On Legs, Long Russian Legs

by Johnny Debacle

Ruminations on Russia posed this observation/question to Long or Short.

It was pointed out to me by several westerners coming in to Moscow this weekend that the airports were full of long-legged Russian beauties heading for the flesh spots of Europe. Where, it would seem that Moscow’s business community has decamped to (Moscow is Russia, but Russia is not Moscow). As the incomers lacked the cynicism of a long-term Muscovite, I felt it important to point out to them that they were probably the reserve/replacement high-class hookers heading to the south of France and Sardinia to replace those who have been on duty since early June.

So a question to Mr. Juggles, clearly now is a good time to be long legs, but is it possible to short legs in Moscow and be long them in the south of France?

Mr. Juggles is on a romantic Latin American holiday with Kaiser, so I’ll substitute for them. While it is possible to do the aforementioned pair trade, it is not recommended. Muscovite legs may indeed be experiencing a temporary outflow, but the imminent economic domination of Europe via Tsar Putin’s oil lasso combined with surging demand for nubile russian legs in Moscow ensures that this outflow is not sustainable; fundametal pressure is on the side of the Muscovite legs. The valuations multiples on Russian legs should expand as the price (implied or cash) converges with Western World leg prices; recent acquisition multiples have been bearing this out. We are bullish on attractive Russian women assets as a whole. There is the potential for a virtuous circle, for as the Russian rich get richer, the women around the rich get hotter (and able to command higher prices).

See related research Rallying Ruble, Russia: a Place to Invest or Fear? and If Russians Can’t Do It….

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