Russia's Too Risky - Barron's

Russia's stock market (ETF: RSX) rose 4% last week despite its ongoing conflict with Georgia, as "investors seem more worried about oil prices than about a revival of Soviet-style imperialism," Barron's says. Still, despite a low P/E ratio of 7, the magazine says investors can do better elswhere.

There are other markets with attractive P/E ratios, albeit not as cheap as Russia's. Brazil's stock market (EWZ, BZF) is valued at 11x earnings; Mexico (EWW), China (PGJ, FXI) and India (INP) go for about 15x; and Western European stocks trade for an average of just 10x.