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Jakobsen: Don't be afraid of the Russian bear

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After days of silence, Russian President Vladimir Putin finally appeared in public this Monday. As he joked about his mysterious disappearance, the country's struggling economy is still no laughing matter. 

But Saxo's Steen Jakobsen says the Bear shouldn't be ignored by investors. For one thing it has the cheapest equity markets in the world.

Jakobsen says investors need to be cautious particularly over Russian state government bonds. He says there is strong geopolitical risk associated with every asset. But as a large producer of minerals and crops, he says that in the long term the country has lots to look forward to. "It will change for the better," he predicts.