Inflation in Greece Hits Double Digits at 10.2 percent

There are still attractive valuations in global stock markets, according to Nobel Prize-winning economist Robert Shiller, who spoke of the merits of both Greek and Russian investments, despite ongoing volatility in both countries.

Shiller helped to create the cyclically adjusted price-to-earnings (CAPE) ratio which measures boilerplate inflation-adjusted earnings for stock indexes over the previous 10 years.

The level for the S&P 500
(^GSPC)
currently stands at 27, which Shiller described as "high" but not "super loftier". However, he added that it is not loftier in every country and every sector.

"In Europe it's much, much, lower....but looking at CAPE for Russia, under eight. The U.Southward. hasn't been that low since 1982, I call back. At that place are variations, it'southward non a simple globe," he told CNBC Midweek.

When asked whether he thought that meant investors should buy Russian investments, on a 5- to ten-year basis, he said: "That might be a good strategy, Greatcoat for Hellenic republic is under 4."

The economists added: "Some people say that everything is overpriced right now, well there'southward some truth to that, but at that place'south also even so a lot of opportunities. The other matter is sectors within countries - you can go into low toll sectors."

Greece is once again facing major economic dubiety after the
anti-austerity Syriza Party won parliamentary elections on Dominicus
. The Athens stock exchange lost over 12 percent in the three days post-obit the vote, with banking stocks in the country tanking around 35 pct.

Meanwhile in Russian federation, the RTS alphabetize
(Russian Trading Arrangement-RTF: .RTSVX)
lost 47 percent last yr on the back of economic sanctions from the Westward and a dramatic drop in the oil price. The state at present expected to autumn into recession in 2015.

Shiller isn't the only market-watcher to encounter such volatility as an opportunity.

Disinterestedness analyst Paul Gambles, managing partner at the financial informational grouping MBMG Grouping, has also spoken of the attractiveness of Russia following the sharp correction in valuations over the last 12 months.

Gambles even said that Russian federation'southward MICEX Index could be a
improve investment than shares in applied science behemothic Apple
.

Nevertheless others accept criticized the valuation indicator that Shiller helped create.

Charles Dumas, chief economist at London-based forecasting consultancy Lombard Street, said he
believes the CAPE ratio can back up both bullish and bearish views
.

In research published terminal twelvemonth, Dumas argued that an indicator which includes the Great Depression, two world wars and the Cold War into its long-run average makes it an "unduly poor comparator".