Basically, I feel things are not being done in a fair and transparent way. From the beginning, when they had a vouchers system, Russians have done things haphazardly, without adequate preparation and safeguards. There are two companies that look solid. One is Red October, which makes chocolates. Then there is Mosenergo - the Moscow Electric Power Co.
People always eat chocolates and utilities are a defensive play.
Moreover, these companies have a modicum of transparency. I think the events in Asia and now in Russia are a wake-up call to emerging markets around the world, especially their regulators and governments. Unless there is transparency and improved corporate governance, investors will not touch these markets. Regulators must make sure there is an efficient settlements system. We are moving toward open economies and free trade, whether governments in Asia and elsewhere like it or not.