What do you think is a reasonable

portion of a portfolio to allocate to

foreign currency bonds? Well,

I think that, in reality, if the

portfolio is large enough, it's not

just about splitting it between foreign

currency bonds and something else, or

ruble bonds.

It is actually important to look at

other hedging instruments as well.

Perhaps one should also invest

partially in so-called eternal values.

Well, eternal values in Russia, by the

way, include real estate in a sense,

because it can generate rental income,

and while it could theoretically drop

in value, in practice, real estate

values generally rise constantly. It

could be gold, but you shouldn't have

too much gold in your portfolio because

gold is a non-yielding instrument.