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(Mihail Metze/Reuters)

Thinking of investing in Russia? Forget it

If you’re the sort of person who is willing to consider all investment opportunities without worrying much about what’s popular, Russia is probably on your radar right now.

Remove it.

I figure the country that brought us Tchaikovsky and Tolstoy, and fought so heroically in the Second World War, has a lot going for it. But the top reason for investing in Russia – it’s a cheap, out-of-favour market – doesn’t compare to the counter-argument: Russia doesn’t look like a typical dynamic emerging market.