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If it's a known, unknown, you account for it in your models and DCF. In other words, if I know that the Koreans are going to lean on a company for aggressive marketing, but I don't know how much, I can account for that, to an extent.

Unkown unknowns are the things that keep me up at night, or, more likely, keep me out of a stock altogether.

For instance, is there enough rule of law to allow for any investment at all in Russia? I don't know. And worse yet, I don't even know what I don't know.

That said, I could make a good argument for the "no moolah to Russia," at least as an outside shareholder.

Maybe someone who knows more about Russia would have fewer unknown unknowns, and could make a better judgment.


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