We have spent time in the last month focusing on Russia (RSX, quote) and even discussing Gazprom (OGZPY, quote).  Apparently we are not the only ones who have noticed how cheap Gazprom trades.

gazprom logoAt the highly followed Ira Sohn conference, top hedge fund managers and investors sit around and give some of their top ideas.  It's a big industry event that raises money for pediatric cancer research.  Every year, headlines are made and stock prices move as people like David Einhorn and Bill Ackman pitch their latest theories.

A stock pick that was clearly going to catch our eye was that of James Grant's, the founder of Grant’s Interest Rate Observer.  Mr Grant is arguing that Russia's gas giant Gazprom makes for a risky but compelling investment.

Ten days ago, we outlined our Russia strategy and included a pitch on the oil and gas sector.  Grant likes what we like: value. Grant acknowledged that while the contrarian call was challenged by the current crisis, he feels a lot of that has been priced in.

Grant referenced the strange and off base comments by White House press secretary, Jay Carney, who suggested investors short Russian stocks but said it is trading at 43% of sell side analyst targets.

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