James Grant, editor of Grant's Interest Rate Observer, has made his reputation on contrarian views.
So perhaps it should come as no surprise that he's bullish on Russian stocks, which have been battered by the Ukraine conflict. The Micex Russian stock index has dropped 5.4 percent so far this year.
"These values are extraordinary and to the extent that saner, cooler heads prevail in the Ukraine- Russia dispute, these stocks stand to do very well,"
Grant told CNBC. "In buying them, one is actually on the side of peace and prosperity and rationalism."
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Many of the stocks carry price-earnings ratios of only 3 to 5, Grant said.
To be sure, given the intensification of fighting in Ukraine in recent days, it's a bit difficult to envision "peace, prosperity and rationalism" anytime soon.
Sometimes the worst does happen, Grant acknowledges. "That's the gamble. This is truly a gamble."
He also favors gold miner stocks, a slightly more conventional opinion. "Gold is the legacy monetary asset, and it stands to benefit from the demonstrated as opposed the theoretically likely crack up of these monetary arrangements," he said.
Gold rose to a one-week high Tuesday morning amid concern about the turmoil in Ukraine and the Mideast. Geopolitical strife "should lend support to demand for gold as a safe haven,"
Commerzbank analysts wrote in a report obtained by Bloomberg.
"I'm actually surprised that gold isn't up more, given the numerous geopolitical risks,"
Commerzbank analyst Daniel Briesemann told Reuters. "We've had some relatively good economic data published of late, and we're currently seeing a stronger dollar. That is keeping the price in check."
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