I am in Moscow lecturing (wishing Chair was here as does the audience).

I saw this headline about the French ISIS killings…French tolerance of Syrian refugees etc. is the cause. It makes me think about my positions in the market. Am I sometimes too tolerant of positions that are lollygagging around doing nothing that I accept my fate instead of getting rid of them?

Also I see in the papers here that the USSR budget—that looks good on the surface– is based on $50 a barrel oil. At $40 they have problems. At $30…egads! Certainly it is in Putin's interest to get oil to $50. Can he? Also it makes me realize how important crude is to the world economy–it has very far reaching implications.

Russians seem much happier and more relaxed than when I spoke here a few years back.


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