices, with higher commodity prices, is benefiting and we see huge growth, much better than it was the case two years ago. Also what's very important, even if Russia doubled its debt-to-GDP ratio in the last 10 years, it is still just 17%. So it doesn't create a great burden on Russia's future growth. However, there are always risks with Russia and that's very important to notify. Political risk. Russia is even more corrupt than Brazil and China. You never know what will happen in Russia. Political freedom, not that much. You go to jail if you say something against Putin and there are always the geopolitical global issues in Syria, in Ukraine that can always burst something happening in the world with sanctions and things like that. Nevertheless, there is always value in Russia. However, the question is, will that be a trap or not? Let's dig a little bit deeper into the ETFs. How did Russian stocks move and into a bit singular stocks by looking at bear bonds? So the Russian ETF, E-Rus, since exception, is still below its starting price in 2010. And we can see that in 2014, 2015, at the beginning of 2015, it was almost close to $4,000. Now it is double. So those who invested in the worst period in Russia have now already made 100% on their investment. So that's the problem with emerging markets. You have to expect huge volatility and you never know where will the bottom be. And on the upside, you never know how much it's going to go higher. So you have to always look at the earnings. But given the volatility, what kind of returns should you expect from Russia? From my point of view, if you invest in Russia, you should expect immediate earnings returns of 20%, thus a PE ratio of 5 or lower, and a dividend yield of 7, 8, 9, 10% or higher. Because that justifies the risk the volatility that emerging markets show. The current ETF price earnings ratio is 7.3. The price to book value is 0.78, which is much better than anything else in the world. However, the dividend is just 3%. Now, still Russia, low debt to GDP, growth is a good investor, but it isn't any more a great investment like it was a year, two years ago when the ETF was at 4,000. Now we are at 8,000. And as risk is the function of the price you're paying for something, then the higher the price, the higher is the risk. Remember that. Let's look a little bit at Bearbank. You can trade it on the over-the-counter market or in London or in Moscow, of course. It's the biggest weight in the ETF, has 20% of the Russian ETF, so you are really exposed to this company if you invest in a Russian ETF. 50% plus one share owned by the government and 45.6% owned by institutional investors. The price to earnings ratio is 7 and the dividend yield is 2.4% as the company is heavily investing in future growth in Russia. For example, in Russia, the mortgages are just 5% of GDP while it's 50% in the US. So if Russia ever becomes a more stable financial economy and those mortgages, those banking, those financial systems develop and reach a developed world, there is still plenty of room for growth for Bearbank. However, there is always the risk. Now, Bearbank's stock price is above 16. However, it was at 3.71 just in January 2015 and then it was very low for the whole 2015 till January 2016. And this shows what can happen if there will be turmoil in Russia. As soon as there is turmoil, those 45% of institutional global owners of Russian stocks, they start selling like crazy and they need best confirmation in prices in political stability to invest. So they invest after good news. If you really want to take advantage of situations in emerging markets, you have to invest when there is a lot of bad news and when there is the probability of more good news coming than bad news. It is volatile, you have to invest in stages, but investing now in Russia or Bearbank carries much more risk than investing a year or two years ago. Even if the bad news were terrible then and the news are good now, Gazprom just announced a 100% increase in earnings for this quarter, which is good news, more liquidity, more money. However, that's always the question. Do you want to invest after good news at higher prices or after bad news but at much, much lower prices? As said, risk equals price. The higher you pay, the higher is the risk. Just a look at the ETF, a lot of energy, financials, Bearbank, 20%. Just one telecommunication company. So the ETF really depends on oil prices and gas prices and in this case a little bit on nickel and copper prices for Norov. So personally, I find Russia a good investment, but with emerging markets, I prefer amazing investment where what I can lose is limited, but my upside is very, very big. In this case, what I can lose by investing in Russia is pretty much and the upside is also pretty large. So we have an equal risk reward position, not something that I prefer investing. However, there are always individual companies in Russia that have lower price to earnings ratio, good dividend yields and exposed to things that are not related to Russia but cheap because those are in Russia, like Norilsk. So check out my Norilsk video to check how that fits your portfolio. I'll be looking more at Russia if somebody has some ideas that are traded on the London Stock Exchange or over the counter in the US. Please share with us, explain what is why and what's the rationale so that if interested, I can look deeper into it and then make a video and share it around the world to see perhaps maybe there will be more interest as the situation is getting better in Russia and the trend is still strong. So if you want to invest in the trend, then I would take advantage of the trend, but from just opening up position for long-term investment, it is a little bit too risky now. Thank you for watching. Looking forward to your comments. Of course, this is just my opinion. I might be right. I might be wrong. So see how that fits your portfolio. I'll see you in the next video.