Thursday, June 24, 2010

Russian play?

Russia getting play on Fast Money as its president (Medvedev) visits Silicon Valley en route to the G20 conference. The country wants to diversify rather than be so dependent on exporting energy. They're probably years away from becoming a tech player, but RSX, the Russia ETF, might be worth a look short term. Or not.

Here's a cool story about Medvedev meeting Steve Jobs and receiving an iPhone 4. He visited Apple and Twitter headquarters. He also says Russian tech hub-in-waiting Skolkovo isn't trying to become Silicon Valley.
President Dmitry Medvedev does not think Skolkovo should be an exact replica of Silicon Valley. The idea is to draw on U.S. experience to create an attractive environment for companies to develop high-tech innovations. “No one is going to simply copy Silicon Valley, it is impossible," he said at a meeting with Russians working in California.

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