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Jakobsen: Risk, reward and Russian roulette
Fancy a game of Russian roulette? Against a background of risk and revolution in Ukraine, the Russian stock market is very cheap, using one measure; the CAPE or Cyclically Adjusted Price to Earnings Ratio, the US is at 24/25 while Russia is at 6/7. So we have Saxo bank’s Chief Economist Steen Jakobsen in agreement with Saxo Bank’s Head of Equity Strategy Peter Garnry. Both agree that the Russian situation offers opportunities.
Put simply, both Peter and Steen agree that if something is very cheap then it will rally soon enough. Steen talks of a “major rally” in Russian stocks despite more nervousness to come and he suggests shorting the DAX and the US against the Russian market.
01:48 minutes
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