As I Was Saying

CNBC Europe had a lengthy interview with Leila Kardouche who manages a hedge fund for RAB that focuses on eastern Europe. She favors Turkey, the Ukraine, Romania and Bulgaria. She conceded there are very few ways to play the last two and I had trouble finding easy access to the Ukraine.

She said her fund is short Hungary, Poland and the Czech Republic.

Clearly there is not much to trade off of here but the interview was a learning opportunity. There will be more ways to access these markets soon. It makes sense to pay attention to what goes on in these little corners of the world. All emerging markets swing up and down. Brazil has been an easy to access market for years and years and it has had a great run. It will not be too late for these markets but there will be good entry points and bad ones.