the European periphery is a bubble («The Euro crisis is not over... the European economies are not going to change for the better for years to come despite all the cheating and breaking of laws»), Value
investors need to venture to Russia («when you look at today's opportunity set, you're left with a set of assets where nothing looks attractive from a valuation point of view») or buy gold mining stocks -LRB-» The down cycle could be much bigger
than anybody believes if the market realizes that all the actions taken in recent years do not work.»)