Russia....

Russia remains a high beta way to play the oil market. However, with Putin in the process of
taking his nation around to the dark side of the moon, there are much cleaner US based plays
around to trade oil and oil field equipment to bother assuming the risks involved in Russia's
latest progressive disengagement from the West. The Russian propaganda programs are in
full swing and it will become more difficult to get reliable information about the country.
Moreover, the current economic downswing there plus the difficulties involved in maintaining
value in the ruble could eventually lead to regime tinkering with capital flows to and from the
motherland as in the old days when even the central bank blew a few safes. I sill love the
music and the other arts in Russia, so it is with regrets that I take my leave. I am guessing that
this latest political retrenchment will take some time to play out and am hoping that it will
not turn too much darker....

RSX