Arap Kumarbazlar

It is illegal to gamble in really Muslim countries. Casinos are not allowed and i am sure you will be dearly punished if you gamble in Gulf countries such as Saudi Arabia, Kuwait, UAE, etc. Yet, it is perfectly acceptable if you "invest" in stock market. Many people say Turkish stock market is like a casino; i think they have no idea about what is going on in Arab countries.

Here is a story. Saudi Stock Market lost 27.9 % since February 25th. That is less than 4 weeks. Kuwait stock market lost 16.6% since February 7th. Dubai Stock Market is down 57% from its all-time high and 40% year-to-date. I would call that high stakes gambling.

Turkey is cheap both in absolute and relative terms. There are several Turkish companies with significant growth prospects and low price multiples. That's why i am still optimistic about the Turkish Stock Market and we are only down less than 10% from our peak.