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This certainly looks interesting, I have been trying to figure out how to reconcile the things Tim posts on Russia with smart investors like Mobius who are bullish on Russia (as in he has $2B invested in Russia)

Also, it seems like the folks at Hermitage would say that Russia doesn't qualify for the "F" in FELT

"#6 The less developed the economy, the more basic you should be"

Reminds me of the line from the Jim Rogers book where when a country satisfies his basic criteria he buys the biggest bank, the biggest brewery, and so on.

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