“The Russian stock market is now trading at a forward price-to-earnings ratio of 2.7,†Chris Mayer dutifully notes in his latest Special Situations alert. Such a valuation makes the world’s 10th largest economy essentially the cheapest market in the world… valued even lower than perennial market dogs like Argentina and Pakistan. “Argentina, a mess of a country, enjoys a price-to-earnings ratio three times greater than Russia’s.
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