“The examples of extreme opportunity I like to bring up are from the mid-1980s, when stock markets in Belgium, Hong Kong, and Spain were all selling at two to three times earnings, half of book value, and with dividend yields on the order of 12-15%. That shows how cheap things can actually get. Today, markets around the world are overpriced because interest rates are so low. At this point, I think Russia is a place you ought to be watching from the long side a lot more than, say, the US. [..] It’s incredible what you can get in dividends alone when a market is at a bottom—something a lot of people have forgotten.”

http://www.internationalman.com/articles/doug-casey-on-russia-and-russian-stocks

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